Caught off guard, a rumor triggered a sharp drop, and the market value of Tianqi Lithium Corporation(002466) evaporated nearly 8 billion yuan!
the 100 billion lithium giant collapsed
company emergency response
On February 7, the online transmission Tianqi Lithium Corporation(002466) quinana project in Australia was postponed. Affected by this, the company’s share price plunged during the session, once falling more than 7%. As of the closing, the share price of the stock was 83.08 yuan, down 6.02%, with a total market value of 122.717 billion yuan.
The reporter of the Securities Times called Tianqi Lithium Corporation(002466) on the rumor. The company replied that at present, the company’s phase I lithium hydroxide project in quinana, Australia has been basically put into operation and has begun to put into trial operation. In the follow-up trial production process, the company will start to send samples to customers, and will continue to carry out targeted commissioning and rectification according to the problems in the trial production and customers’ demand for products, so as to make the marketable products meet customers’ requirements. During the trial production, the company will timely carry out targeted rectification work according to the problems, so as to gradually achieve a sustainable and stable production state of the project, with a view to achieving the ultimate goal of reaching the design capacity by the end of 2022.
In addition to the Australian project, a bill of Chile’s constituent assembly may also have an impact on the company’s share price. According to media reports, Chile recently preliminarily passed a proposal to promote the nationalization of copper, lithium and other strategic assets. in response to this matter, the relevant person in charge of Tianqi Lithium Corporation(002466) said that the nationalization of (lithium mine in Chile) has not yet been actually implemented. Previously, the company has signed a contract with the local government and obtained the lithium resource quota before December 31, 2030, which will not be changed. In addition, assuming that the nationalization policy of lithium mine in Chile is implemented, how to deal with the mining equity acquired by the company locally (the Chilean government) also needs to give specific plans.
According to public information, Tianqi Lithium Corporation(002466) is a leading new energy material enterprise with lithium as the core in China and the world. It is a listed company on Shenzhen Stock Exchange. Its business covers the key stages of the lithium industry chain, including the development of hard rock lithium ore resources, the processing and sales of lithium concentrate and the production and sales of lithium chemical products. The company strategically distributes lithium resources in China, Australia and Chile, and establishes partnerships with international customers by virtue of the advantages of vertically integrated global industrial chain, so as to jointly help the electric vehicle and energy storage industry realize the long-term sustainable development of lithium-ion battery technology.
It is understood that the quinana lithium hydroxide plant built by Tianqi Lithium Corporation(002466) in Australia is a world leading battery grade lithium hydroxide plant. The plant is located in quinana Industrial Park, Australia. The project is constructed in two phases with a total annual capacity of 48000 tons. The 24000 ton production line of phase I of the project has started phased commissioning in December 2018.
It is worth noting that Tianqi Lithium Corporation(002466) on January 21, it interacted with the Shenzhen Stock Exchange and responded to the operation of the Australian plant.
2021 pre profit of 1.8 billion yuan – 2.4 billion yuan
far exceeds the prediction
On January 26, Tianqi Lithium Corporation(002466) released the performance forecast for 2021. The company expects to realize a net profit attributable to the parent company of 1.8 billion yuan to 2.4 billion yuan in 2021, with a loss of 1.834 billion yuan in the same period of last year; It is estimated that the non net profit deducted will be 1.08 billion yuan – 1.6 billion yuan.
It is worth noting that the advance profit of Tianqi Lithium Corporation(002466) 2021 is much higher than the previous prediction of institutional investors. The data show that in the past 180 days, a total of 9 institutions have made profit forecasts for Tianqi Lithium Corporation(002466) . The maximum forecast is to achieve a net profit of 1.124 billion yuan in 2021, the minimum is 519 million yuan, and the median forecast is 862 million yuan.
Tianqi Lithium Corporation(002466) said that there are four main reasons for the change of the company’s performance in 2021:
1. The company expects that the operating revenue in 2021 will increase significantly compared with that in 2020, which is mainly due to the improvement of the global prosperity of new energy vehicles, the accelerated capacity expansion of lithium-ion battery manufacturers, the pick-up of downstream cathode material orders and other positive factors. The sales volume and average sales price of the company’s main lithium products in 2021 will increase significantly compared with that in 2020.
