Changes in Hong Kong stocks | Tianqi Lithium (09696) fell more than 4%. Net profit for the third quarter is expected to fall month-on-month, and lithium carbonate futures fell below the 100,000 mark

The Zhitong Finance App learned that Tianqi Lithium (09696) fell by more than 4%, hitting HK$22.56, which is more than 60% lower than the stock price in May of this year. As of press release, it decreased by 4.08% to HK$22.58, with a turnover of HK$82.0414 million.

According to the news, Tianqi Lithium expects to achieve net profit attributable to shareholders of listed companies of 5.1 billion yuan to 6 billion yuan in the first three quarters of this year, an increase of 2734.97% to 3235.26% over the previous year. According to estimates, the company's Q3 net profit is expected to be 858 million to 1,758 million yuan, a decrease of 25%-63% over the previous month. Morgan Stanley attributed the quarterly slowdown to a drop in lithium prices, which fell by 23,700 yuan per ton from quarter to quarter, and indicated that lithium prices fell faster than spodumene, and that processing margins may also be affected in the downward cycle. The bank expects this headwind to continue into the fourth season.

Since this year, the price of lithium carbonate has been on a “roller coaster”. At the beginning of the year, the main contract for lithium carbonate futures began to rise from around 120,000 yuan/ton; in May, driven by supply disturbances and rising downstream demand expectations, it once broke through 200,000 yuan/ton in the intraday market. Subsequently, due to factors such as supply recovery and rising expectations, the price was adjusted again. As of press release, the main contract for lithium carbonate had already fallen below the 100,000 yuan mark.