Investment Rating - Buy (Maintained) [1] Core Views - The company's Q2 performance met expectations, with a steady increase in self-supply rate from the mining end [1] - H1 2024 revenue was 9.59 billion yuan, down 47.2% YoY, with a net loss of 760 million yuan, down 113% YoY [2] - Q2 2024 revenue was 4.53 billion yuan, down 48% YoY and 10.4% QoQ, with a net loss of 320 million yuan, down 109.3% YoY but up 26.8% QoQ [2] - The company's lithium salt shipments in Q2 increased slightly, with H1 shipments expected to exceed 60,000 tons, and full-year 2024 shipments projected to reach 120,000 tons, up 15% YoY [2] - The company is continuously expanding high-quality lithium resources, with a self-supply rate expected to reach around 50% in 2024 [3] - Q2 operating cash flow improved significantly, with H1 operating cash flow reaching 3.94 billion yuan, up 246.5% YoY [3] Financial Forecasts and Valuation - Revenue for 2024E is projected at 16.317 billion yuan, with a net loss of 623 million yuan, and EPS of -0.31 yuan per share [1] - Revenue for 2025E is projected at 17.512 billion yuan, with net profit of 1.234 billion yuan, and EPS of 0.61 yuan per share [1] - Revenue for 2026E is projected at 20.034 billion yuan, with net profit of 1.803 billion yuan, and EPS of 0.89 yuan per share [1] - The company's P/E ratio for 2024E is -84.07, for 2025E is 42.44, and for 2026E is 29.05 [1] Key Financial Metrics - H1 2024 gross margin was 15.9%, up 9.3 pct YoY and 9.8 pct QoQ [2] - H1 2024 operating expense ratio was 17.6%, up 10.4 pct YoY [3] - H1 2024 capital expenditure was 4.55 billion yuan, down 13.8% YoY [3] - Inventory at the end of Q2 2024 was 8.12 billion yuan, up 16.6% from Q1 [3] Lithium Resource Expansion - The Marion project produced 360,000 tons of concentrate in H1 2024, with sales of 340,000 tons, contributing 150 million yuan in investment income [3] - The Goulamina lithium project in Mali is expected to produce its first batch of spodumene products in 2024, with the company holding a 60% stake [3] - The Cauchari-Olaroz project in Argentina is expected to produce 20,000-25,000 tons of lithium carbonate in 2024, with the company holding a 47% stake [3] - The Mariana salt lake project in Argentina is expected to start trial production by the end of 2024 [3] Market Data - The company's total market capitalization is 55.129 billion yuan [5] - The company's latest closing price is 27.33 yuan, with a 52-week range of 25.34-49.65 yuan [1]

股份發行人及根據《上市規則》第十九B章上市的香港預託證券發行人的證券變動月報表 截至月份: 2024年8月31日 狀態: 新提交 致：香港交易及結算所有限公司 公司名稱: 江西贛鋒鋰業集團股份有限公司 呈交日期: 2024年9月2日 | 2. 股份分類 | 普通股 | 股份類別 | H | | 於香港聯交所上市 (註1) | | 是 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 01772 | 說明 | H股 | | | | | | | | | 法定/註冊股份數目 | | 面值 | | | 法定/註冊股本 | | | 上月底結存 | | | 403,574,080 | RMB | | 1 RMB | | 403,574,080 | | 增加 / 減少 (-) | | | 0 | | | RMB | | 0 | | 本月底結存 | | | 403,574,080 | RMB | | 1 RMB | | 403,574,080 | 本月底法定/註冊股本總額： RMB 2,017,167,779 FF301 第 ...

Investment Rating - The investment rating for the company is "Outperform the Market" [2][3][20] Core Views - The company reported a significant decline in revenue and net profit due to a sharp drop in lithium salt prices, with a year-on-year revenue decrease of 47.16% and a net profit loss of 7.60 billion yuan [2][4] - Despite the current challenges, the company is expected to benefit from its extensive lithium resource layout and is projected to see revenue growth in the coming years, with estimated revenues of 195.47 billion yuan in 2024, 238.00 billion yuan in 2025, and 302.86 billion yuan in 2026 [2][20] - The company has a robust lithium ecosystem and is actively expanding its lithium resource projects, with several key projects nearing completion and expected to contribute to production in the near future [12][13] Financial Forecasts and Indicators - Revenue forecasts for 2024-2026 are 195.47 billion yuan, 238.00 billion yuan, and 302.86 billion yuan, with year-on-year growth rates of -40.7%, 21.8%, and 27.3% respectively [20] - Net profit forecasts for the same period are 2.70 billion yuan, 19.17 billion yuan, and 28.64 billion yuan, with year-on-year growth rates of -94.6%, 611.3%, and 49.4% respectively [20] - The company’s earnings per share (EPS) are projected to be 0.13 yuan, 0.95 yuan, and 1.42 yuan for 2024, 2025, and 2026 respectively [20] Financial Data Summary - As of the first half of 2024, the company had a debt-to-asset ratio of 46.32%, with cash and cash equivalents of approximately 8.36 billion yuan, down 24.83% year-on-year [4][7] - The company’s total assets are projected to be 78.75 billion yuan in 2024, with total liabilities of 26.50 billion yuan [21] - The company’s operating cash flow for 2024 is expected to be 9.63 billion yuan, reflecting a significant recovery from previous years [21]

