Investment Rating - The investment rating for Tianqi Lithium Industries is "Buy" (maintained) [1] Core Views - The company's performance aligns with market expectations, with Q1-3 2024 revenue at 10.1 billion yuan, down 70% year-on-year, and a net profit attributable to shareholders of -5.7 billion yuan, down 170% year-on-year [2] - The company is gradually digesting high-priced inventory, leading to a continuous narrowing of losses [3] - The average FOB price in Q3 was $872 per ton, down 15% quarter-on-quarter, with a cash cost of A$277 per ton [3] - The company expects to achieve a sales volume of over 100,000 tons in 2024, an increase of approximately 80% year-on-year [3] - Investment income remained stable, but operating cash flow saw a significant decline [4] - Due to high-priced inventory and the impact of SQM tax litigation, profit forecasts for 2024-2026 have been revised downwards [5] Financial Performance Summary - Total revenue for 2022 was 40.449 billion yuan, with a projected decline to 13.396 billion yuan in 2024, representing a year-on-year decrease of 66.93% [1] - Net profit attributable to shareholders is expected to be -5.846 billion yuan in 2024, a year-on-year decrease of 180.11% [1] - The latest diluted EPS is projected to be -3.56 yuan per share in 2024 [1] - The company's gross margin is expected to be 49.24% in 2024, down from 84.99% in 2023 [11] Market Data - The closing price of Tianqi Lithium Industries is 36.17 yuan, with a market capitalization of approximately 59.36 billion yuan [7] - The company has a price-to-book ratio of 1.36 [7] - The one-year price range is between 24.44 yuan and 60.98 yuan [7] Cash Flow and Capital Expenditure - Operating cash flow for Q1-3 2024 is projected at 4.2 billion yuan, down 79% year-on-year [4] - Capital expenditure for Q1-3 2024 is expected to be 3.7 billion yuan, an increase of 29% year-on-year [4] - The net increase in cash for 2024 is projected to be 1.232 billion yuan [12]

（原标题：财说 | 天齐锂业三季报虽业绩转暖，但SQM这颗雷终将引爆）天齐锂业（002466.SZ）的亏 损周期似乎已经得到缓解。 表面看，公司第三季度营收36亿元，同比下滑57%；归属净利润为亏损5亿元，同比下滑130%。 考虑到公司上半年亏损52.06亿元，第三季度单季度亏损收窄，业绩有好转迹象。 不过，在业绩拐点背后，天齐锂业还有一颗潜藏的"大雷"尚未引爆。 断臂求生SQM股权对天齐锂业来说，像一场噩梦。 2020年11月，天齐锂业公告无法偿还2020年内到期的部分并购贷款利息（4.71亿元），正式引爆了其债 务危机，这份违约的债务源头便是2018年的智力锂矿SQM收购案。 当时，天齐锂业与加拿大化肥公司Nutrien签订协议，以40.66亿美元（约合人民币259.2亿元）收购SQM 23.77%的股份，加上原本持有的2.1%股份，天齐锂业合计持有SQM 25.86%的股份，成为SQM第二大股 东。 SQM是业内老牌的农业化学肥料及锂产品供应商之一，工业和农业用途的硝酸钠和硝酸钾产量均为全 球第一，还是全球最大的碘生产商。 SQM也具备成熟的碳酸锂和氢氧化锂生产经验，是全球领先的锂产品供应商之一。 SQ ...

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10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11月1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 (如上市) | 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 ...

股票代码：002466 股票简称：天齐锂业 天齐锂业股份有限公司投资者关系活动记录表 编号：2024-008 | --- | --- | --- | |----------------------------|---------------------------|------------------------------------| | | | | | | □ 特定对象调研 | √ 分析师会议 | | | □ 媒体采访 | □业绩说明会 | | 投资者关系活动类别 | □ 新闻发布会 | □ 路演活动 | | | □ 现场参观 | □一对一沟通 | | | □ 其他 | | | 参与单位名称及人员姓名 | 详见附件 | | | 时间 | 2024 年 10 月 31 | 日下午 16:00-17:00 | | 地点 | | 天齐锂业成都总部六楼会议室（线上） | | | 董事/财务总监/执行副总裁 | 邹军、董事会秘书 / | | 上市公司接待人员 | 副总裁 / 香港联席公司秘书 | 张文宇、证券事务代 | | | 表/证券及投关总监 | 付旭梅、财务部总监 文茜 | | 投资者关系活动主要内容介绍 ...

