at this time,EOVThe big broadcast at the venue rang。

“Attention all players,Games appeared in the King of Fighters DivisionBUG,Repeat again,The King of Fighters on stage 74 is suspended,The organizing committee of the conference will hold an emergency meeting on this matter。”
The host’s voice is in addition to the announcement in English,I deliberately used Chinese and repeated it again。
Heard the news,There was buzzing discussion all around the venue。
Genius remembers this site address in one second:.。Mobile version read URL:m.
text Chapter One Hundred and Sixty Nine Forbidden move
? All the King of Fighters players are making a noise。
Some people think that the child’s Iori is unlimitedBUGUp,Seriously affect the balance of the game,Should be banned。
Some people think,This is a new technique developed by the Chinese,Should face its existence,Then find a way to beat it。
For a while,There was a lot of discussion everywhere,Team Menglin and the child were on the cusp。
And this match between Team Menglin and Team Golden Sun,Requested to be suspended。
The child sits in front of the console in a daze,Haven’t got up for a long time。
He remembered the words Menglin said to him on the eve of the game。
“This trick is called a trickUnlimited connection,It’s the ultimate forbidden move of Iori!if possible,We better use it in the finals。Early exposure,It’s hard to say what the result will be。”
“Ok!Menglin brother,If you meet a very strong opponent before the final,What to do if you can’t win?”
“Don’t worry!There are resurrection matches,And me!We two join hands,There is no unbeatable opponent。”
Lu Menglin’s words are still in my ears,It’s a pity that the child was dazzled by victory,He didn’t keep the agreement,But to win,Used a ban in advance。

The man believed in what Hu Yang said,Nod immediately,He’s not in a hurry to spend money anyway,Since it can still appreciate,I must keep it in my hands first。

Populus looked at the time,Bid farewell to everyone:“Folks,We have to go to a place,Don’t bother,Have a chance to come here again。”
A group of people in the village,Especially Luo Mu and others,I also stuffed Populus euphratica with a lot of local products。
Populus estimates,When I go back by myself,I’m afraid to fill up the rhythm of a car!
Chapter One Hundred and Twenty Nine Wumachuan(Subscribe、Monthly pass)
Next,Hu Yang is famous where they are going,Quanzhou。
This city was one of the four largest ports in the world during the Tang Dynasty,Song Yuan Dynasty became“The largest port in the east”,Known by Marco Polo as“City of Light”。
It can be said,Inside a famous historical and cultural city in China,This city can be ranked in the top positions。
this time,Fitch did not follow Populus,Turn around and return to my home。
Wumachuan stood at the street and waited,very nervous。He didn’t expect,I can get Hu’s response,Really invited。His family,I don’t know how to receive rich people like Brother Hu,Afraid of neglect。
He is a street vendor who makes snacks,Start doing it before graduating from high school,It’s been almost ten years。
Speaking of age,May be one or two years older than Hu Yang。But he dare not let Hu Yang call his brother,But just like others,Shout brother Hu。
He who watched the live broadcast,Remembered Hu’s license plate number,After seeing the car,Raise your hands,Crazy swing。
“Hu Ge,Can the car be parked outside?My family lives in a small alley,Can’t get in the car。”After parking,Wumachuan trot over,Explain to Hu Yang。
Populus smiled and nodded,Open the door:“Wuma brothers get in the car first,Let’s find a hotel or something。”
Finished,I also explained to friends in the live broadcast room:“You may not know,Wuma is a surname,Belongs to the double surname,I believe you will see you often in TV series,Such as Ouyang、Orient。”

Thought of here,Qin Feng looked at them and said:“We still think,How to bridge it,Does anyone have a plank that is more than three meters long??If any,Get it out first,Let’s build some bridges that can cross people。”

