TINCI(SZ:002709) Soochow Securities·2026-03-10 07:50Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Insights - The company reported a revenue of 16.65 billion yuan for 2025, representing a year-on-year increase of 33%. The net profit attributable to shareholders was 1.36 billion yuan, up 181.4% year-on-year, with a gross margin of 22.2% [9] - The company expects to ship over 1 million tons of electrolyte in 2026, with a significant increase in profitability due to rising prices of hexafluorophosphate [9] - The company has effectively controlled expenses, with operating cash flow reaching 1.18 billion yuan in 2025, a 34.1% increase year-on-year [9] Financial Performance Summary - Total revenue for 2025 is projected at 16.65 billion yuan, with a year-on-year growth rate of 33% [10] - The net profit attributable to shareholders is expected to reach 7.03 billion yuan in 2026, reflecting a growth rate of 416% [10] - The company anticipates a gross margin of 33.97% in 2026, indicating improved profitability [10]