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 ...

股票代码：002466 股票简称：天齐锂业 天齐锂业股份有限公司投资者关系活动记录表 编号：2024-008 | --- | --- | --- | |----------------------------|---------------------------|------------------------------------| | | | | | | □ 特定对象调研 | √ 分析师会议 | | | □ 媒体采访 | □业绩说明会 | | 投资者关系活动类别 | □ 新闻发布会 | □ 路演活动 | | | □ 现场参观 | □一对一沟通 | | | □ 其他 | | | 参与单位名称及人员姓名 | 详见附件 | | | 时间 | 2024 年 10 月 31 | 日下午 16:00-17:00 | | 地点 | | 天齐锂业成都总部六楼会议室（线上） | | | 董事/财务总监/执行副总裁 | 邹军、董事会秘书 / | | 上市公司接待人员 | 副总裁 / 香港联席公司秘书 | 张文宇、证券事务代 | | | 表/证券及投关总监 | 付旭梅、财务部总监 文茜 | | 投资者关系活动主要内容介绍 ...

Investment Rating - The investment rating for Tianqi Lithium Industries is "Recommended (Maintain)" [1] Core Views - The company reported a significant decrease in revenue and net profit for Q3 2024, with revenue at 3.646 billion yuan, down 57.48% year-on-year, and a net loss of 496 million yuan, down 130.11% year-on-year [4][5] - Despite the challenges, the company has seen growth in lithium product sales and production, with a notable reduction in losses compared to previous quarters [7][10] - The lithium price has dropped significantly, but the report suggests that the downside potential for prices is limited due to rising production costs and a potential market clearing as unprofitable producers exit [9][10] Summary by Sections Financial Performance - For Q3 2024, the company achieved revenue of 3.646 billion yuan, a year-on-year decrease of 57.48%, and a net loss of 496 million yuan, a year-on-year increase in losses of 130.11% [4] - For the first three quarters of 2024, revenue totaled 10.065 billion yuan, down 69.87% year-on-year, with a net loss of 5.701 billion yuan, reflecting a 170.40% increase in losses year-on-year [4] Market Conditions - The lithium market has faced downward pressure due to increased competition and inventory accumulation, leading to a significant decline in lithium prices [6] - The average selling price of lithium concentrate decreased by 28.8% quarter-on-quarter in Q3 2024, with a year-on-year decline of 61.1% [6] - The average selling price of battery-grade lithium carbonate also saw a quarter-on-quarter decrease of 24.5% and a year-on-year decrease of 55.5% [6] Production and Capacity - The company has successfully ramped up production capacity with the launch of a new lithium carbonate project, resulting in increased sales volumes for lithium compounds and derivatives [7] - Sales volume for lithium compounds and derivatives increased by 67.71% year-on-year for the first three quarters of 2024, with a quarter-on-quarter increase of 24.69% in Q3 [7] Future Outlook - The report indicates that the lithium price has reached a low level, with limited downside potential, and anticipates a gradual recovery in demand from the electric vehicle and energy storage sectors [9][10] - The company is expected to see a gradual improvement in performance due to its strong resource endowment and planned new projects in both mining and metallurgy [10]

Investment Rating - The report maintains an "Accumulate" rating for Tianqi Lithium Industries (9696 HK/002466 CH) with a target price of HKD 30.20 and RMB 39.75 [9][10]. Core Insights - The company's Q3 performance was pressured by falling lithium prices, reporting revenue of RMB 3.646 billion, a year-over-year decline of 57.48% and a quarter-over-quarter decline of 4.90%. The net profit attributable to shareholders was a loss of RMB 496 million, down 130.11% year-over-year but up 62.14% quarter-over-quarter [3][4]. - For the first three quarters of 2024, the company achieved revenue of RMB 10.065 billion, a year-over-year decline of 69.87%, with a net loss of RMB 5.701 billion, down 170.40% year-over-year. The Q3 results aligned with the company's prior loss forecast of RMB 5.85 to 5.45 billion [3][4]. - The company is experiencing production and sales growth both year-over-year and quarter-over-quarter, with lithium compound and derivative sales increasing by 67.71% year-over-year and 24.69% quarter-over-quarter in Q3 [4]. Summary by Sections Performance Overview - Q3 revenue was RMB 3.646 billion, down 57.48% year-over-year and 4.90% quarter-over-quarter. The net loss was RMB 496 million, reflecting a year-over-year decline of 130.11% but an increase of 62.14% from the previous quarter [3]. - For the first three quarters of 2024, total revenue reached RMB 10.065 billion, down 69.87% year-over-year, with a net loss of RMB 5.701 billion, down 170.40% year-over-year [3][4]. Production and Sales Growth - The company reported production and sales growth in lithium compounds and derivatives, with sales increasing by 67.71% year-over-year and 24.69% quarter-over-quarter in Q3 [4]. - High-priced inventory is gradually being consumed, and production costs are aligning with the latest procurement prices, leading to a reduction in quarterly losses [4]. Capacity Expansion - Ongoing projects are progressing smoothly, including the third phase of the Talison chemical-grade lithium concentrate expansion project, expected to produce its first batch of lithium concentrate by Q4 2025 [5]. - The company has received pre-approval for the construction of the Tebaigou tailings project, laying the groundwork for future expansion [5]. Market Outlook - The report anticipates continued oversupply in the lithium market due to the expansion of large, low-cost mines. However, the pricing of lithium concentrate is nearing the cost lines of Australian mines, which may lead to a potential reduction in production if prices remain low [6]. - The report suggests that the lithium market may continue to experience fluctuations as it awaits the clearing of overseas mines [6]. Valuation and Forecast - The report adjusts lithium price assumptions and forecasts EPS for 2024-2026 at -2.50, 1.50, and 2.58 RMB, respectively. The company is assigned a 1.4x PB for 2025, with a BPS of 28.39 RMB [7]. - The average premium rate for the company over the past three months is 43.21%, with a target price of HKD 30.20 and RMB 39.75 based on the exchange rate as of October 30, 2024 [7].