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<Research>BofAS: GANFENGLITHIUM (01772.HK) TP Elevated to $92 as 1Q Earnings Far Beat
China’s lithium market recorded largely balanced supply and demand during 4M26, with lithium carbonate price holding steady at between RMB150,000 and RMB160,000 per ton, BofA...
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<Research>BofAS: GANFENGLITHIUM (01772.HK) TP Elevated to $92 as 1Q Earnings Far Beat
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China’s lithium market recorded largely balanced supply and demand during 4M26, with lithium carbonate price holding steady at between RMB150,000 and RMB160,000 per ton, BofA Securities released a research report saying.

Inventories stabilized at approx. 100,000 tons, while inventory days fell to about 28. Driven by demand for EVs and energy storage batteries, overall demand remained strong.

Moreover, the broker noted that GANFENGLITHIUM (01772.HK)  +0.672 (+0.995%)    Short selling $64.46M; Ratio 12.118%   expected to report a net profit of RMB1.6-2.1 billion for 1Q26, which represents 31% of BofA Securities' full-year forecast, far beating expectations.

This strong performance is primarily driven by robust lithium demand and a significant price rebound, as well as increased output in upstream lithium resources and growing sales volumes in the lithium and battery businesses, etc..

Based on higher lithium price forecasts, BofA Securities raised its 2026/ 2027 earnings estimations for TIANQI LITHIUM (09696.HK)  +0.050 (+0.096%)    Short selling $561.74K; Ratio 0.132%   by 10%/ 22% to RMB5.4 billion/ RMB5.6 billion each. The broker also elevated its target price for TIANQI LITHIUM's H-shares from $57 to $67.

The table below shows BofA Securities' ratings and target prices for the relevant sectors:

Stock | Rating | TP (HKD)
GANFENGLITHIUM (01772.HK)  +0.672 (+0.995%)    Short selling $64.46M; Ratio 12.118%   | Buy | 80 -> 92
GANFENG LITHIUM (002460.SZ)  +0.570 (+0.757%)   | Buy | RMB85 -> RMB98
TIANQI LITHIUM (09696.HK)  +0.050 (+0.096%)    Short selling $561.74K; Ratio 0.132%   | Buy | 57 -> 67
TIANQI LITHIUM (002466.SZ)  +0.740 (+1.125%)   | Buy | RMB61 -> RMB73
HUAYOU COBALT (603799.SH)  +2.420 (+4.286%)   | Buy | RMB95 -> RMB90
(HK stocks quote is delayed for at least 15 mins.Short Selling Data as at 2026-05-22 16:25.) (A Shares quote is delayed for at least 15 mins.)

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