2. In 2021, the transaction of introducing strategic investor Igo Limited into the company’s subsidiaries through capital increase and share expansion was completed. According to the relevant standards of accounting standards for Business Enterprises No. 8 – debt restructuring, accounting standards for Business Enterprises No. 22 – recognition and measurement of financial instruments and accounting standards for business enterprises No. 23 – transfer of financial assets, Confirmed the debt restructuring income of 673 million yuan related to the extension of syndicated M & A loans and the amortization of unrecognized financing expenses of 609 million yuan in the corresponding period. Among them, the income from debt restructuring belongs to non recurring profits and losses; The amortization of unrecognized financing expenses is included in financial expenses and does not belong to non recurring profits and losses.
3. The company expects to associate with Sociedad Qu í mica y minera de Chile S.A. (hereinafter referred to as “sqm”) the performance in 2021 will increase significantly year-on-year. Therefore, the investment income of the company confirmed in this reporting period to the associated company has increased significantly compared with that in 2020.
4. Affected by the fluctuation of sqm stock price, LIBOR interest rate and other factors, the income from changes in fair value generated by sqm’s class B share collar option financing business and the investment income generated by hedging business in 2021 were about 45 million yuan (net of tax), an increase over the same period in 2020. The income from changes in fair value and investment income caused by the above collar option financing business and hedging business are non recurring profits and losses.
performance prediction of several lithium enterprises
In addition to Tianqi Lithium Corporation(002466) , a number of listed companies of lithium enterprises have recently issued performance pre hi announcements.
On January 26, Ningbo Shanshan Co.Ltd(600884) (600884) disclosed the announcement of pre increase in performance. The company expects to realize a net profit of 3.1 billion yuan to 3.39 billion yuan in 2021, with a year-on-year increase of 2146% to 2356%. Ningbo Shanshan Co.Ltd(600884) pointed out that during the reporting period, the company accelerated the release of production capacity of its core business, and the overall sales volume and profitability of lithium battery materials business increased significantly year-on-year.
On January 25, Chengxin Lithium Group Co.Ltd(002240) (002240) disclosed the performance forecast for 2021. The company expects to realize a net profit attributable to the parent company of RMB 830 million-920 million in 2021, an increase of 2954.31% – 3285.50% over the same period of the previous year. Deduct non net profit of 848 million yuan to 938 million yuan, with a loss of 227 million yuan in the same period of last year. Chengxin Lithium Group Co.Ltd(002240) pointed out that the company’s performance in 2021 increased significantly compared with the same period of last year, mainly due to the rapid development of new energy industry during the reporting period, the strong growth of downstream customers’ demand for lithium salt, and the sharp increase of the company’s production, sales and sales price of lithium salt compared with the same period of last year.
Ganfeng Lithium Co.Ltd(002460) (002460) announced on January 24 that the company’s pre profit in 2021 was 4.8 billion yuan – 5.5 billion yuan, a year-on-year increase of 368.45% – 436.76%.
During the reporting period, with the rapid development of new energy vehicles and energy storage industry, the demand for lithium salt from downstream customers increased strongly, the production and sales volume of lithium salt products of the company increased, and the product price continued to rise. The new projects in the lithium battery sector of the company were put into operation and the production capacity was gradually released. Therefore, the operating net profit of the company increased year-on-year.
Jiangxi Special Electric Motor Co.Ltd(002176) (002176) the performance forecast was released on January 24. It is estimated that the net profit attributable to the parent company in 2021 will be 350-450 million yuan, with a year-on-year increase of 2343.03% – 3041.03%. During the reporting period, the external environment of lithium carbonate business continued to improve, the downstream demand increased, its sales price increased significantly compared with the same period last year, the production and sales volume of the company’s lithium carbonate business increased significantly compared with the same period last year, and its operating revenue and profitability increased significantly.
Jiangsu Azure Corporation(002245) (002245) the performance forecast was released on January 24. It is estimated that the net profit attributable to the parent company will be 640-700 million yuan in 2021, with a year-on-year increase of 130.26% – 151.84%. Jiangsu Azure Corporation(002245) said that in 2021, the company’s businesses were in good condition, and the three businesses increased. In particular, the lithium battery business continues to be in short supply, with a significant increase in performance compared with the same period of last year, which is the largest source of contribution to the company’s profits.
