Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company's 2024 revenue is expected to be 13.063 billion yuan, a year-on-year decrease of 67.75%, with a net profit attributable to shareholders of -7.905 billion yuan, a year-on-year decrease of 208.32% [8] - The report indicates that the company's Q4 performance was significantly impacted by asset impairment and foreign exchange losses, but profitability is expected to gradually recover [8] - The lithium price is anticipated to stabilize at the bottom range, and the company is expected to benefit from the gradual digestion of high-priced inventory, highlighting its cost advantages [8] Financial Summary - Total revenue for 2023 was 40.503 billion yuan, with a projected decline to 13.063 billion yuan in 2024 [1] - The net profit attributable to shareholders is forecasted to recover to 1.624 billion yuan by 2025, with further increases to 1.861 billion yuan in 2026 and 2.404 billion yuan in 2027 [1] - The earnings per share (EPS) is expected to be -4.82 yuan in 2024, recovering to 0.99 yuan in 2025, 1.13 yuan in 2026, and 1.46 yuan in 2027 [1] - The company's operating cash flow for 2024 is projected at 5.554 billion yuan, with a significant decrease in operating cash flow in Q4 [9] Market Data - The closing price of the company's stock is 30.99 yuan, with a market capitalization of approximately 50.861 billion yuan [5] - The company has a price-to-earnings (P/E) ratio of -6.43 for 2024, which is expected to improve to 31.31 in 2025 [1][9] - The company's book value per share is 25.53 yuan, with a debt-to-equity ratio of 28.39% [6] Operational Insights - The report notes that the company’s inventory levels have decreased, with a significant reduction in high-priced inventory impacting profitability [8] - The production guidance for the company's operations indicates a recovery in output and sales, with expectations for increased shipments in 2025 [8] - The report highlights the company's strategic focus on cost management and operational efficiency to navigate market challenges [8]

3月26日晚间，天齐锂业股份有限公司（以下简称"天齐锂业"或"公司"）发布2024年年度报告。 | | 2024年 | 2023 年 | 本年比上年增减 | 2022年 | | --- | --- | --- | --- | --- | | 营业收入(元) | 13,063,477,016.39 | 40,503,462,071.46 | -67.75% | 40,448,883,981.77 | | 归属于上市公司股东的净利润(元) | -7,904,580,295.37 | 7,297,314,973.99 | -208.32% | 24,124,588,724.44 | | 归属于上市公司股东的扣除非经常性损益 的净利润(元) | -7,922,753,511.78 | 7,176,527,920.24 | -210.40% | 23,059,437,893.49 | | 经营活动产生的现金流量净额(元) | 5,554,189,376.65 | 22,688,073,725.98 | -75.52% | 20,297,583,221.14 | | 基本每股收益(元/股) | -4.82 | 4.45 ...

Core Viewpoint - Despite fluctuations in lithium prices leading to temporary losses, the company demonstrates strong resilience and long-term development potential through increased production and sales, resource optimization, and technological innovation [1][2]. Group 1: Financial Performance - In 2024, the company achieved a revenue of 13.063 billion yuan, with lithium compounds and derivatives contributing 8.075 billion yuan and lithium concentrate contributing 4.978 billion yuan [2]. - The company reported a comprehensive gross profit of 6.019 billion yuan, although net profit was pressured due to market price declines and non-recurring factors [2]. - Operating cash flow was robust at 5.554 billion yuan, with year-end cash on hand amounting to 5.767 billion yuan and a debt-to-asset ratio of 28.39%, indicating a solid financial position [2]. Group 2: Production and Capacity Expansion - The company experienced significant growth in production and sales, with lithium chemical product production increasing by 39.44% to 70,700 tons and sales rising by 81.46% to 102,800 tons, driven by the ramp-up of the Anju plant and the launch of the Kwinana lithium hydroxide project [2][3]. - The company has established a lithium chemical production capacity of 91,600 tons per year, with plans for an additional 122,600 tons per year [3]. Group 3: Strategic Outlook - For 2025, the company plans to adopt a sales strategy focused on long-term contracts, complemented by futures and spot orders to hedge against price risks [4]. - The management remains optimistic about long-term demand for new energy, with projections indicating significant growth in global electric vehicle and energy storage battery shipments by 2030 [4]. - The company aims to leverage its extensive experience, quality lithium resources, and unique industry perspective to drive sustainable growth and industry collaboration [5].

