TINCI(002709) 长江证券·2025-04-20 10:13Investment Rating - The investment rating for the company is "Buy" and is maintained [6]. Core Views - The company reported a revenue of 12.518 billion yuan for 2024, a year-on-year decrease of 18.74%, with a net profit attributable to shareholders of 484 million yuan, down 74.4% year-on-year [2][4]. - In Q4, the company achieved a revenue of 3.655 billion yuan, representing a year-on-year increase of 11.43% and a quarter-on-quarter increase of 7.11%. The net profit attributable to shareholders for Q4 was 146 million yuan, up 4.84% year-on-year and 44.5% quarter-on-quarter [2][4]. - The company’s electrolyte sales exceeded 500,000 tons for the year, a year-on-year increase of approximately 26%. The gross margin for lithium battery materials was 17.45%, down 7.8 percentage points year-on-year due to significant pressure on processing fees [10]. Summary by Sections Financial Performance - For the full year 2024, the company’s total revenue was 12.518 billion yuan, with a gross profit of 2.364 billion yuan, resulting in a gross margin of 19% [15]. - The company incurred asset impairment losses of 184 million yuan and credit impairment losses of 123 million yuan during the year [10]. - The operating cash flow for Q4 was 234 million yuan, indicating strong cash flow quality [10]. Market Outlook - The company is expected to benefit from strong terminal demand and a gradual release of supply, leading to improved capacity utilization rates [10]. - The anticipated price increases for 6F are expected to enhance profitability, with market-based adjustments likely to reflect in 2025 [10]. - The company has adequately provisioned for impairment losses in Q4, suggesting a clean slate for future growth [10]. Future Projections - The company is projected to achieve a net profit attributable to shareholders of 1.13 billion yuan in 2025 [10].