里昂：升赣锋锂业目标价至58港元 第四季展望依然乐观

Core Viewpoint - CICC reports that Ganfeng Lithium's Q3 performance is stable, with optimistic prospects for Q4 2025 due to upstream integration and strong contributions from battery business [1] Financial Performance - Ganfeng Lithium's target prices for H-shares and A-shares have been raised to HKD 58 and CNY 80 respectively, maintaining an outperform rating [1] - Slight downward adjustment in net profit forecasts for Ganfeng Lithium for FY 2025/2026 [1] Valuation Metrics - The valuation multiple for FY 2027 has been increased from 15x to 25x, reflecting Ganfeng Lithium's unique advantages in lithium chemicals and battery business [1] - The premium for A-shares over H-shares has been raised from 40% to 50% [1]