TINCI(002709) 东吴证券·2025-04-23 02:16Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company's Q1 2025 performance met expectations, with revenue of 3.5 billion yuan and a net profit of 150 million yuan, reflecting a year-on-year growth of 31% [8] - The company is expected to achieve a 40% increase in electrolyte shipments in 2025, with a total shipment forecast of 700,000 tons [8] - The profitability of the electrolyte segment is projected to improve gradually throughout 2025, with net profit per ton expected to stabilize [8] - The company has effectively controlled expenses, with a 25% year-on-year increase in operating expenses, while inventory saw a slight increase of 3.5% [8] - The forecasted net profit for 2025 is 1.12 billion yuan, representing a year-on-year growth of 131% [8] Financial Summary - Total revenue is projected to increase from 12.52 billion yuan in 2024 to 17.25 billion yuan in 2025, reflecting a growth rate of 37.82% [9] - The net profit attributable to the parent company is expected to rise from 483.93 million yuan in 2024 to 1.12 billion yuan in 2025, with a growth rate of 131.21% [9] - The earnings per share (EPS) is forecasted to increase from 0.25 yuan in 2024 to 0.58 yuan in 2025 [9] - The price-to-earnings (P/E) ratio is projected to decrease from 67.37 in 2024 to 29.14 in 2025 [9]