Report Industry Investment Rating - Not provided in the given content Core View of the Report - The supply of domestic lithium carbonate in May is expected to be loose, and the inventory of ternary material factories has decreased compared to last week. The price of lithium carbonate futures and related lithium products has generally declined. The production and inventory of various lithium - related products in China are expected to change in May, and the price of lithium products is prone to decline. It is recommended to short on price rebounds, paying attention to the support level around 30,000 - 60,000 and the resistance level around 73,000 - 75,000 [1][4][5] Summary by Related Catalogs Lithium Carbonate Futures and Spot Prices - On April 30, 2025, the closing prices of lithium carbonate futures' near - month, continuous - one, continuous - two, and continuous - three contracts decreased compared to the previous day. The trading volume and open interest of the active contract decreased, and the inventory remained unchanged. The price differences between different contracts and the basis also changed [1] - The average prices of various lithium - related products such as lithium ore, lithium carbonate, and lithium hydroxide decreased compared to the previous day. The price difference between battery - grade lithium hydroxide and battery - grade lithium carbonate increased, while the price difference between battery - grade lithium carbonate and industrial - grade lithium carbonate remained unchanged [1] Company Announcements - On the evening of April 25, Bayi Space announced the termination of the "Annual Production of 3,000 Tons of Lithium Hexafluorophosphate Project", with approximately 450,100 yuan already invested [1] - Menglan Xinda stated on the interactive platform on August 30 that the first - phase project of the Malaysian non - ship project has been put into production, with a capacity ramp - up period of several months. The main production capacity in Malaysia will be for the overseas market, and the annual production capacity of suitable cylindrical lithium batteries is expected to exceed 47 million after completion [2] - Zhenhua New Materials announced the postponement of the formal material production line construction project (Yilong Phase III, originally planned to have a total investment of 6.245 billion yuan) [2] Industry News - The Zhangjiakou Nanshan Automobile Industrial Base in Hebei signed a contract with Sanwei (Shaanxi) Battery Technology Co., Ltd. for the Sanwei Solid - State Special Battery Production Base Project. The project will be implemented in two phases with a total investment of 1 billion yuan, and is expected to add an annual output value of 1 billion yuan after completion [3] - An Australian mining company is working on the Global Lithium project, optimizing project economics through mine planning and lithium recycling process improvement. The EU approved a 50 - million - euro subsidy for the Caorvec lithium project [3] Supply and Demand Analysis - Tianqi Lithium's Greenbushes 30,000 - ton wet - process project may be put into production in October 2025, which may lead to a decline in the price of imported lithium concentrate. China's lithium carbonate production in May is expected to increase, and the supply is expected to be loose [4] - The production of lithium hydroxide in China in May is expected to increase, and the inventory may change. The production of lithium iron phosphate in China in May is expected to increase, and the inventory of lithium iron phosphate factories has decreased compared to last week [4] - The production and import of cobalt sulfate in China may change, and the production of various battery materials such as ternary precursors, ternary materials, and lithium hexafluorophosphate in China in May is expected to have different trends [5] Transaction Strategy - Due to the uncertainty in tariff negotiations between the Trump administration and China and the weak domestic lithium demand outlook, lithium product prices are prone to decline. It is recommended to short on price rebounds, paying attention to the support level around 30,000 - 60,000 and the resistance level around 73,000 - 75,000 [5]