Summary of Tianqi Lithium's Conference Call Company Overview - **Company**: Tianqi Lithium - **Industry**: Lithium and battery materials Key Financial Performance - **2024 Revenue**: 13.063 billion CNY, a decrease of 67.75% year-on-year, primarily due to reduced income from lithium compounds and Zijin Mining [3][5] - **Gross Profit**: 6 billion CNY, down 82% year-on-year, impacted by falling lithium prices and other non-recurring factors [3][5] - **Lithium Compound Revenue**: 8.075 billion CNY, a decrease of 39.24% [5] - **Zijin Mining Revenue**: 4.978 billion CNY, a decrease of 81.7% [5] - **Operating Loss**: Significant losses attributed to lower lithium prices and tax-related expenses [5] Production and Capacity - **Lithium Salt Production**: Continuous growth for five years, with a focus on optimizing inventory and reducing costs [3][6] - **Aanju Base Capacity**: Battery-grade lithium carbonate capacity reached 23,000 tons/year [3][6] - **Greenbushes Mine**: Total mineral resources equivalent to 16 million tons of lithium carbonate, with confirmed and inferred reserves of 8.1 million tons [3][8] - **Processing Capacity**: Four operational processing plants with an annual capacity of 1.62 million tons, expected to reach 2.14 million tons by October 2025 [3][10] Strategic Initiatives - **Supply Chain Integration**: Building a domestic and international integrated supply chain, including investments in SQM and other resources [3][7] - **Project Developments**: Ongoing construction of the Yajiang Cuola lithium mine, expected to be a key domestic supply source [3][9] - **Vertical Integration**: Continued expansion of lithium chemical product capacity, with a total planned capacity of 122,600 tons/year [3][12][24] Market Outlook - **2025 Performance Expectations**: Anticipated improvement in Q1 2025 due to resolution of tax arbitration issues and inventory adjustments [3][17] - **Long-term Demand**: Confidence in the growth of the lithium industry driven by the transition to renewable energy and electric vehicles [3][19][20] - **Sales Guidance**: Targeting a minimum of 10,280 tons of lithium compounds and derivatives in 2025, with significant growth expected in subsequent years [3][21] ESG and Sustainability Efforts - **ESG Initiatives**: Active participation in developing sustainability standards and recognition in global sustainability indices [3][16] - **Green Factory Development**: Focus on building green and intelligent factories to enhance production efficiency and sustainability [3][4][26] Governance and Leadership Transition - **Leadership Transition**: Confidence in the new leadership under Chairman Anqi, with a focus on maintaining corporate culture and governance standards [3][22] - **Independent Board Oversight**: Independent directors ensure governance and protect investor interests through diligent oversight [3][27] Conclusion - **Future Growth Strategy**: Emphasis on resource management, production efficiency, and market adaptability to navigate industry cycles and enhance competitive positioning [3][26]

