Summary of Tianqi Lithium's Conference Call Company Overview - **Company**: Tianqi Lithium - **Industry**: Lithium Industry Key Points and Arguments Financial Performance - In Q1 2025, the company achieved a net profit attributable to shareholders of 104 million yuan, a year-on-year increase of 102.68% [3] - The operating cash flow reached 952 million yuan, indicating robust cash flow performance [3] - The company's net profit after deducting non-recurring items was 44.42 million yuan [2][3] Factors Contributing to Performance Improvement - The improvement in performance is attributed to optimized supply chain management and a shortened lithium ore pricing cycle, which mitigated the impact of pricing mechanism mismatches [2][4] - The cost of chemical-grade lithium concentrate has approached the latest procurement prices due to new lithium spodumene purchases and inventory digestion [2][4] - The production capacity ramp-up and technological upgrades at self-owned factories contributed to a year-on-year increase in lithium compounds and derivatives production and sales [2][5] SQM Investment Impact - The tax dispute resolution with SQM has been confirmed for the 2024 fiscal year, with a positive impact on Tianqi's profits due to increased investment returns from SQM [2][6] Procurement and Pricing Strategy - The current procurement price for lithium ore from Talison is approximately 700 to 750 yuan, based on a weighted average of data from four pricing agencies [2][7] - Despite recent declines in lithium ore prices, Talison's cost advantages remain significant, with cash costs showing little change [2][8] Inventory and Sales Strategy - The average inventory cost has decreased to around 700 to 800 yuan, aligning with current market procurement prices [2][9] - The company employs a long-term sales strategy, maintaining good relationships with downstream customers and adjusting pricing based on market conditions [2][13][14] Industry Challenges and Opportunities - The lithium industry is facing challenges due to lower prices, but domestic production remains stable, with Talison maintaining cost advantages [2][21] - The decline in lithium prices may accelerate market clearing, benefiting cost-advantaged companies [2][22] Future Production Expectations - Overall production is expected to increase steadily, with new projects anticipated to ramp up significantly by 2026 [2][18] - The first phase of the Kwinana project has seen some production improvements, but overall capacity utilization has not yet met expectations [2][19] Strategic Focus - The company continues to focus on strengthening upstream resources while maintaining a balanced approach across upstream, midstream, and downstream operations [2][31][33] - There is an emphasis on enhancing downstream strategies due to perceived weaknesses in that area over the past few years [2][33] Market Outlook - The company remains focused on long-term demand and industry growth, despite short-term price fluctuations influenced by external factors [2][34] - The company is prepared for potential futures trading but is waiting for favorable market conditions to proceed [2][24] Additional Notes - The company has no immediate plans for production maintenance during the Spring Festival, but regular safety inspections are conducted annually [2][35]

Core Viewpoint - The lithium industry is experiencing significant fluctuations, with Tianqi Lithium achieving a turnaround in Q1 2024 while Ganfeng Lithium continues to face losses, highlighting divergent strategies in a challenging market environment [1][2][10][11]. Group 1: Company Performance - Tianqi Lithium reported Q1 2024 revenue of 2.584 billion yuan, a slight decrease of 0.02% year-on-year, and a net profit of 104 million yuan, marking a turnaround from a loss of 3.897 billion yuan in the same period last year [1]. - Ganfeng Lithium's Q1 2024 revenue was 3.772 billion yuan, down 25.43% year-on-year, with a net loss of 356 million yuan, although the loss narrowed from 439 million yuan in the previous year [1][5]. - In 2023, Tianqi Lithium faced a significant revenue drop of 67.75%, with a net loss of 7.905 billion yuan, while Ganfeng Lithium's revenue decreased by 42.66%, resulting in a net loss of 2.074 billion yuan, marking its first annual loss since 2010 [2]. Group 2: Factors Influencing Performance - Tianqi Lithium's Q1 2024 performance improvement is attributed to the resolution of several adverse factors affecting its 2024 results, including better pricing mechanisms for lithium concentrate and reduced production costs [3][4]. - The company also benefited from increased investment income from its associate SQM, which is expected to show year-on-year growth [4]. - Ganfeng Lithium did not disclose specific reasons for its continued losses in Q1 2024, but it indicated that the current lithium prices are likely at a relatively low point [5][6]. Group 3: Market Conditions - The lithium market is currently facing oversupply issues, with lithium prices continuing to decline, impacting the financial health of lithium salt manufacturers [7][9]. - As of April 30, 2024, the average price of battery-grade lithium carbonate fell to 67,900 yuan per ton, a drop of over 9% since the beginning of the year, which has affected cash flow for companies like Ganfeng Lithium [8]. - The industry is expected to see continued oversupply, with significant production increases anticipated in 2025, further pressuring prices [9]. Group 4: Strategic Directions - Tianqi Lithium is focusing on a long-term strategy of strengthening its upstream resources and expanding its midstream production capabilities, aiming for vertical integration in the lithium supply chain [10]. - Ganfeng Lithium is shifting its revenue focus towards lithium battery manufacturing, with a notable increase in the contribution of battery products to its overall revenue [11]. - The company is currently emphasizing its energy storage segment, which faces challenges due to significant overcapacity in the market [12].

