Core Viewpoint - Rio Tinto and Codelco have signed a binding agreement to form a joint venture for the development and operation of the Maricunga salt lake lithium project in Chile, with a total investment of up to $900 million planned [1] Group 1: Joint Venture Details - The joint venture will be established to develop and operate the Maricunga salt lake lithium project [1] - Rio Tinto will acquire a 49.99% stake in Maricunga Salt Lake Limited, which holds the licenses and mining rights for the project [1] Group 2: Investment Breakdown - Rio Tinto plans to invest an initial $350 million for further research and resource analysis to advance the project towards a final investment decision [1] - Upon deciding to proceed with the project, Rio Tinto will invest an additional $500 million to cover construction costs [1] - If the joint venture achieves its goal of delivering the first batch of lithium by 2030, Rio Tinto will inject an additional $50 million into the company [1]

Group 1 - The core viewpoint of the news is that Jiangxi Ganfeng Lithium Co., Ltd. has been rated AAA by Oriental Jincheng International Credit Rating Co., Ltd., indicating a stable credit outlook for the company and its upcoming green medium-term notes [1][2] - Jiangxi Ganfeng Lithium operates a vertically integrated business model covering lithium resource development, lithium salt deep processing, lithium metal smelting, lithium battery manufacturing, and comprehensive recycling of lithium batteries, which enhances its synergy and overall strength [2] - The company is a significant global producer of lithium compounds and lithium metal, with abundant resource reserves and large-scale lithium processing capacity, ensuring a complete product supply [2] Group 2 - The sales volume of the company's lithium chemical products has been steadily increasing, supported by stable cooperation with major customers [2] - The revenue and gross profit from the company's lithium battery business, which includes power batteries, consumer batteries, and energy storage batteries, have shown continuous growth in recent years [2] - The company's equity has grown rapidly, significantly enhancing its capital strength [2] Group 3 - The company faces geopolitical and exchange rate fluctuation risks due to its primary lithium resources being located overseas, particularly concerning the potential cancellation of lithium mining concessions in Mexico [2] - The company reported losses for the period from January to September 2024, and the lithium supply-demand situation is expected to remain loose in the short term, putting pressure on profitability [2] - Significant capital expenditure is anticipated for future projects like the Mariana lithium salt lake construction, which may lead to short-term liquidity fluctuations [2]

Investment Rating - The investment rating for Tianqi Lithium Industries is "Buy" (maintained) [1] Core Views - The company reported an improvement in profitability in Q1, with ongoing expansion in resource capacity [1] - For 2024, the company expects revenue of 13.1 billion yuan, a year-on-year decrease of 68%, and a net profit attributable to shareholders of -7.9 billion yuan, a year-on-year decrease of 208% [1] - The main reasons for the profitability improvement include a shortened pricing cycle for lithium ore and the resolution of tax disputes impacting net profit [1] - The company is expanding its resource capacity, with planned lithium chemical product capacity exceeding 120,000 tons [2] - The company is expected to achieve net profits of 1.768 billion yuan in 2025, with corresponding P/E ratios of 27, 15, and 9 for the years 2025, 2026, and 2027 respectively [3] Financial Performance Summary - For 2024, the company anticipates revenue of 13.063 billion yuan, with a year-on-year decline of 67.7% [5] - The net profit attributable to shareholders is projected to be -7.905 billion yuan for 2024, with a year-on-year decline of 208.3% [5] - The gross margin is expected to be 46.1% in 2024, improving to 50.2% by 2027 [5] - The company’s return on equity (ROE) is projected to recover from -18.9% in 2024 to 9.9% in 2027 [5] - Earnings per share (EPS) is expected to turn positive, reaching 3.14 yuan by 2027 [5]

