Newsletter summary

Ganfeng Lithium Industry (01772) expects shipments to increase by about 20% in 2024CardestructiongameCitic Lyon maintains its "outperform" ratingCardestructiongameReduce the target price of H shares by 6.Cardestructiongame.3% to 26Cardestructiongame.7 Hong Kong dollars, the target price of A-shares was reduced to 43.5 yuan.

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[Ganfeng Lithium (002460) 2024 shipments are expected to grow by 20%, and CITIC Lyon maintains an "outperform" rating. In its latest research report, Citic Lyon predicts that Ganfeng Lithium (01772) shipments will grow by about 20% in 2024. This forecast is based on the company's strong shipping performance and is seen as a catalyst for business growth. However, the continued downturn in lithium prices may have an impact on the company's profitability. Although Ganfeng Lithium's first-quarter income and net profit fell short of expectations, its gross profit margin performed better. In addition, the company's management said that demand has increased significantly since the second quarter of 2024, and sales of new energy vehicles have continued to be strong. Citic Lyon expects net profit for the 2024-2026 fiscal year to be cut by 4 per cent, 6 per cent and 6 per cent respectively. Citic Lyon kept its rating on Ganfeng Lithium "outperforming the market", but lowered its target price for H shares by 6.3 per cent from HK $28.5 to HK $26.7. At the same time, the target price of A shares has also been lowered to 43.5 yuan. Investors need to pay attention to the further developments of Ganfeng lithium industry in the new energy vehicle market.