Mei Ri Jing Ji Xin Wen·2025-05-21 15:55Core Viewpoint - The lithium market is currently experiencing a bottoming phase, and Tianqi Lithium is focusing on cost reduction, quality improvement, and efficiency enhancement to navigate this challenging environment [1][2][6]. Company Performance - Tianqi Lithium's 2024 revenue is projected to be 13.063 billion yuan, a year-on-year decrease of 67.75%, with a net loss of 7.905 billion yuan, marking a shift from profit to loss due to declining lithium salt prices [5]. - The benchmark price for battery-grade lithium carbonate in China was 65,633 yuan per ton as of May 13, down 43.52% year-on-year [5]. Market Dynamics - The lithium salt market is expected to face oversupply starting in 2024, influenced by a surge in new market entrants during the previous lithium boom from 2019 to 2022, when prices skyrocketed from 70,000 yuan to around 600,000 yuan per ton [5][6]. - The current lithium salt prices are in a bottoming phase, and the duration of this process is uncertain, with competition expected to remain intense [5][6]. Production and Sales - In the previous year, Tianqi Lithium's sales volume of lithium chemical products reached 102,800 tons, an increase of 81.46% year-on-year, while production volume was 70,700 tons, up 39.44% year-on-year [7]. - The company's lithium salt inventory decreased by 43.64% year-on-year, indicating effective resource management [7]. Resource Expansion Strategy - Tianqi Lithium is shifting its strategy to seek both external and internal lithium resources, with ongoing developments at the Yajiang Cuola lithium spodumene mine, which could become the company's first domestic source of lithium concentrate [1][10]. - The company is also exploring potential asset injections from its controlling shareholder, Tianqi Group, which holds various lithium mining rights [10][11]. Future Outlook - The company is preparing for the next generation of battery materials by increasing R&D investments and collaborating with downstream customers to innovate [12]. - Tianqi Lithium aims to play a crucial role in the solid-state battery sector, focusing on core materials such as lithium sulfide and lithium metal, and has successfully developed battery-grade lithium sulfide micro-powder [12][13].