股票代码：002466 股票简称：天齐锂业 公告编号：2024-021 天齐锂业股份有限公司 二〇二四年四月十三日 1 本公司及董事会全体成员保证信息披露的内容真实、准确、 完整，没有虚假记载、误导性陈述或重大遗漏。 天齐锂业股份有限公司（以下简称"公司"）董事会于 2024 年 4 月 12 日收到公司执行 副总裁刘莹女士的书面辞职报告。刘莹女士因个人原因申请辞去公司执行副总裁职务，辞 职后不再担任公司、公司控股子公司及参股公司任何职务。根据《公司法》《公司章程》等 相关规定，刘莹女士的辞职不会影响公司正常运行，其辞职报告自送达公司董事会之日起 生效。截至 2024 年 4 月 11 日，刘莹女士不存在应当履行而未履行的股份锁定承诺事项， 未直接持有公司股票，通过认购公司员工持股计划份额间接持有公司股票 14,300 股。 刘莹女士在公司任职期间内，在公司战略整合、人才发展方面发挥了重要作用，公司 及董事会对刘莹女士为公司发展所做出的努力和贡献表示衷心感谢！ 特此公告。 天齐锂业股份有限公司董事会 关于公司执行副总裁辞职的公告 ...

本报告仅供 Choice 东方财富 使用，请勿传阅。 公司快报 2024 年 04 月 08 日 天 齐锂业(002466.SZ) 证券研究报告 业绩短期错配承压，新增项目稳步推进 锂 投资评级 买入-A 公司发布 2023 年度报告 维持评级 2023 年天齐锂业实现营业收入 405.03 亿元，同比增加 0.13%。2023 6个月目标价 64.3元 年全年实现归母净利润 72.97 亿元，同比减少 69.75%；扣非归母净 股价 (2024-04-03) 51.01元 利润 71.77 亿元，同比减少68.88%。其中2023 年Q4营业收入 71.04 亿元，同比减少 55.04%、环比减少 17.16%；归母净利润-8.01亿元， 交易数据 同环比均转亏；扣非归母净利润-8.06亿元，同环比均转亏。 总市值(百万元) 83,718.71 流通市值(百万元) 75,305.40 锂盐锂矿产量平稳增长，锂价下跌影响业绩表现 总股本(百万股) 1,641.22 ✔锂盐：1）产销：锂盐产量5.07 万吨，同比+7.30%；锂盐销量 5.67 流通股本(百万股) 1,476.29 万吨，同比-2.48%。2） ...

证券研究报告 ＃＃iinndduussttrryyIIdd＃＃ 锂 ＃investSuggestion＃ ＃ ＃d天yCo齐mpa锂ny＃业 （ 002466 ） investSug 增持 ( 维ges持tionC）h 002466 ＃title＃ 锂价下滑叠加投资收益减少，公司业绩承压 ange＃ ＃createTime1＃ 2024 年04 月07 日 投资要点 ＃市场ma数rk据etData＃ ＃summary＃  业绩概要：公司发布2023年年度报告，2023年公司实现营业收入405.03亿 市场数据日期 2024-04-03 元，同比增长0.13%；实现归母净利润72.97亿元，同比下降69.75%；实现 收盘价（元） 51.01 扣非后归母净利润为71.77亿元，同比下降68.88%。公司拟向全体股东每10 总股本（百万股） 1641.22 股派发现金红利13.5元（含税）。 流通股本（百万股） 1476.29 净资产（百万元） 51519.66  锂价下滑叠加投资收益减少，2023年公司盈利回落。2023年公司实现归母 总资产（百万元） 73228.46 净利润72.97亿元，同比下降69. ...

股份發行人及根據《上市規則》第十九B章上市的香港預託證券發行人的證券變動月報表 | 截至月份: | 2024年3月31日 | | | | | 狀態: 新提交 | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 致：香港交易及結算所有限公司 | | | | | | | | | | 公司名稱: | 天齊鋰業股份有限公司 | | | | | | | | | 呈交日期: | 2024年4月3日 | | | | | | | | | I. 法定/註冊股本變動 | 不適用 | | | | | | | | | 1. 股份分類 | 普通股 | 股份類別 | H | | 於香港聯交所上市 (註1) | 是 | | + | | 證券代號 | 09696 | 說明 | | | | | | | | 增加多櫃檯證券代號 | | | | | | | | | | 手動填寫 | | 法定/註冊股份數目 | | 面值 | | | 法定/註冊股本 | | | 上月底結存 | | | 164,122,200 RMB | | 1 RMB | | | 164,122,200 | ...