“Who has such a long plank?”
“Mary next door,This is to be trapped here?”
Many people are very depressed,Seems to be dissatisfied with this kind of thing。
Qin Feng is a little speechless,He didn’t do this,These guys rush like this?
Qin Feng ignored the nonsense of those people,He measures the distance here。
He glanced down again,If you fall,People may have trouble。
Because the distance is four meters high,And there are some sharp things below。
Qin Feng doesn’t know who made this,Can get to this level。
Qin Feng also weighed it,Then he took a deep breath,This place is difficult to handle。
While Qin Feng was thinking,There is already a car coming in the distance。
It’s just that the driving guy turned out to be Zhuang Kai。


PS:Brothers, please wait a few minutes。
What is the state’s requirement for FAW?
the first,Commercial vehicles are autonomous and controllable;second,Hongqi’s international image cannot be lost。
Has FAW achieved these two points??
Not only did it,And it can be said that FAW has overfulfilled,Commercial vehicle,engine、Gearbox、reducer、Independent production of these key large parts of the chassis has been realized;
Has FAW retained Hongqi’s international image??This is also no doubt,Don’t worry about how everyone scolds FAW for not keeping up、Red flag,Speaking of luxury cars,Everyone admits that Hongqi cars are luxury cars(Although it belongs to“Luxury brand I would never buy”series),Everyone admits that the red flag driving on the road is more aura than the Les Les Phantoms。
As for passenger cars,The country has no requirements for FAW in terms of passenger cars.,If you insist,That is to ask for employment,This is also the country’s first requirement for the entire passenger car industry,As for the second requirement,Ok,We all know……
Pull away,Speaking of the current FAW,That day was quite miserable,Hongqi sedan was ordered to stop production by the central government,The old Jiefang, which has been in production for more than 20 years, has been141Unsold shock,Lao Jiefang almost fills up the parking lot,But in this case,The production line of the old liberation dare not stop……Life is as hard as it is。
under these circumstances,Hongqi sedan also wants multi-line combat?What a joke!
“Our FAW’s situation is not so good,Even if I don’t say anything, I guess you can see Mr. Chen,Hongqi car,We can’t invest much money,and so……”Speaking of which,Chen Shouhua suddenly looked up at Chen Geng:“Mr. Chen,Let’s cooperate?”
“What?!”Chen Geng is confused。
Really dumbfounded:FAW invited me to cooperate with Hongqi?!

“Isn’t it?To pass?”

“The reserve price is too high?”
“Hard to say,Brother Hu said just now,Recent years,There are also five or six million Yongle sweet white glaze transactions。It seems,Everyone is cautious,8 million reserve price,Probably a bit high。”
“After all, it’s just the reserve price,Just eight million,After the competition,Isn’t it over ten million??”
“Tut!That’s funny,The auction house overestimated the market price of sweet white glaze,Going to smash in your hands。Brother Hu didn’t suffer,It’s cheaper。”
But the audience in the live room just discussed this topic,A weak voice suddenly appeared at the scene。
“8.2 million!”
Hu Yang look over,Is a young man。I saw him probe his head,Look forward to,Really thought,Everyone thinks the price is high?He only adds 200,000,You can get that Yongle sweet white glaze fine plum bottle。
But when he comes out,Immediately there was a fire in the pan。
“8.4 million!”
“8.8 million!”
“Nine million!”
“9.2 million!”
The young man rolled his eyes,Feelings, you were waiting for others to speak first?All suffocated?
The audience in the Populus live studio was also speechless,I thought this auction was going to collapse,Who knows everyone is still waiting,Wait for others to bid first。
Just when everyone is bidding fiercely,An inconspicuous location,Suddenly raised a hand。
“This gentleman,Please bid。”Jiang Xiaobai smiled。

Facing these few used car dealers who fell into silence,Chen Geng continued:“In addition,You might be surprised to say it,But according to my calculation,After becoming a partner of Fernandez,You actually earn more than the first plan。”

