天齐锂业 20250507 摘要 • 公司一季度归母扣非净利润 4,442 万元，经营活动现金流净额 9.52 亿元， 现金流稳健，经营具韧性。受益于优化供应链管理和缩短锂矿定价周期， 降低了定价机制错配的影响，有效改善了公司业绩。 • 国内新购锂辉石入库及库存锂精矿消化后，国内生产基地化学级锂精矿成 本已接近最新采购价。自产工厂产能爬坡和技术改造也推动了 2025 年一 季度锂化合物及衍生品产销量同比增长。 • SQM 税务争议裁决的影响已在 2024 年度确认，彭博社预测 SQM 2025 年一季度业绩预计同比增长，公司确认的对 SQM 投资收益较上年同期有 所增长，对公司利润产生积极影响。 • 公司从泰利森采购锂矿价格约为 700 至 750 元，定价机制基于亚洲金属 网等四家机构上月数据加权平均，并给予股东折扣。库存均价已降至当前 采购成本水平，有效控制了成本。 • 尽管近期锂矿价格有所下降，但泰利森矿山成本优势明显，现金成本变化 不大。公司销售策略以长单为主，定价参考 SCM 价格并随市场调整折扣， 与下游客户保持良好关系。 Q&A 请介绍一下公司在 2025 年第一季度的业绩情况。 2025 年第 ...

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].

本报记者 舒娅疆 4月30日，A股锂行业龙头天齐锂业股份有限公司（以下简称"天齐锂业"）披露2025年一季报。公司一 季度业绩回暖，报告期内实现营业收入25.84亿元，同比基本持平；归属于上市公司股东的净利润1.04亿 元，同比顺利扭亏为盈。 从一季度业绩变动的主要原因来看，得益于天齐锂业旗下公司Talison Lithium Pty Ltd（简称"泰利森"） 化学级锂精矿定价机制与公司锂化工产品销售定价机制周期错配的影响大幅减弱，随着国内新购锂精矿 陆续入库及库存锂精矿的逐步消化，公司各生产基地生产成本中耗用的化学级锂精矿成本基本贴近最新 采购价格，同时，受自产工厂爬坡及技改的积极影响，天齐锂业2025年一季度锂化合物及衍生品的产销 量实现同比增长；此外，天齐锂业重要联营公司SQM一季度业绩预计将同比增长，因此公司确认的相 关投资收益同比增长。上述因素对天齐锂业2025年一季度的业绩带来了积极影响。 努曼陀罗商业战略咨询创始人霍虹屹向《证券日报》记者表示："天齐锂业在2025年一季度实现净利润 同比由亏转盈，释放出清晰的积极信号。此番盈利主要来自公司多方面工作的协同，其中，过去困扰公 司盈利能力的锂矿定价周 ...