TINCI(SZ:002709)2024-03-25 16:00Investment Rating - The investment rating for the company is maintained at "OUTPERFORM" [2][5]. Core Views - In 2023, the company reported a net profit decrease of 66.92% year-on-year, with revenue of RMB 15.405 billion, down 30.97% from the previous year [5]. - The company is deepening its integration and internationalization strategies, enhancing the self-supply ratio of core raw materials and progressing in overseas capacity construction [5]. - Despite challenges such as raw material price fluctuations and intensified competition, the company has maintained a competitive edge, with electrolyte sales reaching 396,000 tons, a year-on-year increase of approximately 24% [5]. - The self-supply ratio for key raw materials like liquid lithium hexafluorophosphate and LiFSI has exceeded 93%, while some core additives have reached over 80% [5]. - The domestic market share of the company's electrolyte products increased to 36.4% in 2023 [5]. - The daily chemical materials segment saw steady growth in sales volume, with a gross profit increase of 7.6% year-on-year, despite a decrease in sales revenue due to market price fluctuations [5]. - The company is focusing on optimizing capital expenditure to ensure the progress of core projects, including new production capacities in various locations [5]. Financial Forecasts - The company expects net profits of RMB 2.074 billion in 2024 (-47%), RMB 2.611 billion in 2025 (-49%), and RMB 2.388 billion in 2026 [5]. - The target price for the company is set at RMB 24.96, based on a 23x PE for 2024, reflecting a significant adjustment from the previous target price of RMB 39.00 [5].