2025年4月30日，天齐锂业(002466.SZ)发布2025年第一季报。截至2025年4月30日，共有42个机构投资 者披露持有天齐锂业A股股份，合计持股量达5.80亿股，占天齐锂业总股本的35.37%。其中，前十大机 构投资者包括成都天齐实业(集团)有限公司、香港中央结算有限公司、中国证券金融股份有限公司、中 国工商银行股份有限公司-华泰柏瑞沪深300交易型开放式指数证券投资基金、中国建设银行股份有限公 司-易方达沪深300交易型开放式指数发起式证券投资基金、中国工商银行股份有限公司-华夏沪深300交 易型开放式指数证券投资基金、中国银行股份有限公司-嘉实沪深300交易型开放式指数证券投资基金、 中国邮政储蓄银行股份有限公司-东方新能源汽车主题混合型证券投资基金、汇添富中证新能源汽车产 业指数(LOF)A、富国中证新能源汽车指数A，前十大机构投资者合计持股比例达34.35%。相较于上一 季度，前十大机构持股比例合计下跌了0.39个百分点。 外资态度来看，本期较上一季度持股减少的外资基金共计1个，即香港中央结算有限公司，持股减少占 比达0.19%。 公募基金方面，本期较上一期持股增加的公募基金共计7个，主 ...

Performance Summary - In 2024, the company achieved revenue of 5.364 billion yuan, a year-on-year decrease of 10.8%, primarily due to the decline in lithium prices [1] - For Q1 2025, revenue was 1.536 billion yuan, a quarter-on-quarter decrease of 14.38% but a year-on-year increase of 36.37%, driven by significant growth in cesium and rubidium salt business [1] - The net profit attributable to shareholders for 2024 was 757 million yuan, down 65.72% year-on-year; in Q1 2025, the net profit was 135 million yuan, a quarter-on-quarter decrease of 36.19%, with a loss of 100 million yuan from the Tsumeb smelter [1] Lithium and Cesium Sales - In 2024, lithium salt production doubled, with output and sales reaching 43,732 tons and 42,649 tons respectively, up 138% and 145% year-on-year; cesium salt production remained stable at 960 tons, while formic cesium sales decreased by 21% to 2,320 bbl [2] - The average selling price of lithium salt in 2024 was 73,400 yuan/ton, a decrease of 70% year-on-year; the average price of cesium salt was 862,600 yuan/ton, an increase of 22%, with formic cesium averaging 287,500 yuan/bbl, up 102% [2] - In Q1 2025, lithium salt sales were 8,964 tons, a year-on-year increase of 13%, while cesium salt sales surged by 78% to 265 dry tons; the average spot price of lithium carbonate was 75,800 yuan/ton, down 1% year-on-year [2] Business Synergy - The company owns lithium mines in Zimbabwe (Bikita) and Canada (Tanco), with a total processing capacity of 4.18 million tons/year; in 2024, lithium salt sales reached 42,600 tons, with self-sourced mines contributing 39,500 tons, achieving a self-sufficiency rate of 93% [3] - Lithium business generated revenue of 3.1 billion yuan in 2024, accounting for 58% of total revenue, down 13 percentage points year-on-year, with a gross profit of 583 million yuan, representing 33% of total gross profit, down 41 percentage points year-on-year [3] - The cesium and rubidium salt segment, as a global leader, achieved revenue of 1.4 billion yuan in 2024, up 7% year-on-year, accounting for 26% of total revenue, with a gross profit of 1.1 billion yuan, up 40 percentage points year-on-year, and a gross margin of 64% [3] Smelting Business - In Q1 2025, the Tsumeb smelter in Namibia incurred a net profit loss of 100 million yuan, impacting short-term performance; however, the company has implemented cost reduction and efficiency improvement measures to restore profitability [4] - The historical low of lithium prices has positioned the cesium and rubidium business as a stabilizing factor for profitability; in 2024, the overall gross margin was 33%, down 22 percentage points year-on-year, while the cesium and rubidium business gross margin improved to 78%, up 14 percentage points [4] - In Q1 2025, the gross margin was 22%, down 5% quarter-on-quarter, while the cesium and rubidium business achieved a gross margin of 67%, significantly supporting the company's profitability during the lithium price decline [4] Investment Outlook - The company is strategically positioned in cesium, rubidium, lithium, and copper sectors, gradually implementing a multi-metal platform development strategy; this diversified approach is expected to solidify the company's fundamentals and enhance performance elasticity amid declining lithium prices [4] - The company has notable advantages in exploration and management, which are expected to lead to continuous cost reductions; projected net profits for 2025-2027 are 642 million, 1.063 billion, and 1.840 billion yuan respectively [4]

