SMM October 29th: after today's trading, Tianqi Lithium Industry released its financial results for the third quarter of 2021. According to the announcement, the company achieved a total revenue of 1.522 billion yuan in the third quarter, an increase of 177.71 percent over the same period last year. The net profit attributed to shareholders of listed companies was 440 million yuan, and the net loss for the same period in 2020 was 407 million yuan, an increase of 209.17 percent over the same period last year. The company's total revenue in the first three quarters was 3.873 billion yuan, an increase of 59.58% over the same period last year. The net profit attributable to shareholders of listed companies was 530 million yuan, compared with a net loss of 1.103 billion yuan in the same period in the first half of the year.
For the reasons for the positive growth of the company's performance, Tianqi Lithium Industry explained that, on the one hand, benefiting from the improvement of global new energy vehicles, lithium-ion battery manufacturers accelerated capacity expansion, downstream cathode material orders warmed up, during the reporting period, the company's main lithium compound product sales and sales prices increased compared with the same period last year; On the other hand, during the reporting period, the return on investment recognized by the company in the associated company Sociedadqua í micayMineradeChileS.A. ("SQM") also increased significantly compared with the same period last year.
In the announcement, Tianqi Lithium Industry also specially pointed out the progress of the company's lithium hydroxide project in Australia. According to the report, as of the date of release of the report, the commissioning work of the first phase of the company's lithium hydroxide project is progressing normally according to the established plan, and strive to achieve the phased goal of achieving the state of marketable products and the factory entering formal operation and trial production by the end of 2021. Of course, in the process of trial production, the company will also carry out timely rectification according to the problems to ensure that the project reaches the design capacity by the end of 2022.
The main project of the second phase of Quinana, Australia, with an annual production capacity of 24000 tons of battery-grade lithium hydroxide monohydrate, which started in 2017, has been basically completed and construction is still on hold. In the future, on the basis of verifying the mature operation of the first phase of the project, the company will adjust the construction plan of the second phase of lithium hydroxide project according to the market demand.
According to the spot quotation of SMM, domestic battery-grade lithium hydroxide has continued to rise since the end of 2020. as of October 29, the average spot price of domestic battery-grade lithium hydroxide was 186500 yuan / ton, up 137000 yuan / ton from the beginning of the year, an increase of 276.8%.
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For the trend of lithium hydroxide in the future, SMM's recent survey found that with the gradual return to normal production in Hunan, Jiangsu and other places, domestic planned production increased significantly in November compared with October, but there is still a small surplus on the supply side. SMM believes that it is difficult for lithium hydroxide prices to rise in the near future. "View details
At the same time of the release of the third quarter results, Tianqi Lithium Industry also replied to the "inquiry letter about Tianqi Lithium Industry Co., Ltd. 2021 semi-annual report" received by the company from Shenzhen Stock Exchange on October 18. In response to questions about the company's semi-annual performance in the inquiry letter, Tianqi Lithium replied that the company did not have significant liquidity risks and major adverse factors affecting its ability to continue to operate.
According to Tianqi lithium industry, since the beginning of 2021, the company has repaid the principal of the loan of about 8.562 billion yuan; as of September 30, 2021, the company's asset-liability ratio has dropped to about 61%. At the same time, benefiting from the positive impact of the recovery of the industry, the company's three major domestic production bases are in full production, the sales prices of lithium compounds and derivatives have risen, and the company's operating net cash flow has increased significantly compared with the same period last year.
As of Oct. 29, Tianqi Lithium Industry rose 2.65% to 94.26 yuan per share.
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