Chang Jiang Shang Bao·2025-07-15 23:15Core Viewpoint - Despite the downturn in lithium carbonate prices, Tianqi Lithium's profitability is expected to grow significantly in the first half of 2025, with a projected net profit of 0 to 155 million yuan, marking a turnaround from a loss of 5.206 billion yuan in the same period last year [1][3]. Company Performance - Tianqi Lithium's revenue for 2024 was 13.063 billion yuan, a decrease of 67.75% year-on-year, with a net loss of 7.905 billion yuan, down 208.32% year-on-year [3]. - For the first quarter of 2025, the company reported revenue of 2.584 billion yuan, a slight decrease of 0.02% year-on-year, and a net profit of 104 million yuan, an increase of 102.68% year-on-year [4]. Market Dynamics - The lithium product market is currently experiencing a bottoming process, which is expected to facilitate industry clearing and restructuring [4][7]. - The lithium industry is characterized by high competition, and companies must continuously enhance their core competitiveness to navigate through cycles successfully [7]. Industry Outlook - The long-term outlook for the lithium industry remains positive, driven by the growth of the new energy vehicle and energy storage sectors [6]. - Emerging applications such as electric vertical takeoff and landing vehicles and drones are expanding the market for lithium batteries [6]. Pricing Trends - As of July 4, the average price of battery-grade lithium carbonate was reported at 62,300 yuan per ton, indicating a need for key catalysts for a market reversal, such as production cuts from large mines or increased downstream demand [7].