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AMG2025Q1锂精矿销售量同比减少22%至1.2万吨，单吨锂精矿平均成本为572美元/吨（CIF，中国）
华西证券·2025-05-26 13:20

Investment Rating - The report recommends a "Buy" rating for the industry, indicating a positive outlook for investment opportunities [5]. Core Insights - AMG Lithium's sales volume of lithium concentrate decreased by 22% year-on-year to 12,167 tons in Q1 2025, primarily due to shipping plans and partial production halts [1]. - Despite the decline in lithium prices, AMG Technologies showed strong performance, with a revenue increase of 34% year-on-year to 202.27millioninQ12025[13].−TheadjustedEBITDAforecastfor2025hasbeenraisedfrom"atleast202.27 million in Q1 2025 [13]. - The adjusted EBITDA forecast for 2025 has been raised from "at least 150 million" to "at least 170million"duetostrongperformanceinthefirstquarter[16].SummarybySectionsAMGLithium−InQ12025,AMGLithium′srevenuewas170 million" due to strong performance in the first quarter [16]. Summary by Sections AMG Lithium - In Q1 2025, AMG Lithium's revenue was 32.05 million, a decrease of 23% compared to Q1 2024, attributed to a 27% drop in lithium market prices and a 22% decline in sales volume [10]. - The average selling price for lithium concentrate was 640perton,down6640 per ton, down 6% from Q4 2024 and down 45% from Q1 2024 [1]. - The average cost per ton of lithium concentrate increased by 97% to 572 per ton compared to Q4 2024 [1]. AMG Vanadium - AMG Vanadium's revenue in Q1 2025 was 153.77million,adecreaseof7153.77 million, a decrease of 7% year-on-year, primarily due to lower production of ferrovanadium and titanium alloys [12]. - Adjusted EBITDA for this segment was 13.06 million, down 10% from the previous year [12]. AMG Technologies - AMG Technologies reported a revenue of 202.27millioninQ12025,a34202.27 million in Q1 2025, a 34% increase year-on-year, driven by rising antimony sales prices [13]. - The adjusted EBITDA for this segment was 39.36 million, more than three times that of Q1 2024 [13]. - The backlog of orders for AMG Engineering reached a historical high of 416millionasofMarch31,2025[13].FinancialPerformance−OverallrevenueforQ12025was416 million as of March 31, 2025 [13]. Financial Performance - Overall revenue for Q1 2025 was 388.08 million, an 8% increase year-on-year [8]. - Adjusted gross profit was 82.65million,reflectinga5682.65 million, reflecting a 56% increase compared to Q1 2024 [8]. - Net income attributable to shareholders was 5.02 million, a significant recovery from a loss of $16.26 million in Q1 2024 [8].