Tianqi Lithium Industries Inc Class A
002466: XSHE (CHN)
Morningstar Rating for Stocks | Fair Value | Economic Moat | Capital Allocation |
---|---|---|---|
¥28.70 | Vsxzpzd | Bcdzrry |
Tianqi Earnings: Strong Top-Line Growth With Resilient Margin Despite Lithium Price Decline
Narrow-moat Tianqi reported first-quarter net profit growth of 46% year over year to CNY 4.9 billion, accounting for 26% of our full-year estimate. Despite first-quarter average lithium prices plunging more than 20% from a record fourth quarter last year, gross margin still managed to gain 5 percentage points from last quarter to 89.8%, demonstrating the resilient margin profile of its upstream lithium mining business and the value of its self-sufficiency in lithium resource supply.