Investment Rating - The report maintains a "Buy" rating for Tianqi Lithium Industries, with a target price of 50.20 CNY per share [4][15]. Core Insights - The company reported a revenue of 40.5 billion CNY in 2023, a slight increase of 0.13% year-on-year, but a significant decline in net profit by 69.8% to 7.3 billion CNY [3]. - The fourth quarter of 2023 saw a revenue drop of 17.2% quarter-on-quarter, with a net loss of 800 million CNY, marking a 148.7% decline from the previous quarter [3]. - The pricing mechanism for lithium concentrate has shifted from Q-1 to M-1, which is expected to enhance profitability starting January 1, 2024 [3]. Financial Performance Summary - In 2023, the company produced 1.523 million tons of lithium concentrate, a year-on-year increase of 12.9%, while sales volume reached 845,000 tons, up 11.3% [3]. - The average selling price of lithium concentrate in 2023 was 4,586 USD per ton, reflecting a 58% increase year-on-year, while the average price of lithium carbonate and lithium hydroxide decreased by 46.7% and 42.8%, respectively [3]. - The company’s total assets amounted to 73.228 billion CNY in 2023, with a debt ratio of 25.94% [5][10]. Earnings Forecast - The forecast for net profit is adjusted to 3.295 billion CNY for 2024, down from previous estimates due to declining lithium prices, with projections of 3.920 billion CNY for 2025 and 5.148 billion CNY for 2026 [3][10]. - The expected earnings per share (EPS) for 2024 is 2.01 CNY, with a projected increase to 2.39 CNY in 2025 and 3.14 CNY in 2026 [3][10].

%% research.95579.com %% 丨证券研究报告丨 公司研究丨点评报告丨天齐锂业（ ） 002466.SZ [资Ta源b型le_锂T龙itle头] ，周期底部再出发 ——天齐锂业 年年报点评 2023 报告要点 [公Ta司bl发e_布Su2m0m23ar年y]年报，实现营业收入405.03亿元，同比+0.13%；实现归母净利72.97亿元， 同比-69.75%，实现扣非归母净利71.77亿元，同比-68.88%。2023Q4公司实现营业收入71.04 亿元，环比-17%；实现归母净利-8.01亿元，扣非归母净利-8.06亿元，环比均转亏。 ...

Investment Rating - The report maintains a "Buy" rating for Tianqi Lithium Industries, Inc. (002466.SZ) [2][3] Core Views - The company's performance in 2023 was negatively impacted by falling lithium prices and increased minority shareholder losses, with a significant decline in net profit [1][2] - Despite the challenges, there are long-term expansion plans in the resource sector, with projected increases in lithium chemical production capacity [2][3] Financial Performance - In 2023, the company achieved operating revenue of CNY 40.503 billion, a slight increase of 0.13% year-on-year, while net profit attributable to shareholders was CNY 7.297 billion, down 69.75% year-on-year [1][3] - The fourth quarter of 2023 saw a net loss of CNY 800 million [1] - The company plans to increase its lithium compound production capacity to 143,800 tons per year through new projects [2][3] Market Conditions - The report highlights a downward adjustment in lithium production guidance from Greenbushes, indicating potential industry consolidation [1][2] - Global demand for lithium carbonate is projected at 1.259 million tons, with supply at 1.401 million tons, suggesting a potential price floor around CNY 75,600 per ton [1] Earnings Forecast - Due to recent declines in lithium prices, earnings per share (EPS) forecasts for 2024 and 2025 have been reduced to CNY 1.84 and CNY 2.64, respectively, with a new forecast for 2026 at CNY 3.44 [2][3] - The price-to-earnings (P/E) ratios for 2024-2026 are projected at 26X, 18X, and 14X [2][3] Production Capacity - As of the 2023 report, the company's lithium chemical production capacity reached 88,800 tons, with plans for further expansion [2][3] - The resource end, specifically the Talison lithium concentrate, is expected to reach a production capacity of 2.14 million tons per year after the commissioning of a new processing plant [2]