Core Viewpoint - The lithium industry is experiencing significant fluctuations, with Tianqi Lithium achieving a turnaround in Q1 2024 while Ganfeng Lithium continues to face losses, highlighting divergent strategies in a challenging market environment [1][2][10][11]. Group 1: Company Performance - Tianqi Lithium reported Q1 2024 revenue of 2.584 billion yuan, a slight decrease of 0.02% year-on-year, and a net profit of 104 million yuan, marking a turnaround from a loss of 3.897 billion yuan in the same period last year [1]. - Ganfeng Lithium's Q1 2024 revenue was 3.772 billion yuan, down 25.43% year-on-year, with a net loss of 356 million yuan, although the loss narrowed from 439 million yuan in the previous year [1][5]. - In 2023, Tianqi Lithium faced a significant revenue drop of 67.75%, with a net loss of 7.905 billion yuan, while Ganfeng Lithium's revenue decreased by 42.66%, resulting in a net loss of 2.074 billion yuan, marking its first annual loss since 2010 [2]. Group 2: Factors Influencing Performance - Tianqi Lithium's Q1 2024 performance improvement is attributed to the resolution of several adverse factors affecting its 2024 results, including better pricing mechanisms for lithium concentrate and reduced production costs [3][4]. - The company also benefited from increased investment income from its associate SQM, which is expected to show year-on-year growth [4]. - Ganfeng Lithium did not disclose specific reasons for its continued losses in Q1 2024, but it indicated that the current lithium prices are likely at a relatively low point [5][6]. Group 3: Market Conditions - The lithium market is currently facing oversupply issues, with lithium prices continuing to decline, impacting the financial health of lithium salt manufacturers [7][9]. - As of April 30, 2024, the average price of battery-grade lithium carbonate fell to 67,900 yuan per ton, a drop of over 9% since the beginning of the year, which has affected cash flow for companies like Ganfeng Lithium [8]. - The industry is expected to see continued oversupply, with significant production increases anticipated in 2025, further pressuring prices [9]. Group 4: Strategic Directions - Tianqi Lithium is focusing on a long-term strategy of strengthening its upstream resources and expanding its midstream production capabilities, aiming for vertical integration in the lithium supply chain [10]. - Ganfeng Lithium is shifting its revenue focus towards lithium battery manufacturing, with a notable increase in the contribution of battery products to its overall revenue [11]. - The company is currently emphasizing its energy storage segment, which faces challenges due to significant overcapacity in the market [12].

| 华泰研究 | | | 季报点评 | | --- | --- | --- | --- | | 2025 年 | 5 月 | 02 日│中国内地/中国香港 | 稀有金属 | 天齐锂业发布一季报，2025 年 Q1 实现营收 25.84 亿元（yoy-0.02%、 qoq-13.82%），归母净利 1.04 亿元（yoy+102.68%、qoq+104.73%），扣 非净利 4442.55 万元（yoy+101.13%）。存货错配影响减弱,公司一季度业绩 修复明显,考虑公司 24 年存在的不利因素已逐步消除,且公司旗下资源禀赋 优异,未来矿端成本优势依旧突出,我们维持增持评级. 成本错配情况明显缓解，公司一季度盈利能力环比明显修复 证券研究报告 天齐锂业 (9696 HK/002466 CH) 公司一季度业绩实现明显修复 25Q1 公司综合毛利率、净利率分别为 44.31%/30.28%，同比分别-4.08pct、 +62.41pct，环比分别+8.16pct/+89.08pct。毛利率和净利率环比提升主因公 司控股子公司锂矿定价周期缩短，成本错配影响大幅减弱，且锂化合物及衍 生品产销量同比增长，联营公司投资收 ...

Market Performance - In April, the A-share market showed resilience despite the impact of the trade war initiated by the Trump administration, with the Shanghai Composite Index only declining by 1.7% [1][2] - The Shanghai Composite Index reached its lowest point on April 7 at 3040.69 points, with a subsequent recovery to close at 3279.03 points by the end of the month [2][4] - The Shenzhen Component Index and the ChiNext Index also experienced significant declines of 5.75% and 7.4% respectively, but both indices showed recovery towards the end of the month [4][10] Company Earnings - The overall performance of listed companies in 2024 is projected to decline for the second consecutive year, with total operating revenue of 71.7 trillion yuan, a decrease of 0.7% year-on-year, and net profit attributable to shareholders of 5.2 trillion yuan, down 2.28% [11][13] - The primary reasons for the decline in earnings are substantial losses in the real estate and photovoltaic sectors, with 1,333 companies reporting losses, accounting for 26% of the total [11][13] - Notably, four real estate companies reported losses exceeding 10 billion yuan, with Vanke losing 49.5 billion yuan, and other major losses from companies like *ST Jinke and Greenland Holdings [11][13] Quarterly Recovery - In contrast to the annual decline, the first quarter of 2025 showed signs of recovery, with net profit for 5,133 listed companies reaching 1.487 trillion yuan, an increase of 3.6% year-on-year [17][19] - This growth is particularly significant given the backdrop of declining bank profits, with 42 listed banks reporting a total net profit of 564 billion yuan, a decrease of 68 billion yuan compared to the previous year [19] - The recovery in the first quarter suggests that many companies are beginning to improve their performance, indicating a positive start for the Chinese economy in 2025 [17][19]

