Gelonghui, December 13 | Daiwa published a report stating that after recent fluctuations in the Guangzhou Futures Exchange, investors are fully aware of the bleak outlook for lithium carbonate prices. The bank downgraded Tianqi Lithium's rating from “outperforming the market” to “losing the market,” and lowered the average price of its lithium products this year from 240,000 yuan to 200,000 yuan per ton, from 192,000 yuan to 83,000 yuan per ton next year, and from 180,000 yuan to 80,000 yuan per ton in 2025. In addition, the bank lowered Tianqi Lithium's 2023-2025 lithium compound production forecast from 64,000 to 106,000 tons to 46,000 to 61,000 tons, and lowered the 2024-2025 spodumene production forecast from 1.65 million to 1.9 million tons to 1.1 million to 1.4 million tons. The bank also lowered Tianqi Lithium's investment income forecast for Chilean Mining and Chemical Company (SQM) from 2023 to 2025 from 5.1 billion to 5.8 billion yuan to 2.8 billion to 3.8 billion yuan to reflect the latest market forecasts. The report cut Tianqi Lithium's H-share target price by nearly half from HK$60 to HK$31, and lowered its earnings per share estimate for 2023-2025 by 33% to 73%. It is believed that the reduction in production at the company's Greenbushes lithium mine in Australia is still one of the future dragging factors.