Todd raised his head suddenly in surprise:“Earn more?why?Just because you don’t charge for testing,as long as5%Maintenance fund?It is absolutely impossible。”
“Because the partners will tune up with each other。”
Internal shunting?
Todd、Molson and the others suddenly realized。
When Fernandez had just implemented the four promises,Coordinating with various used car dealers,Maybe it’s because the business of Fernandez is so prosperous.,Maybe it’s simply unhappy with Fernandez,Same car,The price transferred to Fernandez is much higher than the price transferred to other used car dealers:Isn’t the price of your car sold high?,Then I will make a fortune from you。
Everyone has a good idea,But Fernandez is more ruthless,After realizing that I was tacitly targeted by Detroit used car dealers,They first persuade customers who come to buy cars to choose other cars,Most users don’t really insist on the car,If Fernandez recommends a car that meets their requirements,Basically bought,If a customer insists on buying a certain car……Fernandez does a great job,They would rather not do this business,Don’t give Detroit used car dealers a chance to blackmail themselves!
Come and go,The second-hand car dealers in Detroit also know about Fernandez, although they didn’t say it.、But everyone knows the attitude:Want to cheat me?I really want to blind your hearts!
But based on Fernandez’s current daily turnover,If they realize mutual mobilization of vehicles between several partner companies……It’s really exciting to think about it,Let’s not talk about all the other benefits,Only this,At least it can add at least10%Monthly volume?
This is all money!
Just want to understand this,Several used car dealers are silent,One by one, I started to figure it out in my heart:If you become a partner of Fernandez, you can make more money than now,So it doesn’t seem impossible to give up part of the shares。
Only Molson’s grievances:“You didn’t say this just now。”
Chen Geng looked surprised:“Did i not say?”
Molson nodded heavily:“You didn’t say。”
Chen Geng:“Then treat it as I didn’t say it,I probably forgot。”
Finished,Chen Geng is just a pair“Anyway, I’m done with you,Where to go, think about it yourself”Emoji,Master sitting there drinking tea。
Molson suddenly wanted to cry。
More than Molson wants to cry,Several other used car dealers actually want to cry。
At this time,They completely understand,Chen Geng was playing with a yangmou:Promise my terms,You can make more money,Not agree to my terms,Just wait to eat some of my leftovers!
Fernandez has firmly dominated Detroit’s used car turnover10%,And it’s the most profitable10%,Once Fernandez’s high-end used car alliance is established,They can extract the fattest piece of meat in the entire Detroit used car market,Want to occupy20%to25%Of used car turnover is not a problem,In addition, it is estimated to affect5%to10%Customers who were planning to buy a new car,Let them turn around and buy used cars in their alliance。

Sun Paper (002078): Q3 results turn positive, production capacity is released, laying the foundation for long-term growth

Sun Paper (002078): Q3 results turn positive, production capacity is released, laying the foundation for long-term growth

The company released the third quarter report of 2019: report integration to achieve revenue 164.

0 billion (+1.

81%), net profit attributable to mother 14.

85 billion (-17.

57%), net of non-attributed net profit14.

5.8 billion (-18.


Among them, Q3 achieved revenue of 56 in a single quarter.

25 billion (-0.

20%), net profit attributable to mother 5.

9.8 billion (+4.

37%), deducting non-attribution net profit5.

9.5 billion (+4.

35%), the growth rate has achieved positive, and profits continue to improve.

The price increase in Q3 season has been successfully implemented, and the low price of pulp is good for the company’s profit: We estimate that the net profit of the company’s pulp and paper ton in Q3 is about 500+ yuan / ton (expected to be 300+ yuan and 400+ yuan / ton in Q1 and Q2)The item-level upward logic was fulfilled, thanks to: (1) the peak season for the sale of cultural paper in the third quarter, the single ton price of double offset paper / coated paper on September 30 increased by 42 yuan / 84 yuan earlier on June 30; (2)) Pulp raw materials are operating at a low level. On September 30, the single ton price of coniferous pulp / broad leaf pulp / inner plate pulp dropped by 30 US dollars / 175 US dollars / 121 yuan earlier than 30 June.