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]

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].

2025年3月27日下午，天齐锂业（002466）2024年度业绩说明会在成都举行。公司董事长蒋安琪、董事 会名誉主席蒋卫平带领高管团队与投资者就2024年经营成果、行业挑战及未来战略展开深入交流。尽管 锂价波动导致阶段性亏损，但公司通过产销双增、资源优化和技术创新，展现出较强的抗风险能力与长 期发展韧性。 2024年产销逆势增长，阶段性挑战中显韧性 2024年，全球锂产品价格大幅下滑，天齐锂业实现营业收入130.63亿元，其中锂化合物及衍生品收入 80.75亿元，锂精矿收入49.78亿元。全年实现综合毛利额 60.19 亿元。受市场价格下行及联营公司SQM 税务裁决等非经常性因素影响，公司归母净利润承压，但核心业务仍实现显著增长： 一是产销量双增：锂化工产品生产量为7.07万吨，同比增长39.44%；锂化工产品销量达10.28万吨，同 比增长81.46%，主要得益于安居工厂2.3万吨碳酸锂产能爬坡及奎纳纳氢氧化锂项目投产。 二是现金流稳健：经营活动现金流净额55.54亿元，年末在手现金57.67亿元，资产负债率28.39%，融资 渠道畅通，年内发行低利率短期融资券优化债务结构。 三是资产负债率保持合理水平： ...

天齐锂业 20250327 摘要 Q&A 天齐锂业在 2024 年度的经营业绩和未来发展规划有哪些主要内容？ • 天齐锂业 2024 年营收 130.63 亿元，同比下降 67.75%，主要因锂化合物及 衍生品和紫金矿业收入减少，其中锂化合物及衍生品收入同比减少 39.24%， 紫金矿业收入同比减少 81.7%，铝产品市场价格大幅下滑是主要原因。 • 2024 年公司综合毛利 60 亿元，同比下降 82%，主要受锂价下跌、泰利森定 价机制错配及 SQM 业绩下降和税务事项影响，同时终止澳洲奎纳纳二期项 目计提资产减值损失约 5 亿元人民币，以及文菲尔德汇兑损失。 • 公司锂盐产量连续五年增长，优化库存结构，降低国内生产基地库存成本， 制定市值管理制度并实施限制性股票激励计划，阿安居基地电池级碳酸锂 产能达 2.3 万吨/年，终止奎纳纳二期项目以避免资源浪费。 • 公司积极搭建国内外一体化供应链，通过控股塔迪森和雅江措拉矿，投资 SQM 和日喀则扎布耶股权，扩大境内外优质盐湖资源布局，实现锂精矿 100%自给自足，格林布什矿 2024 年开采量达 306.4 万吨。 • 截至 2024 年底，格林布什锂辉石矿总 ...

