TLC(002466) 浙商证券·2025-04-08 01:30Investment Rating - The investment rating for Tianqi Lithium Industries is maintained as "Buy" [8] Core Views - The company reported a significant decline in revenue and net profit for 2024, with revenue at 13.06 billion yuan, down 67.7% year-on-year, and a net loss of 7.90 billion yuan, transitioning from profit to loss [1] - Lithium salt sales saw a substantial increase, with production of lithium salt at 71,000 tons, up 39.4% year-on-year, and sales at 103,000 tons, up 81.5% year-on-year [1] - The company is actively advancing its mining and smelting operations while exploring new technologies in the downstream sector, including solid-state batteries and battery recycling [4] Financial Summary - In 2024, the company faced challenges due to high inventory and asset impairments, with total asset impairments amounting to 2.11 billion yuan [2] - Investment income turned negative, with a loss of 840 million yuan, primarily due to a decline in lithium prices and tax obligations affecting SQM [3] - The company forecasts a gradual recovery in net profit from 1.16 billion yuan in 2025 to 2.65 billion yuan in 2027, with corresponding EPS increasing from 0.71 yuan to 1.62 yuan [5][7]