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    002466   CNE100000T32

TIANQI LITHIUM CORPORATION

(002466)
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China's Tianqi Lithium posts best profit in almost 3 years

10/29/2021 | 04:17pm EST

(Reuters) - China's Tianqi Lithium Corp, one of the world's top producers of lithium chemicals for electric vehicle batteries, on Friday reported its highest quarterly net profit since late 2018 thanks to higher lithium prices and one-off gains.

Tianqi swung to a July-September net profit of 444.01 million yuan ($69.4 million) from a loss of 406.7 million yuan a year earlier, it said in a filing. That marked its best result since a 511 million yuan profit in the fourth quarter of 2018.

Chengdu-based Tianqi had returned to profit in the second quarter of 2021 after a downturn in lithium prices and liquidity shortages left the company in financial trouble and saw it post seven straight quarterly losses.

It secured a $1.4 billion lifeline investment in its Australian operations from IGO Ltd late last year, allowing it to restructure some $3 billion in debt.

The lithium market has also rebounded strongly, with battery-grade lithium carbonate prices in China more than doubling in July-September amid booming electric vehicle demand and now at a record high of 192,500 yuan a tonne.

Third-quarter revenue rose 177.8% year-on-year to 1.52 billion yuan, Tianqi said, attributing the increase mainly to higher prices and sales volumes of lithium products.

Daiwa Capital Markets analysts noted, however, that revenue was up only 5% from the second quarter despite the surge in lithium prices. They cited Tianqi management as saying there was no drop in sales volumes and a bigger impact on revenue would be seen in the fourth quarter.

Excluding one-off items, such as a 673 million yuan gain from debt restructuring, Tianqi would have posted a net loss of 122 million yuan in the third quarter, Daiwa said in a note.

Tianqi rival Ganfeng Lithium, the world's biggest lithium company by market capitalisation, this week reported a 507% rise in third-quarter net profit to a record 1.06 billion yuan.

($1 = 6.3975 Chinese yuan renminbi)

(Reporting by Tom Daly; editing by Jason Neely and Toby Chopra)


ę Reuters 2021
Stocks mentioned in the article
ChangeLast1st jan.
IGO LIMITED -0.31% 12.68 Delayed Quote.10.90%
TIANQI LITHIUM CORPORATION -2.26% 88.36 End-of-day quote.-17.42%
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Financials
Sales 2021 6 276 M 989 M 989 M
Net income 2021 914 M 144 M 144 M
Net Debt 2021 22 826 M 3 596 M 3 596 M
P/E ratio 2021 141x
Yield 2021 0,05%
Capitalization 131 B 20 558 M 20 560 M
EV / Sales 2021 24,4x
EV / Sales 2022 13,8x
Nbr of Employees 1 644
Free-Float 66,6%
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Mean consensus BUY
Number of Analysts 10
Last Close Price 88,36 CNY
Average target price 138,71 CNY
Spread / Average Target 57,0%
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Managers and Directors
Wei Ping Jiang Chairman & President
Jun Zou Chief Financial Officer & Director
Jin Yan Chairman-Supervisory Board
Kun Lun Du Independent Director
Ying Pan Independent Director
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