锂价下行业绩承压，一体化优势再巩固 赣锋锂业(002460) 金属，采矿，制品 [Table_Industry] /原材料 [Table_Invest] 评级： 增持 上次评级: 增持 [Table_Target] 目标价格： 32.50 上次预测: 45.46 ——赣锋锂业 2024 年半年报业绩点评 本报告导读： 受锂行业周期下行影响，2024 年上半年锂价下行明显，公司业绩因此承压。上游资 源建设顺利，预计伴随投产将实现降本，持续布局下游项目，锁定一体化优势。 投资要点： 股 票 研 究 [table_Authors] 于嘉懿(分析师) 宁紫微(分析师) 021-38038404 021-38038438 yujiayi@gtjas.com ningziwei@gtjas.com [当前价格： Table_CurPrice] 27.33 登记编号 S0880522080001 S0880523080002 公 司 更 新 报 告 52 周内股价区间（元） 25.52-49.29 总市值（百万元） 55,129 总股本/流通A股（百万股） 2,017/1,209 流通 B 股/H 股（百万股） 0/404 ...

英伟达股价下跌，因为业绩预期超得不够多 去年二季度是英伟达业绩因为人工智能需求而爆发的开始，营收翻倍，净利润增长超 8 倍。即使同比基 数这么高，英伟达这次营收和利润依旧分别增长了 122% 和 168%。 只是很多投资者觉得还不够好。英伟达已经连续一年业绩远超预期，之前两次发财报后分别涨了 16.4% 和 9.3%。随着市值一起被拔高的还有投资者预期，这一次公司业绩没好到完美程度，加上管理层对关键 问题的回应略显平淡，股价盘后罕见大跌。 华为半年收入增长千亿元，增量从哪来？ 中公教育盈利，考公培训收入占比再次过半 奈雪茶饮烘焙收入下滑，上海门店利润率跌至 1.4% TikTok 算法推荐惹祸，美国法院判定平台需担责 关注《晚点财经》并设为星标，第一时间获取每日商业精华。 英伟达股价下跌，因为业绩预期超得不够多 怎么看英伟达最近一季的业绩都很好，收入、利润、毛利率、下季度指引，全都超出市场一致预期。 市场现在主要关心两件事：新品延期、客户的资本回报率。 黄仁勋确认下一代旗舰芯片 Blackwell 因生产问题而延期。好在影响良率的掩膜已更换完毕，四季度将 开始发货给客户，带来数十亿美元收入，产能恢复需要几周至 ...

本公司及其董事会全体成员保证公告内容真实、准确和完整，无 虚假记载、误导性陈述或者重大遗漏。 一、担保情况概述 1、江西赣锋锂业集团股份有限公司(以下简称"公司") 于 2024 年 3 月 28 日召开第五届董事会第七十五次会议、于 2024 年 6 月 25 日召开 2023 年年度股东大会审议通过了《关于公司及子公司对外担 保额度预计的议案》。同意公司向子公司提供连带责任保证担保额度 合计人民币 1,355,000 万元，同意子公司向子公司提供连带责任保证 担保额度 705,000 万元，两项合计担保总额 2,060,000 万元（已抵消 原有的担保）。本次担保额度在公司股东大会审议通过此议案之日起 12 个月内有效。授权公司经营层在本议案额度内代表公司办理相关 手续，并签署相关法律文件。（详见公告编号：2024-018、2024-051） 证券代码：002460 证券简称：赣锋锂业 编号：临2024-078 江西赣锋锂业集团股份有限公司 关于公司对全资子公司提供担保的进展公告 2、为满足子公司的发展和生产经营需要，公司于 2024 年 8 月 29 日与上海浦东发展银行股份有限公司南昌分行（以下简称" ...