Group 1 - Tianqi Lithium Industries (002466.SZ) reported its Q1 2025 results, with 42 institutional investors holding a total of 580 million shares, representing 35.37% of the company's total equity [1] - The top ten institutional investors collectively hold 34.35% of the shares, with a slight decrease of 0.39 percentage points compared to the previous quarter [1] Group 2 - In the public fund sector, seven funds increased their holdings, while 30 funds reduced their holdings, with a decrease rate of 0.32% [2] - One foreign fund, Hong Kong Central Clearing Limited, reduced its holdings by 0.19% compared to the previous quarter [2]

Core Insights - A-share listed companies demonstrated strong resilience in 2024, with total operating revenue reaching 62.33 trillion yuan, a year-on-year increase of 0.57%, and net profit attributable to shareholders of 5.06 trillion yuan, up 1.05% [1][2] - The growth was primarily driven by advancements in artificial intelligence (AI) technology, which significantly boosted demand in sectors such as GPU, PCB, and storage chips [2][3] - Despite overall growth, non-financial companies faced challenges, with a slight decline in revenue and a notable drop in net profit [1][3] Financial Performance - Among the 5402 listed companies, 4029 reported positive earnings, with 548 companies achieving over 100% growth in net profit [2] - The chemical company Zhengdan achieved a remarkable 119-fold increase in net profit, driven by soaring TMA prices due to supply-demand imbalances [2][3] - The semiconductor sector saw significant profit increases, with companies like Zhaoyi Innovation and Weir Shares reporting net profit growth of 584.21% and 498.11%, respectively [3] Sector Analysis - The AI sector is identified as a key growth driver, with companies in the GPU, PCB, and optical module industries experiencing substantial performance improvements [2][3] - The consumer electronics market is also rebounding, with a reported 5.6% year-on-year increase in smartphone shipments in China [3][4] International Expansion - A total of 3653 listed companies reported overseas revenue of 9.43 trillion yuan, accounting for approximately 20% of their total revenue [6][7] - Companies like Luxshare Precision and BYD achieved over 100 billion yuan in overseas revenue, with notable growth in emerging markets [6][7] - The internationalization strategies include local market investments and partnerships, particularly in Africa and the Middle East [7][8] Challenges and Losses - Despite overall positive performance, 124 companies reported net losses exceeding 1 billion yuan, with the real estate sector being particularly affected [9][10] - Vanke A led the loss rankings with a staggering 494.78 billion yuan loss, highlighting the difficulties faced in the real estate market [9][10] - The energy sector, including solar and lithium companies, also reported significant losses due to overcapacity and intensified competition [10] Regulatory Environment - The introduction of stricter delisting regulations is expected to normalize the delisting process, with 52 companies delisted in 2024 [11][12] - New rules include higher thresholds for financial delisting criteria, aiming to enhance market stability and protect investor interests [11][12]

Company Performance - Tianqi Lithium achieved a net profit of 104 million yuan in Q1 2025, marking a turnaround from losses in the previous year, with revenue at 2.584 billion yuan, roughly flat year-on-year [1][2] - The improvement in performance is attributed to the reduced impact of the mismatch between lithium ore pricing and lithium chemical product sales pricing, along with increased production and sales of lithium compounds and derivatives [1][2] - The company's joint venture SQM is also expected to report a year-on-year increase in performance, contributing positively to Tianqi Lithium's investment income [1] Industry Outlook - The lithium industry is showing signs of recovery in Q1 2025, with other companies like Cangge Mining, Yongxing Special Materials, and Rongjie also reporting profits, while Ganfeng Lithium reduced its losses [2] - Analysts predict that lithium prices will fluctuate between 50,000 to 90,000 yuan per ton in 2025, with potential downward pressure in the first half due to inventory and seasonal demand factors, but a slight rebound is expected in the second half as demand from new energy vehicles and energy storage projects increases [3] - The industry is expected to focus on resource endowment, cost control, and technological innovation, with companies like Tianqi Lithium, which have quality resources and low-cost advantages, likely to benefit during industry consolidation [3] Strategic Initiatives - Tianqi Lithium employs a vertically integrated business model, ensuring 100% self-sufficiency in raw materials, which helps minimize costs while maximizing profit margins on lithium products [3] - The company plans to continue investing in research and development, enhancing process technology, and deepening cooperation with upstream and downstream partners in the lithium supply chain [3] - Tianqi Lithium aims to adapt its operational strategies flexibly in response to market changes and lithium price fluctuations, thereby strengthening its competitive position and enhancing long-term shareholder value [3]

