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Chinese lithium producer with a major stake in Australia's Greenbushes mine and Chile's SQM, converting spodumene into lithium chemicals for batteries.
Chinese lithium producer with a major stake in Australia's Greenbushes mine and Chile's SQM, converting spodumene into lithium chemicals for batteries.
Makes much of its income from stakes rather than its own plants: it holds equity in the Greenbushes mine through a joint venture and in Chilean producer SQM, and books profit from them, while its own plants convert lithium ore into battery chemicals. Debt taken on to buy the SQM stake in 2018 has weighed since.
In one line: China's Albemarle, via an equity stake in SQM.
Moat: narrow (scale, installed base). Ownership stakes in tier-1 lithium resources (Greenbushes, SQM) provide low-cost feedstock security.
Headquarters: Chengdu, China · Founded: 1995 · Employees: 3,902
Size Tianqi Lithium (002466.SZ) is a China Materials company (Chemicals: Specialty) with a market value of $8.97B, the 274th largest of 4,839 China companies the cockpit tracks. Shares closed at CN¥37.16 on 6 Nov 2026.
Performance Over six months the shares fell 53.6%, against -14.4% for the median peer and -16.4% for the China market (cap-weighted) — 2nd lowest of 21 in its peer set.
Growth Revenue grew 104.2% over the last twelve months (peer median +3.2%); the operating margin is 57.2% (peer median 13.3%).
Valuation It trades at 9.0× forward earnings against a peer median of 18.2× (2nd cheapest of 18).
Price implies For today's price to make sense, revenue must grow about -1% a year for seven years (Req g). Recent delivered growth is +26%, so the hurdle is -27 pp: the price already allows for a slowdown.
Capital Return on invested capital runs 1.8 points above its cost of capital (11.6% WACC).
Next results Next results expected around 1 Apr 2027 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | CN¥21.2B | CN¥10.3B | CN¥13.1B | CN¥40.5B | CN¥40.2B |
| Revenue growth | — | -21% | -68% | +1% | — |
| Gross profit | CN¥14.0B | CN¥4.01B | CN¥5.95B | CN¥34.4B | CN¥34.2B |
| EBITDA | n/a | CN¥4.52B | CN¥5.65B | CN¥33.9B | CN¥34.3B |
| Net income | CN¥5.88B | CN¥463M | -CN¥7.90B | CN¥7.30B | CN¥24.1B |
| Free cash flow | CN¥4.95B | -CN¥599M | CN¥1.39B | CN¥20.6B | CN¥21.9B |
| Capital expenditure | CN¥2.60B | CN¥3.60B | CN¥4.52B | CN¥4.44B | CN¥1.72B |
| Total debt | CN¥15.7B | CN¥15.5B | CN¥15.2B | CN¥12.0B | CN¥9.00B |
The default views of Competitor Analysis ▸ Charts, drawn from the same data. Open them in the cockpit to change the axes, pin companies and read every value.
| Company | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g |
|---|---|---|---|---|---|---|
| Tianqi Lithium 002466.SZ | $8.97B | -54% | +104% | 57% | 9.0× | -1.2% |
| Ganfeng Lithium 002460.SZ | $9.71B | -57% | +128% | 18% | 11.5× | 4.4% |
| Albemarle ALB | $11.7B | -51% | +18% | 14% | 11.3× | 10.9% |
| Sociedad Quimica y Minera de Chile S.A. Sponsored ADR Pfd Series B SQM | $16.0B | -37% | +59% | 39% | 7.3× | -4.8% |
| PLS PLS.AX | $6.33B | -56% | +152% | 43% | 10.6× | 2.5% |
Peer set: Industry: the same industry and sector in any market, nearest in size. This is the same default set the interactive Competitor Analysis opens with.
| Measure | 002466.SZ | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | -8.7% | -5.6% | 10th lowest of 21 |
| 6-month return | -53.6% | -14.4% | 2nd lowest of 21 |
| Distance from 52-week high | -55.0% | -35.7% | 5th lowest of 21 |
| Revenue growth (TTM) | +104.2% | +3.2% | 2nd highest of 21 |
| Operating margin | 57.2% | 13.3% | highest of 21 |
| Forward P/E | 9.0× | 18.2× | 2nd cheapest of 18 |
| Growth the price implies (Req g, 7 yrs) | -1.2% | 10.9% | 4th least demanding of 17 |
| Growth delivered (Del g) | +26.2% | +11.4% | 5th highest of 17 |
| Hurdle (Req g minus delivered) | -27.4 pp | -3.3 pp | 3rd least demanding of 17 |
| ROIC minus cost of capital | +1.8 pp | -0.8 pp | 8th highest of 21 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| Tianqi Lithium 002466.SZ | China | $8.97B | -54% | +104% | 57% | 9.0× | -1.2% | +26.2% |
| Guangzhou Tinci Materials Technology 002709.SZ | China | $8.73B | -53% | +102% | 19% | 10.3× | 9.3% | +32.3% |
| Ganfeng Lithium 002460.SZ | China | $9.71B | -57% | +128% | 18% | 11.5× | 4.4% | +33.1% |
| Shandong Hualu-Hengsheng Chemical 600426.SS | China | $8.27B | -32% | +3% | 16% | 12.3× | -2.5% | +18.7% |
| Westlake WLK | United States | $8.11B | -32% | 0% | 1% | 38.6× | 37.4% | +8.3% |
| Swancor Advanced Materials 688585.SS | China | $10.9B | +50% | +3% | -25% | n/a | n/a | n/a |
| Eastman Chemical EMN | United States | $7.37B | -13% | 0% | 10% | 10.2× | 5.1% | +0.7% |
| Formosa Chemicals & Fibre 1326.TW | Taiwan | $11.1B | +21% | -5% | 1% | 21.0× | 26.2% | +2.5% |
| Croda International CRDA.L | United Kingdom | $6.88B | +31% | +3% | 16% | 23.3× | 19.9% | +4.1% |
| Albemarle ALB | United States | $11.7B | -51% | +18% | 14% | 11.3× | 10.9% | +10.4% |
| Formosa Plastics 1301.TW | Taiwan | $12.1B | +22% | -11% | -2% | 21.4× | n/a | n/a |
| Satellite Chemical 002648.SZ | China | $12.4B | -17% | +20% | 23% | 7.2× | -13.2% | +33.8% |
| Resonac 4004.T | Japan | $12.6B | -26% | +1% | 8% | 18.0× | 26.7% | +6.7% |
| SOL SOL.MI | Italy | $6.39B | +6% | +9% | 14% | 30.5× | 16.9% | +12.8% |
| NewMarket NEU | United States | $6.39B | +1% | +1% | 20% | n/a | -0.8% | +6.3% |
| Lgchem 051910.KS | South Korea | $12.6B | -42% | 0% | 0% | n/a | n/a | n/a |
| Haohua Chemical Science & Technology 600378.SS | China | $6.29B | -9% | +20% | 9% | 22.1× | 11.0% | +25.2% |
| Linde India LINDEINDIA.NS | India | $6.20B | -13% | +13% | 22% | 97.2× | 47.9% | +11.5% |
| Shenzhen Capchem Technology 300037.SZ | China | $6.16B | -21% | +72% | 13% | 19.0× | 19.3% | +26.6% |
| Zhejiang Juhua 600160.SS | China | $13.1B | -12% | -5% | 20% | 18.2× | n/a | n/a |
| Inner Mongolia Junzheng Energy & Chemical 601216.SS | China | $5.92B | -16% | +3% | 11% | 12.0× | -3.4% | +11.3% |