Investment Rating - The investment rating for the company is maintained as "Buy" [7][8] Core Views - The company reported a significant decline in revenue and net profit for 2024, with revenue at 13.063 billion RMB (down 67.75% YoY) and a net loss of 7.905 billion RMB (down 208.32% YoY) [1][2] - Despite the losses, the report suggests that multiple adverse factors affecting the company may have been largely resolved by 2024, allowing for a more favorable outlook moving forward [1] - The company is expected to continue expanding its production capacity and is positioned well within the global lithium supply chain [3] Summary by Sections Financial Performance - In 2024, lithium ore production was 141,000 tons (down 7.35% YoY) and sales were 74,000 tons (down 12.5% YoY), while lithium salt production and sales increased significantly to 71,000 tons (up 39.44% YoY) and 103,000 tons (up 81.46% YoY) respectively [2] - The company’s Q4 revenue was 2.999 billion RMB (down 57.79% YoY, down 17.76% QoQ) with a net loss of 2.203 billion RMB (down 174.98% YoY, down 344.51% QoQ) [1] Production and Capacity Expansion - The company plans to advance the construction of its third chemical-grade lithium plant and continue ramping up production at its existing facilities, including the Kunana plant and Jiangsu Zhangjiagang base [3] - The company is focusing on four key research areas: comprehensive utilization of mineral resources, new lithium extraction technologies, next-generation battery materials, and battery recycling [3] Earnings Forecast and Valuation - The earnings per share (EPS) estimates for 2025, 2026, and 2027 are projected to be 1.19 RMB, 1.90 RMB, and 2.55 RMB respectively, reflecting a downward adjustment due to unexpected declines in lithium prices [4] - The target price for the company is set at 33.69 RMB, with a price-to-book (PB) ratio of 1.26 for 2025 [4][7]

炒股就看金麒麟分析师研报，权威，专业，及时，全面，助您挖掘潜力主题机会！ 在全球锂价持续探底的冲击下，天齐锂业交出历史最差成绩单。公司2024年年报显示，全年营业收入 130.63亿元，同比暴跌67.75%；归母净利润亏损79.05亿元，同比扩大208.32%，创上市以来最大亏损。 这份年报揭示了在锂价大幅调整的周期中，资源巨头面临的多重风险。 价格坍塌重击业绩 库存减值压力凸显 2024年锂化工产品价格遭遇"雪崩式"下跌。据年报披露，电池级碳酸锂现货均价从年初的11万元/吨跌 至年末的7万元/吨，全年跌幅达36%。 价格暴跌直接冲击公司核心业务：锂矿销售收入同比下滑81.7%至49.78亿元，锂化合物收入下降39.2% 至80.75亿元。 更严峻的是，公司计提资产减值损失21.14亿元，其中8.29亿元为澳大利亚二期氢氧化锂项目终止带来的 在建工程减值，另有12.85亿元存货跌价损失，反映出高价库存难以消化的困境。 产能扩张遭遇价格寒冬 澳洲项目成负担 在产能布局上，天齐锂业面临"投产即亏损"的尴尬局面。 年报显示，格林布什锂精矿年产能已提升至162万吨，2024年产量141万吨，但化学级锂精矿售价同比下 ...

净亏损超79亿元，天齐锂业交出上市以来最差成绩 单 图片来源：界面图库 天齐锂业(002466.SZ)交出上市以来最差成绩单。 3月26日晚间，天齐锂业发布业绩报告称，去年该公司实现营业总收入130.63亿元，同比下降67.75%； 实现归属于上市公司股东的净亏损为79.05 亿元，同比下降208.32%。 天齐锂业曾表示，截至2024年12月31日，该公司二期氢氧化锂项目前期相关投入累计约14.12亿元，该 金额占公司上一年度经审计净资产的比例约为2.74%；本次项目终止预计减少公司2024年度归属于母公 司股东的净利润金额约5.01亿元，占公司最近一个会计年度经审计净利润的6.86%。 这是自天齐锂业上市以来，亏损最为严重的一年。天齐锂业于2010年8月31日上市，主营业务是锂精矿 及锂化工产品的生产、加工和销售。该公司的主要产品为锂矿、锂化合物及衍生品，主要应用于电动汽 车、三类电子产品和新型储能等终端市场。 进行了裁决，撤销了税务和海关法庭在 2022年11月7日对于该案件的裁决结论，导致其确认了约11亿美 元的所得税费用，并相应减少其净利润约11亿美元。 报告期内锂产品的市场价格大幅下滑，导致该公司 ...