Focus Events - Four companies, including *ST Xulan and *ST Jiayu, will officially delist from A-shares on April 30, 2025, following announcements from the Shenzhen Stock Exchange regarding their termination of listing decisions [1][1][1] Banking Sector - Seven major banks, including Industrial and Commercial Bank of China and Agricultural Bank of China, announced plans to abolish their supervisory boards, pending approval from their respective shareholder meetings [2][2][2] Macro News - The People's Bank of China held a meeting to implement the overall statistical system for the "Five Major Articles" in finance, emphasizing the importance of statistical work and establishing a comprehensive "1+N" statistical system [3][3][3] Industry Dynamics - The Ministry of Industry and Information Technology issued a notice to accelerate the cultivation of pilot testing platforms in manufacturing, focusing on optimizing the layout and upgrading key platforms [5][5][5] - The Ministry of Agriculture and Rural Affairs announced a plan to continuously adjust and optimize pig production capacity, implementing a monitoring and early warning system for production [7][7][7] Company Focus - Guotai Junan Securities reported a 391.78% increase in net profit for Q1 2025, reaching 12.24 billion yuan, with total assets nearing 1.69 trillion yuan [10][10][10] - Xinhua Insurance plans to establish a 20 billion yuan fund in collaboration with China Life, targeting A+H shares of large listed companies [11][11][11] - Tianqi Lithium achieved a net profit of 104 million yuan in Q1 2025, recovering from a loss of 389.7 million yuan in the same period last year [12][12][12] - Ganfeng Lithium reported a net loss of 356 million yuan in Q1 2025, with a 25.43% decline in revenue [12][12][12] - Longi Green Energy posted a net loss of 8.618 billion yuan for 2024, with a 36.23% decrease in revenue [13][13][13] - Air China reported a net loss of 2.044 billion yuan in Q1 2025, with a slight revenue decline of 0.11% [14][14][14] - Industrial and Commercial Bank of China recorded a revenue of 212.77 billion yuan in Q1 2025, down 3.22% year-on-year [15][15][15] - Saisir reported a 240.6% increase in net profit for Q1 2025, despite a 27.91% decrease in total revenue [16][17] - Kweichow Moutai's net profit grew by 11.56% in Q1 2025, with revenue increasing by 10.54% [18][18][18] - Northern Rare Earth achieved a net profit increase of 727% in Q1 2025, with revenue up 61.19% [19][19][19] - China Life reported a 39.5% increase in net profit for Q1 2025, with total premiums reaching 354.4 billion yuan [20][20][20] - Pianzaihuang's net profit increased by 2.59% in Q1 2025, despite a slight revenue decline [21][21][21] - CITIC Securities reported a 32% increase in net profit for Q1 2025, with revenue up 29.13% [22][22][22] - Zhengzhou Bank's total assets surpassed 700 billion yuan for the first time, with a 4.98% increase in net profit for Q1 2025 [23][23][23]

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股票代码：002466 股票简称：天齐锂业 公告编号：2025-033 天齐锂业股份有限公司 关于调整使用自有闲置资金进行委托理财方案的公告 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。 亿元（或等值外币）提高至 20 亿元（或等值外币），投资品种在原结构性存款的基础上增加 国债逆回购、收益凭证等，授权额度有效期自本次董事会审批之日起 1 年内有效。 （一）投资目的 为提高公司及控股子公司资金使用效率和资金收益，在确保公司及控股子公司日常经营资 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。该项投资不会影响公司主营业务的发展，公司资金使用安 排合理。 重要内容提示： 1、投资种类：天齐锂业股份有限公司（以下简称"公司"） 及控股子公司拟通过具有相 应业务资质的银行及非银行金融机构购买安全性高、流动性好、风险可控的理财产品，包括国 债逆回购、收益凭证、结构性存款等。 2、投资金额：公司及控股子公司使用自有闲置资金进行委托理财的最高额度由不超过人 民币 10 亿元（或等值外币）提高至不超过人 ...