TLC(002466) 东吴证券·2025-01-26 06:43Investment Rating - The investment rating for Tianqi Lithium Industries is "Buy" (maintained) [1] Core Views - The company has terminated the investment in the construction of the Kwinana Phase II project, leading to asset impairment and an expanded loss in Q4 [1] - The company expects a significant decrease in net profit for 2024, with a forecasted loss of 7.65 to 8.2 billion yuan, a year-on-year decrease of 204.86% [1] - Despite the challenges in 2024, the company anticipates a recovery in 2025 and 2026, with net profits projected to be 2.22 billion yuan and 2.99 billion yuan respectively, indicating a year-on-year increase of 129% and 35% [1] Financial Performance Summary - For 2022, total revenue was 40.449 billion yuan, with a year-on-year increase of 427.82%. In 2023, revenue slightly increased to 40.503 billion yuan, a growth of 0.13%. However, a significant decline is expected in 2024, with revenue projected at 13.674 billion yuan, a decrease of 66.24% [1] - The net profit attributable to the parent company for 2022 was 24.125 billion yuan, which dropped to 7.297 billion yuan in 2023, reflecting a decrease of 69.75%. The forecast for 2024 indicates a loss of 7.652 billion yuan [1] - The earnings per share (EPS) for 2022 was 14.70 yuan, which fell to 4.45 yuan in 2023, and is expected to decline further to -4.66 yuan in 2024 [1] Market Data Summary - The closing price of Tianqi Lithium is 30.99 yuan, with a market capitalization of approximately 50.861 billion yuan [6] - The company has a price-to-book ratio of 1.17 and a total circulating A-share market value of 45.750 billion yuan [6] - The company's total assets are valued at 73.228 billion yuan, with a debt-to-asset ratio of 28.43% [7]