天赐材料（002709）2026年上半年业绩预告；二季度符合预期

1H26 Profit Alert; 2Q26 In-line With Our Estimate Buy CITI’S TAKETinci Materials announced its 1H26 profit alert after market close today. Price (09 Jul 26 15:00)Rmb41.460Target priceRmb59.000Expected share price return42.3%Expected dividend yield2.3%Expected total return44.6%Market CapRmb84,519MUS$12,486M 1H26 headline net profit is estimated at Rmb2.7-3.0 bn. Implied mid-point 2Q26 net profit is estimated at Rmb1.2 bn, -27% QoQ, in-line withour forecast. We estimate electrolyte NP per ton to be down QoQ toRmb4000-5000/t due to the ASP retreat and major raw materials’ (i.e.lithium carbonate, VC and others) cost inflation. Looking ahead, howelectrolyte NP per ton performs during 2H26 highly depends on when TinciMaterials’ LiPF6 35ktpa new capacity comes online. Per previouscommunication with the company and industry contact, the new capacitywill be operational in Aug-26, as per schedule. If things go according toplan, we see further downside pressure on LiPF6 ASP, and therefore, onthe company’s electrolyte NP per ton. Cynthia WuAC+852-2868-7813cynthia.d.wu@citi.com Jack Shang, CFA+852-2501-2441jack.shang@citi.com Anna Wang+852-2501-2739anna.d.wang@citi.com Jimmy Feng, CFA+852-2501-7588jimmy.feng@citi.com See Appendix A-1 for Analyst Certification, Important Disclosures and Research Analyst Affiliations Not for distribution in the People's Republic of China, excluding the Hong Kong Special Administrative Region and QualifiedForeign Institutional Investors. Guangzhou Tinci Materials Technology Valuation Our target price of Rmb59/sh is based on 18x 2026E EV/EBITDA (at its 5-year historical average), as we expect LiPF6 shouldgradually trend re-balance in 2H26 after Tinci Materials’ new capacity coming online. Our multiple is justified by (1) the LiPF6market landscape is re-balancing; (2) Tinci Materials’ cost-cutting edge versus peers; and (3) a likely further growing marketshare in the long run. Risks Downside risks that could impede the stock from reaching our target price include (1) slower-than-expected battery demandgrowth; (2) quicker-thanexpected supply response; (3) raw material price fluctuations; and (4) a slower-than-expected cathodebusiness recovery. If you are visually impaired and would like to speak to a Citi representative regarding the detailsof the graphics in this document, please call USA 1-888-500-5008 (TTY: 711), from outside theUS +1-210-677-3788 Appendix A-1 ANALYST CERTIFICATION The research analysts primarily responsible for the preparation and content of this research report are either (i) designatedby “AC” in the author block or (ii) listed in bold alongside content which is attributable to that analyst. If multiple ACanalysts are designated in the author block, each analyst is certifying with respect to the entire research report other than(a) content attributable to another AC certifying analyst listed in bold alongside the content and (b) views expressed solelywith respect to a specific issuer which are attributable to another AC certifying analyst identified in the price charts orrating history tables for that issuer shown below. Each of these analysts certify, with respect to the sections of the reportfor which they are responsible: (1) that the views expressed therein accurately reflect their personal views about eachissuer and security referenced and were prepared in an independent manner, including with respect to Citigroup GlobalMarkets Inc. and its affiliates; and (2) no part of the research analyst's compensation was, is, or will be, directly orindirectly, related to the specific recommendations or views expressed by that research analyst in this report. IMPORTANT DISCLOSURES Citigroup Global Markets Inc. or its affiliates received compensation for products and services other than investment bankingservices from Guangzhou Tinci Materials Technology in the past 12 months.Citigroup Global Markets Inc. or its affiliates currently has, or had within the past 12 months, the following as clients, and the services provided were non-investment-banking, securities-related: Guangzhou Tinci Materials Technology.Citigroup Global Markets Inc. or its affiliates currently has, or had within the past 12 months, the following as clients, and theservices provided were non-investment-banking, non-securities-related: Guangzhou Tinci Materials Technology.Analysts’ compensation is determined by Citi Research management and Citigroup’s senior management and is based uponactivities and services intended to benefit the investor clients of Citigroup Global Markets Inc. and its affiliates (the “Firm”).Compensation is not linked to specific transactions or recommendations. Like all Firm employees, analysts receivecompensation that is impacted by overall Firm profitability which includes investment banking, sales and trading, andprincipal trading revenues. One factor in equity research analyst compensation is arranging corporate access events betweeninstitutional clients and the