Financial Performance - For the year ended December 31, 2024, Tianqi Lithium Corporation reported revenue of RMB 13,029,739, a significant decrease of 67.8% compared to RMB 40,448,303 in 2023[8] - The gross profit for the same period was RMB 5,991,309, down 82.6% from RMB 34,347,819 in 2023[8] - The company incurred a loss for the year amounting to RMB 880,378, contrasting sharply with a profit of RMB 25,644,135 in 2023[10] - Basic and diluted loss per share was RMB 5.32, compared to earnings of RMB 4.44 per share in the previous year[8] - Total comprehensive income for the year was a loss of RMB 811,590, compared to a comprehensive income of RMB 26,059,577 in 2023[10] - The Company reported a loss attributable to equity shareholders of RMB 8,727,021,000 for the year ended 31 December 2024, compared to a profit of RMB 7,278,343,000 in 2023[82] - Profit before taxation decreased to RMB 419,922,000 in 2024 from RMB 36,262,330,000 in 2023, a decline of about 98.8%[71] Assets and Liabilities - Non-current assets increased to RMB 56,726,366 from RMB 55,360,641 in 2023, reflecting a growth of 2.5%[12] - Current assets decreased significantly to RMB 12,830,213 from RMB 19,608,428, a decline of 34.6%[12] - Cash and cash equivalents dropped to RMB 5,635,127 from RMB 9,330,480, a decrease of 39.0%[12] - Non-current liabilities increased to RMB 14,454,259,000 in 2024 from RMB 12,353,599,000 in 2023, representing a growth of approximately 17.0%[14] - Net assets decreased to RMB 50,061,048,000 in 2024 from RMB 55,955,603,000 in 2023, a decline of about 10.5%[14] - Total equity attributable to equity shareholders of the Company fell to RMB 42,771,217,000 in 2024 from RMB 53,208,876,000 in 2023, a decrease of approximately 19.7%[14] - Trade receivables decreased significantly from RMB 4,344,664,000 in 2023 to RMB 617,929,000 in 2024, representing a decline of approximately 86.8%[91] - The allowance for doubtful debts increased from RMB 28,476,000 in 2023 to RMB 83,293,000 in 2024, indicating a rise of about 192.5%[91] Revenue Breakdown - Revenue from lithium compounds and derivatives sales decreased to RMB 8,055,971,000 in 2024 from RMB 13,251,824,000 in 2023, representing a decline of approximately 39.1%[34] - Revenue from lithium concentrates sales dropped to RMB 4,973,768,000 in 2024 from RMB 27,196,479,000 in 2023, indicating a significant decrease of about 81.7%[34] - The Group's revenue from two customers exceeded 10% of total revenues, amounting to approximately RMB 5,812,615,000 in 2024, down from RMB 26,174,195,000 in 2023, a decrease of about 77.8%[36] - Revenue from external customers reached RMB 40,448,303, with lithium compounds contributing RMB 13,251,824 and lithium concentrates contributing RMB 27,196,479[48] Research and Development - Research and development costs rose to RMB 43,621, up from RMB 30,375 in 2023, reflecting the company's ongoing investment in innovation[8] - Research and development expenses increased to RMB 43,621,000 in 2024 from RMB 30,375,000 in 2023, marking a growth of approximately 43.4%[68] Market and Industry Trends - The global demand for lithium-ion batteries has surged, with its share of total lithium resource demand increasing from 31% in 2015 to 87% in 2024[120] - Major countries have strengthened policy support for the new energy and battery industries, ensuring sustainable development in their regions[120] - Lithium is widely used in various applications, with 87% of its global consumption attributed to batteries, highlighting its critical role in the energy transition[119] - Global lithium-ion battery demand is projected to account for 87% of global lithium resource demand by 2024, up from 31% in 2015[122] - In 2024, China's new energy vehicles are targeted to represent 45% of new vehicle sales by 2027, as per the State Council's guidelines[125] Financial Management - The Group's finance costs were RMB 588,235,000, and depreciation and amortization for the year amounted to RMB 1,132,023,000[47] - Finance costs increased to RMB 600,534,000 in 2024 from RMB 550,102,000 in 2023, reflecting a rise of approximately 9.1%[62] - The current tax expense for the year was RMB 1,300,300,000 in 2024, significantly lower than RMB 10,618,195,000 in 2023, a decrease of approximately 87.8%[71] Strategic Initiatives - The company plans to expand its market presence, focusing on new product development and technological advancements in lithium derivatives[50] - The Group is currently engaged with the Australian Taxation Office regarding potential tax liabilities related to the IGO Transaction, which could result in significant penalties[117] - The Group does not expect to incur material Pillar Two income tax in jurisdictions that have enacted related legislation in the near future[79] Customer and Supplier Relations - The Group's diversified customer base is highlighted by the significant revenue concentration from a limited number of customers, indicating potential risks in revenue stability[36] - The company maintains a stable customer base, including top global power battery manufacturers and new energy automotive companies[200] Dividend and Capital Expenditure - The proposed final dividend for 2024 is RMB nil per ordinary share, down from RMB 1.35 per share in 2023, with total dividends paid for the previous financial year amounting to RMB 2,215,017,000[113] - Capital expenditure for the year totaled RMB 5,961,686, with RMB 1,055,750 allocated to lithium compounds and RMB 4,905,936 to lithium concentrates[48]

