Tianqi Lithium Industries Inc Class A

002466: XSHE (CHN)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
	¥87.50	Znyssdf	Gnjygnngp

Tianqi Earnings: Profit Missed on Weak Lithium Compound Business Amid Price Decline

Vincent Sun

Oct 27, 2023

Narrow-moat Tianqi's third-quarter net profit fell 71% year over year. While year-to-September revenue is in line with our forecast, net profit only makes up 54% of our full-year forecast. The profit miss was mainly due to a decline in lithium product sales and drop in equity income. Despite plunging lithium prices in the quarter, gross margin still managed to stay at around 85%, demonstrating the resilient margin profile of its upstream lithium mining business.

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