Zhi Tong Cai Jing·2025-11-24 02:05Core Viewpoint - Ganfeng Lithium's stock has dropped over 5% following a downgrade by Goldman Sachs, reflecting concerns over lithium market dynamics and pricing [1] Group 1: Company Performance - Ganfeng Lithium's H-shares fell by 5.19% to HKD 48.26, with a trading volume of HKD 530 million [1] - Goldman Sachs downgraded Ganfeng Lithium's H-share rating from neutral to sell, citing risks of declining lithium spot prices due to poor short-term feedback from downstream markets and slowing inventory replenishment [1] Group 2: Market Analysis - Goldman Sachs revised its forecast for the benchmark spot price of lithium carbonate in China for the second half of 2025 down to USD 9,500 per ton, a 14% decrease from previous expectations [1] - Daiwa maintained a "underperform" rating for Ganfeng Lithium, raising the target price from HKD 23 to HKD 53, reflecting a 22% discount for A-shares [1] - Daiwa's supply-demand analysis indicates a projected global lithium surplus of 76,000 tons and 54,000 tons over the next two years, down from last year's surplus of 124,000 tons [1] - Daiwa expects lithium prices in China to stabilize between RMB 75,000 and RMB 90,000 per ton next year, higher than earlier predictions of an average selling price of RMB 70,000 per ton for Ganfeng Lithium [1]