The lithium industry has made numb in the first half of the year: Tianqi Lithium Industry's net profit was 10.3 billion, and the net profit of Ganfeng Lithium Industry was 7.25 billion

Thanks to the rise and price of lithium products and prices, in the first half of 2022, lithium resource leaders have achieved significant increase in performance.

On the evening of August 30, Tianqi Lithium (002466.SZ/09696.HK) disclosed the half -annual report in 2022. The company realized operating income of 14.296 billion yuan, an increase of 508.05%year -on -year; net profit attributable to shareholders of listed companies was 10.328 billion yuan , Year -on -year increased by 11937.16%; basic earnings per share were 6.99 yuan. The company plans to repurchase shares for 136 million yuan to 200 million yuan, and the repurchase shares price does not exceed 150 yuan/share.

On the evening of the same day, Ganfeng Lithium (002460.SZ) also disclosed the 2022 semi -annual report, achieving operating income of 14.444 billion yuan, an increase of 255.38%year -on -year; net profit was 7.254 billion yuan, an increase of 412.02%year -on -year; Yuan.

Regarding the expectations of lithium prices, Qu Yinfei, a lithium industry analyst at the Shanghai Steel Union New Energy Division, told the Red Star Capital Bureau that the prices of lithium carbonate and lithium hydroxide have been raised in the near future, while lithium prices still rise in 2022. "From the perspective of the annual supply and demand forecast, there is still a certain difference in supply and demand in the lithium market. The new projects are limited to the lack of mineral end, and production cannot be full. With cost support, lithium prices still have room for lithium prices in 2022. "

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Tianqi Lithium's asset -liability ratio drops to 28%

The highest 20 million yuan repurchase shares

The Tianqi Lithium Half -annual report shows that in the first half of 2022, the contribution income of lithium mines was 4.466 billion yuan, an increase of 417.70%year -on -year, accounting for 31.24%of revenue; gross profit margin was 77.05%, an increase of 18.25%year -on -year. Lithium compounds and derivatives contributed revenue of 9.828 billion yuan, an increase of 560.73%year -on -year, accounting for 68.75%of revenue; gross profit margin was 87.54%, an increase of 40.86%year -on -year.

Tianqi Lithium mentioned in the semi -annual report that operating income increased sharply compared with the same period of the previous year, mainly benefiting from the increase in the global new energy vehicle boom, lithium -ion battery manufacturers accelerated production capacity expansion, downstream positive pole materials and other positive factors. The influence, during the reporting period, the average sales and sales prices of the main lithium products produced by the company increased significantly compared with the same period of the previous year; the joint performance of the joint company SQM in 20122 has increased significantly. The income was 2326 billion yuan.

The price of lithium salt rose from about 50,000 yuan/ton in 2021 to about 500,000 yuan/ton, and then maintained around 480,000 yuan/ton. Data from Shanghai Steel Union on August 29 showed that battery -grade lithium carbonate rose 2,000 yuan/ton, with an average price of 493,000 yuan/ton; industrial -grade lithium carbonate rose 2,000 yuan/ton, with an average price of 481,500 yuan/ton.

Tianqi Lithium was listed on the Hong Kong Stock Exchange in July 2022, raising funds exceeding HK $ 13 billion. On July 27, the company has repaid all the $ 1.129 billion principal and related interest and expenses of the M & A loan. At this point, the company has settled all mergers and acquisitions loans.

According to the financial report, the company actively repaid bank loans through its own funds and IPOs of Hong Kong stocks, etc., to effectively reduce the scale of liabilities. As of the report of this report, the company has repaid all CITIC Military Corporation's mergers and acquisitions loans and other financial liabilities, and the asset -liability ratio has been reduced significantly. As of the end of July 2022, the asset -liability ratio has decreased to about 28%(unaudited), and the leverage target has been fully completed. Essence

In addition, the board of directors of Tianqi Lithium held a meeting on August 30, 2022 to review and approve (including) A shares repurchase plans, and agreed to use its own funds of not less than RMB 136 million and no more than RMB 200 million The company is used to repurchase the company's A shares by centralized bidding transactions for the implementation of employee shareholding plans. The company's repurchase price is no more than RMB 150/share; calculated at the upper and lower limit of the repurchase amount, this time the company can repurchase the company 90.6666 million shares to 1.33333 million A shares.

