Changjiang Securities·2025-09-21 23:30Investment Rating - The investment rating for Tianqi Lithium Industries is "Buy" and is maintained [6]. Core Views - The report indicates that the company's total revenue for the first half of 2025 was 4.833 billion yuan, a year-on-year decrease of 24.71%. However, the net profit attributable to shareholders was 84 million yuan, showing a significant increase of 101.62% year-on-year. The net profit after deducting non-recurring items was 1.32 million yuan, also up by 100.03% year-on-year [2][4]. - In the second quarter of 2025, the company reported revenue of 2.248 billion yuan, a quarter-on-quarter decline of 12.99%, and a net loss attributable to shareholders of 20 million yuan, a significant decrease of 119.05% quarter-on-quarter. The net profit after deducting non-recurring items was a loss of 4.3 million yuan, down 197% quarter-on-quarter [2][4]. Summary by Sections Financial Performance - In the first half of 2025, Tianqi Lithium achieved total revenue of 4.833 billion yuan, down 24.71% year-on-year. The net profit attributable to shareholders was 84 million yuan, up 101.62% year-on-year, while the net profit after deducting non-recurring items was 1.32 million yuan, up 100.03% year-on-year [2][4]. - For the second quarter of 2025, the company reported revenue of 2.248 billion yuan, a decrease of 12.99% from the previous quarter. The net profit attributable to shareholders was a loss of 20 million yuan, down 119.05% quarter-on-quarter, and the net profit after deducting non-recurring items was a loss of 4.3 million yuan, down 197% quarter-on-quarter [2][4]. Market Conditions - The report highlights that lithium prices have been declining rapidly, which has increased the company's profitability pressure. The average price of battery-grade lithium carbonate in the second quarter of 2025 was 65,300 yuan per ton, a decrease of 14% quarter-on-quarter [11]. - The report also notes that the Greenbush project contributed a net profit of 584 million yuan to Tianqi Lithium in the first half of 2025, with a production volume of 340,000 tons of lithium concentrate in the second quarter, which remained stable [11]. Future Outlook - The report suggests that the company may see an operational turning point in the third quarter of 2025, as the lithium prices are expected to rebound from the current low levels [11]. - The completion of the CGP3 plant is anticipated to be delayed until December 2025, which will increase the company's lithium concentrate production capacity to 2.14 million tons per year [11].