Group 1 - Multiple public fund institutions, including Tianhong Fund and Dachen Fund, have received approval for technology innovation index enhancement funds, which align well with the newly released technology innovation index covering all eligible listed companies on the Sci-Tech Innovation Board [1] - The technology innovation index has been actively positioned by public fund institutions, providing investors with a new tool for investing in the technology sector [1] Group 2 - The five major listed insurance companies in A-shares reported a total net profit of 347.6 billion yuan for 2024, marking a 77.7% increase year-on-year, largely driven by improved investment returns, particularly in equity assets [2] - Despite the increase in net profit, the net investment yield for these insurance companies declined year-on-year, prompting a need for strategies to maintain yield resilience through long-term bond allocation and exploring overseas asset configurations [2] Group 3 - The storage chip market is experiencing a price surge, with both domestic and international companies raising product prices, driven by strong demand from the AI sector and the rapid development of domestic AI industries [4] - The increase in storage product prices is attributed to both supply and demand factors, with the demand side being particularly robust due to the AI boom [4] Group 4 - The first mass production line for semi-solid state batteries has been launched in Guangdong, producing a large-capacity 314Ah semi-solid battery, marking a significant advancement in the new energy storage sector [4] - This production line enhances the safety performance and stability of batteries, ensuring safe operation under extreme conditions [4] Group 5 - The low-altitude tourism sector is set to benefit from new policy support, with the government encouraging the development of low-altitude tourism projects, which may lead to the rise of "City Fly" as a popular new tourism model [5] - Experts indicate that the number of domestic low-altitude tourism projects is continuously increasing, reflecting a growing interest in this sector [5] Group 6 - The humanoid robot industry is seeing a clearer production rhythm, with several companies entering the planetary roller screw market, which is crucial for the movement and control of humanoid robots [6] - The value of screws in humanoid robots is significant, accounting for about 20% of the total cost, indicating a potential competitive advantage for companies that can balance size, performance, and cost effectively [6]

Core Viewpoint - Tianqi Lithium Industries reported a significant decline in revenue and a net loss for 2024, marking a challenging year for the company under the new leadership of Jiang Anqi, who took over as chairperson in April 2024 [1][10]. Financial Performance - The company’s revenue for 2024 was 13.063 billion yuan, a decrease of 67.75% year-on-year [1]. - The net loss attributable to shareholders was 7.905 billion yuan, a stark contrast to a profit of 7.297 billion yuan in 2023 [5]. - The majority of the losses occurred in the first half of 2024, with losses exceeding 5 billion yuan during that period [5]. Market Context - The losses were attributed to a global downturn in lithium prices, which saw a significant drop due to decreased demand and increased inventory [6][8]. - Lithium carbonate prices experienced fluctuations, rebounding to around 110,000 yuan per ton in early 2024 before entering a downward trend [8]. Resource and Production Capacity - Despite the price decline, the company maintains a strong resource advantage with five lithium chemical product production bases in China and Australia, totaling a combined capacity of 91,600 tons per year [9]. - Ongoing projects include a 30,000-ton lithium hydroxide project in Jiangsu and a 1,000-ton lithium metal project in Chongqing [9]. Leadership Transition - Jiang Anqi's leadership was supported by her father, Jiang Weiping, who emphasized the importance of her experience and understanding of the company’s culture and governance [10]. - Jiang Weiping expressed confidence in the transition, citing the challenges faced by the company and the broader industry as significant factors [10]. Strategic Directions - Jiang Anqi outlined strategies to mitigate industry cyclicality, including securing stable lithium ore sources and expanding basic lithium salt production capacity [11]. - The company aims to enhance its global business presence and strengthen its competitive edge in the lithium industry [11]. Future Plans - Tianqi Lithium plans to maintain an open and cooperative approach to explore high-quality lithium resource projects globally [17].

Core Viewpoint - Tianqi Lithium Industries, Inc. has approved the first batch of restricted stock incentive plan for 2024, confirming the eligibility of the incentive recipients and setting the grant date for March 27, 2025 [1][2]. Group 1: Incentive Plan Details - The first batch of restricted stock will be granted to 24 incentive recipients, in accordance with the approved draft of the 2024 A-share restricted stock incentive plan [2]. - The incentive recipients meet the qualifications set forth in relevant laws and regulations, and do not include independent directors, supervisors, or shareholders holding more than 5% of the company's shares [1]. Group 2: Compliance and Approval - The supervisory board has verified that the conditions for granting restricted stock to the incentive recipients have been met as per the plan [2]. - The supervisory board ensures that the information disclosed is true, accurate, and complete, with no misleading statements or significant omissions [1].

