TINCI(SZ:002709) Changjiang Securities·2025-11-27 10:11Investment Rating - The investment rating for the company is "Buy" and is maintained [6]. Core Views - The company reported a revenue of 3.814 billion yuan for Q3 2025, representing a year-on-year increase of 11.75% and a quarter-on-quarter increase of 7.73%. The net profit attributable to the parent company was 153 million yuan, up 51.53% year-on-year and 29.11% quarter-on-quarter. The non-recurring net profit was 139 million yuan, reflecting a year-on-year growth of 37.76% and a quarter-on-quarter growth of 38.07% [2][4]. Financial Performance - In Q3 2025, the company's electrolyte shipments are expected to maintain high growth, benefiting from a tight supply in the industry, leading to an increase in market share. The profitability of the electrolyte segment remained stable, with net profit per ton unchanged quarter-on-quarter. The price of 6F has accelerated its increase since October, which is expected to positively impact profitability in Q4 2025. The daily chemical business showed a growth trend, while resource recycling faced some losses due to resource price declines. The iron phosphate segment is anticipated to incur losses [12][12]. Future Outlook - The price of 6F is expected to continue rising, and the electrolyte segment is likely to benefit from this trend, leading to significant profit improvements in Q4 2025. For 2026, the company is expected to see further elasticity in 6F prices during a tight supply cycle, with significant increases in market share for electrolytes and LIFSI. The iron phosphate business is also projected to reach a supply-demand inflection point in 2026, potentially contributing to profit recovery. The solid-state battery business is progressing positively, with lithium sulfide samples expected to be sent out, and the company aims to enhance customer penetration and capacity reserves [12][12]. Earnings Forecast - The company is projected to achieve net profits attributable to the parent company of 1.2 billion yuan in 2025 and 5.1 billion yuan in 2026, corresponding to price-to-earnings ratios of 67 and 16 times, respectively [12].