Macquarie Raises Target Price for Ganfeng Lithium to HK$86 on Improved Profit Outlook

Stock News04-01 17:32

Macquarie has issued a research report indicating that Ganfeng Lithium Group Co., Ltd. (01772) recorded a net profit of RMB 16.13 billion last year, approaching the upper end of its positive profit forecast. Net profit in the fourth quarter reached RMB 16 billion, compared to a net loss of RMB 14 billion in the fourth quarter of 2024, primarily benefiting from rising lithium prices during the period. The report adjusted lithium price forecasts and raised the company's post-tax net profit projections for 2026 and 2027 by 8% and 9%, respectively, to RMB 44 billion and RMB 50 billion, while introducing a 2028 forecast of RMB 56 billion. The target price has been increased from HK$83.5 to HK$86, with an "Outperform" rating maintained. The company plans to increase capital in its battery subsidiary to further expand its downstream battery business. The report suggests that the battery segment will become another driver of revenue and profit alongside lithium. Additionally, lithium prices are expected to receive support due to the Chinese government's promotion of capacity-based electricity pricing policies for energy storage systems, which could enhance profitability and spur further construction of energy storage facilities. Supply disruptions in Jiangxi and Zimbabwe are also contributing to tighter market conditions.

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