Core Viewpoint - Tianqi Lithium Industries reported a significant loss of 7.9 billion yuan in 2024, highlighting the severe impact of market fluctuations and operational challenges in the lithium industry [2][6][10]. Financial Performance - In 2024, the company's revenue was 13.06 billion yuan, a decrease of 67.75% compared to 2023 [5][9]. - The net profit attributable to shareholders was a loss of 7.9 billion yuan, marking a decline of 208.32% from a profit of 7.3 billion yuan in 2023 [5][10]. - The gross profit margins for lithium ore and lithium compounds were 63.71% and 35.21%, respectively, down by 26.73 and 38.64 percentage points year-on-year [8]. Operational Challenges - The decline in lithium product prices led to a significant drop in the company's overall gross margin, exacerbating the losses [6][10]. - The company faced additional pressures from its subsidiary, Talison, which affected the pricing mechanism for lithium salt products, resulting in cost overruns [6][10]. Investment Losses - Tianqi Lithium's investment in SQM resulted in a loss of 8.85 billion yuan, contributing to an overall investment loss of 8.4 billion yuan for the year [10][12]. - The company recorded substantial asset impairment losses totaling 2.11 billion yuan, significantly higher than the previous year's losses [12][13]. Market Position and Future Outlook - The company's market capitalization has drastically decreased from nearly 220 billion yuan in July 2022 to approximately 50.9 billion yuan by March 2025, reflecting an evaporation of nearly 169.1 billion yuan [15][16][17]. - The management acknowledged the cyclical nature of the lithium industry and emphasized the need for strategies to mitigate the impact of price volatility on performance [18][20]. - The new chairperson, Jiang Anqi, outlined plans to enhance resource supply stability and expand production capacity, aiming to strengthen the company's competitive position in the lithium market [20][21][22].

Core Viewpoint - The lithium industry is experiencing significant cyclical fluctuations, which have severely impacted Tianqi Lithium's performance in 2024, leading to a substantial revenue decline and a notable net loss [1][3][15]. Financial Performance - Tianqi Lithium reported a revenue of 13.06 billion yuan in 2024, a year-on-year decrease of 67.8% [1][6]. - The company incurred a net loss of 79.05 billion yuan in 2024, attributed to both core business performance and non-recurring losses [5][14]. - The gross profit margins for lithium ore and lithium compounds were 63.71% and 35.21%, respectively, down by 26.73 percentage points and 38.64 percentage points compared to the previous year [5]. Operational Challenges - The cyclical downturn in the industry has affected not only the main business but also investment income and asset impairment, with total asset impairment losses reaching 2.11 billion yuan, a significant increase from the previous year [3][10]. - The company faced a substantial increase in financial expenses, which rose to 899 million yuan in 2024, a 5503.69% increase year-on-year [11]. Strategic Responses - The management is focused on stabilizing operations amidst cyclical fluctuations, with plans to enhance raw material sourcing and expand lithium salt production capacity [19]. - The company aims to strengthen its competitive advantage in the lithium industry by exploring opportunities across the supply chain and expanding its global business footprint [19][20]. Market Context - The lithium market has transitioned from a niche to a bulk commodity, with international market changes impacting company performance unexpectedly [17]. - Tianqi Lithium's stock price has seen a dramatic decline from over 130 yuan in July 2022 to 30.99 yuan as of March 27, 2024, reflecting the volatility in the industry [14].

净亏损超79亿元，天齐锂业交出上市以来最差成绩 单 图片来源：界面图库 天齐锂业(002466.SZ)交出上市以来最差成绩单。 3月26日晚间，天齐锂业发布业绩报告称，去年该公司实现营业总收入130.63亿元，同比下降67.75%； 实现归属于上市公司股东的净亏损为79.05 亿元，同比下降208.32%。 天齐锂业曾表示，截至2024年12月31日，该公司二期氢氧化锂项目前期相关投入累计约14.12亿元，该 金额占公司上一年度经审计净资产的比例约为2.74%；本次项目终止预计减少公司2024年度归属于母公 司股东的净利润金额约5.01亿元，占公司最近一个会计年度经审计净利润的6.86%。 这是自天齐锂业上市以来，亏损最为严重的一年。天齐锂业于2010年8月31日上市，主营业务是锂精矿 及锂化工产品的生产、加工和销售。该公司的主要产品为锂矿、锂化合物及衍生品，主要应用于电动汽 车、三类电子产品和新型储能等终端市场。 进行了裁决，撤销了税务和海关法庭在 2022年11月7日对于该案件的裁决结论，导致其确认了约11亿美 元的所得税费用，并相应减少其净利润约11亿美元。 报告期内锂产品的市场价格大幅下滑，导致该公司 ...