Hunan Changyuan Lico Co.Ltd(688779) (688779) announced on January 21 that the net profit in 2021 is expected to be 680 million yuan to 700 million yuan, with a year-on-year increase of 519.37% to 537.58%. During the reporting period, there was a strong demand for new energy vehicles, the installed capacity of power batteries surged, the demand of downstream customers for the company’s products increased rapidly, and the production and sales of the company’s products increased significantly year-on-year. In addition, during the reporting period, benefiting from the rapid growth of downstream demand, the company’s products were in short supply, the production line operated at full capacity, the capacity utilization rate was significantly improved, the cost was reduced and efficiency was increased under large-scale production, the unit manufacturing cost of products was reduced, the gross profit was increased, and the company’s profit was increased.
On January 11, Zangger mining (000408) announced that the net profit attributable to the parent company is expected to be 1.4-1.45 billion yuan in 2021, with a year-on-year increase of 511.65% – 533.5%. During the reporting period, the sales price of potassium chloride of the company’s subsidiary Golmud zangge potassium fertilizer Co., Ltd. increased compared with the same period of last year, and the operating revenue and profit increased compared with the same period of last year. The sales volume and sales price of lithium carbonate of the company’s secondary subsidiary Golmud zangge Lithium Industry Co., Ltd. increased significantly compared with the same period of last year, so the operating revenue and profit increased compared with the same period of last year. The company’s long-term equity investment recognized an investment income of 242 million yuan.
favorable policies for the new energy vehicle industry continue
Since the beginning of 2022, the favorable policies of the new energy track have continued.
The work plan of the State Council for energy saving and emission reduction (hereinafter referred to as the “work plan of the State Council”) was issued to further increase the total sales of new vehicles by 24% in May 2025, accounting for about 20% of the total sales of new vehicles by January 2025.
At the same time, the work plan points out that by 2025, the proportion of non fossil energy in total energy consumption will reach about 20% by implementing clean electricity and natural gas substitution. During the 14th Five Year Plan period, the coal consumption in Beijing Tianjin Hebei and its surrounding areas and the Yangtze River Delta decreased by about 10% and 5% respectively, and the coal consumption in Fenwei plain achieved negative growth.
The clear goal given in the work plan is that by 2025, the energy consumption per unit of China’s GDP will be 13.5% lower than that in 2020, the total energy consumption will be reasonably controlled, and the total emissions of chemical oxygen demand, ammonia nitrogen, nitrogen oxides and volatile organic compounds will be 8%, 8%, 10% and 10% lower than that in 2020 respectively. Energy conservation and emission reduction policies and mechanisms have been improved, the energy efficiency of key industries and the emission control level of major pollutants have basically reached the international advanced level, and remarkable achievements have been made in the green transformation of economic and social development.
On January 21, the national development and Reform Commission and other seven departments jointly issued the implementation plan for promoting green consumption (hereinafter referred to as the implementation plan), which proposed encouraging measures such as “vigorously promoting new energy vehicles, gradually abolishing the purchase restrictions of local new energy vehicles” and “government agencies will take the lead in procurement”.
The implementation plan proposes to vigorously promote new energy vehicles, gradually eliminate restrictions on the purchase of new energy vehicles in various regions, promote the implementation of supporting policies such as free travel and right of way, strengthen the construction of supporting infrastructure such as charging and changing electricity, new energy storage and hydrogenation, and actively promote the development of vehicle and marine LNG. Promote the pilot application of new energy vehicle power exchange mode, and orderly carry out the demonstration application of fuel cell vehicles. We will further carry out new energy vehicles to the countryside, encourage automobile enterprises to develop and promote new energy vehicles that meet the travel needs of rural residents, are of high quality, low price, advanced and applicable, and promote the improvement of rural operation and maintenance service system. Reasonably guide consumers to buy lightweight, miniaturized and low emission passenger cars. We will vigorously promote the electrification of vehicles in the public sector and increase the proportion of new energy vehicles in urban public transport, leasing (including online car Hailing), environmental sanitation, urban logistics and distribution, postal express, civil aviation airports and public affairs of Party and government organs. Promote public institutions such as state organs, institutions and organizations to take the lead in purchasing and using new energy vehicles, and equip new and existing parking lots with electric vehicle charging facilities or reserve the installation conditions of charging facilities.
