According to the Wise Finance app, CICC released a research report stating that it maintains a 'outperform industry' rating for Ganfeng Lithium (01772), with a 7% target price increase to 25.01 Hong Kong dollars. The company's third-quarter revenue was 4.34 billion RMB, a 43% year-on-year decrease, and a 4% quarter-on-quarter decrease; the net income attributable to shareholders was 0.12 billion RMB, a 25% year-on-year decrease, in line with expectations.

The bank pointed out that the decline in domestic lithium prices led to a decrease in operating income. According to the Asian Metal Network, the average price of battery-grade lithium carbonate in China in the third quarter was 0.079 million RMB/ton, a 24% decrease quarter-on-quarter; the decline in concentrate prices and the consumption of high-priced stocks are conducive to cost control. Since the beginning of the year, the company's inventory of lithium concentrate raw materials and lithium salt products has remained at low levels; mining investment income has weakened profit contributions. CICC believes that the company's self-owned resource projects will reach a turning point in releasing incremental growth in 2025, which is expected to increase the company's self-sufficiency rate from 31% in 2024 to 39% in 2025.