Investment Rating - The investment rating for Tianqi Lithium Industries is "Recommended (Maintain)" [1] Core Views - The company reported a significant decrease in revenue and net profit for Q3 2024, with revenue at 3.646 billion yuan, down 57.48% year-on-year, and a net loss of 496 million yuan, down 130.11% year-on-year [4][5] - Despite the challenges, the company has seen growth in lithium product sales and production, with a notable reduction in losses compared to previous quarters [7][10] - The lithium price has dropped significantly, but the report suggests that the downside potential for prices is limited due to rising production costs and a potential market clearing as unprofitable producers exit [9][10] Summary by Sections Financial Performance - For Q3 2024, the company achieved revenue of 3.646 billion yuan, a year-on-year decrease of 57.48%, and a net loss of 496 million yuan, a year-on-year increase in losses of 130.11% [4] - For the first three quarters of 2024, revenue totaled 10.065 billion yuan, down 69.87% year-on-year, with a net loss of 5.701 billion yuan, reflecting a 170.40% increase in losses year-on-year [4] Market Conditions - The lithium market has faced downward pressure due to increased competition and inventory accumulation, leading to a significant decline in lithium prices [6] - The average selling price of lithium concentrate decreased by 28.8% quarter-on-quarter in Q3 2024, with a year-on-year decline of 61.1% [6] - The average selling price of battery-grade lithium carbonate also saw a quarter-on-quarter decrease of 24.5% and a year-on-year decrease of 55.5% [6] Production and Capacity - The company has successfully ramped up production capacity with the launch of a new lithium carbonate project, resulting in increased sales volumes for lithium compounds and derivatives [7] - Sales volume for lithium compounds and derivatives increased by 67.71% year-on-year for the first three quarters of 2024, with a quarter-on-quarter increase of 24.69% in Q3 [7] Future Outlook - The report indicates that the lithium price has reached a low level, with limited downside potential, and anticipates a gradual recovery in demand from the electric vehicle and energy storage sectors [9][10] - The company is expected to see a gradual improvement in performance due to its strong resource endowment and planned new projects in both mining and metallurgy [10]

Investment Rating - The report maintains an "Accumulate" rating for Tianqi Lithium Industries (9696 HK/002466 CH) with a target price of HKD 30.20 and RMB 39.75 [9][10]. Core Insights - The company's Q3 performance was pressured by falling lithium prices, reporting revenue of RMB 3.646 billion, a year-over-year decline of 57.48% and a quarter-over-quarter decline of 4.90%. The net profit attributable to shareholders was a loss of RMB 496 million, down 130.11% year-over-year but up 62.14% quarter-over-quarter [3][4]. - For the first three quarters of 2024, the company achieved revenue of RMB 10.065 billion, a year-over-year decline of 69.87%, with a net loss of RMB 5.701 billion, down 170.40% year-over-year. The Q3 results aligned with the company's prior loss forecast of RMB 5.85 to 5.45 billion [3][4]. - The company is experiencing production and sales growth both year-over-year and quarter-over-quarter, with lithium compound and derivative sales increasing by 67.71% year-over-year and 24.69% quarter-over-quarter in Q3 [4]. Summary by Sections Performance Overview - Q3 revenue was RMB 3.646 billion, down 57.48% year-over-year and 4.90% quarter-over-quarter. The net loss was RMB 496 million, reflecting a year-over-year decline of 130.11% but an increase of 62.14% from the previous quarter [3]. - For the first three quarters of 2024, total revenue reached RMB 10.065 billion, down 69.87% year-over-year, with a net loss of RMB 5.701 billion, down 170.40% year-over-year [3][4]. Production and Sales Growth - The company reported production and sales growth in lithium compounds and derivatives, with sales increasing by 67.71% year-over-year and 24.69% quarter-over-quarter in Q3 [4]. - High-priced inventory is gradually being consumed, and production costs are aligning with the latest procurement prices, leading to a reduction in quarterly losses [4]. Capacity Expansion - Ongoing projects are progressing smoothly, including the third phase of the Talison chemical-grade lithium concentrate expansion project, expected to produce its first batch of lithium concentrate by Q4 2025 [5]. - The company has received pre-approval for the construction of the Tebaigou tailings project, laying the groundwork for future expansion [5]. Market Outlook - The report anticipates continued oversupply in the lithium market due to the expansion of large, low-cost mines. However, the pricing of lithium concentrate is nearing the cost lines of Australian mines, which may lead to a potential reduction in production if prices remain low [6]. - The report suggests that the lithium market may continue to experience fluctuations as it awaits the clearing of overseas mines [6]. Valuation and Forecast - The report adjusts lithium price assumptions and forecasts EPS for 2024-2026 at -2.50, 1.50, and 2.58 RMB, respectively. The company is assigned a 1.4x PB for 2025, with a BPS of 28.39 RMB [7]. - The average premium rate for the company over the past three months is 43.21%, with a target price of HKD 30.20 and RMB 39.75 based on the exchange rate as of October 30, 2024 [7].