It is worth mentioning that the assessment conditions at the level of the employee's shareholding plan and the financial indicators such as revenue and net profit are very popular, but the capacity of lithium carbonate. As of the end of 2024, the company's lithium chemical product capacity reached 90,000 tons of lithium carbonate (equivalent). At present, the annual production capacity of lithium chemical products has reached 68,800 tons.

According to the semi -annual report, the Tianqi lithium industry mainly relies on shooting Hong Tianqi, Jiangsu Tianqi and Chongqing Tianqi to provide lithium carbonate, lithium hydroxide, lithium chloride and metal lithium products. Lithium oxide projects and Suining Anju's annual output of 20,000 tons of lithium carbonate projects are in the stage of trial production or construction. Chongqing copper beams have 2,000 tons of metal lithium projects in the planning and construction stage. The production capacity of Talison lithium concentrate was 1.62 million tons/year, and the planned production capacity exceeded 2.1 million tons/year. The company's overall product scale advantage and upstream and downstream collaborative effects were obvious, and the profitability and anti -risk capacity were strong.

Lithium salt production is less than expected

Ganfeng Lithium Industry has expanded production, investment and construction of new projects

In the first half of 2022, Ganfeng Lithium Industry's lithium series of product revenue was 12.137 billion yuan, and revenue accounted for 84.03%, an increase of 309.93%year -on -year; lithium battery series product revenue was 1.88 billion yuan, and revenue accounted for 13.02%, an increase of 146.06%year -on -year. The gross profit margins of lithium series products and lithium battery series products are 68.37%and 15.27%, respectively. Ganfeng Lithium Industry said that the sales of lithium salt production are generally less than expected. In terms of ore supply, due to the needs of the MTMarion mine renovation and expansion, the influence of the transition ore mining on the upper layer of the new pit in the short term, and the shortage of labor in the Australian new crown epidemic, the recent MTMarion ore output and taste have declined to a certain extent. With the gradual completion of the MTMarion Mine Transformation and Expansion and the release of the new lithium salt production capacity of 10,000 tons of lithium salt, lithium salt production and sales in the second half of 2022 are expected to increase.

During the reporting period, the company continued to obtain high -quality lithium resources around the world, and continued to enrich and broaden the diversified supply channels of raw materials. The company obtained 62%of the equity of the Shangrao Songshugang Mining Project through Xinyu Ganfeng Mining; completed the equity delivery of the MaliLAMINA spit project to obtain 50%of the equity of the Mali lithium industry; There are 100%stake in Bacanora and Sonora lithium clay projects. Due to the tight lithium concentrate supply, the MTMarion Smart Pyrant Pyramium Project has been upgraded and transformed by ore treatment capacity. At the end of 2022, the existing lithium concentrate capacity was expanded to 900,000 tons/year.

On the evening of August 30, Ganfeng Lithium issued multiple announcements on the production and expansion of new lithium batteries.

The company intends to invest in the construction of a 6GWH new lithium battery production project with an annual output of 6GWH. The annual output 5GWH new lithium battery project in Jiangxi Xinyu High -tech Industrial Development Zone is intended to increase the scale of the construction scale to 10GWh, and the total investment of the project does not exceed 6.2 billion yuan; The construction scale has been increased to an annual output of 20GWh, and the total investment of the project is not more than 9.6 billion yuan. In addition, its subsidiary Ganfeng Xin Lithium Source intends to use its own funds to not exceed 2 billion yuan, and the annual output of 2 billion small polymer lithium battery projects.

Regarding the investment, Ganfeng Lithium said that it will help improve the production scale, market share and research and development capabilities of the company's lithium battery products, promote the optimization and upgrading of the company's lithium industry chain structure, enhance the company's core competitiveness, and meet the company's upstream and downstream integration. Development strategy. This project has a positive impact on the company's future financial situation and operating results.

Red Star News reporter Wu Danruo

Edit Yu Dongmei Yang Cheng

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