As of October 28, the single ton price of double offset paper / coated paper increased by 75 yuan / 150 yuan earlier than September 30, respectively, and the price increase continued to land.

Looking forward to Q4 and next year, we believe that: (1) the cultural / copper plate inventory is currently at a level, and the downstream demand is stable, and the subsequent paper price trend is expected to be stable and upward; (2) the global pulp port inventory days are still at historically high levels and still in destockingDuring the cycle, we expect that pulp prices will continue to be weak; (3) Recycling pulp and natural pulp will be put into production during the conversion year. The company’s self-sufficiency rate of waste paper pulp in the company’s kraft box business will benefit earnings.

Overall, we continue to be bullish on the company’s profitability.

The capacity has expanded steadily and the long-term growth path is clear: ending in March 19, the company has a total annual capacity of 412 paper and 170 starch pulp, 19Q4 will be put into operation to replace the natural high-yield biomass fiber project, and will be put into operation in the first half of 21Expected characteristic cultural paper project, Laos 80 case cardboard paper project.

In addition, the company plans to invest 22.9 billion yuan in Guangxi Beihai to build a 350-inch forest-pulp-paper integration project. The project will be carried out in two phases. The first phase of the project is planned to begin in September 2019 to construct an annual output of 80 dehydrated bleached chemical broadleaf pulp and 550,000 tons of culture.With paper, the construction period is two years; in the second phase, the annual output of the construction will be 60 into the pulp, 50 oriented special paper, the annual output will be 15 for household paper and 90 for white cardboard.

It is estimated that by September 2021, the company will have an annual production capacity of 592 notes and 250 pulp, which will effectively consolidate the company’s sales growth.

The gross profit margin increased quarter by quarter, and the expense ratio increased slightly: Q1-Q3’s comprehensive gross profit margin was 21.

1% (-4.

47pct), where Q1 / Q2 / Q3 are 17 respectively.

7% / 21.

77% / 23.

84%, a significant improvement from the previous quarter.

Comprehensive cost rate during the period of 10.

41% (+0.

29pct): The sales expense ratio increased by 0.

38pct to 3.

69%, due to the temporary increase in transportation costs; the management + R & D expense ratio increased by 0.

66 points to 4.

03%, including R & D expenses 2.

6.6 billion (+90.

34%), the company’s efforts to increase research and development; due to the reduction in interest expenses, the financial expense ratio decreased by 0.

76pct to 2.

69%.Taken together, Q1-Q3 returns to the parent net interest rate of 9.

06% (-2.

13pct), of which Q3 single quarter 10.

64% (+0.


The operating cash flow is stable, and the turnover efficiency of accounts receivable is maximized: at the end of the period, the company’s accounts and bills receivable total 40.

5.6 billion (earlier 19H1-2.

40,000 yuan), accounts receivable turnover days 27.

12 days (compared with 31 last year.

60 days); inventory 27.

8.4 billion (compared to 19H1 + 0.

4.3 billion), the inventory turnover days increase by 10 every year.

18 days to 51.

67 days; total bills and accounts payable 48.

3.8 billion (earlier 19H1-1.

4.6 billion); advance receipts 8.

6.1 billion (earlier 19H1-0.

35 billion).

Taken together, the company’s net cash flow from operating activities for one year.

540,000 yuan (compared with 32 last year).

7.5 billion).

In the short-term, the profit level will continue to rise 武汉夜生活网 upwards, and the long-term cumulative release will lay the foundation for the growth of multiple paper types. In the short-term, the price of cultural paper will remain stable, and the price of pulp will continue to weaken.Steady upwards; in the long run, the papermaking sector is king, and the upper reaches of Sun Paper continue to control pulp and control the raw materials, and carry out a variety of paper types. The capacity building speed is fast, which will effectively consolidate the company’s long-term vitality!

Earnings forecast and investment grade: We expect the company’s revenue in 19-21 to be 226.



4.1 billion (+4.

1% / + 7.

5% / + 19.

1%), net profit attributable to mother 20.



