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Chinese maker of electrolyte for lithium-ion batteries, the world's largest supplier by volume, plus specialty chemicals and lithium salts.
Chinese maker of electrolyte for lithium-ion batteries, the world's largest supplier by volume, plus specialty chemicals and lithium salts.
Prices electrolyte largely as a pass-through of lithium-salt and solvent costs plus a processing margin, so revenue moves with lithium prices as well as volumes. Makes its own key lithium salt, LiPF6, which gives it cost control. Sells under volume agreements to battery makers.
In one line: The world's largest EV-battery electrolyte supplier, without a direct US analogue.
Moat: narrow (scale, cost advantage, process know-how). Largest global electrolyte volume share, backward-integrated into lithium salts for cost control.
Headquarters: Guangzhou, China · Founded: 2000 · Employees: 7,506
Size Guangzhou Tinci Materials Technology (002709.SZ) is a China Materials company (Chemicals: Specialty) with a market value of $8.73B, the 281st largest of 4,839 China companies the cockpit tracks. Shares closed at CN¥28.64 on 6 Nov 2026.
Performance Over six months the shares fell 52.7%, against -14.4% for the median peer and -16.4% for the China market (cap-weighted) — 3rd lowest of 21 in its peer set.
Growth Revenue grew 102.3% over the last twelve months (peer median +3.2%); the operating margin is 19.4% (peer median 13.3%).
Valuation It trades at 10.3× forward earnings against a peer median of 18.2× (4th cheapest of 18).
Price implies For today's price to make sense, revenue must grow about 9% a year for seven years (Req g). Recent delivered growth is +32%, so the hurdle is -23 pp: the price already allows for a slowdown.
Capital Return on invested capital runs 8.4 points above its cost of capital (12.9% WACC).
Next results Next results expected around 24 Mar 2027 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | CN¥29.2B | CN¥16.6B | CN¥12.5B | CN¥15.4B | CN¥22.2B |
| Revenue growth | — | +33% | -19% | -31% | — |
| Gross profit | CN¥9.15B | CN¥3.40B | CN¥2.14B | CN¥3.79B | CN¥8.24B |
| EBITDA | n/a | CN¥2.76B | CN¥1.70B | CN¥3.09B | CN¥7.21B |
| Net income | CN¥4.84B | CN¥1.36B | CN¥484M | CN¥1.89B | CN¥5.71B |
| Free cash flow | CN¥2.24B | CN¥657M | CN¥123M | -CN¥822M | CN¥488M |
| Capital expenditure | CN¥954M | CN¥659M | CN¥772M | CN¥3.10B | CN¥3.68B |
| Total debt | CN¥4.97B | CN¥3.19B | CN¥6.74B | CN¥6.31B | CN¥5.42B |
The default views of Competitor Analysis ▸ Charts, drawn from the same data. Open them in the cockpit to change the axes, pin companies and read every value.
| Company | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g |
|---|---|---|---|---|---|---|
| Guangzhou Tinci Materials Technology 002709.SZ | $8.73B | -53% | +102% | 19% | 10.3× | 9.3% |
| Shenzhen Capchem Technology 300037.SZ | $6.16B | -21% | +72% | 13% | 19.0× | 19.3% |
| Mitsubishi Chemical 4188.T | $8.65B | +10% | -8% | 8% | 8.9× | -0.5% |
| Do-Fluoride New Materials 002407.SZ | $4.06B | -36% | +69% | 7% | 38.0× | 19.2% |
| Soulbrain 357780.KS | $1.38B | -47% | +21% | 16% | 10.6× | 3.1% |
| Zhejiang Yongtai Technology 002326.SZ | $2.04B | -40% | +38% | 11% | n/a | n/a |
Peer set: Industry: the same industry and sector in any market, nearest in size. This is the same default set the interactive Competitor Analysis opens with.
