Core Viewpoint - Tianqi Lithium Industry is focusing on technological innovation and optimization of its layout, with the establishment of the Innovation Research Institute aimed at advancing research in next-generation high-performance lithium battery materials and other related fields [1][2]. Group 1: Innovation Research Institute - The Tianqi Lithium Innovation Research Institute has a total construction area of over 4,500 square meters and is located in the Chengdu Science and Technology Innovation Ecological Island [1]. - The institute will focus on key research areas such as comprehensive utilization of mineral resources, new lithium extraction technologies, and battery recycling [1][2]. - It aims to serve as a center for attracting high-level scientific research talent and facilitating the exchange of knowledge, technology, and experience [2]. Group 2: Achievements and Collaborations - The institute has already developed groundbreaking technologies, including the world's first preparation technology for lithium sulfide, a key material for solid-state electrolytes, which enhances battery energy density and safety [2]. - The third Innovation Season attracted 39 high-quality innovation projects from both domestic and international participants, promoting collaboration with several universities and research institutions [3]. - Tianqi Lithium has established deep cooperation with institutions like Beijing University of Science and Technology and Harbin Institute of Technology, focusing on the development of new materials and technologies for next-generation solid-state batteries [3]. Group 3: Future Plans - In 2024, the company plans to initiate over 20 company-level projects covering new product development and cutting-edge technology reserves [3]. - The company aims to publish 14 SCI/EI papers and achieve record highs in patent applications and grants [3].

Core Viewpoint - Tianqi Lithium Industries reported a significant decline in revenue and a net loss for the year 2024, marking a stark contrast to the previous year's profitability, attributed to a prolonged downturn in the lithium market [1][2]. Financial Performance - The company's operating revenue for 2024 was 13.063 billion yuan, a year-on-year decrease of 67.75% - The net loss attributable to shareholders was 7.905 billion yuan, a shift from a profit of 7.297 billion yuan in 2023 [1][2]. Market Conditions - The global lithium prices remained low throughout 2024, severely impacting Tianqi Lithium's performance - The company incurred losses exceeding 5 billion yuan in the first half of the year, with the full-year net loss reaching 7.905 billion yuan - Lithium carbonate prices experienced significant fluctuations, briefly rebounding to 110,000 yuan per ton after the Spring Festival, but subsequently declined due to reduced downstream demand and increased inventory [2]. Leadership Transition - Jiang Anqi, born in 1987 and holding a master's degree in business administration, officially took over as chairman of Tianqi Lithium in April 2024 - As the daughter of the founder, she has witnessed the company's ups and downs and has accumulated valuable management experience, which is now being tested in her first annual report [3]. Founder’s Confidence - Founder Jiang Weiping expressed strong trust in his daughter during the 2024 earnings briefing, emphasizing that the leadership transition was a well-considered decision and a form of inheritance - He highlighted Jiang Anqi's deep understanding of corporate culture, her experience during critical periods of the company's development, and her comprehensive knowledge of the company's governance and management systems [4].

供需矛盾造就了跌势不止的碳酸锂。自2022年末碳酸锂价格达到高峰之后，产量连年攀升，但是需求却 没有跟上相应的速度。供需产生的错配使得碳酸锂价格下滑严重。 智通财经记者 | 冯赛琪 自2024年12月以来，碳酸锂期货一路阴跌，跌入"7万元区间"。近期，碳酸锂期货来到了历史冰点，跌 破7.3万点位，最低价位来到7.24万元/吨，创上市以来的最低价。 3月28日，碳酸锂主力期货2505报收7.4万元，日跌幅0.67%，盘面振幅1.08%。成交量依旧平淡，日成交 量9.42万手。 五矿期货分析师曾宇轲指出，目前碳酸锂空头力量主导市场。碳酸锂合约主力持仓长期为净空，产业客 户与投机资金形成共振。锂盐持货商通过套保锁定产品售价，加剧价格下行压力。 现货方面，碳酸锂现货成交价格重心呈现震荡小幅下行。据上海有色网统计，3月28日，电池级碳酸锂 7.34-7.49万元/吨；工业级碳酸锂7.17-7.27万元/吨，两类产品环比上一工作日下跌均在150元/吨左右。 碳酸锂是一种重要的锂产品，作为锂电产业的核心原材料，现阶段主要用途为制备锂电池，用于新能源 汽车和储能等领域。 而需求端的疲软，使市面上的碳酸锂仍难被消化吸收。海外电 ...

