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大行評級|星展:下調天齊鋰業目標價至48港元 維持“買入”評級
星展發表研究報吿指,天齊鋰業今年首季收入按年下跌77%,並且由盈轉虧,錄得淨虧損約39.2億元,對比上年同期錄盈利約48.8億元,主要受到鋰價大幅下跌,以及SQM的税務減值損失所影響。該行指出,現時鋰價已從歷史高位回落,並趨於穩定,其中碳酸鋰價格從2022年底的歷史高位每噸約57萬元,降至今年5月的約12萬元,預測今年全年碳酸鋰價格將穩定在每噸10萬至12萬元水平,隨着未來幾年採礦成本下降,預期升幅將受限。星展估計來自SQM税務爭議減值僅屬一次性影響,並已在首季反映,憧憬該公司未來業績表現將與其鋰化合物產能擴張及鋰精礦開採成本節省趨勢相符,維持“買入”評級,目標價由57港元降至48港元。
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