Xin Lang Cai Jing·2025-09-18 03:10Group 1 - The core viewpoint of Haitong International's report is that Ganfeng Lithium (01772) maintains a solid industry-leading position, with multiple business developments progressing simultaneously, and it assigns a target price of HKD 40.36 based on a 1.8x PB for 2025, rating the company as outperforming the market [1] Group 2 - In the first half of 2025, the company achieved operating revenue of CNY 8.258 billion, a year-on-year decrease of 13.82%, and a net profit of -CNY 536 million, which is a reduction in losses by CNY 223 million year-on-year, with a comprehensive gross margin of 10.78%, down 0.38 percentage points year-on-year [1] - The price of battery-grade lithium carbonate reached a low of approximately CNY 60,000 per ton by the end of June 2025, which was a significant factor contributing to the company's weak profitability in the first half of the year [1] Group 3 - The company is advancing its new projects smoothly, enhancing its overall competitiveness, with the first phase of the Goulamina lithium spodumene project in Mali officially commencing production, and the Cauchari-Olaroz salt lake project in Argentina is in a stable capacity ramp-up process [1] Group 4 - The company has accelerated development in lithium batteries and energy storage, covering five major categories and over twenty types of products, including solid-state batteries, power batteries, consumer batteries, polymer lithium batteries, and energy storage systems [1] - In the solid-state battery sector, the company possesses a complete integrated layout across the upstream and downstream of solid-state battery production [1]