GANFENG LITHIUM(SZ:002460) Huafu Securities·2025-04-09 14:08Investment Rating - The investment rating for Ganfeng Lithium is "Buy" with a maintained rating [2][6]. Core Views - Ganfeng Lithium's 2024 annual report shows a significant revenue decline of 42.66% year-on-year, with total revenue of 18.906 billion yuan and a net loss attributable to shareholders of 2.074 billion yuan, reflecting a 141.93% decrease year-on-year [4][6]. - Despite the challenges posed by falling lithium prices, the company has increased its lithium salt production by 24.94% year-on-year, reaching 130,300 tons, and sales volume increased by 27.41% to 129,700 tons [5][6]. - The report highlights the company's strategic investments in lithium resources and production capacity, which are expected to support long-term growth [6][8]. Financial Performance Summary - In Q4 2024, Ganfeng Lithium reported revenue of 4.981 billion yuan, a decrease of 31.67% year-on-year, but a 14.87% increase quarter-on-quarter [4]. - The average price of lithium concentrate in 2024 was $940 per ton, down 74% year-on-year, while the average price of lithium carbonate and lithium hydroxide also saw significant declines of 65.6% and 68.1%, respectively [5]. - The company anticipates a gradual recovery in net profit, projecting net profits of 490 million yuan in 2025, 1.553 billion yuan in 2026, and 2.967 billion yuan in 2027, with corresponding P/E ratios of 121, 38, and 20 [6][7].