亏损79亿，天齐锂业二代接班首年遭遇“周期劫”

Core Viewpoint - The global lithium industry is currently in a growth cycle, with a positive long-term outlook despite recent challenges faced by companies like Tianqi Lithium [1] Group 1: Company Performance - Tianqi Lithium reported a revenue of 13.063 billion yuan for the previous year, a decrease of 67.75% year-on-year, and a net loss of 7.905 billion yuan, equating to a daily loss of over 20 million yuan [1] - This marks the largest annual loss for Tianqi Lithium since its listing, contrasting sharply with a net profit of 24.125 billion yuan in 2022, which represented a year-on-year increase of 1060.47% [1] - The company plans not to distribute cash dividends or issue bonus shares for the 2024 fiscal year [1] Group 2: Revenue Breakdown - In 2023, the revenue from lithium compounds and derivatives was 8.075 billion yuan, a decrease of 39.24%, accounting for 61.81% of total revenue, which is an increase of 29 percentage points year-on-year [2] - Revenue from lithium ore products was 4.978 billion yuan, down 81.7%, making up approximately 38.11% of total revenue, a decrease of 29.05 percentage points from the previous year [2] Group 3: Market Conditions - The lithium industry has experienced significant price fluctuations, with lithium carbonate prices peaking at nearly 600,000 yuan per ton in 2022 before dropping to around 70,000 yuan per ton [2] - Tianqi Lithium's performance is closely tied to lithium prices, with a noted decline in sales prices and gross margins for lithium products due to market volatility [3] Group 4: Losses and Future Outlook - Tianqi Lithium incurred losses of 3.897 billion yuan, 1.309 billion yuan, 496 million yuan, and 2.203 billion yuan over the four quarters of the last fiscal year, with the fourth quarter seeing increased losses attributed to significant impairment losses from its Australian lithium hydroxide project [4] - The company has decided to terminate the second phase of its lithium hydroxide project in Australia, citing economic unfeasibility, with cumulative investments in the project amounting to approximately 1.97 billion USD (about 14.31 billion yuan) [4] - Looking ahead to 2025, the company anticipates that factors negatively impacting 2024 performance will be resolved, leading to improved results in the first quarter of 2025 [4]