Core Viewpoint - Tianqi Lithium Industries reported a significant loss of 7.9 billion yuan in 2024, highlighting the severe impact of market fluctuations and operational challenges in the lithium industry [2][6][10]. Financial Performance - In 2024, the company's revenue was 13.06 billion yuan, a decrease of 67.75% compared to 2023 [5][9]. - The net profit attributable to shareholders was a loss of 7.9 billion yuan, marking a decline of 208.32% from a profit of 7.3 billion yuan in 2023 [5][10]. - The gross profit margins for lithium ore and lithium compounds were 63.71% and 35.21%, respectively, down by 26.73 and 38.64 percentage points year-on-year [8]. Operational Challenges - The decline in lithium product prices led to a significant drop in the company's overall gross margin, exacerbating the losses [6][10]. - The company faced additional pressures from its subsidiary, Talison, which affected the pricing mechanism for lithium salt products, resulting in cost overruns [6][10]. Investment Losses - Tianqi Lithium's investment in SQM resulted in a loss of 8.85 billion yuan, contributing to an overall investment loss of 8.4 billion yuan for the year [10][12]. - The company recorded substantial asset impairment losses totaling 2.11 billion yuan, significantly higher than the previous year's losses [12][13]. Market Position and Future Outlook - The company's market capitalization has drastically decreased from nearly 220 billion yuan in July 2022 to approximately 50.9 billion yuan by March 2025, reflecting an evaporation of nearly 169.1 billion yuan [15][16][17]. - The management acknowledged the cyclical nature of the lithium industry and emphasized the need for strategies to mitigate the impact of price volatility on performance [18][20]. - The new chairperson, Jiang Anqi, outlined plans to enhance resource supply stability and expand production capacity, aiming to strengthen the company's competitive position in the lithium market [20][21][22].

股票代码：002466 股票简称：天齐锂业 公告编号：2025-019 天齐锂业股份有限公司 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"）第六届董事会第二十二次会议（以下简称"会 议"）于2025年3月27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2025年 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。本次会议的召集、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： 鉴于有一名激励对象不再符合本激励计划授予条件，一名激励对象自愿放弃拟授予的全部 限制性股票，根据公司2024年第二次临时股东大会的授权，公司拟对本激励计划首批授予的激 励对象名单、首批授予股数及预留股份数进行调整。调整后，本激励计划首批授予人数由26人 调整为24人，首批授予限制性股票数量由45.9766万股调整为44.1366万股，预留限制性股票数 量由0.82万股调整为2.66万股。除前述调整之外，本激励计划其他内容与公司2024年第二次临 时股东大会审 ...

天齐锂业股份有限公司 2024 年 A 股限制性股票激励计划首批授予激励对象名单 注：1、上表中部分合计数与各明细数相加之和在尾数上如有差异，系以上百分比 结果四舍五入所致。 2、上述任何一名激励对象通过全部在有效期内的股权激励计划获授的本公司股票 均累计未超过公司股本总额的 1%。公司全部在有效期内的股权激励计划所涉及的标的 股票总数累计未超过公司股本总额的 10%。 3、本激励计划激励对象不包括独立董事、监事及单独或合计持有公司 5%以上股份 的股东或实际控制人及其配偶、父母、子女。 1 姓名 职务 获授的限制性 股票数量 （股） 占本激励计划 授出限制性股 票数量的比例 占本激励计划 公告日股本总 额比例 夏浚诚 董事、总裁 65,764 14.05% 0.0040% 邹军 董事、执行副总裁、 财务总监 55,646 11.89% 0.0034% 郭维 执行副总裁 55,646 11.89% 0.0034% 熊万渝 高级副总裁 40,081 8.56% 0.0024% 张文宇 董事会秘书、副总 裁、香港联席公司秘 书 34,244 7.32% 0.0021% 李果 副总裁 29,185 6.24% 0. ...