Investment Rating - The investment rating for Tianqi Lithium Industries is "Buy" (首次) [2] Core Viewpoints - Tianqi Lithium is a leading global lithium company with significant resource advantages, holding high-quality lithium mines and salt lake resources. The company has strategically positioned itself in China, Australia, and Chile, owning over 55 million tons of lithium carbonate equivalent (LCE) resources, with equity resources exceeding 14 million tons LCE. The company controls 26% of the Greenbushes mine, which is the lowest-cost and highest-grade lithium spodumene mine globally, and 22% of the Atacama salt lake, which accounts for 42% of the global salt lake supply in 2023 [4][23]. - The company is advancing multiple lithium compound production projects, with leading capacity and advanced technology. The Sichuan Shehong production base has an annual capacity of approximately 24,000 tons of lithium chemical products, while the Jiangsu Zhangjiagang base is the only fully automated battery-grade lithium carbonate production facility currently in operation globally, with a capacity of 20,000 tons [4][61]. - The industry is experiencing a clearing phase, with declining lithium carbonate prices leading to reduced project returns and a slowdown in expansion plans. High-cost domestic mica mines and some Australian mines have begun to reduce or halt production due to loss pressures, highlighting Tianqi's resource advantages as a high self-sufficiency lithium company [4][72]. - The company forecasts net profits for 2024-2026 to be -4.862 billion, 2.629 billion, and 4.471 billion yuan, respectively, with corresponding price-to-earnings ratios of 24 and 14 for 2025-2026, thus initiating coverage with a "Buy" rating [4][76]. Summary by Sections Company Overview - Tianqi Lithium Industries focuses on the lithium industry, covering key stages of the lithium supply chain, including the development of hard rock lithium resources, processing and sales of lithium concentrates, and production and sales of lithium chemical products. The company has a stable and concentrated shareholding structure, with experienced core management [21][45]. Resource and Production Capacity - The company has strategically laid out its lithium resources globally, owning two lithium mines and two salt lakes, achieving 100% self-sufficiency in lithium resources. The Greenbushes mine and the Atacama salt lake are key projects, with the former being the largest and highest-grade lithium mine globally and the latter being the highest-producing lithium salt lake [23][52]. - The company operates five lithium compound production bases, with a total capacity of 88,800 tons per year, and plans to exceed 140,000 tons per year in the medium term [4][61]. Financial Performance and Forecast - The company reported total revenue and net profit of 40.503 billion and 7.297 billion yuan in 2023, respectively, with a year-on-year change of +0.1% and -69.8%. The company expects a recovery in performance due to the resumption of demand for new energy vehicles and energy storage batteries [29][38]. - The forecast for lithium concentrate sales is 920,000 tons in 2024, 1,000,000 tons in 2025, and 1,100,000 tons in 2026, with lithium salt total sales projected at 75,000 tons, 85,000 tons, and 90,000 tons for the same years [72][73].

股票代码：002466 股票简称：天齐锂业 公告编号：2024-052 天齐锂业股份有限公司 关于召开 2024 年第二次临时股东大会的通知 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"）第六届董事会第十八次会议于 2024 年 12 月 6 日以通讯表决方式召开，会议决定于 2024 年 12 月 30 日（星期一）召开 2024 年第二次临时 股东大会，现将有关事项通知如下： 一、召开会议基本情况 1、股东大会届次：2024 年第二次临时股东大会。 2、召集人：公司董事会。 本次股东大会的召开已经公司第六届董事会第十八次会议审议通过。 3、会议召开的合法性、合规性：本次股东大会会议召集、召开符合有关法律、行政法规、 部门规章、规范性文件和公司章程等相关规定。 4、会议时间： （1）现场会议召开的时间：2024 年 12 月 30 日（星期一）下午 14:45； （2）网络投票时间：A 股股东通过深圳证券交易所（以下简称"深交所"）交易系统进 行网络投票的时间为 2024 年 12 月 30 日上午 9:15—9:2 ...

北京中伦（成都）律师事务所 关于天齐锂业股份有限公司 2024 年 A 股限制性股票激励计划的 法律意见书 二〇二四年十二月 北京 • 上海 • 深圳 • 广州 • 武汉 • 成都 • 重庆 • 青岛 • 杭州 • 南京 • 海口 • 东京 • 香港 • 伦敦 • 纽约 • 洛杉矶 • 旧金山 • 阿拉木图 Beijing • Shanghai • Shenzhen • Guangzhou • Wuhan • Chengdu • Chongqing • Qingdao • Hangzhou • Nanjing • Haikou • Tokyo • Hong Kong • London • New York • Los Angeles • San Francisco • Almaty 北京中伦（成都）律师事务所 关于天齐锂业股份有限公司 2024 年 A 股限制性股票激励计划的 法律意见书 致：天齐锂业股份有限公司 北京中伦（成都）律师事务所（以下简称"本所"）接受天齐锂业股份有限 公司（以下简称"公司"）的委托，担任公司拟实施的 2024 年 A 股限制性股票 激励计划（以下简称"本次激励计划"）相关事宜的专 ...

