研报掘金丨东吴证券：天赐材料Q2业绩符合预期，维持“买入”评级

Core Viewpoint - Dongwu Securities report indicates that Tianqi Materials achieved a net profit attributable to shareholders of 270 million yuan in H1 2025, representing a year-on-year increase of 13% [1] Group 1: Financial Performance - In Q2 2025, the net profit attributable to shareholders was 120 million yuan, showing a quarter-on-quarter decrease of 4% and a year-on-year decrease of 21% [1] - The performance is in line with expectations, with a projected shipment of over 310,000 tons in H1 2025, reflecting a year-on-year increase of 55% [1] Group 2: Shipment and Demand Forecast - Q2 2025 shipments are expected to reach 164,000 tons, with a quarter-on-quarter increase of 48% and a year-on-year increase of 11% [1] - Starting from July, the company significantly increased production capacity due to strong downstream demand, with H2 shipments expected to grow by approximately 15% quarter-on-quarter [1] - For the full year 2025, shipments are projected to exceed 700,000 tons, representing a year-on-year growth of 40% [1] Group 3: Product Sales and Pricing - In Q2 2025, external sales of lithium salts are estimated at around 1,000 tons, while electrolyte sales are about 10,000 tons, showing a slight decrease quarter-on-quarter [1] - The company expects to sell 22,000 to 25,000 tons of LiFSI in 2025 (including self-supply), which would double year-on-year [1] - The pricing of electrolytes is expected to improve in H2 2025 due to the transmission of raw material price increases to major customers, with potential price hikes contributing to performance elasticity starting in Q4 [1] Group 4: Operational Efficiency - The company has maintained stable cost control and improved operating cash flow [1] - Considering the anticipated price increases for hexafluorides, the company maintains a "buy" rating [1]