Changjiang Securities·2025-05-27 08:43Investment Rating - The investment rating for the company is "Buy" and is maintained [7]. Core Views - The company's 2024 annual report shows a net loss attributable to shareholders of -2.074 billion yuan, with a non-recurring net loss of -0.887 billion yuan. In Q4 2024, the net loss attributable to shareholders was -1.434 billion yuan, with a non-recurring net loss of -0.530 billion yuan [2][4]. Summary by Sections Financial Performance - The company reported a lithium salt production of 130,300 tons in 2024, an increase of 25% year-on-year, and sales of 129,700 tons, up 27% year-on-year. The average selling price was 92,600 yuan per ton, down 61% year-on-year. The gross margin for lithium salt business was 10.47%, a decrease of 2.06 percentage points year-on-year [10]. - The company recorded an asset impairment loss of 423 million yuan for the year, primarily due to high inventory levels and significant price declines in lithium products. Non-recurring losses amounted to 1.187 billion yuan, with fair value changes contributing approximately 1.482 billion yuan [10]. - In Q4, the gross margin improved to 12.14%, with a net margin of -32.08%. Despite a continued decline in lithium salt prices, the larger drop in mineral prices helped restore some profitability [10]. Production and Resource Development - The company is entering a phase of accelerated resource release, with expectations for self-supply rates to continue improving and production costs to decrease. The C-O salt lake is projected to produce 30,000-35,000 tons of LCE in 2025, with cost optimization efforts underway [10]. - The Goulamina lithium concentrate project is expected to commence production in December 2024, with promising profitability due to resource scale and quality advantages. The Mariana salt lake project is also set to begin production in the second half of 2025 [10]. Market Outlook - As lithium prices stabilize and recover, the company is positioned as a leading resource player with faster self-supply rate improvements and ongoing cost optimization. The company is also expanding its battery business and holds the largest global capacity for lithium metal, indicating significant growth potential in the future [10].