大华继显：升赣锋锂业(01772)目标价至90港元 维持“买入”评级

Core Viewpoint - Daiwa Capital Markets maintains a "Buy" rating for Ganfeng Lithium (01772) and raises the target price for H-shares from HKD 78 to HKD 90, while the target price for A-shares is increased from RMB 72 to RMB 80 [1] Financial Projections - The net profit forecast for Ganfeng Lithium in 2025 is maintained at RMB 4.07 billion, 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 projected at RMB 382 million, while the market consensus is RMB 438 million [1] Future Growth Expectations - The sales volume is expected to increase to 230,000 tons LCE in 2026 and 270,000 tons LCE in 2027, along with higher average lithium salt prices of RMB 160,000 and RMB 200,000 per ton for 2026 and 2027, respectively [1] - Consequently, the net profit forecasts for 2026 and 2027 have been raised by 67% and 58%, reaching RMB 3.21 billion and RMB 5.24 billion, respectively [1]