天齐锂业-中性评级）- 等待 2025 财年复苏

Tianqi Lithium Corp 002466.SZ 002466 CH EQUITY: BASIC MATERIALS Awaits recovery in 2025F Healthy balance sheet, while Kwinana may remain an overhang; maintain Neutral On a consolidated basis, Tianqi's balance sheet looks relatively healthy, with net-debt-to- equity of 19% as of end-2024. The company recorded positive operating cash flow of CNY5.55bn in FY24 (4Q24: CNY1.36bn), with CNY5.8bn cash on hand as of year-end, which should be adequate to cover the capex for its remaining projects, in our view (after ...