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Tianqi Lithium Industry: The mid-term report forecast exceeded expectations and is optimistic about the release of performance in the second half of the year

The company released the 2016 midterm report forecast, with performance exceeding expectations. On July 13th, the company announced a revised notice for the 2016 midterm performance forecast. It is expected that the net profit attributable to the parent company for January to June 2016 will be between 72 million and 75 million yuan, which is higher than expected compared to the performance forecast for the first quarter report. The company disclosed an expected midterm net profit of 600 million yuan to 65 million yuan in the first quarter report of 2016. There are two important reasons: 1. The price increase of lithium products in the second quarter of 2016 exceeded the original estimate, resulting in an increase in gross profit compared to the original estimate; 2. Affected by changes in foreign exchange rates such as the Australian dollar and US dollar, as well as the reasonable use of hedging tools, financial expenses - exchange gains and losses decreased compared to the original estimate.

The company's production release is accelerating in the second half of the year, and it is expected to increase by about 25% compared to the first half of the year. The company has two important lithium carbonate production bases, 1. Sichuan Shehong Base, with a total output of 17200 tons, including 10500 tons of lithium carbonate, 5000 tons/year of lithium hydroxide, 1500 tons/year of anhydrous lithium chloride, and 200 tons/year of metal lithium. The first half of the year is in the spring maintenance stage before February, and it is expected that the production will increase by more than 20% in the second half of the year. 2. The Zhangjiagang Base in Jiangsu Province has a designed production capacity of 17000 tons. The production capacity was 900 tons per month before May, and after May, through technological transformation, a production capacity of 1200 tons per month was achieved. It is expected that the production capacity will increase by about 30% in the second half of the year. Overall, as the second half of the year enters the peak season of production and sales, the company's total production will increase by more than 25% compared to January June.

New energy vehicles are expected to enter the peak production and sales season in the second half of the year. From January to June 2016, the national production of new energy vehicles was 177000 units, a year-on-year increase of 125%. We believe that there will be an explosive increase in production in the second half of the year, with important logical points: 1. The verification of the "fraudulent subsidy" incident is gradually coming to an end; 2. The subsequent subsidy policies for new energy vehicles by the country and government are expected to be intensively introduced from July to August. Currently, the production cost of electric vehicles is high, and domestic new energy vehicle production relies heavily on policy subsidies to stimulate. The introduction of subsidy policies will greatly stimulate a surge in production and sales. At the same time, the China Association of Automobile Manufacturers predicts that due to the implementation of subsidy policies in the second quarter, the sales of new energy vehicles in China will only start to increase in the second quarter. It is expected that the sales in the second half of the year will be higher than in the first half, and the sales target of 700000 new energy vehicles for the whole year will not be changed.

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