Albemarle Corporation Updating Model for the 1Q:26 Earnings Report

研报英文原文证据摘录

Albemarle Corporation Updating Model for the 1Q:26 Earnings Report

J P M O R G A N North America Equity Research

19 June 2026

Albemarle Corporation Neutral

ALB, ALB US

Updating Model for the 1Q:26 Earnings Report Price (18 Jun 26):$160.35

▲Price Target (Dec-26):$160.00

Prior (Dec-26):$145.00

We increased our 2026 EBITDA forecast for Albemarle from $2.5b to $3.4b,

versus $1.1b in 2025. We increased our estimates because lithium prices have Chemicals: Specialty, Commodity,

Agricultural, and Paper & Packagingmoved higher from 1Q:26 levels. Lithium carbonate prices in China averaged

$21,500/t in 1Q:26 and are averaging $25,110/t quarter to date. China spodumene Jeffrey J. Zekauskas AC

prices averaged $2,005/t in 1Q:26 and have averaged $2,450/t quarter to date. (1-212) 622-6644

jeffrey.zekauskas@jpmorgan.com

Albemarle tends to sell between 50kt and 60kt per quarter of lithium carbonate

equivalents. Our 2Q:26 EBITDA estimate is $754m versus $664m in 1Q:26. Katie Zhang

(1-212) 622-3262

• CATL’s Juanxiawo site that mines lithium-bearing lepidolite ore (~60kt katie.zhang@jpmchase.com

LCE) is unlikely to restart soon as CATL has withdrawn its application of Silke Kueck

land use pre-approval according to Argus.The timeline for restart now (1-212) 622-6503

silke.x.kueck@jpmorgan.com

seems to be 4Q:2026 at the earliest. 2027 production is more likely as land use

Lydia Huang

permits, engineering planning permits and construction permits would also

(1-212) 622-0086

need to be applied for. CATL is covered by J.P. Morgan Asia Autos & EV lydia.huang@jpmorgan.com

Battery analyst Rebecca Wen. J.P. Morgan Securities LLC

• We rate Albemarle Neutral. We raised our December 2026 price target from

$145 to $160/sh to reflect higher EBITDA expectations. The company trades

Key Changes (FYE Dec)