1）雅化集团 （幻方量化参与公司电话会议） 调研纪要：雅化集团坚持双主业发展战略，报告期内锂盐长协客户订单需求稳定，产线逐步建设投产， 民爆业务产能有效释放并积极拓展爆破业务。2024年全年实现营业收入77.16亿元，同比下降35.14%， 净利润2.57亿元，同比上升539.36%；2025年一季度实现营业收入15.37亿元，同比下降17.03%，净利润 8,246.44万元，同比上升452.32%。公司拥有津巴布韦卡玛蒂维锂矿68%控制权，年处理锂矿石230万 吨，现有氢氧化锂产能6.3万吨，碳酸锂产能3.6万吨，预计2025年将新增3万吨氢氧化锂产能。客户包括 特斯拉、松下、LGES等知名企业，海外客户订单占比较大。民爆业务覆盖四川、西藏、新疆等20余个 省市区，客户包括中铁建、中电建等大型央企。公司自2013年收购新西兰红牛公司后，加大在非洲和澳 洲区域民爆业务的拓展力度。 根据市场公开信息及4月30日披露的机构调研信息，知名私募幻方量化近期对1家上市公司进行了调研， 相关名单如下： 机构简介： 幻方量化(九章资产)是一家依靠数学与计算机科学进行量化投资的对冲基金公司。创始团队于2008年开 始致力于 ...

2025 年一季报点评：资源布局步入收获期， 锂电 25 年利润增量可观 买入（维持） | [Table_EPS] 盈利预测与估值 | 2023A | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业总收入（百万元） | 32,972 | 18,906 | 20,802 | 24,842 | 29,087 | | 同比（%） | (21.16) | (42.66) | 10.03 | 19.42 | 17.09 | | 归母净利润（百万元） | 4,946.81 | (2,074.01) | 813.22 | 1,583.61 | 2,454.32 | | 同比（%） | (75.87) | (141.93) | 139.21 | 94.73 | 54.98 | | EPS-最新摊薄（元/股） | 2.45 | (1.03) | 0.40 | 0.79 | 1.22 | | P/E（现价&最新摊薄） | 12.31 | (29.35) | 74.86 | 38.44 | 24.80 | [Table_Tag] ...

碳酸锂月报： 供需失衡，锂价重心下移 分析师：张清 咨询账号：Z0019679 中辉期货研究院 2025.4.30 本月碳酸锂市场观点摘要 【宏观概况】中国一季度GDP同比增长5.4%，与上年四季度增长5.4%持平，比上年同期增长5.3%回升了0.1个百分点。CPI同比下降 0.1%，上年四季度为上涨0.2%，上年同期为持平，侧面反映出消费需求不足的问题仍较为突出。工业、投资、零售和出口等主要 经济指标，在宏观调控政策的积极作用下整体表现尚可，部分指标开始回升，924以来的积极政策取得了一定效果，对整体经济的 平稳运行发挥了重要作用。特朗普关税政策明显超出市场预期，二季度将成为各个国家与美国的重要谈判窗口，市场波动率上升。 【供应端】4月产量预计7万吨左右，环比上月下滑7%。4月随着锂价重心下移，外采矿冶炼厂利润倒挂严重。此外龙头大厂季节性 检修带动产量小幅回落。但盐湖季节性生产旺季即将到来，若矿端减停产不及预期，5月产量仍将维持高位。 【需求端】乘联会数据显示，4月1—20日，全国乘用车新能源市场零售47.8万辆，同比去年4月同期增长20%，较上月同期下降11%， 零售渗透率53.3%，今年以来累计零售28 ...

赣锋锂业（ [Table_StockNameRptType] 002460） 公司点评 全球布局提升自给率，产能建设持续推进 | | | | [Table_BaseData] 收盘价（元） | 30.18 | | --- | --- | | 近 12 个月最高/最低（元） | 45.30/24.90 | | 总股本（百万股） | 2,017 | | 流通股本（百万股） | 1,209 | | 流通股比例（%） | 59.92 | | 总市值（亿元） | 609 | | 流通市值（亿元） | 365 | [公司价格与沪深 Table_Chart] 300 走势比较 -36% -17% 2% 21% 40% 4/24 7/24 10/24 1/25 赣锋锂业 沪深300 [Table_Author] 分析师：许勇其 执业证书号：S0010522080002 邮箱：xuqy@hazq.com 分析师：牛义杰 执业证书号：S0010524050005 邮箱：niuyj@hazq.com 1、《赣锋锂业 24 年 Q3 点评： Q3 业绩超预期，一体化布局持续推进》 2024-11-6 主要观点： ⚫[Table_Su ...

证券研究报告|行业研究报告 [Table_Date] 2025 年 4 月 30 日 [Table_Title] Greenbushes 锂矿 2025Q1 产销量分别同比增长 22%/100%至 34.1 万吨/36.6 万吨， 2025Q1 单位 现金生产成本同比下降 12%至 341 澳元/吨 [Table_Title2] 有色金属-海外季报 [Table_Summary] 季报重点内容: ►锂业务 1、Greenbushes 锂矿（100%基础） 2025Q1 锂精矿生产量为 34.1 万吨，环比减少 13%，同比 增长 22%。环比产量下降反映了选矿厂产量下降和进料品位降 低，符合预期。 2025Q1 锂精矿销售量为 36.6 万吨，环比增长 17%，同比 增长 100%。环比销量增长，部分原因是由于港口拥堵，前一 季度的发货延迟至 2025 年 1 月。 Greenbushes 控股公司 Windfield Holdings 向 TLEA 支付 了 5610 万美元（8840 万澳元）的股息。 3 月份股息支付后，Windfield 季度末的现金余额为 4.243 亿美元（6.757 亿澳元），已 ...