证券代码：002460 证券简称：赣锋锂业 江西赣锋锂业集团股份有限公司投资者关系活动记录表 | --- | --- | --- | --- | |-----------------------------|--------------------------------------------------------------------------------------------------------------------------------------------|--------------------------------------------------------------------------------|--------------------------------------------------------------------| | 投资者关系 \n活动类别 \n | □特定对象调研 □分析师会议 \n□媒体采访 ■业绩说明会 \n□新闻发布会 □其他 | \n \n | 编号： 2024-005 □现场参观 \n□路演活动 \n（请文字说明其他活动内容） ...

Financial Performance - For the six months ended June 30, 2024, the company reported revenue of RMB 9,524,822 thousand, a decrease of 47.4% compared to RMB 18,111,570 thousand in the same period of 2023[2]. - Gross profit for the same period was RMB 1,062,685 thousand, down 74.1% from RMB 4,110,450 thousand year-over-year[2]. - The company incurred a net loss of RMB 1,064,796 thousand for the six months ended June 30, 2024, compared to a profit of RMB 5,873,083 thousand in the prior year, representing a significant decline[3]. - The company reported a basic loss per share of RMB 0.38 for the period, down from earnings of RMB 2.92 per share in the prior year[2]. - Other comprehensive income for the period was RMB 197,917 thousand, compared to RMB 1,130,119 thousand in the same period of 2023[4]. - The adjusted pre-tax loss for the group was RMB 1,004,281 thousand, with segment losses of RMB 201,273 thousand for lithium metal and lithium compounds, RMB 109,621 thousand for lithium batteries, and RMB 366,283 thousand for lithium mining resources and others[14]. - The company reported a net loss of RMB 1,294,653 thousand in other expenses for the six months ended June 30, 2024, compared to RMB 917,105 thousand in the same period of 2023[22]. - The group reported a total income tax expense of RMB 60,515 thousand for the six months ended June 30, 2024, compared to RMB 377,635 thousand in 2023, reflecting a significant reduction of 84%[26]. - The company does not recommend the payment of an interim dividend for the six months ended June 30, 2024, consistent with the previous year[30]. Assets and Liabilities - The total assets as of June 30, 2024, were RMB 71,581,153 thousand, slightly up from RMB 71,426,604 thousand as of December 31, 2023[6]. - Current liabilities increased to RMB 26,383,263 thousand from RMB 20,271,297 thousand, indicating a rise in short-term financial obligations[6]. - The company's non-current assets reached RMB 74,048,407 thousand, an increase from RMB 63,513,503 thousand at the end of 2023[5]. - The total equity attributable to the owners of the parent company was RMB 52,589,133 thousand, up from RMB 52,315,862 thousand at the end of the previous year[7]. - The total liabilities as of June 30, 2024, were RMB 45,375,283 thousand, compared to RMB 39,382,039 thousand as of December 31, 2023, indicating an increase of about 15.5%[17]. - Trade receivables at the end of the reporting period totaled RMB 3,601,805,000, down from RMB 4,774,082,000 as of December 31, 2023, representing a decrease of approximately 24.6%[33]. - The company’s trade payables increased to RMB 4,001,271,000 as of June 30, 2024, compared to RMB 2,484,351,000 at the end of 2023, reflecting a growth of approximately 60.9%[35]. - The fair value of debt investments classified as other comprehensive income decreased to RMB 730,292,000 from RMB 1,765,677,000, indicating a decline of about 58.7%[34]. Revenue Breakdown - The revenue breakdown includes RMB 6,708,579 thousand from the lithium metal and lithium compound segment, RMB 2,708,183 thousand from the lithium battery segment, and RMB 108,060 thousand from the lithium mining resources and others segment[14]. - Revenue from lithium compounds and lithium metal accounted for 68.5% of total revenue, while lithium batteries contributed 28.4% for the six months ended June 30, 2024[79]. - Revenue from the mainland China market was RMB 6,879,318 thousand for the six months ended June 30, 2024, down from RMB 10,224,284 thousand in the same period of 2023, a decline of approximately 32.9%[19]. - Total revenue for the six months ended June 30, 2024, was RMB 9,524,822 thousand, a decrease from RMB 18,111,570 thousand for the same period in 2023, representing a decline of approximately 47%[18]. Costs and Expenses - The financing costs for the period were RMB 506,783 thousand, compared to RMB 342,583 thousand in the same period last year, reflecting increased borrowing costs[2]. - The cost of goods sold for the group was RMB 8,462,137 thousand for the six months ended June 30, 2024, down from RMB 14,001,120 thousand in 2023, indicating a 39.4% decrease[25]. - Selling and distribution expenses increased by 38.2% to RMB 68,395 thousand, primarily due to growth in sales volume[85]. - Administrative expenses rose by 1.6% to RMB 1,079,982 thousand, with no significant changes reported[86]. - Other expenses increased by 41.2% to RMB 1,294,653 thousand, mainly due to increased foreign exchange losses and fair value losses on financial assets[86]. - R&D expenditure decreased by 33.1% to RMB 459,115 thousand, representing 4.8% of revenue, influenced by a decline in lithium product prices[89]. Market and Industry Insights - The global lithium resource supply is projected to reach 1,294,100 tons of lithium carbonate equivalent (LCE) in 2024, representing a year-on-year growth of 20%[38]. - The average price of 5%-6% lithium spodumene concentrate in China was approximately USD 1,000-1,010 per ton as of June 2024, showing a slight increase from USD 900-1,000 per ton at the beginning of 2024[40]. - Global demand for lithium resources is projected to reach 1.1405 million tons LCE in 2024, driven by the rapid development of the new energy vehicle and energy storage industries[45]. - In the first half of 2024, global sales of new energy vehicles reached approximately 6.836 million units, representing a year-on-year increase of 16%[47]. - The lithium extraction cost from lithium mica is higher compared to lithium spodumene and salt lake lithium due to the complex composition and extraction process[42]. - The lithium hydroxide and carbonate prices in Asia have shown significant fluctuations, influenced by seasonal demand changes and supply-demand mismatches[43]. Strategic Initiatives and Future Plans - The company is expanding production capacity through technological upgrades and new production lines to meet the rapidly growing market demand for lithium products[53]. - The company plans to enhance processing capacity to meet the growing lithium demand, with several lithium product projects currently in planning and construction[66]. - The company plans to establish a total lithium product supply capacity of no less than 600,000 tons LCE by 2030 or earlier, including capacities for lithium extraction from ore, brine, clay, and recycling[68]. - The company is developing a lithium battery production capacity of 6 GWh in Jiangxi and 10 GWh in Dongguan, focusing on new energy lithium batteries and energy storage systems[70][71]. - The company is actively participating in the development of solid-state battery technology and aims to lead innovations in the lithium battery industry[69]. - The company is focusing on high-safety, long-life lithium battery systems and aims to provide high-performance solutions to customers[69]. Corporate Governance and Compliance - The company has adhered to the Corporate Governance Code, with a deviation from the requirement for directors to retire at least every three years due to ongoing evaluations of candidates[144]. - The current board members possess extensive experience in corporate governance and various professional backgrounds, ensuring stability in the company's operations[145]. - The company confirmed that all directors and supervisors complied with the standards for securities trading during the reporting period[146]. - The audit committee has reviewed the unaudited interim results for the six months ending June 30, 2024, and confirms compliance with applicable accounting standards and regulations[148].

