有色金属行业：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 [11] - Inventory levels have slightly increased, with a notable accumulation of lithium carbonate in non-listed companies [16] - Cost control remains challenging for lithium mining companies, with significant expenses persisting despite efforts to reduce costs [19] - Capital expenditures have turned negative for the first time in three years, signaling a potential supply-side turning point [23] - The cash position of lithium mining companies has deteriorated, with the "cash on hand minus current liabilities" metric turning negative for the first time in two years [27] Summary by Sections Revenue and Profitability - 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][8] Gross and Net Margins - 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 [11] Inventory Management - The inventory of lithium mining companies increased by 3.82% in Q2 2024, with a total accumulation of 82,800 tons of lithium carbonate [16] Cost Control - 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 [19] Capital Expenditures - Capital expenditures for lithium mining companies in Q2 2024 totaled 6.98 billion yuan, a decrease of 17.3% year-on-year, indicating a reduction in investment capacity [23] Cash Position - The "cash on hand minus current liabilities" metric fell to -7.73 billion yuan in Q2 2024, a 133% year-on-year decline, highlighting a significant reduction in liquidity [27]