对天齐锂业股份有限公司募集资金 2024 年度存放与使用情况专项报告的鉴证报告 KPMG Huazhen LLP 8th Floor, KPMG Tower Oriental Plaza 1 East Chang An Avenue Beijing 100738 China Telephone +86 (10) 8508 5000 Fax +86 (10) 8518 5111 Internet kpmg.com/cn 毕马威华振会计师事务所 (特殊普通合伙) 中国北京 东长安街 1 号 东方广场毕马威大楼 8 层 邮政编码:100738 电话 +86 (10) 8508 5000 传真 +86 (10) 8518 5111 网址 kpmg.com/cn 对天齐锂业股份有限公司募集资金 2024 年度存放与使用情况专项报告的鉴证报告 我们接受委托，对后附的天齐锂业股份有限公司（以下简称"天齐锂业公司"） 募集资金 2024 年度存放与使用情况的专项报告（以下简称"专项报告"）执行了合理 保证的鉴证业务，就专项报告是否在所有重大方面按照中国证券监督管理委员会（以 下简称"证监会"）发布的《上市公司监管指引第 2 ...

天齐锂业股份有限公司 自 2024 年 1 月 1 日 至 2024 年 12 月 31 日止年度财务报表 KPMG Huazhen LLP 8th Floor, KPMG Tower Oriental Plaza 1 East Chang An Avenue Beijing 100738 China Telephone +86 (10) 8508 5000 Fax +86 (10) 8518 5111 Internet kpmg.com/cn 毕马威华振会计师事务所 (特殊普通合伙) 中国北京 东长安街 1 号 东方广场毕马威大楼 8 层 邮政编码:100738 电话 +86 (10) 8508 5000 传真 +86 (10) 8518 5111 网址 kpmg.com/cn 审计报告 毕马威华振审字第 2507866 号 天齐锂业股份有限公司全体股东： 一、审计意见 我们审计了后附的天齐锂业股份有限公司 (以下简称"天齐锂业公司") 财务报表，包括 2024 年 12 月 31 日的合并及母公司资产负债表，2024 年度的合并及母公司利润表、合并及母 公司现金流量表、合并及母公司股东权益变动表以及相关财 ...

