天奇股份：2025年全年净利润预计同比扭亏

Core Viewpoint - Tianqi Co., Ltd. is expected to turn a profit in 2025, with a projected net profit attributable to shareholders ranging from 45 million to 65 million yuan, marking a year-on-year turnaround [1] Group 1: Financial Performance - The company anticipates a significant increase in net profit excluding non-recurring gains and losses, projected to be between -95 million and -65 million yuan, representing a year-on-year growth of 67.51% to 77.77% [1] - The overall performance during the reporting period is attributed to improved profitability in its two main businesses: intelligent equipment and lithium battery recycling [1] Group 2: Business Segments - Intelligent Equipment Business: The company has a robust order backlog, with significant growth in overseas markets and steady progress in domestic projects, leading to stable revenue and profit growth [1] - Lithium Battery Recycling Business: Despite challenges in raw material supply and lower-than-expected shipment volumes, the business saw a turnaround in gross margin due to improved capacity utilization and rising cobalt prices [1] - Circular Equipment Business: Revenue from this segment declined due to a sluggish scrap steel market, resulting in significant losses [1] Group 3: Impairment and Investment Losses - Goodwill Impairment: The company is assessing potential impairment of goodwill related to its acquisition of Jiangxi Tianqi Jintai Co., Ltd., with the final impairment amount pending audit results [1] - Investment Losses: The company expects to recognize investment losses in its associate, Wuxi Youqi Intelligent Technology Co., Ltd., estimated between 25 million and 30 million yuan due to ongoing R&D investments [1] Group 4: Non-Operating Gains and Losses - Non-operating gains and losses for the reporting period are estimated to be around 13 million to 14 million yuan, primarily from the disposal of equity interests in associates and long-term assets [1]