2.4 billion (-6.

2% / + 17.

3% / + 22.

9%), corresponding to the current sustainable 杭州龙凤网 PE of 10.

09X / 8.

60X / 7.

00X, maintain “Buy” rating.

Risk reminder: RMB exchange rate depreciates sharply, raw material prices fluctuate, and capacity investment is less than expected

WHO Director-General says New Crown virus has no vaccine to date, no antidote

WHO Director-General says New Crown virus has no vaccine to date, no “antidote”

The World Health 无锡桑拿网 Organization has been paying close attention to China’s new crown pneumonia epidemic.
According to the latest report from the United Nations website, Michael Ryan, the head of the World Health Organization’s health emergency plan, said on the 6th that although the number of infected people fell slightly, there was nothing to celebrate.
In addition, WHO Director-General Tan Desai said that the current knowledge of the new virus is still relatively low, there is no vaccine to prevent infection, and no symptomatic treatment is found.
We are hitting ‘Tai Chi’ and we need to thoroughly understand the situation of this virus in order to properly attack it.
Tandersee said.
  感染总数虽首次下降 但不是庆祝的时候  世界卫生组织卫生应急计划负责人迈克尔瑞安6日在日内瓦就新型冠状病毒疫情举行的情况通报会上表示,虽然受新型冠状病毒感染的人数在一夜之间略It is welcome to have a decline, but nothing to celebrate.
  Ryan said that although today’s figure (referred to on the 6th) is the first day that the total number of confirmed cases reported in China has dropped, we are still in a fierce outbreak and we need to be very careful in making any predictions.
  According to statistics from the official website of the National Health Commission of China, from February 0 to 24 on February 6, 31 provinces (autonomous regions, municipalities) and the Xinjiang Production and Construction Corps reported 3,143 newly confirmed cases (2,447 in Hubei).
At 04:00 on February 5th, 31 provinces (autonomous regions, municipalities) and the Xinjiang Production and Construction Corps reported 3694 newly confirmed cases (2987 cases in Hubei).
At 04:00 on February 4, 31 provinces (autonomous regions, municipalities) and the Xinjiang Production and Construction Corps reported 3,887 newly confirmed cases (3,156 in Hubei Province).
  对病毒仍然知之甚少  世界卫生组织总干事谭德塞在6日举行的记者会上表示,除了病毒对老年人和有糖尿病、高血压等健康问题的人构成最大危险这一事实之外,现在Relatively little is known about this new virus.
  He said people should continue to take basic hygiene measures, especially washing their hands frequently and covering them with elbows when sneezing or coughing.
  Tan Desai said: We do not know the source of the epidemic, we do not know what its natural host is, and we do not have a proper understanding of its contagion or severity.
We need to find answers to all these questions.
  To date, there is no vaccine and no antidote. Tan Desai also said that although the genetic sequence of the virus has been mapped, there is no vaccine to prevent infection and no symptomatic treatment has been found.
  He said: Frankly, we are hitting ‘Tai Chi’ and we need 天津夜网 to thoroughly understand the situation of this virus so that we can properly attack it.
  On the other hand, WHO said on the 6th that it will convene a global research and innovation forum to mobilize the international community to take action to respond to the new coronavirus.
  The forum will be held in Geneva from February 11th to 12th, and participants will discuss several research areas such as identifying the source of the virus and sharing biological samples and gene sequences.
Experts from all over the world, including China, will participate in this discussion through video access and in-person attendance.
Original title: WHO Director-General: Norovirus, no vaccine to date, no “antidote”

Tianqi Lithium (002466) 2018 Annual Report Comments: Financial Costs Devour Profit Growth as Core Value

Tianqi Lithium (002466) 2018 Annual Report Comments: Financial Costs Devour Profit Growth as Core Value

On March 28, the company released its 2018 annual report, and the combined company realized operating income of 62.

44 ppm, an increase of 31 in ten years.

79%; net profit attributable to 22 trillion, long-term growth 2.


