TLC(002466) 长江证券·2024-09-18 23:38Investment Rating - The investment rating for Tianqi Lithium Industries is "Buy" and is maintained [7] Core Views - The company reported a significant decline in revenue and net profit for the first half of 2024, with revenue at 6.419 billion yuan, down 74.14% year-on-year, and a net loss of 5.206 billion yuan, down 180.68% year-on-year [5][6] - The second quarter of 2024 showed signs of recovery with a revenue of 3.834 billion yuan, a decrease of 71.33% year-on-year but an increase of 48.34% quarter-on-quarter, and a net loss of 1.309 billion yuan, down 182.99% year-on-year but up 66.41% quarter-on-quarter [5][6] - The company is gradually digesting high-priced inventory, which is expected to improve profitability in the coming quarters as the high-cost inventory is cleared [6] Summary by Sections Financial Performance - In the first half of 2024, the company achieved an operating income of 6.419 billion yuan, a year-on-year decrease of 74.14%, and a net profit attributable to shareholders of -5.206 billion yuan, a year-on-year decrease of 180.68% [5][6] - For Q2 2024, the operating income was 3.834 billion yuan, down 71.33% year-on-year but up 48.34% quarter-on-quarter, with a net profit of -1.309 billion yuan, down 182.99% year-on-year but up 66.41% quarter-on-quarter [5][6] Market Dynamics - The average price of battery-grade lithium carbonate in H1 2024 was 103,700 yuan/ton, down 68.22% year-on-year [6] - The company’s lithium compound and derivative sales volume increased by 30.13% year-on-year in the first half of 2024, with a quarter-on-quarter growth of 46.18% in Q2 [6] Production and Capacity Expansion - The Greenbush project produced 612,000 tons of lithium concentrate in H1 2024, with a sales volume of 302,250 tons, generating approximately 2.253 billion yuan in sales [6] - The CGP3 plant is progressing with construction and is expected to add 520,000 tons/year of lithium concentrate capacity by 2025 [6] - The company’s lithium product processing capacity currently stands at 88,600 tons, with planned capacity reaching 143,600 tons [6]