Q1 Solid. Li Fly-Up Faster Than Expected.

研报英文原文证据摘录

Q1 Solid. Li Fly-Up Faster Than Expected.

USA | Chemicals

Albemarle EquityMayResearch11, 2026

TARGET | ESTIMATE CHANGEQ1 Solid. Li Fly-Up Faster Than Expected.

Q1 EPS was $2.95 versus our $0.51 estimate and consensus of $1.19. Regional RATING BUY

demand trends remain uneven, with softness in the U.S., dislocations in China, PRICE $203.52^

and growth in Europe and emerging markets. EV demand likely softens, but PRICE TARGET | % TO PT $244.00 ($230.00) | +20%

this will be offset by accelerating storage demand linked to AI-driven power 52W HIGH-LOW $221.00 - $53.70

needs. Supply chain disruption will squeeze margins, but this will be offset by FLOAT (%) | ADV MM (USD) 100.0% | 420.64

productivity gains and improved throughput. MARKET CAP $23.9B

TICKER ALB

Demand Still Intact: The near-term outlook is uneven, but the underlying demand landscape is ^Prior trading day's closing price unless otherwise noted.

unchanged. The Chinese EV market will remain soft through 2026, but the ESS market likely

expands and Albemarle management indicated that customer order books remain effectively full

through early 2027. The Specialties segment will benefit from diversified exposure to electronics, FY (Dec) CHANGE TO JEFe JEF vs CONS

semiconductors, construction, and energy, with AI-related demand supporting electronics strength, 2026 2027 2026 2027

and construction tracking in line with expectations. Bromine volumes are likely augmented by the REV +16% +14% -7% +3%

recovery at the Jordan Bromine Company following prior disruptions. Sequential improvement is EPS +421% +200% +4% +55%

expected in Q2, though visibility into H2 is limited due to ongoing geopolitical uncertainty and

commodity price volatility. 2026 ($) Q1A Q2 Q3 Q4 FY

EPS 2.95 2.39 2.68 1.89 9.90