Zhi Tong Cai Jing·2026-03-04 09:40Core Viewpoint - Macquarie has significantly raised the target price for Ganfeng Lithium (002460) H-shares by 120% to HKD 83.5, and the target price for A-shares by 53% to RMB 84.3, maintaining a "Outperform" rating [1] Group 1: Demand and Price Forecast - The demand for Energy Storage Systems (ESS) is expected to exceed market expectations, driven by policy support that will accelerate the construction of ESS on a larger scale [1] - The rising demand for ESS has led to an increase in lithium prices, with expectations for further price hikes in the future [1] - Macquarie has raised its lithium price forecasts for 2026 and 2027 by 71% and 30% respectively, reflecting a stronger demand outlook [1] Group 2: Earnings Projections - Based on the revised lithium price forecasts, Ganfeng Lithium's earnings estimates for 2025, 2026, and 2027 have been increased by 242%, 265%, and 120% respectively [1]