有色金属：海外季报：2025Q1智利阿塔卡马盐湖锂盐销量同比增长20%至5.23万吨，Mt Holland计划在2026年前达到额定锂精矿产能

Investment Rating - The industry is rated as "Recommended" [5] Core Insights - In Q1 2025, lithium salt sales reached 55,000 tons, a year-on-year increase of 20%, while the average price dropped by 27% to $9,144 per ton [1][7] - Specialty Plant Nutrition (SNP) sales were 217,200 tons, up 6$977 per ton, down 4% [2] - Iodine and its derivatives saw sales of 3,600 tons, a 4% decrease year-on-year, but the average price increased by 9% to $70,833 per ton [3] - Potassium fertilizer sales fell by 38$422 per ton [4] Summary by Sections Lithium Salt Business - Q1 2025 lithium salt sales were 55,000 tons, a 20% increase year-on-year, but a 5% decrease quarter-on-quarter [1] - The average price was $9,144 per ton, down 27$7,083 per ton, down 18% year-on-year [1] - Unit gross profit was $2,061 per ton, down 48$977 per ton, down 4% year-on-year [2] - Unit gross profit was $171 per ton, down 21$70,833 per ton, up 9% year-on-year [3] - Unit gross profit was $39,019 per ton, up 3$422 per ton, up 8% year-on-year [4] - Unit gross profit was $48 per ton, up 7$1.0366 billion, a 4% decrease year-on-year [7] - Sales cost was $731.9 million, a 2$304.7 million, a 17% decrease year-on-year [9] - Pre-tax profit was $211.7 million, a 29$137.5 million, a significant decrease compared to the previous year [12] Outlook - The Mt Holland lithium project is on track to reach its rated capacity before 2026 [17] - Potassium fertilizer sales are expected to remain below 2024 levels due to strategic shifts in production [18]