Core Viewpoint - The announcement highlights the successful approval of lithium resource reserves at the Sichuan Gada lithium mine, indicating a significant resource advantage for the company in the industry [1][2]. Resource Reserves Summary - The approved lithium ore reserves at the Sichuan Gada lithium mine are 43.436 million tons, with a Li2O mineral amount of 600.9 thousand tons and an average grade of 1.38%, equivalent to approximately 148.42 thousand tons of lithium carbonate [2]. - The total registered lithium carbonate equivalent reserves, including resources from the nearby Jijiao Mountain mine, exceed 4.72 million tons, showcasing a strong resource position in the industry [2]. Future Development Plans - The company has established a complete operational team in the Sichuan region, which is a key area for its lithium mining development, and has developed a detailed growth plan [2]. - The completion of the resource reserve registration is a significant advancement following the successful auction of the mining rights, reflecting the company's expertise in mining investment, development, and operations [2]. Regulatory Compliance and Next Steps - The company will continue to process the necessary permits for mining rights and accelerate the acquisition of licenses required for mineral processing projects to enhance revenue and profitability [2][3].

1. Report Industry Investment Rating - No information provided regarding the report industry investment rating 2. Core Viewpoints of the Report - The cost support for lithium carbonate is weakening, and attention should be paid to the procurement demand under high basis conditions [1] 3. Summary by Relevant Catalogs 3.1 Fundamental Tracking - **Futures Market Data**: - For the 2507 contract, the closing price was 66,960 yuan, down 1,220 yuan compared to the previous day; the trading volume was 145,735 lots, an increase of 37,558 lots; the open interest was 246,197 lots, an increase of 28,827 lots. - For the 2509 contract, the closing price was 68,320 yuan, down 1,080 yuan; the trading volume was 13,279 lots, an increase of 1,994 lots; the open interest was 33,348 lots, an increase of 3,229 lots [1] - **Spot - Futures Basis**: - The basis of spot - 2507 was 1,890 yuan, up 270 yuan. - The basis of spot - 2509 was 530 yuan, up 130 yuan. - The basis of 2507 - 2509 was - 1,360 yuan, down 140 yuan [1] - **Raw Materials and Lithium Salt Prices**: - The price of spodumene concentrate (6%, CIF China) was 779 US dollars, down 14 US dollars. - The price of lithium mica (2.0% - 2.5%) was 1,560 yuan, down 30 yuan. - The price of battery - grade lithium carbonate was 68,850 yuan, down 950 yuan; the price of industrial - grade lithium carbonate was 67,100 yuan, down 950 yuan [1] 3.2 Macro and Industry News - **Lithium Carbonate Price Changes**: The SMM battery - grade lithium carbonate index price was 68,998 yuan/ton, down 957 yuan/ton compared to the previous working day; the average price of battery - grade lithium carbonate was 68,850 yuan/ton, down 950 yuan/ton; the average price of industrial - grade lithium carbonate was 67,100 yuan/ton, down 950 yuan/ton [2] - **Lithium Ore Resources in Yajiang, Sichuan**: Yajiang County in Sichuan has proven lithium ore resources of 2.2 billion tons, with 3.06 million tons of lithium oxide resources. It has cooperated with industry giants such as CATL, Tianqi Lithium, and Shengtun [3] - **Lithium Concentrate Shipment from Australia**: From April 20th to April 27th, 2025, the total shipment of Australian lithium concentrate to China was 78,000 tons, a decrease of 12,000 tons compared to the previous period, with a weekly average shipment of 69,000 tons [3] 3.3 Trend Intensity - The trend intensity of lithium carbonate was 0, indicating a neutral outlook [3]

Core Insights - Sichuan's Ganzi Prefecture has confirmed lithium resources of 220 million tons, making it a significant player in the lithium mining industry [1] - The lithium resources in Yajiang County are part of the core composition of the Mica Rare Metal Minefield and have the largest proven reserves of spodumene-type lithium ore globally [1] - Yajiang County has established partnerships with major industry players including CATL, Tianqi Lithium, and Shengtun, indicating strong collaboration in lithium resource development [1] Resource Details - The confirmed lithium spodumene resource is 220 million tons, with an additional 3.06 million tons of lithium oxide resources [1] - The mining rights for the Snowsky lithium mine have been obtained by CATL and Shengtun, while Tianqi Lithium's Cozala lithium mine has resumed full operations [1]

Investment Rating - The report maintains a "Cautious Recommendation" rating for the company [6][4]. Core Views - The company reported a significant increase in its own mineral production, but impairment losses have negatively impacted its performance [2][3]. - The lithium concentrate production reached 286,000 tons in 2024, a year-on-year increase of 64.9% [2]. - The average price of battery-grade lithium carbonate in 2024 was 90,000 yuan, down 64.8% year-on-year, indicating a significant price drop due to industry oversupply [2]. - The company expects to see a gradual recovery in profitability from 2025 to 2027, with projected net profits of 226 million, 427 million, and 531 million yuan respectively [4]. Summary by Sections Financial Performance - In 2024, the company achieved revenue of 4.58 billion yuan, a decrease of 42.4% year-on-year, and a net loss attributable to shareholders of 622 million yuan, marking a shift from profit to loss [1][5]. - The gross profit margin for 2024 was 2.4%, down 10.1 percentage points year-on-year, primarily due to falling lithium prices [2][3]. Production and Capacity - The company has successfully increased its lithium concentrate production capacity, with the Sichuan Yelonggou mine producing approximately 75,000 tons and the Zimbabwe Sabi Star mine reaching a capacity of 290,000 tons [2][3]. - The company has also established a lithium salt production capacity of 137,000 tons and 500 tons of metallic lithium by the end of 2024 [2]. Future Outlook - The company anticipates a recovery in net profits starting in 2025, with projected earnings per share of 0.25 yuan in 2025, 0.47 yuan in 2026, and 0.58 yuan in 2027 [5][4]. - The report highlights the potential for increased profitability from the high-grade Muzhong lithium mine, which is expected to significantly enhance the company's integrated production capacity once operational [3][4].

倒计时19天 2025起点锂电圆柱电池技术论坛 暨圆柱电池20强排行榜发布会 活动主题： 聚集新技术 探索新工艺 主办单位： 起点锂电、起点研究院（SPIR） 活动时间： 2025年2月28日 活动地点： 深圳宝安登喜路国际酒店2楼国际厅 活动规模： 500+人 紧随"潮流"，天华新能拟投资开发非洲锂资源。 天华新能今日公告，公司与尼日利亚Kebbi州政府、三冠矿业有限公司(Three Crown Mines Limited，以下简称"三冠矿业")签署《Kebbi州锂资源开发投资协议》，拟共同对标的矿权进行 投资、开发和运营。公司将持有合资公司85%的股份，三冠矿业将持有合资公司15%的股份。 公司预计在Kebbi州总投资额超过2亿美元（折合人民币约14.57亿元）。 天华新能将通过合资公司建设一座尼日利亚的锂矿开采、选矿、尾矿处理现代化工厂，并负责 管理和运营。 公司在项目生命周期内，将承销合资公司的全部产品。 公告显示，三冠矿业是一家尼日利亚矿业公司，旗下锂矿勘探工作已基本结束，钻探显示有良 好的锂资源开发前景，需要引入战略投资者共同开发。 天华新能主营锂电材料业务，主要产品为电池级氢氧化锂与电池级碳酸锂 ...