TINCI(002709) Caixin Securities·2024-10-31 01:00Investment Rating - The investment rating for the company is "Buy" [1] Core Views - The company reported a revenue of 8.863 billion yuan for the first three quarters of 2024, a decrease of 26.90% year-on-year, and a net profit attributable to shareholders of 338 million yuan, down 80.69% year-on-year [4][5] - The company is focusing on integrating its supply chain for battery materials and has achieved over 97% self-supply ratio for key raw materials as of H1 2024 [4] - The company is accelerating its international expansion, with several overseas projects in the pilot stage and plans for a factory in North America and Morocco [5] - The company is expected to achieve net profits of 511 million yuan, 1.3 billion yuan, and 1.797 billion yuan for 2024, 2025, and 2026 respectively, with corresponding P/E ratios of 70.47, 27.67, and 20.02 [5] Financial Summary - The company's revenue is projected to decline from 22.317 billion yuan in 2022 to 12.402 billion yuan in 2024, before recovering to 16.385 billion yuan in 2025 and 20.227 billion yuan in 2026 [6] - The net profit attributable to shareholders is forecasted to drop from 5.714 billion yuan in 2022 to 511 million yuan in 2024, with a gradual increase to 1.797 billion yuan by 2026 [6] - The earnings per share (EPS) is expected to decrease from 2.98 yuan in 2022 to 0.27 yuan in 2024, then rise to 0.94 yuan in 2026 [6] - The company's total assets are projected to increase from 255.31 billion yuan in 2022 to 294.66 billion yuan in 2026 [6]