Group 1 - The core viewpoint of the article highlights the significant financial downturn of Tianqi Lithium Industries, with a projected revenue of 13.063 billion yuan for 2024, representing a year-on-year decrease of 67.75%, and a net loss attributable to shareholders of 7.905 billion yuan, marking a shift from profit to loss [1] Group 2 - The article discusses a corruption case involving a state-owned enterprise, where a middle management employee, Wang, was found guilty of accepting bribes totaling approximately 8.969 million yuan over a decade [2][3] - The methods of bribery included cash, luxury watches, bank transfers, and payment of expenses, with one instance involving a bribe of 1 million yuan concealed in a seafood box [3] - The court sentenced Wang to ten years and six months in prison and imposed a fine of 700,000 yuan, considering his confession and return of embezzled funds [6]

Investment Rating - The investment rating for the company is "Buy" with an expectation of a relative increase in stock price of over 20% compared to the market benchmark index within the next six months [16]. Core Views - The company reported a significant decline in revenue and net profit for 2024, with revenue at 13.063 billion yuan, down 67.75% year-on-year, and a net loss of 7.905 billion yuan, a decrease of 208.32% year-on-year. The primary reason for this decline was the termination of the Quinan lithium hydroxide project, leading to a full impairment of assets worth 2.114 billion yuan [3][5]. - The production and sales of lithium concentrate showed a decrease in Q4 2024, with production at 392,000 tons (down 3.3% quarter-on-quarter) and sales at 312,000 tons (down 20.3% quarter-on-quarter) [4]. - The average selling price of lithium concentrate in Q4 2024 was 736 USD/ton, reflecting a 15.6% decrease quarter-on-quarter [4]. - The company anticipates a gradual recovery in net profit from 1.616 billion yuan in 2025 to 3.38 billion yuan in 2027, with corresponding PE ratios of 31, 17, and 15 [5]. Financial Data Summary - For 2024, the company achieved a revenue of 13.063 billion yuan, with a year-on-year growth rate of -68%. The net profit was -7.905 billion yuan, with a growth rate of -208% [6]. - The average cash production cost for lithium concentrate in 2024 was 326 AUD/ton, an increase of 14.59% year-on-year [5]. - The company’s inventory of lithium concentrate decreased by 26.9% year-on-year, indicating ongoing inventory digestion [5].

Core Viewpoint - The company reported a significant decline in financial performance for 2024, with a revenue drop of 67.75% year-on-year and a net loss of 79.05 billion yuan, indicating severe challenges in the lithium market and operational setbacks [1] Financial Performance - The company achieved a total revenue of 130.63 billion yuan in 2024, down 67.75% year-on-year [1] - The net profit attributable to shareholders was -79.05 billion yuan, reflecting a year-on-year decline of 208.32% [1] - The net profit after deducting non-recurring items was -79.23 billion yuan, a decrease of 210.40% year-on-year [1] - The net cash flow from operating activities was 55.54 billion yuan, down 75.52% year-on-year [1] Operational Challenges - The major reasons for the significant losses include falling lithium prices, mismatches in pricing mechanisms, substantial impairment provisions for the Australian lithium hydroxide project, and increased foreign exchange losses due to currency fluctuations [1] - The company produced 1.41 million tons of lithium concentrate in 2024, with chemical-grade lithium concentrate at 1.353 million tons and technical-grade at 57,000 tons [1] - Lithium compound and derivative production saw a year-on-year increase of 39.44%, reaching approximately 70,700 tons, while sales surged by 81.46% to about 102,800 tons [1] Resource and Production Capacity - The Greenbushes lithium mine currently has a lithium concentrate production capacity of 1.62 million tons per year, with the CGP3 project expected to produce its first batch of lithium concentrate by October 2025 [2] - The company operates five lithium chemical product production bases with a combined capacity of 91,600 tons per year and has plans for further expansion [2] - The Sichuan Suining Anju factory is expected to reach full production capacity by mid-2024, while the Australian Kwinana factory is undergoing a major technical upgrade [2] Investment and Market Position - The company holds a 22.16% stake in SQM, making it the second-largest shareholder [2] - SQM's lithium salt sales for 2024 are projected to be approximately 205,000 tons, a year-on-year increase of 20.53%, with revenue equivalent to 32.315 billion yuan and a net loss of 2.885 billion yuan [2] Future Outlook - The company maintains an "outperform the market" rating despite the volatility in lithium prices and has revised its revenue forecasts for 2025-2027 to 10.806 billion, 13.340 billion, and 16.097 billion yuan respectively, with expected year-on-year growth rates of -17.3%, 23.4%, and 20.7% [4] - The projected net profits for the same period are 2.385 billion, 2.511 billion, and 3.180 billion yuan, with growth rates of 130.2%, 5.3%, and 26.6% respectively [4] - The company is well-positioned with strong resource advantages and potential for capacity expansion, indicating promising long-term growth prospects [4]