Investment Rating - The investment rating for Tianqi Lithium Industries is "Buy" (maintained) [1] Core Views - The company reported an improvement in profitability in Q1, with continued expansion on the resource side [1] - For 2024, the company expects revenue of 13.1 billion yuan, a year-on-year decrease of 68%, and a net profit attributable to shareholders of -7.9 billion yuan, a year-on-year decrease of 208% [1] - The main reasons for the improvement in profitability include a shortened pricing cycle for lithium ore and the resolution of tax disputes impacting net profit [1] - The company plans to expand its lithium chemical product capacity to over 120,000 tons [2] - The projected net profits for 2025-2027 are 1.768 billion, 3.176 billion, and 5.150 billion yuan, respectively, with corresponding PE ratios of 27, 15, and 9 [3] Financial Performance Summary - For 2024, the company expects revenue of 13.063 billion yuan, with a year-on-year decline of 67.7% [5] - The net profit attributable to shareholders is projected to be -7.905 billion yuan for 2024, with a year-on-year decline of 208.3% [5] - The gross margin is expected to be 46.1% in 2024, improving to 50.2% by 2027 [5] - The company anticipates a return on equity (ROE) of -18.9% in 2024, improving to 9.9% by 2027 [5] - The earnings per share (EPS) is projected to be -4.82 yuan in 2024, increasing to 3.14 yuan by 2027 [5]

4月11日晚间，赣锋锂业（002460）发布公告，公司与Lithium Argentina AG(以下简称"LAR")签署合作 开发盐湖意向书，双方将共同开发位于阿根廷的Pozuelos-Pastos Grandes盐湖盆地。 据悉，前述盐湖盆地由三个锂盐湖项目组成，分别为PPG项目、PG项目及SDLP项目。其中PPG项目由 赣锋锂业全资持有，PG项目由赣锋锂业与LAR共同持有，二者持股比例分别为14.89%、85.11%；SDLP 项目亦由公司与LAR共同持有，二者持股比例分别为35%、65%。 根据合作意向书，双方约定将前述三个锂盐湖项目整合成一个新项目(暂定名为"PPGS锂盐湖项目")，并 对整合项目制定分阶段开发规划方案，生产工艺计划部分采用直接提锂法技术，远期规划年产能可达15 万吨LCE。结合客户需求偏好，并考虑成本最优化方案，PPGS锂盐湖项目产品将包括氯化锂或碳酸 锂。 届时，赣锋锂业与LAR在新项目中的权益持有份额，将根据整合后新项目的整体估值协商划分，具体合 作事宜以双方最终合作协议为准。 作为锂电产业链头部企业，赣锋锂业坚持一体化发展战略，当前业务已贯穿上游锂资源开发、中游锂盐 深加工及 ...

Investment Rating - The investment rating for the company is "Outperform the Market" [2][5][23]. Core Viewpoints - The company reported a significant decline in revenue and net profit for 2024, primarily due to falling lithium prices and a mismatch in pricing mechanisms for lithium products [1][8][9]. - Despite the downturn, the company has shown a substantial increase in the production and sales volume of lithium compounds and derivatives, with production up 39.44% and sales up 81.46% year-on-year [1][11]. - The company is focusing on expanding production capacity and has strategic plans in place for resource development in Australia and China, aiming to strengthen its position in the lithium supply chain [15][19]. Financial Performance Summary - In 2024, the company achieved revenue of 13.063 billion yuan, a decrease of 67.75% year-on-year, and a net loss of 7.905 billion yuan, down 208.32% year-on-year [1][8]. - The company’s cash flow from operating activities was 5.554 billion yuan, a decline of 75.52% year-on-year [1][8]. - The financial forecast for 2025-2027 indicates expected revenues of 10.806 billion yuan, 13.340 billion yuan, and 16.097 billion yuan, with corresponding net profits of 2.385 billion yuan, 2.511 billion yuan, and 3.180 billion yuan [3][23]. Production and Capacity - The company produced 1.41 million tons of lithium concentrate in 2024, with chemical-grade lithium concentrate accounting for 1.353 million tons [11][19]. - The company operates five lithium chemical product production bases with a total capacity of 91,600 tons per year, and has plans for further expansion [19][21]. Investment and Strategic Position - The company holds a 22.16% stake in SQM, which is expected to provide significant investment returns as SQM expands its lithium production capacity [20][23]. - The company is strategically positioned with strong resource advantages and plans to enhance its midstream lithium processing capacity, which is expected to support long-term growth [3][15].