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里昂:升赣锋锂业目标价至35港元 评级升至“跑赢大市”
Zhi Tong Cai Jing·2025-08-27 09:30

Core Viewpoint - The report from Credit Lyonnais indicates that Ganfeng Lithium's Q2 performance met expectations, with a net loss of 175 million RMB, while the gross margin of 9.6% fell short of projections. The market is expected to focus on management's outlook for lithium prices, which is anticipated to become more rational in the short term [1]. Group 1 - Ganfeng Lithium reported a net loss of 175 million RMB for Q2 [1]. - The gross margin was 9.6%, which did not meet expectations [1]. - Management expressed optimism that lithium price levels will trend towards rationality in the short term [1]. Group 2 - Credit Lyonnais has raised its lithium price forecasts and adjusted its earnings estimates for Ganfeng Lithium [1]. - The valuation method has shifted to a price-to-earnings basis, extending to 2027 [1]. - The target price for H-shares has been increased from 25 HKD to 35 HKD, and the target price for A-shares has been raised from 37 RMB to 45 RMB [1]. Group 3 - The ratings for both A and H shares have been upgraded from "Hold" to "Outperform" [1].