Core Insights - The establishment of Tianqi Lithium's Innovation Research Institute marks a significant milestone in the company's R&D journey, focusing on next-generation high-performance lithium battery materials and related technologies [1][3] - The research institute aims to enhance collaboration within the lithium battery industry and contribute to the development of a world-class lithium battery industrial base in Sichuan [1][4] Group 1: Research and Development - The Innovation Research Institute has a total construction area of over 4,500 square meters and will focus on key areas such as mineral resource utilization, new lithium extraction technologies, and battery recycling [1][4] - Key R&D achievements include the world's first lithium sulfide preparation technology for solid-state electrolytes, which can improve battery energy density and safety [4][5] - The institute is positioned as a center for attracting high-level research talent and facilitating knowledge exchange, thereby supporting regional economic development [5][6] Group 2: Industry Impact and Collaboration - Tianqi Lithium's chairman emphasized the company's commitment to driving energy transformation and green transition through technological innovation, positioning lithium as a critical resource in the new energy era [3][6] - The third Innovation Season attracted 39 high-quality innovation projects, fostering collaboration with multiple universities and research institutions to advance solid-state battery materials and technologies [6][7] - The company plans to launch over 20 company-level R&D projects in 2024, aiming for a record number of patent applications and publications [7]

Investment Rating - The investment rating for the company is "Outperform the Market" [2][5][23]. Core Viewpoints - The company reported a significant decline in revenue and net profit for 2024, primarily due to falling lithium prices and a mismatch in pricing mechanisms for lithium products [1][8][9]. - Despite the downturn, the company has shown a substantial increase in the production and sales volume of lithium compounds and derivatives, with production up 39.44% and sales up 81.46% year-on-year [1][11]. - The company is focusing on expanding production capacity and has strategic plans in place for resource development in Australia and China, aiming to strengthen its position in the lithium supply chain [15][19]. Financial Performance Summary - In 2024, the company achieved revenue of 13.063 billion yuan, a decrease of 67.75% year-on-year, and a net loss of 7.905 billion yuan, down 208.32% year-on-year [1][8]. - The company’s cash flow from operating activities was 5.554 billion yuan, a decline of 75.52% year-on-year [1][8]. - The financial forecast for 2025-2027 indicates expected revenues of 10.806 billion yuan, 13.340 billion yuan, and 16.097 billion yuan, with corresponding net profits of 2.385 billion yuan, 2.511 billion yuan, and 3.180 billion yuan [3][23]. Production and Capacity - The company produced 1.41 million tons of lithium concentrate in 2024, with chemical-grade lithium concentrate accounting for 1.353 million tons [11][19]. - The company operates five lithium chemical product production bases with a total capacity of 91,600 tons per year, and has plans for further expansion [19][21]. Investment and Strategic Position - The company holds a 22.16% stake in SQM, which is expected to provide significant investment returns as SQM expands its lithium production capacity [20][23]. - The company is strategically positioned with strong resource advantages and plans to enhance its midstream lithium processing capacity, which is expected to support long-term growth [3][15].

