天赐材料：出货环比稳增，盈利底部企稳

Investment Rating - The investment rating for the company is "Buy" and is maintained [6]. Core Views - The company reported a Q3 2024 revenue of 3.413 billion yuan, a year-on-year decline of 17.52% but a quarter-on-quarter increase of 14.26%. The net profit attributable to the parent company was 101 million yuan, down 78.25% year-on-year and down 18.15% quarter-on-quarter, which is in line with expectations [6][7]. - The Q3 electrolyte shipments continued to grow, and the sales of lithium salts increased, with the combined shipment growth rate outperforming the industry average. The profitability remained stable, primarily driven by the electrolyte business and lithium salt sales [6][7]. - Looking ahead, Q4 electrolyte shipments are expected to remain stable or slightly increase, with continuous growth anticipated for the year. The company is expected to improve its operational efficiency and profitability, with a potential turning point in profitability for lithium hexafluorophosphate and electrolytes by mid-next year [7]. Financial Summary - For 2024 and 2025, the net profit attributable to the parent company is projected to be 500 million yuan and 1.3 billion yuan, respectively, corresponding to price-to-earnings ratios of 90 times and 35 times [7]. - The current stock price is 23.62 yuan, with a total share capital of 191.882 million shares and a net asset per share of 6.75 yuan [9]. - The company’s revenue for 2023 is estimated at 15.405 billion yuan, with a projected revenue of 13.864 billion yuan for 2024 [18].