2024Q4锂盐业务净销售额环比下降19.6%至6.17亿美元，锂盐业务调整后的EBITDA环比下降 6.3%至1.34亿美元

Investment Rating - The report recommends a "Buy" rating for the industry, predicting that the industry index will outperform the Shanghai Composite Index by 10% or more in the upcoming period [4]. Core Insights - The net sales for Q4 2024 were $1.232 billion, a decrease of 48% compared to $2.356 billion in Q4 2023, primarily due to a decline in prices and sales volumes of energy storage products [9][13]. - The adjusted EBITDA for Q4 2024 was $251 million, a significant improvement from a loss of $135 million in the same quarter last year, driven by good sales growth and cost reductions [2][9]. - The overall net sales for 2024 were $5.368 billion, down 44.2% from $9.617 billion in 2023, with a net loss attributable to Albemarle of $1.179 billion compared to a profit of $1.573 billion in the previous year [9][13]. Summary by Sections Q4 2024 Financial Performance - The net sales for Q4 2024 were $1.232 billion, down 48% year-on-year, with a net profit of $75 million compared to a net loss of $618 million in Q4 2023 [9][13]. - Adjusted EBITDA for Q4 2024 was $251 million, a significant increase from a loss of $135 million in Q4 2023 [2][9]. Business Segment Performance 1. Lithium - Q4 2024 lithium sales were $617 million, down 19.6% quarter-on-quarter and 63.2% year-on-year, due to price declines of 53% and a 10% drop in sales volume [6]. - Adjusted EBITDA for lithium was $134 million, a year-on-year increase of $290 million, despite a 6.3% quarter-on-quarter decline [6]. 2. Specialty Products - Q4 2024 specialty products sales were $333 million, a slight decrease of 2% year-on-year, with a 3% increase in sales volume partially offset by a 5% price decline [7]. - Adjusted EBITDA for specialty products was $72.9 million, up $43 million year-on-year, reflecting improved productivity [7]. 3. Ketjen - Q4 2024 Ketjen sales were $282 million, down 17.4% year-on-year, with a 19% decline in sales volume offsetting a 1% price increase [8]. - Adjusted EBITDA for Ketjen was $35.8 million, a year-on-year increase of $4.5 million [8]. 2025 Outlook - The company plans to optimize processing capacity and reduce costs, with a target capital expenditure reduction of $100 million for 2025 [10]. - The expected lithium sales volume for 2025 is projected to grow by 0% to 10% compared to 2024, assuming stable market pricing [12].