The Zhitong Finance App learned that Ganfeng Lithium (01772) is now up more than 5%. As of press release, it has risen 5.17% to HK$24.4, with a turnover of HK$40.1711 million.

According to the news, Ganfeng Lithium announced its report for the first quarter of 2024. Operating revenue for the reporting period was 5,058 billion yuan, a year-on-year decrease of 46.41%; net profit attributable to shareholders of listed companies was 439 million yuan, a year-on-year profit and loss. CICC said that the company's Q1 performance was in line with expectations, and the gradual digestion of high-priced concentrate stocks in the early period was the main reason for the decline in production costs.

CITIC Lyon said that strong shipments are expected to be a catalyst for Ganfeng Lithium, and lithium prices may remain low. Ganfeng Lithium's net profit for the 2024-2026 fiscal year will be reduced by 4%, 6%, and 6%. The company's first-quarter revenue and net profit fell short of expectations, but gross margin was good. Shipments are expected to increase by about 20% in 2024, and net profit is mainly affected by one-time factors. Management notes that demand has been stronger so far in the second quarter of 2024, and sales of new energy vehicles continue to be strong.