股票代码：002466 股票简称：天齐锂业 公告编号：2024-053 天齐锂业股份有限公司 关于独立董事公开征集委托表决权的公告 独立董事唐国琼保证向本公司提供的信息内容真实、准确和完 整，没有虚假记载、误导性陈述或重大遗漏。 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。 特别声明： 1、本次征集表决权为依法公开征集，征集人唐国琼符合《中华人民共和国证券法》 第九十条、《上市公司股东大会规则》第三十一条、《公开征集上市公司股东权利管理暂 行规定》第三条规定的征集条件。 2、截至本公告披露日，征集人唐国琼未直接或间接持有天齐锂业股份有限公司（以 下简称"公司"）股份。根据中国证券监督管理委员会（以下简称"中国证监会"）《上 市公司股权激励管理办法》（以下简称"《管理办法》"）的有关规定，并根据公司其 他独立董事的委托，独立董事唐国琼作为征集人，就公司拟于2024年12月30日召开的 2024年第二次临时股东大会审议的公司股权激励计划相关议案向公司全体A股股东征 集委托表决权。 中国证监会、深圳证券交易所以及其他政府部门未对本公告所述内容真实性、准确 性和完整 ...

股票代码：002466 股票简称：天齐锂业 公告编号：2024-051 天齐锂业股份有限公司 第六届董事会第十八次会议决议公告 天齐锂业股份有限公司董事会 二〇二四年十二月七日 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"）第六届董事会第十八次会议（以下简 称"会议"）于2024年12月6日以通讯表决的方式召开。召开本次会议的通知及相关资 料已于2024年12月5日通过电子邮件方式送达各位董事。本次会议应参加表决董事8人 （其中独立董事4人），实际参加表决董事8人。本次会议由董事长蒋安琪女士召集，会 议的召集、召开与表决程序符合《中华人民共和国公司法》和《公司章程》及相关法律、 法规的规定，合法有效。 本次会议审议通过了以下议案： 一、审议通过《关于提议召开 2024 年第二次临时股东大会的议案》 表决结果：同意8票、反对0票、弃权0票。 董事会同意于2024年12月30日召开2024年第二次临时股东大会审议需提交股东大 会审议的相关议案。 具体内容详见公司同日披露于《证券时报》《证券日报》《中国证券报》《上海证券 报 ...

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11月30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12月2日 | | | | | | | | | | 法定/註冊股本變動 I. | | | | 不適用 | | | | | | | | | 1. 股份分類 | | | | 普通股 | 股份類別 H | 是 | 於香港聯交所上市 (註1) | | | + | | | 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 | 法定 ...

Key Points Industry and Company Involved - **Industry**: Weather Industry - **Company**: Tianqi Lithium Industry Core Views and Arguments - **Strong Copper Price Rebound**: The copper price has experienced a strong rebound, and after a recent pullback in futures, sentiment has cooled slightly. However, the demand is expected to exceed expectations [1]. - **Potential for Further Production Cuts**: Following the reduction in production by Borahil, there may be further cuts in production, leading to an increase in the price center and overall profit improvement [1]. - **Tianqi Lithium's Financial Performance**: Tianqi Lithium has seen a narrowing of its net loss in the third quarter to 4.96 billion yuan, with a total loss of 57 billion yuan for the first three quarters. The company's silver compound sales increased by 67% year-on-year in the first three quarters, with a 25% increase in the third quarter [2][3]. - **Silver Compound Sales Growth**: The significant increase in silver compound sales is attributed to the completion of the 20,000 tons of battery-grade lithium carbonate project in October last year and the company's intention to accelerate the consumption of high-priced inventory [3]. - **Cost Advantage and Production Expansion**: Tianqi Lithium has the lowest cost among global lithium producers and is expected to have an additional 50,000 to 60,000 tons of production capacity in the next few years [4][5]. - **SQM Investment**: Tianqi Lithium's investment in SQM is expected to provide a stable investment return, and the company's investment in SQM is not considered a loss [6][7]. - **Future Profit Outlook**: Tianqi Lithium is expected to achieve a profit of 10-20 billion yuan in the future, with a stable profit base of 10-20 billion yuan [9][10]. Other Important Points - **Tianqi Lithium's Strategic Focus**: Tianqi Lithium is focusing on upstream, midstream, and downstream integration, investing in solid-state battery construction and technology reserves [11]. - **Company's Financial Strength**: Tianqi Lithium has substantial cash reserves and is expected to further acquire good resources in the future [11]. - **Market Valuation**: Tianqi Lithium is considered a good asset with a PB of 1, and its market value is considered reasonable [10].

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 ...