A股锂矿行业2024年中报梳理分析：锂矿行业拐点将至？

Investment Rating - The report rates the lithium mining industry as "Positive" [2] Core Insights - The profitability of lithium mining companies has turned positive for the first time in nearly a year due to a slight rebound in lithium carbonate prices in Q2 2024 [3][5] - The gross margin and net margin of lithium mining companies have rebounded for the first time since Q2 2022, indicating a recovery in profitability [8] - Inventory levels have increased slightly, with a notable accumulation of lithium carbonate in non-listed companies [11] - Cost control remains challenging for lithium mining companies, with management expenses showing limited reduction potential [14] - Capital expenditures have turned negative for the first time in two years, indicating a potential supply-side inflection point [16] - The cash position of lithium mining companies has weakened significantly, with the "cash on hand minus current liabilities" metric turning negative for the first time in two years [19] Summary by Relevant Sections Revenue/Profit - In Q2 2024, lithium mining companies recorded a total revenue of 26.7 billion yuan and a net profit of 1.644 billion yuan, marking the first profitability since Q3 2023 [5][6] Gross Margin/Net Margin - The overall gross margin for lithium mining companies in Q2 2024 was 32.63%, with a net margin of 6.16%, reflecting a recovery from previous losses [8] Inventory - The inventory of listed lithium mining companies increased by 3.82% in Q2 2024, with a significant accumulation of 82,800 tons of lithium carbonate [11] Cost Control - The total expenses for lithium mining companies reached 2.82 billion yuan in Q2 2024, indicating a 24% year-on-year increase, with cost control becoming increasingly difficult [14] Capital Expenditure - Capital expenditures for lithium mining companies totaled 6.98 billion yuan in Q2 2024, representing a 17.3% year-on-year decline [16] Cash Position - The "cash on hand minus current liabilities" metric fell by 133% to -7.73 billion yuan in Q2 2024, indicating a significant decline in liquidity [19]