TINCI(SZ:002709) Soochow Securities·2025-12-23 08:13Investment Rating - The report maintains a "Buy" rating for the company [1] Core Views - The company is a leading player in the electrolyte industry, with a stable market share of over 30% as of October 2025. The price of hexafluorophosphate is expected to rise, significantly benefiting the company's profitability. The company is also strategically positioning itself in the solid-state battery materials sector, which is anticipated to become a second growth curve [9][11] - The demand for lithium batteries is projected to grow by over 30% in 2026, driven by a surge in energy storage needs and increased vehicle battery capacities. The company is expected to benefit from this demand surge, with hexafluorophosphate prices anticipated to exceed expectations [9][31] - The company has a robust financial outlook, with net profits expected to rebound significantly in the coming years, driven by rising hexafluorophosphate prices and the company's strategic investments in solid-state materials [9][24] Summary by Sections Company Overview - The company has been deeply involved in the electrolyte business for over 20 years, establishing itself as a global leader. It has a strong foothold in the supply chains of major players like CATL and Tesla, and has expanded its international presence with subsidiaries in Singapore, the Netherlands, and Morocco [15][19] Financial Data - The company's revenue and profit are stabilizing, with a projected revenue of 15.66 billion yuan in 2025, representing a year-on-year growth of 25.13%. The net profit is expected to reach 1.22 billion yuan, a significant increase of 152.41% compared to the previous year [1][24] - The company's gross margin is expected to stabilize around 18% in 2025, with effective cost control measures in place [27] Industry Analysis - The electrolyte industry is at a supply-demand inflection point, with significant price elasticity for hexafluorophosphate. The company is expected to benefit from this price increase, with forecasts suggesting a rise in hexafluorophosphate prices to over 200,000 yuan per ton in 2026 [9][31] - The global demand for energy storage is projected to grow by 65% in 2026, with the company positioned to capitalize on this trend through its comprehensive product offerings [33][34] Solid-State Battery Development - The company is actively developing solid-state battery materials, focusing on lithium sulfide and solid electrolytes, which are expected to be key components in future battery technologies. This strategic move is aimed at creating a second growth curve for the company [9][11][17]