As expected by the industry, the price of lithium is **, and the performance of enterprises in the upstream of lithium battery will continue to thunder in 2023.
At the end of January, the two major lithium kings in ChinaTianqi Lithium and Ganfeng Lithium released performance forecasts, and their net profits both declined. At present, lithium carbonate is stable at 100,000 tons, and it is impossible to return to the high point of hundreds of thousands. And this also means that the "most profitable period" may no longer exist for lithium salt companies.
Tianqi's net profit in 23 years fell by more than 62 percent year-on-year9%
According to the performance forecast released by Tianqi Lithium, it is expected to achieve a net profit attributable to shareholders of listed companies of 66 in 20232 billion yuan - 895 billion yuan,A year-on-year decrease of 629%-72.56%；The net profit after deducting non-recurring gains and losses was 650 billion yuan - 882 billion yuan, a year-on-year decrease of 6175%-71.81%。
As for the reasons for the decline in performance, Tianqi Lithium said that the main reasons are: the decline in sales of lithium chemical products, resulting in a decline in gross profit; The 2023 annual results of the affiliated company SQM are expected to decline year-on-year, resulting in a year-on-year decline in investment income; The investment income in SES decreased year-on-year; and an increase in asset impairment losses compared with the previous year.
In the long run, the fundamentals of lithium battery continue to improve, with the development and penetration of new energy vehicles and energy storage industries, superimposed lithium battery is constantly developing new application scenarios, and the market demand for lithium carbonate and other resources will inevitably continue to increase.
Tianqi Lithium is also optimistic about the development prospects of the lithium industry. On January 25, it said on the interactive platform that in the medium and long term, the company believesThe fundamentals of the lithium industry will continue to improve in the coming years. For the company, the company's future development goals are clear, and the company will develop steadily in accordance with the established strategic plan. At present, the company is promoting relevant projects in an orderly manner as planned, and at the same time, the company will also pay close attention to and comprehensively study and judge various factors such as market conditions and industry changes, on this basis, formulate appropriate management strategies, and will review and update them in a timely manner in combination with market fluctuations.
Ganfeng's net profit in 23 years fell by more than 79 percent year-on-year52%
On the same day, Ganfeng Lithium released its 2023 performance forecast, with an estimated net profit attributable to shareholders of listed companies of 4.2 billion yuan to 6.2 billion yuandown 79 year-on-year52%-69.76%；The net profit after deducting non-recurring gains and losses was 2.3 billion yuan to 3.4 billion yuan, down 88 percent year-on-year47%-82.96%。
Regarding the performance changes, Ganfeng Lithium said that due to the cyclical impact of the lithium industry, the growth rate of terminal demand has slowed down, lithium salt products have declined sharply, and the decline in lithium ore raw materials has been smaller than the decline in lithium salts and downstream products, resulting in a decline in gross profit margin. In addition, the company made an asset impairment provision for related assets in accordance with accounting standards, so the performance decreased significantly year-on-year.
It is understood that since its establishment, Ganfeng Lithium has continued to deploy upstream lithium mines, and has controlled a number of high-quality lithium resources in Australia, Argentina, Ireland, Mexico, Mali and Qinghai, Jiangxi and other places in China.
Even if the current lithium carbonate and other markets are not as good as before, but in 2024, Ganfeng Lithium is still bucking the trend. On January 18, Ganfeng Lithium announced that its wholly-owned subsidiary, Ganfeng International, intends to acquire no more than 5% of the equity of Mali Lithium from Leo Lithium.
Up to now, Ganfeng Lithium has formed a production capacity of about 120,000 tons of LCE lithium salt products in ChinaThe lithium hydroxide production capacity is 810,000 tons, lithium carbonate production capacity of 410,000 tons。According to the plan, its total lithium salt production capacity will reach 300,000 tons by 2025 and 600,000 tons by 2030.