HK/China Healthcare Analyst (ex-Fosun Pharma)

Xinyao (Criss) Wang

Over 15 years' experience in both finance and healthcare, covering clinic operations, investment and equity research in both China and overseas.

Pre-IPO Amicro Technology (PHIP Updates) - Some Points Worth the Attention

Tinci Materials Technology (A/H Listing) - Cost Advantage Is the Moat to Cope with Industry Cycle

Pre-IPO Anhui Sinomags Technology (PHIP Updates) - Some Points Worth the Attention

Pre-IPO Beijing QL Biopharmaceutical - Valuation Premiums Are Highly Likely

Equity Capital Markets

Guangzhou Tinci Materials Technology / Equity Capital Markets

Guangzhou Tinci Materials Technology (TINCI HK)

<ul>
<li>26H1 profit increase has a one-off nature. Once the price of lithium hexafluorophosphate drops below 80,000 yuan per ton, the profit elasticity will rapidly reverse. This is the biggest challenge.</li>
<li>Against the backdrop of the rapid elimination of tail-end production capacity in the lithium battery industry, the cathode material production lines lacking cost advantages may become a long-term burden.</li>
<li>Due to its larger size/stronger cyclical nature, the valuation of Tinci would be lower than that of<a href="https://www.smartkarma.com/entities/shenzhen-capchem-technology-co-ltd" target="_blank" data-smartkarma-citation="entities:11149:1" rel="noopener"> Capchem Technology</a>. Based on 2026 profit forecast, comfortable valuation could be 8-10x P/E</li>
</ul>


26H1 profit increase has a one-off nature. Once the price of lithium hexafluorophosphate drops below 80,000 yuan per ton, the profit elasticity will rapidly reverse. This is the biggest challenge.
Against the backdrop of the rapid elimination of tail-end production capacity in the lithium battery industry, the cathode material production lines lacking cost advantages may become a long-term burden.
Due to its larger size/stronger cyclical nature, the valuation of Tinci would be lower than that of Capchem Technology. Based on 2026 profit forecast, comfortable valuation could be 8-10x P/E


Guangzhou Tinci Materials Technlgy (002709 CH)

Pre-IPO Guangzhou Tinci Materials Technology (PHIP Updates) - Some Points Worth the Attention