TINCI(002709) Huaan Securities·2024-09-01 12:16Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company reported H1 2024 revenue of 5.45 billion yuan, a year-on-year decrease of 31.76%, primarily due to a significant drop in sales prices of battery materials [4] - The net profit attributable to shareholders for H1 2024 was 237.5 million yuan, down 81.56% year-on-year, with a non-recurring net profit of 186.2 million yuan, down 85.35% [4] - The electrolyte prices remained relatively stable in the first half of the year, and the phosphate iron business is expected to reduce losses in the second half [4] - The company signed a supply agreement with CATL, expecting to supply 58,600 tons of solid lithium hexafluorophosphate for 2024-2025, indicating a concentration of orders and potential for rapid capacity clearance [4] - The company is enhancing its integrated layout to build core cost advantages, including the operation of lithium carbonate production lines and battery recycling processes [4] - The company is expected to have net profits of 614 million yuan, 1.524 billion yuan, and 2.049 billion yuan for 2024, 2025, and 2026 respectively, with corresponding P/E ratios of 43x, 17x, and 13x [4][5] Financial Summary - H1 2024 revenue is projected at 5.45 billion yuan, with a year-on-year decline of 31.76% [4] - The net profit attributable to shareholders is expected to be 614 million yuan in 2024, with a significant decrease in 2023 [5] - The gross margin is projected to be 18.1% in 2024, down from 25.9% in 2023 [5] - The company’s total assets are expected to reach 25.87 billion yuan in 2024, with total liabilities of 12.35 billion yuan [7]