Huatai cuts target for Ganfeng stock from CNY 68.63 to CNY 44.35

Published on 10/25/2026 at 03:06 | Editorial responsibility: Rafael Müller, Editor-in-Chief AD HOC NEWS

Ganfeng reported CNY 36.16 billion revenue for nine months, up 147.24 percent year over year. Ganfeng stock target fell to CNY 44.35 after CNY 68.63.

Earnings and valuation details

Huatai Securities cut its Ganfeng target on October 16, 2026.
Third-quarter revenue increased 109.03 percent year over year.
Operating cash flow reached CNY 2.30 billion for the first nine months.

Ganfeng, CNE1000031W9, Illustration mit AI erstellt.

Huatai Securities cut its target for Ganfeng stock from CNY 68.63 to CNY 44.35 on October 16, 2026, according to Futubull. The cut followed third-quarter revenue of CNY 13.06 billion, up 109.03 percent year over year, while attributable net profit reached CNY 755.00 million, up 35.62 percent year over year.

Three dates changed the picture

On September 29, 2026, Ganfeng announced that its board would review the third-quarter report at an October 15 meeting, according to Moomoo. On October 15, 2026, the report showed CNY 36.16 billion in revenue for the first nine months, up 147.24 percent year over year, and CNY 5.01 billion in attributable net profit, up 19,540.50 percent year over year, as reported by Futubull. On October 16, 2026, Huatai Securities lowered its target to CNY 44.35 from CNY 68.63.

Why did the target fall?

The quarterly comparison explains the caution beneath the strong year-to-date numbers. Huatai said third-quarter revenue declined 6.04 percent from the second quarter, while attributable net profit fell 68.80 percent sequentially to CNY 755.00 million. The report linked the wider recovery to higher lithium product prices and increased battery sales, but the quarterly slowdown left earnings more sensitive to lithium pricing.

Huatai reported that average domestic lithium carbonate prices fell 14.20 percent sequentially to CNY 148,000 per ton in the third quarter. It also cited lower investment income of CNY 179.00 million, down CNY 634.00 million from the second quarter, as a further pressure on quarterly earnings.

Cash flow adds a counterweight

Ganfeng's operating cash flow reached CNY 2.30 billion for the first nine months of 2026, compared with an outflow of CNY 429.10 million a year earlier, according to Quartr. The same summary put adjusted attributable net profit at CNY 4.64 billion for the first nine months, up 592.14 percent year over year. Gasgoo said the improvement reflected higher lithium product prices and stronger battery shipments, while also noting that the company spans resource development, lithium salt processing and battery manufacturing.

Market context after the results

Ganfeng's latest available A-share quote was CNY 36.69 on October 23, 2026, with a 52-week range of CNY 34.42 to CNY 91.67. The valuation debate therefore rests on two opposing figures: rapid year-to-date earnings growth and a 68.80 percent sequential decline in third-quarter attributable profit.