Financial Performance - Revenue for the third quarter was CNY 3,646,159,930.05, a decrease of 57.48% compared to the same period last year[3]. - Net profit attributable to shareholders was CNY -495,644,270.41, representing a decline of 130.11% year-over-year[3]. - The basic earnings per share was CNY -0.30, down 130.00% from CNY 1.00 in the same period last year[6]. - Operating revenue for the reporting period was ¥10,064,738,520.01, a decrease of 69.87% compared to ¥33,399,166,232.91 in the same period last year, primarily due to a significant drop in the average selling price of lithium products[7]. - Net profit attributable to shareholders was -¥5,701,413,364.59, representing a decline of 170.40% from ¥8,098,513,756.30 year-on-year, mainly due to decreased sales prices and gross margins of lithium products[7]. - Basic and diluted earnings per share were both -¥3.48, a decrease of 170.59% from ¥4.93 in the same period last year, reflecting the significant drop in net profit[7]. - The company reported a significant drop in sales revenue from 35,421,723,913.00 to 11,312,090,167.48, reflecting a challenging market environment[38]. - The total comprehensive income attributable to the parent company was 1,197,098,394.24, down from 22,893,356,563.04 in the previous period[37]. Assets and Liabilities - Total assets at the end of the reporting period were CNY 70,355,035,161.95, a decrease of 3.92% from the previous year[3]. - Equity attributable to shareholders decreased by 15.55% to CNY 43,508,204,212.27 compared to the end of the previous year[3]. - The company's current assets totaled ¥13,631,775,908.46, down from ¥19,629,040,462.42, indicating a decrease of about 30.5%[28]. - The total liabilities increased to ¥20,001,526,283.47 from ¥18,991,821,645.97, reflecting an increase of approximately 5.3%[30]. - The company’s long-term equity investments decreased from ¥26,873,607,682.35 to ¥25,612,103,131.11, a decline of approximately 4.7%[28]. Cash Flow - Cash flow from operating activities showed a net outflow of CNY -5,736,899,667.35, a decline of 171.87% year-over-year[3]. - The net cash flow from operating activities was ¥4,192,370,886.76, down 79.07% from ¥20,035,216,823.45 in the previous year, attributed to a substantial decline in operating revenue[7]. - Cash inflow from financing activities totaled 9,023,769,728.18, up from 7,540,421,688.89 in the previous period, reflecting a growth of approximately 19.6%[39]. - The net cash flow from financing activities was -2,559,321,184.06, an improvement from -23,230,195,129.05 in the previous period, showing a reduction in cash outflow[39]. - The cash flow from investment activities saw a total outflow of 5,692,883,054.37, compared to 2,840,874,577.84 in the previous period, indicating a substantial increase in investment spending[39]. Shareholder Information - The company holds a total of 326,228 common shareholders (A-shares) and 47 (H-shares) as of the end of the reporting period[10]. - Chengdu Tianqi Industry (Group) Co., Ltd. holds a 25.37% stake, amounting to 416,316,432 shares, making it the largest shareholder[10]. - The top 10 shareholders include China Postal Savings Bank with 8,525,734 shares and ICBC with 8,340,773 shares, both holding RMB common stock[12]. - The total number of shares held by the top 10 shareholders participating in margin trading was 19,911,757, accounting for 1.21% of the total share capital[13]. - The company has not disclosed any related party relationships among the top shareholders, except for a known relationship between Zhang Jing and Jiang Weiping[12]. Investment and Development - The company is actively working on new product development and market expansion strategies to mitigate the impact of declining lithium prices[8]. - The Suining Anju factory project for an annual production capacity of 20,000 tons of battery-grade lithium carbonate has a total planned investment of approximately RMB 1.5 billion[18]. - The budget for the Suining Anju project has been finalized at RMB 1.4778071 billion, and the project has completed construction and entered the trial operation phase[19]. - The company’s subsidiary Sichuan Tianqi Shenghe Lithium Industry has obtained approval for the construction of the Cuola lithium spodumene mine project, laying the groundwork for future development[20]. Market Conditions and Future Outlook - The company confirmed a substantial decrease in investment income from its joint venture SQM for the third quarter of 2024[6]. - The company expects a gradual reduction in losses in Q2 and Q3 of 2024 as the pricing mechanism for lithium concentrate aligns with recent procurement prices[8]. - The pricing mechanism mismatch between the company's lithium products and the pricing of lithium concentrate from its subsidiary Talison Lithium Pty Ltd has led to temporary losses, which are expected to improve as market conditions stabilize[8].

