大华继显：升赣锋锂业目标价至90港元 维持“买入”评级

Core Viewpoint - Dahua Jixian maintains a "Buy" rating for Ganfeng Lithium (002460) and raises the target price for H-shares from HKD 78 to HKD 90, while the target price for A-shares is increased from CNY 72 to CNY 80 [1] Financial Projections - Dahua Jixian keeps the net profit forecast for Ganfeng Lithium at CNY 4.07 billion for 2025, based on an expected lithium salt sales volume of 180,000 tons LCE, representing a year-on-year growth of 39% [1] - The estimated net profit for Q4 2025 is CNY 382 million, while the market consensus is CNY 438 million [1] Future Outlook - Due to higher sales projections of 230,000 tons and 270,000 tons LCE for 2026 and 2027 respectively, along with increased average lithium salt prices of CNY 160,000 and CNY 200,000 per ton for 2026 and 2027, Dahua Jixian raises the net profit forecasts for Ganfeng Lithium by 67% and 58% for 2026 and 2027, resulting in projections of CNY 3.21 billion and CNY 5.24 billion respectively [1]