| Measure | 002709.SZ | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | -12.4% | -5.6% | 8th lowest of 21 |
| 6-month return | -52.7% | -14.4% | 3rd lowest of 21 |
| Distance from 52-week high | -55.9% | -35.7% | 4th lowest of 21 |
| Revenue growth (TTM) | +102.3% | +3.2% | 3rd highest of 21 |
| Operating margin | 19.4% | 13.3% | 6th highest of 21 |
| Forward P/E | 10.3× | 18.2× | 4th cheapest of 18 |
| Growth the price implies (Req g, 7 yrs) | 9.3% | 10.9% | 8th least demanding of 17 |
| Growth delivered (Del g) | +32.3% | +11.4% | 3rd highest of 17 |
| Hurdle (Req g minus delivered) | -23.1 pp | -3.3 pp | 4th least demanding of 17 |
| ROIC minus cost of capital | +8.4 pp | -0.8 pp | 3rd highest of 21 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| Guangzhou Tinci Materials Technology 002709.SZ | China | $8.73B | -53% | +102% | 19% | 10.3× | 9.3% | +32.3% |
| Tianqi Lithium 9696.HK | Hong Kong | $8.79B | -64% | +116% | 57% | 5.0× | -10.8% | +25.3% |
| Shandong Hualu-Hengsheng Chemical 600426.SS | China | $8.27B | -32% | +3% | 16% | 12.3× | -2.5% | +18.7% |
| Westlake WLK | United States | $8.11B | -32% | 0% | 1% | 38.6× | 37.4% | +8.3% |
| Ganfeng Lithium 002460.SZ | China | $9.71B | -57% | +128% | 18% | 11.5× | 4.4% | +33.1% |
| Eastman Chemical EMN | United States | $7.37B | -13% | 0% | 10% | 10.2× | 5.1% | +0.7% |
| Swancor Advanced Materials 688585.SS | China | $10.9B | +50% | +3% | -25% | n/a | n/a | n/a |
| Croda International CRDA.L | United Kingdom | $6.88B | +31% | +3% | 16% | 23.3× | 19.9% | +4.1% |
| Formosa Chemicals & Fibre 1326.TW | Taiwan | $11.1B | +21% | -5% | 1% | 21.0× | 26.2% | +2.5% |
| Albemarle ALB | United States | $11.7B | -51% | +18% | 14% | 11.3× | 10.9% | +10.4% |
| SOL SOL.MI | Italy | $6.39B | +6% | +9% | 14% | 30.5× | 16.9% | +12.8% |
| NewMarket NEU | United States | $6.39B | +1% | +1% | 20% | n/a | -0.8% | +6.3% |
| Formosa Plastics 1301.TW | Taiwan | $12.1B | +22% | -11% | -2% | 21.4× | n/a | n/a |
| Haohua Chemical Science & Technology 600378.SS | China | $6.29B | -9% | +20% | 9% | 22.1× | 11.0% | +25.2% |
| Linde India LINDEINDIA.NS | India | $6.20B | -13% | +13% | 22% | 97.2× | 47.9% | +11.5% |
| Satellite Chemical 002648.SZ | China | $12.4B | -17% | +20% | 23% | 7.2× | -13.2% | +33.8% |
| Shenzhen Capchem Technology 300037.SZ | China | $6.16B | -21% | +72% | 13% | 19.0× | 19.3% | +26.6% |
| Resonac 4004.T | Japan | $12.6B | -26% | +1% | 8% | 18.0× | 26.7% | +6.7% |
| Lgchem 051910.KS | South Korea | $12.6B | -42% | 0% | 0% | n/a | n/a | n/a |
| Inner Mongolia Junzheng Energy & Chemical 601216.SS | China | $5.92B | -16% | +3% | 11% | 12.0× | -3.4% | +11.3% |
| Zhejiang Juhua 600160.SS | China | $13.1B | -12% | -5% | 20% | 18.2× | n/a | n/a |