Core Viewpoint - The article discusses the significant challenges faced by Tianqi Lithium Corporation, which reported a record loss of 7.9 billion yuan for the year, marking its worst performance since going public. This year also marks the first full year of leadership under the founder's daughter, Jiang Anqi [2][10]. Leadership Transition - Investors have raised concerns regarding the leadership transition to Jiang Anqi, the daughter of founder Jiang Weiping, who took over as chairman in April 2023. Jiang Weiping, now 70, continues to serve on the board and various committees [3][4]. - Jiang Weiping expressed confidence in Jiang Anqi's ability to lead, citing her experience and understanding of the company's culture and governance as key factors for a successful transition [5][6]. Performance and Challenges - The company reported a revenue of 13.063 billion yuan for 2024, a decrease of 67.75% year-on-year, and a net profit attributable to shareholders of -7.905 billion yuan, a decline of 208.32% [10]. - The stock price of Tianqi Lithium has dropped nearly 65% since its IPO, from an opening price of 69.725 HKD per share to 24.45 HKD, with market capitalization shrinking from over 110 billion HKD to around 40 billion HKD [10]. Future Outlook - Jiang Weiping acknowledged that 2024 is expected to be a challenging year for the lithium industry, but he believes it will also serve as a valuable experience for the new leadership [7][8]. - The management team is actively considering strategies to mitigate the impact of cyclical changes on the company [7].

Investment Rating - The investment rating for the company is downgraded to "Cautious Recommendation" due to high raw material costs and expected continued declines in lithium prices [4][6]. Core Views - The company reported a significant decline in revenue and net profit for 2024, with revenue at 13.06 billion yuan, down 67.7% year-on-year, and a net loss of 7.90 billion yuan, marking a shift from profit to loss [1][5]. - Lithium salt sales increased significantly, but high-priced ore inventory negatively impacted performance. The company produced 1.41 million tons of lithium concentrate in 2024, with a sales volume of 1.03 million tons, reflecting an 81.5% year-on-year increase [2]. - The average price of battery-grade lithium carbonate in 2024 was 90,000 yuan per ton, down 64.6% year-on-year, contributing to the company's financial struggles [2]. - Investment income from SQM dropped significantly, resulting in a loss of 840 million yuan, a decrease of 39.5 billion yuan year-on-year, primarily due to falling lithium prices and tax litigation in Chile [3]. - The company recorded an increase in asset impairment, totaling 2.11 billion yuan in 2024, with significant provisions for inventory and construction projects due to high costs and declining lithium prices [3][4]. Summary by Sections Financial Performance - In 2024, the company achieved total revenue of 13.06 billion yuan, with a year-on-year growth rate of -67.7%. The net profit attributable to shareholders was -7.90 billion yuan, reflecting a -208.3% change [5][8]. - The company expects a gradual recovery in net profit from 2025 to 2027, projecting net profits of 1.05 billion yuan, 2.14 billion yuan, and 2.90 billion yuan respectively [4][5]. Production and Sales - The lithium salt production reached 71,000 tons in 2024, a 39.4% increase year-on-year, while sales volume increased by 81.5% to 103,000 tons [2]. - The company’s lithium concentrate inventory stood at 299,000 tons at the end of 2024, down 26.9% year-on-year [2]. Cost and Expenses - Financial expenses rose to 900 million yuan in 2024, primarily due to exchange losses from currency depreciation [4]. - The company recorded asset impairments of 2.11 billion yuan, with significant provisions for inventory and construction projects due to high costs [3][4]. Future Outlook - The company plans to enhance production capacity through ongoing projects, including the expansion of its chemical-grade lithium hydroxide plant, expected to commence operations in October 2025 [4]. - The projected PE ratios for 2025, 2026, and 2027 are 49, 24, and 18 respectively, indicating a potential recovery in profitability [5][8].