Ganfeng Lithium (01772) fell by more than 6%. As of press release, it fell 5.17% to HK$21.1, with a turnover of HK$270,181 million.
The Zhitong Finance App learned that Ganfeng Lithium (01772) fell by more than 6%. As of press release, it was down 5.17% to HK$21.1, with a turnover of HK$270,181 million.
According to news, due to fluctuations in the lithium product market and the tax dispute ruling of the joint venture company SQM, Tianqi Lithium had a maximum advance loss of 4.3 billion yuan in the first quarter of this year. According to data from Zhuochuang News, in the first quarter of 2024, the average price of battery-grade lithium carbonate was 100,000 yuan/ton, down 24.5% from the fourth quarter of 2023.
In addition, Ganfeng Lithium will also disclose its first quarter results on April 29. Lyon previously said that due to the weakening outlook for lithium prices, Ganfeng Lithium's profit forecast for this year and next two years will be lowered by 66% and 69%. According to the Yamato Research Report, the earnings forecast per share for this year was lowered by 20%, and the target price was lowered from HK$29.5 to HK$29. The bank estimates that the company's recurring net profit for the first quarter, without taking into account one-time impairment, was 530 million yuan.