股票代码：002466 股票简称：天齐锂业 公告编号：2024-049 1 照 2024 年 10 月 30 日中国外汇交易中心受权公布的人民币汇率中间价折合人民币约 41.27 亿元）。 经测算，本次交易连续十二个月累计投入金额达到董事会审议标准，公司于 2024 年 10 月 30 日召开第六届董事会第十七次会议，审议通过了《关于同意泰利森第三期化 学级锂精矿扩产计划增加投资的议案》，同意文菲尔德增加对泰利森第三期化学级锂精 矿扩产项目的投资。根据《深圳证券交易所股票上市规则》《公司章程》等法律法规的 相关规定，本次交易不构成关联交易，亦不构成《上市公司重大资产重组管理办法》规 定的重大资产重组。 一、增加投资的情况概述 2018 年 7 月 24 日，天齐锂业股份有限公司（以下简称"公司"）召开第四届董事 会第十八次会议通过了《关于同意泰利森第三期锂精矿扩产计划的议案》，同意公司控 股子公司 Windfield Holdings Pty Ltd（以下简称"文菲尔德"）之全资子公司 Talison Lithium Pty Ltd（以下简称"泰利森"）正式启动化学级锂精矿产能继续扩产的建设工 作，建造一个独 ...

Financial Performance - The company's operating revenue for Q3 2024 was ¥3,646,159,930.05, a decrease of 57.48% compared to the same period last year[3]. - The net profit attributable to shareholders for Q3 2024 was -¥495,644,270.41, representing a decline of 130.11% year-on-year[3]. - The net profit attributable to shareholders after deducting non-recurring gains and losses was -¥516,039,799.65, down 132.82% from the previous year[3]. - The net cash flow from operating activities for the year-to-date was ¥4,192,370,886.76, a decrease of 79.07% compared to the same period last year[3]. - Total operating revenue for Q3 2024 was CNY 10,064,738,520.01, a decrease from CNY 33,399,166,232.91 in the same period last year, representing a decline of approximately 69.9%[27]. - Net profit for Q3 2024 was CNY 1,734,043,201.82, significantly lower than CNY 22,370,264,777.45 in the previous year, reflecting a decrease of approximately 92.2%[28]. - The net profit attributable to the parent company was -5.70 billion CNY, compared to 7.44 billion CNY in the previous period, indicating a significant decline[29]. - The total comprehensive income attributable to the parent company was 1.20 billion CNY, down from 22.89 billion CNY in the previous period[29]. - The basic earnings per share were -3.48 CNY, compared to 4.93 CNY in the previous period, reflecting a negative performance[29]. Assets and Liabilities - The total assets at the end of Q3 2024 were ¥70,355,035,161.95, a decrease of 3.92% from the end of the previous year[3]. - The total liabilities increased to CNY 20,001,526,283.47 from CNY 18,991,821,645.97, marking an increase of about 5.3%[28]. - The total equity attributable to shareholders decreased to CNY 43,508,204,212.27 from CNY 51,519,658,068.18, a decline of approximately 15.6%[28]. - The company's long-term equity investments decreased from ¥26,873,607,682.35 to ¥25,612,103,131.11, a reduction of approximately 4.7%[25]. - The company's fixed assets increased from ¥9,079,609,360.11 to ¥12,304,536,948.12, reflecting an increase of about 35.5%[25]. - Short-term borrowings rose significantly from ¥337,372,340.00 to ¥1,430,963,725.90, an increase of approximately 324%[25]. - The long-term borrowings increased to CNY 11,427,835,608.53 from CNY 9,544,758,108.47, reflecting an increase of about 19.7%[28]. Shareholder Information - Total number of ordinary shareholders at the end of the reporting period is 326,228 for A shares and 47 for H shares[8]. - The largest shareholder, Chengdu Tianqi Industrial (Group) Co., Ltd., holds 25.37% of shares, totaling 416,316,432 shares[10]. - HKSCC NOMINEES LIMITED holds 10.00% of shares, totaling 164,085,245 shares[10]. - The top 10 shareholders account for a significant portion of the total share capital, with the largest shareholder holding over 25%[12]. - The company has a diverse shareholder base, including domestic and foreign entities[10]. - The total number of preferred shareholders with restored voting rights is zero[8]. - The company has not disclosed any new strategies related to market expansion or mergers and acquisitions in this report[12]. Cash Flow and Investments - As of September 30, 2024, the company's cash and cash equivalents decreased to ¥6,275,563,352.70 from ¥9,588,520,244.89 at the beginning of the period, representing