Ge Long Hui A P P·2025-09-03 09:44Core Viewpoint - Dongwu Securities report indicates that Tianqi Lithium's net profit attributable to shareholders in the first half of the year was 0.08 billion yuan, representing a year-on-year increase of 101.6% [1] Financial Performance - In Q2 2025, the net profit attributable to shareholders was -0.02 billion yuan, showing a significant decline of 98.5% year-on-year and 119% quarter-on-quarter [1] - The decline in lithium prices in the first half of 2025 has been noted, but the company maintains a significant cost advantage [1] Production and Sales Outlook - The chemical-grade lithium plant is expected to be completed by the end of the year [1] - The sales volume of lithium salts in 2025 is projected to remain flat year-on-year, while the Kwinana plant is anticipated to continue reducing losses [1] Investment Contributions - The stable investment income contribution from SQM in the first half of the year is highlighted, with expectations for a significant increase in investment income due to higher sales volume in the second half [1] Profit Forecast Adjustments - Due to the sharp decline in lithium prices in the first half of the year and the current prices remaining at a low range, the company has revised its net profit forecasts for 2025-2027 to 0.45 billion, 0.86 billion, and 1.44 billion yuan respectively, down from previous expectations of 1.62 billion, 1.86 billion, and 2.40 billion yuan [1] - The revised forecasts still indicate year-on-year growth of 106%, 93%, and 67% respectively, with corresponding PE ratios of 114x, 59x, and 35x [1] Investment Rating - Given the company's excellent resource endowment and significant cost advantages, it is expected that lithium salt profitability will further improve, leading to a maintained "buy" rating [1]