Glory Times on November 4th | Lyon released a report stating that Ganfeng Lithium recorded a profit for the first time in a year in the third quarter, although the growth rate was lower than expected, mainly due to asset impairment caused by lithium price fluctuations. It is expected that the company will still face challenges in the pricing environment for the rest of this year. However, the growth of the energy storage system (ESS) battery business may accelerate, and lithium spodumene pricing is also expected to improve next year. Therefore, the company's H share target price has been raised from HK$18.4 to HK$20, maintaining a "hold" rating. Lyon has reduced the future two-year lithium ore price forecasts to US$1244 and US$1469 per ton respectively, and adjusted the shipment growth forecasts for the company's battery business to 30% and 15%. In addition to the reduced lithium carbonate prices, it is expected that the company will incur a loss of 0.283 billion yuan in this fiscal year, but due to better growth in the ESS market, the profit forecasts for the company's next two fiscal years have been raised by 11% and 4% respectively.