Company Performance - Tianqi Lithium achieved a net profit of 104 million yuan in Q1 2025, marking a turnaround from losses in the previous year, with revenue at 2.584 billion yuan, roughly flat year-on-year [1][2] - The improvement in performance is attributed to the reduced impact of the mismatch between lithium ore pricing and lithium chemical product sales pricing, along with increased production and sales of lithium compounds and derivatives [1][2] - The company's joint venture SQM is also expected to report a year-on-year increase in performance, contributing positively to Tianqi Lithium's investment income [1] Industry Outlook - The lithium industry is showing signs of recovery in Q1 2025, with other companies like Cangge Mining, Yongxing Special Materials, and Rongjie also reporting profits, while Ganfeng Lithium reduced its losses [2] - Analysts predict that lithium prices will fluctuate between 50,000 to 90,000 yuan per ton in 2025, with potential downward pressure in the first half due to inventory and seasonal demand factors, but a slight rebound is expected in the second half as demand from new energy vehicles and energy storage projects increases [3] - The industry is expected to focus on resource endowment, cost control, and technological innovation, with companies like Tianqi Lithium, which have quality resources and low-cost advantages, likely to benefit during industry consolidation [3] Strategic Initiatives - Tianqi Lithium employs a vertically integrated business model, ensuring 100% self-sufficiency in raw materials, which helps minimize costs while maximizing profit margins on lithium products [3] - The company plans to continue investing in research and development, enhancing process technology, and deepening cooperation with upstream and downstream partners in the lithium supply chain [3] - Tianqi Lithium aims to adapt its operational strategies flexibly in response to market changes and lithium price fluctuations, thereby strengthening its competitive position and enhancing long-term shareholder value [3]

省政府新闻办举行"万千气象看四川·县域经济高质量发展"系列主题新闻发布会马尔康专场 发布会现场 2025年4月28日，省政府新闻办在四川新闻发布厅举行"万千气象看四川·县域经济高质量发展"系列主题 新闻发布会马尔康专场，马尔康市委副书记、市人民政府市长蒋刚围绕"抢抓'强州府・建名城'机遇 谱 写马尔康高质量发展新篇章"作介绍并答记者问，马尔康市委常委、市人民政府常务副市长潘勇，马尔 康市人民政府副市长阿南，马尔康市人民政府副市长泽仁机答记者问。 发布会由四川省新闻中心副主任王敏主持 主体发布＞＞ 马尔康，藏语意为"兴旺发达之地"，地处青藏高原东南缘、四川省西北部，是阿坝州唯一的县级市，是 阿坝州州府所在地，是阿坝州行政、文化、金融、信息中心。马尔康城区东西长13公里，南北宽300 米，长宽比例为40:1，像一条超长待机巨龙躺在梭磨河大峡谷之间。 马尔康 "川西最瘦一线城市" 精品"三线"邀约您 ▲马尔康市委副书记、市人民政府市长蒋刚： 马尔康被誉为长征"北上驿站"，红军在这里转战停留14个月，卓克基会议会址被列为100个红色旅游经 典景区之一，胡底革命烈士纪念广场是四川省首个全国"国家安全教育基地"。马尔康拥 ...

证券代码：002497 证券简称：雅化集团 四川雅化实业集团股份有限公司投资者关系活动记录表 编号：20250429 投资者关 系活动类 别 特定对象调研 分析师会议 媒体采访 业绩说明会 新闻发布会 路演活动 现场参观 其他（电话会议） 参与单位 名称及人 员姓名 长江证券：王筱茜、徐静、肖百桓 景顺长城：韩文强 中欧基金：王颖俐 长城基金：李金鸿 华宝基金：董宇博 工银瑞信：董明斌 易方达基金：胡致远 诺德基金：孙小明 边域基金：夏天 混沌投资：黎晓楠 幻方量化：徐程惠 慎知资产：张洪宇 工银理财：张田远 世纪证券：马子淇 中天国富证券：邓运盛 长江自营：胡加琪 招商信诺：陈江威 中信保诚保险：韩宇 华泰资产：郭元方 摩根士丹利：蒋卓 民生证券：南雪源、徐颖 中金公司：张家铭 光大证券：马俊 国海证券：杨丽蓉 美国银行：陈颖欣 华福证券：周丹露 方正证券：韩宇、黄雪茹 高盛：Joy Zhang、Daisy Dai 时间 2025 年 4 月 29 日 地点 线上电话会议 上市公司 接待人员 姓名 董事会秘书：郑璐 投资者关系管理：黄国城 投资者关 系活动主 要内容介 绍 一、公司 2024 年及 2025 ...