Investment Rating - The investment rating for the company is "Buy (Maintain)" [2][15] Core Views - The company reported a revenue of 40.50 billion yuan in 2023, a slight increase of 0.13% year-on-year, but the net profit dropped significantly by 69.75% to 7.30 billion yuan [3][6] - The company is focusing on increasing production capacity and solidifying its upstream lithium resource layout, with strategic partnerships to enhance its market position [10][11] - The company has adjusted its lithium pricing mechanism to a monthly basis from a quarterly basis, which is expected to improve pricing stability [10][11] Financial Performance - Revenue and Profit Forecasts: - 2024E revenue is projected at 11.73 billion yuan, a decrease of 71.0% year-on-year, with a gradual recovery expected in subsequent years [3][15] - Net profit for 2024E is forecasted at 4.53 billion yuan, down 38.0% year-on-year [3][15] - Earnings Per Share (EPS) is expected to be 2.76 yuan in 2024E, with a PE ratio of 17.4 [3][15] Production and Inventory - The company achieved a total lithium concentrate production of 1.52 million tons in 2023, with a significant increase attributed to higher ore grades and improved recovery rates [3][8] - As of the end of 2023, lithium concentrate inventory stood at approximately 409,400 tons, while lithium compound inventory was about 13,200 tons [3][8] Strategic Developments - The company is actively expanding its lithium production capacity, with plans to increase its mid-term capacity to over 140,000 tons per year [10][12] - The company holds a 22.16% stake in SQM, which is expected to contribute positively to its investment returns as SQM plans to increase its lithium production in 2024 [12][15]

Investment Rating - The report maintains an "Accumulate" rating for Tianqi Lithium [4][8] - The target price is set at 56.16, down from the previous forecast of 62.85 [4][8] Core Insights - The company's revenue for 2023 is projected at 40.503 billion, a slight increase of 0.13% year-on-year, while the net profit attributable to shareholders is expected to be 7.297 billion, reflecting a significant increase of 69.75% year-on-year [8] - Due to the anticipated decline in lithium prices, the EPS forecasts for 2024 and 2025 have been revised down to 2.16 and 2.60 respectively, from previous estimates of 4.19 and 4.36 [8] - The report highlights the company's ongoing expansion in resource capabilities both domestically and internationally, with a focus on increasing lithium production [8] Financial Summary - The company reported a gross profit margin of 85.0% in 2023, with a projected decline to 65.0% in 2024 [9] - The net profit margin for 2023 is expected to be 18.0%, with a forecasted increase to 34.6% by 2026 [9] - The company's total assets are projected to grow from 73.228 billion in 2023 to 93.245 billion by 2026 [12] Production and Resource Expansion - Lithium concentrate production is expected to reach 152.23 thousand tons, with sales of 84.47 thousand tons, marking increases of 12.9% and 11.3% year-on-year respectively [8] - The company has updated its lithium resource estimates for the Greenbushes lithium mine in Australia, increasing the resource amount from 12.86 million tons to 16 million tons [8] - The report notes that the company is making progress on the Zuo La lithium project, enhancing its capacity for lithium compound production [8] Market Performance - The stock has a 52-week price range of 41.89 to 83.52 [12] - The company's market capitalization is approximately 78.729 billion [12] - The average daily trading volume is reported at 31.26 million shares [5]

Investment Rating - The report maintains a "Recommended" rating for Tianqi Lithium Industries, with a target price of 47.97 CNY [4]. Core Views - The company reported a revenue of 40.5 billion CNY in 2023, a slight increase of 0.1% year-on-year, but a significant decline in net profit by 69.8% to 7.3 billion CNY [2][3]. - The rapid decline in lithium prices has adversely affected the company's profitability, particularly in the smelting segment, where costs have increased due to a lag in price adjustments [2][3]. - The company plans to distribute a cash dividend of 2.22 billion CNY [2]. Summary by Sections Financial Performance - In Q4 2023, the company reported a revenue of 7.1 billion CNY, down 55.0% quarter-on-quarter and 17.2% year-on-year, with a net loss of 800 million CNY [2]. - The average price of lithium carbonate fell by 47.3% to 256,000 CNY/ton, and lithium hydroxide by 41.9% to 272,000 CNY/ton in 2023 [2][3]. - The company’s inventory of lithium concentrate stood at 409,000 tons at the end of 2023, an increase of 113,000 tons year-on-year [2]. Production and Sales - The production of lithium concentrate from Greenbushes reached 1.522 million tons in 2023, a year-on-year increase of 12.9%, with the company holding a 26% stake [2][3]. - The company’s own lithium salt production was 51,000 tons, a 7.3% increase year-on-year, while sales decreased by 2.5% to 57,000 tons [2]. Investment and Future Outlook - The company holds a significant stake in SQM, contributing 3.13 billion CNY in investment income in 2023, despite a 48% decline in SQM's net profit [3]. - Future production capacity expansions are underway, including projects in Sichuan and Jiangsu, expected to enhance output significantly by 2025 [3]. - The pricing mechanism for lithium concentrate will shift from quarterly to monthly starting in 2024, which is anticipated to improve profitability in the smelting segment [3].