In the fourth quarter of 2018, the company achieved operating income14.

8.6 billion, an increase of 1 from the previous month.

16%; Attributable net profit 5.

1.1 billion, an increase of 34.


It is expected that the net profit attributable to shareholders of listed companies from January to March 2019 will be 1.

800 million, an annual decline of 84.

85% -72.


Comment: Net investment income in the fourth quarter led to increased profits.

Main business: In the fourth quarter of 2018, the company realized gross profit8.

84 trillion, molecular weight 0 ring.

6.6 billion.

The price of gold in the fourth quarter dropped by 1 from the previous quarter.

80,000 yuan / ton to 7.

90,000 yuan / ton, the company may hedge some losses caused by falling prices by increasing sales.

Others: The business tax and the “three fees” both increased to varying degrees from the previous month, and the business tax and surcharge1.

71 (+0.

83) 100 million yuan; administrative expenses 1.

55 (+0.

47) 100 million yuan; financial expenses 2.

22 (+1.

05) Ten thousand yuan.

But net investment income4.

84 (+4.

59) billion yuan, mainly because it holds about 2% of SQM’s total share capital.

When 1% of Class B shares are transferred to long-term equity investment this year, the gains and losses from changes in fair value that were originally included in other comprehensive income are transferred to investment income.

The 2018 performance was basically in line with expectations.

Main: In 2018, the company produced 72 lithium ore and lithium chemicals.

4 (+7.

75) and 3.

96 (+0.

7) Bulletin.

Gross profit increased by 3.8.4 billion to 42.

2.1 billion.

Although the average market price of lithium carbonate dropped by 3.

10,000 yuan / ton to 11.

99 million yuan / ton, but the company’s lithium products contain some lithium hydroxide, the unit price of sales fell by only 0.

78 million / ton.

At the same time, the incremental increase, the gross profit still increased significantly.

Other: Business tax surcharge: 2.

09 (+1.

53) 100 million yuan, mainly due to the payment of Chilean stamp duty on M & A loan contracts; financial expenses: 4.

71 (+4.

16) 100 million yuan, which is to complete the purchase of SQM 23.

77% of shareholders increased supplementary expenses by 3.5 billion U.S. dollars, and the exchange rate increase of the US dollar and Australian dollar caused Wenfield exchange losses to increase.

But relying on net investment income5.

39 (+5.

12) Ten thousand yuan, so the company’s profits increase every year.

Growth is the main logic of future performance.

Endogenous Expansion: Currently, Phase II of Phase II is about to be completed in the second quarter of 2019, and Phase III will be completed in the fourth quarter of 2020 and start trial production.

The first phase of lithium hydroxide was put into production this year, and the investment of the second phase has been completed43.

51%, two production capacity each.

4 years.

Suining lithium carbonate 2 has begun to invest initially / year.

Outbound M & A: The company took 278.

$ 4.4 billion in cash for 23 of SQM acquisitions.

77%, the shareholding ratio rose to 25.


At least the world’s largest salt lake lithium extraction company, with excellent resources, has 8.

22 Lithium carbonate production 武汉夜网论坛 capacity will be further expanded in the future.

Earnings forecasts, estimates and investment ratings.

According to 2019E / 2020E / 2021E lithium carbonate prices are 7/6.

5/6 (ten thousand yuan / ton) and other assumptions, we predict that the net profit attributable to 2019E / 2020E / 2021E will be 3.



17 (US $ million) (the Navy budget is 21/28 / (US $ million)) and the EPS is 0.



8 (yuan / share).

Corresponds to the closing price of 29 on April 30.

63 yuan, PE is 86/48/37 (times), although the short-term company has no estimates, but the long-term value is outstanding, maintaining the “recommended” rating.

Risk warning: financial costs exceed expectations, lithium prices fell more than expected.

