TINCI(SZ:002709) Xinda Securities·2024-03-26 16:00Investment Rating - The investment rating for the company is "Buy" with a previous rating also being "Buy" [2]. Core Views - The company maintains its position as the global leader in electrolyte market share, achieving a sales volume of 396,000 tons in 2023, a year-on-year increase of 24%, and has held the top market share for eight consecutive years, with a domestic market share rising to 36.4% [2]. - The company has significantly increased its self-supply ratio of core materials, with the self-supply ratio of liquid lithium hexafluorophosphate and LiFSI exceeding 93%, and some core additives exceeding 80% [2]. - The company is expanding its overseas market presence, successfully launching its OEM factory in Germany and progressing with its electrolyte project in the United States, while also planning to establish a subsidiary in Morocco to enhance overseas integrated capacity [2]. - Profit forecasts for the company indicate a projected net profit attributable to shareholders of 1.17 billion, 2.08 billion, and 3.45 billion yuan for 2024, 2025, and 2026 respectively, reflecting year-on-year growth rates of -38%, 78%, and 66% [2]. Financial Summary - In 2023, the company reported total revenue of 15.405 billion yuan, a decrease of 30.97% year-on-year, and a net profit attributable to shareholders of 1.891 billion yuan, down 66.92% year-on-year [2][3]. - The gross profit margin for 2023 was 25.9%, down from 38.0% in 2022, with a projected gross profit margin of 20.4% for 2024 [3]. - The company's return on equity (ROE) for 2023 was 14.2%, significantly lower than 45.5% in 2022, with projections of 8.2% for 2024 [3].