a decline of approximately 34.5%[25]. - Cash flow from operating activities generated a net amount of 4.19 billion CNY, a decrease from 20.04 billion CNY in the previous period[31]. - Cash inflow from operating activities totaled 12.21 billion CNY, down from 36.35 billion CNY in the previous period[31]. - Cash outflow from operating activities was 8.02 billion CNY, compared to 16.31 billion CNY in the previous period[31]. - The net cash flow from investing activities was -4.67 billion CNY, worsening from -0.90 billion CNY in the previous period[31]. - The net cash flow from financing activities was -11.58 billion CNY, compared to -30.77 billion CNY in the previous period[32]. - The ending balance of cash and cash equivalents was 6.25 billion CNY, down from 7.70 billion CNY in the previous period[32]. - The company received 650 million CNY from cash recovered from investments, while cash inflow from investment activities totaled 1.03 billion CNY[31]. Production and Sales - The sales volume of lithium compounds and derivatives increased by 67.71% year-on-year for the first three quarters of 2024[7]. - The sales volume for Q3 2024 increased by 24.69% compared to Q2 2024[7]. - The company experienced a significant decline in the average selling price of lithium products, impacting overall profitability[6]. - The company confirmed a substantial decrease in investment income from its associate company SQM, contributing to the overall loss[6]. Strategic Initiatives - The company plans to issue debt financing tools up to RMB 6 billion, with a registered short-term financing bond of RMB 2 billion and a medium-term note of RMB 4 billion approved[16]. - The first phase of short-term financing bonds was successfully issued at a total amount of RMB 300 million with an interest rate of 2.35% and a term of 1 year[16]. - The company has initiated commodity futures hedging to mitigate price volatility risks, with a maximum trading margin and premium cap of RMB 200 million and a maximum contract value of RMB 800 million per trading day[17][18]. - The Suining Anju factory project for an annual production capacity of 20,000 tons of battery-grade lithium carbonate has a total investment of approximately RMB 1.5 billion and has completed construction as of October 27, 2023[19][20]. - The project has achieved product sales and has established a stable customer base, with the first batch of battery-grade lithium carbonate meeting the required standards[20]. - The company’s subsidiary, Shenghe Lithium, has signed a cooperation agreement for the construction of a power transmission and transformation project in the Moke lithium mine area, establishing a joint venture for this purpose[21]. - The company holds approximately 22.16% of SQM, having invested USD 4.066 billion for a 23.77% stake, and is involved in a non-binding memorandum with Codelco regarding operations in the Atacama salt flat from 2025 to 2060[22]. - The company’s subsidiary Tianqi Chile has filed an administrative review against CMF's decision regarding the partnership agreement with SQM and Codelco, which is currently under judicial review[23]. - The partnership agreement aims to develop lithium and potassium production activities in the Atacama salt flat region, indicating a strategic move towards resource development[23].

摩根士丹利证券（中国）有限公司 关于天齐锂业股份有限公司 使用自有闲置资金进行委托理财的核查意见 根据《证券发行上市保荐业务管理办法》《深圳证券交易所股票上市规则 （2024 年修订）》《深圳证券交易所上市公司自律监管指引第 1 号——主板上市 公司规范运作》等有关规定，摩根士丹利证券（中国）有限公司（以下简称"摩 根士丹利证券"、"保荐机构"）作为天齐锂业股份有限公司（以下简称"天齐锂 业"、"公司"）2019 年配股项目的持续督导保荐机构，对于天齐锂业使用自有闲 置资金进行委托理财的事项进行了核查，具体情况如下： 一、使用自有闲置资金进行委托理财的基本情况 1、投资目的 为提高公司及全资子公司资金使用效率和资金收益，在保证公司及全资子公 司日常经营资金需求的前提下，合理使用闲置自有资金购买安全性较高、流动性 较好、风险可控的理财产品，为公司与股东创造更多的投资回报。 2、投资金额 公司及全资子公司拟共同使用最高额度不超过人民币 10 亿元（或等值外币） 的自有闲置资金进行委托理财。在上述额度内，资金可循环滚动使用，期限内任 一时点的交易金额（含前述投资的收益进行再投资的相关金额）不应超过投资额 度。 3、 ...