TINCI(SZ:002709) Guotou Securities·2026-01-05 11:27Investment Rating - The report assigns an "Accumulate-A" investment rating to the company, with a target price of 52.65 CNY for the next six months [5]. Core Insights - The company is expected to achieve a net profit of 1.1 to 1.6 billion CNY in 2025, representing a year-on-year increase of 127% to 231% [1]. - The price of lithium hexafluorophosphate has increased significantly, from approximately 50,000 CNY/ton in July 2025 to 160,000 CNY/ton, a rise of 220%, benefiting the company as a leading electrolyte producer [2]. - The supply of lithium hexafluorophosphate is expected to remain cautious in the short term, with prices likely to rise further in 2026 due to strong demand outpacing supply growth [3]. Financial Projections - Revenue growth rates for the company are projected at 40% for 2025, 87% for 2026, and 16% for 2027, while net profit growth rates are expected to be 185%, 418%, and 7% respectively [4]. - The estimated earnings per share (EPS) for 2026 is projected to be 3.51 CNY, with a price-to-earnings (PE) ratio of 15 times [4]. - The company's total revenue is forecasted to reach 32.89 billion CNY in 2026, with a net profit of 7.13 billion CNY [10].