Tianqi Lithium (002466) Semi-annual Report Comment: Lithium salt production capacity is gradually put in

Tianqi Lithium (002466) Semi-annual Report Comment: Lithium salt production capacity is gradually put in

I. Event Overview Tianqi Lithium Industry released its semi-annual report for 2019 on the evening of August 22.

Report the core company’s operating income 25.

90 ‰, a decrease of 21 per year.

28%; net profit attributable to mothers1.

9.3 billion, a year-on-year decrease of 85.

twenty three%.

Second, the analysis and judgment of the lithium base period effect dragged down the performance. Profit growth is expected to bottom out during the year. The trend of the report will suddenly drop in 2019H1.

47% to 61.

07%, of which the lithium ore business cost is stable but revenue, gross profit margin decreased slightly, revenue decreased by 9.

76%, gross margin blood pressure 2.

52 good to 73.

64%, maintaining a high gross profit margin level; the average price of lithium compounds and derivatives suddenly fell by 46.

With a 55% impact, revenue fell 27.

48%, operating costs rose 16.

77%, gross margin decreased by 17.

95 up to 52.


In our opinion, the company holds the world-class high-quality spodumene mine Thalesen and the highest-grade brine area SQM, which effectively locks the impact of upstream raw material costs; the current price of lithium compounds continues to be limited, and the company must overcome its ability to resist price fluctuations.

At the same time, the impact of the lithium carbonate price base period is gradually eliminated, and the profit growth rate is expected to rebound at the end of the year.

The impact of financial expenses continues to ferment, multi-channel financing to improve funding pressure, and non-main income, due to financial management income, hedging and other factors led to increased investment income.

11%, driving non-operating income consumption growth by 13.

13%, while non-operating costs remained stable.

On the expense side, financial expenses and R & D expenses increased, of which the company completed the acquisition of SQM (23.

77%) increase of $ 3.5 billion in M & A loans, resulting in a large increase in financial costs (666.

26%); the company increased investment in research and development, R & D costs rose by more than 231.

97%; while sales expenses and management expenses increased relatively stable by 9 respectively.

83% 天津夜网 and 3.

twenty one%.

The company intends to repay the debt pressure through various fundraising channels such as corporate bonds and convertible bonds. If the issue is successful, it is expected to effectively reduce the pressure on funds.

The company is deeply cultivating the lithium salt industry chain, and its performance potential is constantly being released. The upstream resources and production capacity continue to expand. The Thalesen Phase II and Phase III projects are expected to be put into production in the third quarter and 2020, respectively, and will increase production capacity to 134 Euros / year (LCE16).

8 seconds), 180 seconds / year (LCE22.

5 initial).

At the same time SQM (25.

86% equity) actively expand production. The company plans to expand its lithium carbonate production capacity to 1成都桑拿网2 digits / year and 18 digits / year by 2019 and 2021.

In the context of rising resource output, downstream lithium salt processing production lines have also been gradually put into operation, and the two-phase lithium hydroxide project at Quinana (total of 4).

8 initial), Suining lithium carbonate project (2 initial) will also gradually release capacity in 2019.

Zhangjiagang Base and Shehong Base are expected to increase their production capacity and efficiency after the technological transformation.

At the same time, the long-term long-term supply agreement between the subsidiary and LG Chem locks in long-term demand. The company deeply cultivates the lithium salt industry chain and has the advantages of high-quality resources and capacity scale, and certain pricing power in certain industries.

As the price of lithium carbonate has gradually stabilized, the demand represented by new energy vehicles has gradually increased, and the release of long-term capacity has promoted the company’s performance.

Third, the investment proposal considers that the company gradually improves the layout of the lithium industry chain, the penetration rate of new energy vehicles downstream has gradually increased, and the current price of lithium carbonate has gradually stabilized.



54 yuan, corresponding to the current sustainable PE is 15/12 / 10X.

At present, the price-earnings ratio of Tianqi Lithium is in the low quantile position of 27% since listing, and it is given a “recommended” rating.

Fourth, risk warning: lithium prices fell more than expected, downstream demand exceeded expectations