金吾财讯 | “锂矿双雄”齐走低，天齐锂业(09696)跌8.89%，赣锋锂业(01772)跌4.76%。摩根大通研报指出，天齐锂业宣布计划配售新H股，筹集约3.75亿美元(29亿港元)，同时发行价值26亿元人民币(约3.75亿美元)的零息可换股债券，于2027年到期。此次股权配售预计将导致扩大后股本稀释约3.7%至3.8%，而可换股债券若全数转换，则将带来额外2.9%至3.2%的稀释。摩通认为，天齐在完成可换股债券及股权配售后，进行并购交易的可能性正在增加。但合计潜在稀释超过6%的幅度仍值得关注，并可能在短期内对股价造成一定压力。且在摩通看来，锂及其他基础材料公司透过发行可换股债券/配股筹集资金的可能性将会持续。展望未来，魔通认为，天齐有望受益于储能系统驱动的锂需求持续增长。但库存管理及矿场进一步增产或复产的时机仍存在潜在风险，这些风险可能会影响营运绩效和市场定价。
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