Changjiang Securities·2025-05-27 08:43Investment Rating - The investment rating for the company is "Buy" and it is maintained [6]. Core Views - The company reported a revenue of 3.772 billion yuan in Q1 2025, representing a year-on-year decrease of 25.43% and a quarter-on-quarter decrease of 24.28%. The net profit attributable to the parent company was -356 million yuan, showing a year-on-year increase of 18.93% and a quarter-on-quarter increase of 75.18%. The net profit excluding non-recurring items was -242 million yuan, with a year-on-year increase of 4.72% and a quarter-on-quarter increase of 54.28% [2][4]. Summary by Sections Financial Performance - In Q1 2025, the company achieved a gross profit of 489 million yuan, which is a decrease of 115 million yuan quarter-on-quarter. The average price of battery-grade lithium carbonate was 75,800 yuan per ton (including tax), down 0.5% quarter-on-quarter, while the average price of lithium concentrate was 834.4 USD per ton, up 5.8% quarter-on-quarter [10]. Resource Development - The company is entering a phase of accelerated resource release, with expectations for self-sufficiency to continue improving and production costs to decrease. The C-O salt lake is expected to produce 30,000-35,000 tons of LCE in 2025, with cost reductions anticipated through operational optimization. The Mali Goulamina lithium concentrate project is expected to contribute significantly starting from Q2 2025 [10]. Market Outlook - The company is expected to benefit from the recovery of its own resources, with a focus on solid-state batteries and energy storage as new performance support points. As lithium prices stabilize, the long-term value of the company is expected to become more apparent [10].