TINCI(002709) 东吴证券·2025-01-08 00:33Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company's Q4 performance slightly exceeded expectations, with a forecasted net profit attributable to shareholders of 1.02 to 1.82 billion yuan, representing a year-on-year change of -27% to +31% [8] - The company is expected to ship approximately 500,000 tons of electrolyte in 2024, with a potential growth of 40% in 2025 [8] - The company has announced a partnership with Honeywell for equity cooperation and plans to build a production facility in the U.S. [8] - The report anticipates a recovery in profitability starting from Q2 2025 due to improved pricing in the electrolyte sector [8] Financial Forecasts - Total revenue for 2024 is projected at 13.89 billion yuan, down 9.83% year-on-year, with a net profit of 479 million yuan, down 74.66% year-on-year [1][9] - The earnings per share (EPS) for 2024 is expected to be 0.25 yuan, with a price-to-earnings (P/E) ratio of 72.66 [1][9] - The company’s net profit is forecasted to rebound to 1.5 billion yuan in 2025, representing a year-on-year increase of 213.21% [1][9] Market Data - The closing price of the company's stock is 18.14 yuan, with a market capitalization of approximately 34.81 billion yuan [6] - The company has a price-to-book (P/B) ratio of 2.69 and a net asset value per share of 6.75 yuan [6][7] Production and Sales - The company is expected to achieve a market share increase of 2 percentage points to 38% in 2024, with total shipments projected to reach approximately 570,000 tons [8] - The report indicates that the profitability of the electrolyte segment is expected to improve in Q4 2024, contributing approximately 1.4 billion yuan to profits [8]