摩根士丹利证券（中国）有限公司 一、募集资金基本情况 1 （一）2017 年 12 月向全体股东配售股份 2、募集资金使用金额及年末余额 1、募集资金金额及到位时间 公司 2017 年配股方案已经 2017 年 4 月 21 日召开的第四届董事会第五次会议、 2017 年 5 月 10 日召开的 2017 年第三次临时股东大会审议通过，2017 年 10 月 26 日，第四届董事会第十次会议审议通过了《关于确定公司 2017 年配股比例及数量 的议案》，并经中国证券监督管理委员会《关于核准天齐锂业股份有限公司配股的 批复》（证监许可[2017]2199 号）核准。公司以配股股权登记日 2017 年 12 月 15 日公司总股本 994,356,650 股为基数，按每 10 股配售 1.5 股的比例，可向全体股东 配售 149,153,497 股，配售价格为 11.06 元/股。 关于天齐锂业股份有限公司 公司实际向原股东配售股份为 147,696,201 股，取得募集资金总额人民币 1,633,519,983.06 元，扣除部分发行费用后募集资金净额人民币 1,604,468,927.16 元 （尚未转出已以 ...

关于天齐锂业股份有限公司 2024 年度非经营性资金占用及其他关联资金往来情况的专项说明 KPMG Huazhen LLP 8th Floor, KPMG Tower Oriental Plaza 1 East Chang An Avenue Beijing 100738 China Telephone +86 (10) 8508 5000 Fax +86 (10) 8518 5111 Internet kpmg.com/cn 毕马威华振会计师事务所 (特殊普通合伙) 中国北京 东长安街 1 号 东方广场毕马威大楼 8 层 邮政编码:100738 电话 +86 (10) 8508 5000 传真 +86 (10) 8518 5111 网址 kpmg.com/cn 关于天齐锂业股份有限公司 2024 年度非经营性资金占用及其他关联资金往来情况的专项说明 毕马威华振专字第 2501654 号 天齐锂业股份有限公司董事会： 我们接受委托，按照中国注册会计师审计准则审计了天齐锂业股份有限公司（以下简称 "天齐锂业公司"）2024年度的财务报表，包括 2024年 12月31 日的合并及母公司资产负债表， 2024 年度 ...

天齐锂业股份有限公司 2024 年度内部控制审计报告 KPMG Huazhen LLP 8th Floor, KPMG Tower Oriental Plaza 1 East Chang An Avenue Beijing 100738 China Telephone +86 (10) 8508 5000 Fax +86 (10) 8518 5111 Internet kpmg.com/cn 毕马威华振会计师事务所 (特殊普通合伙) 中国北京 东长安街 1 号 东方广场毕马威大楼 8 层 邮政编码:100738 电话 +86 (10) 8508 5000 传真 +86 (10) 8518 5111 网址 kpmg.com/cn 内部控制审计报告 毕马威华振审字第 2507868 号 我们的责任是在实施审计工作的基础上，对财务报告内部控制的有效性发表审计 意见，并对注意到的非财务报告内部控制的重大缺陷进行披露。 三、 内部控制的固有局限性 天齐锂业股份有限公司全体股东： 按照《企业内部控制审计指引》及中国注册会计师执业准则的相关要求，我们审 计了天齐锂业股份有限公司（以下简称"贵公司"）2024 年 12 月 ...

各位股东及股东代表： 独立董事 2024 年度述职报告（黄玮） 天齐锂业股份有限公司 独立董事 2024 年度述职报告 （黄玮） 独立董事 2024 年度述职报告（黄玮） 本人未在公司担任除独立董事以外的任何职务，也未在公司主要股东公司担任任何 职务，与公司以及主要股东之间不存在利害关系或其他可能妨碍本人进行独立客观判断 的关系，符合《上市公司独立董事管理办法》第六条规定的独立性要求。 作为天齐锂业股份有限公司（以下简称"公司"或"天齐锂业"）第六届董事会的独立董 事，第六届董事会提名与治理委员会召集人及审计与风险委员会委员，2024 年度，我严 格遵守《公司法》《证券法》《上市公司治理准则》《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》（以下简称"《自律监管指引》"）《香港联合交 易所有限公司证券上市规则》等有关法律、法规及《公司章程》《独立董事工作制度》的 相关规定和要求，始终保持独立董事的独立性和职业操守，勤勉、忠实、独立地履行了独 立董事的职责，依法合规地行使了独立董事的权利，主动了解公司生产、经营、战略发展 等情况，积极出席了公司 2024 年度召开的董事会及股东大会会议 ...