Lithium Industry Trends - The lithium industry is experiencing significant demand growth driven by electric vehicle batteries and energy storage batteries, with government policies supporting the development of the new energy vehicle industry[3]. - The demand for lithium is closely tied to the performance of the new energy vehicle market, which remains dependent on government subsidies and infrastructure development[3]. - The rapid growth in demand for electric vehicle batteries and energy storage batteries presents substantial opportunities for the global lithium market, particularly in China, which is one of the fastest-growing lithium markets[41]. - Global energy storage demand is projected to reach approximately 256 GWh in 2024, with generation-side storage accounting for 150 GWh (59% of total demand) and user-side and grid-side demand at 57 GWh (22%) and 32 GWh (12%) respectively[59]. - The global lithium resource demand is anticipated to be 1.1405 million tons LCE in 2024, driven primarily by the growth in the electric vehicle and energy storage sectors[56]. Company Financial Performance - The company's operating revenue for the first half of 2024 was approximately ¥9.59 billion, a decrease of 47.16% compared to ¥18.15 billion in the same period last year[19]. - The net profit attributable to shareholders was approximately -¥760.38 million, representing a decline of 113.00% from ¥5.85 billion in the previous year[19]. - The net profit attributable to shareholders after deducting non-recurring gains and losses was approximately -¥160.39 million, down 103.90% from ¥4.11 billion year-on-year[19]. - The basic earnings per share were -¥0.38, a decrease of 113.10% compared to ¥2.90 in the same period last year[19]. - The diluted earnings per share were also -¥0.38, reflecting the same decline as the basic earnings per share[19]. Resource Acquisition and Development - The company has increased its overseas resource acquisition and development efforts, operating in multiple countries including Australia, Argentina, Mexico, Ireland, and Mali, which introduces operational and regulatory uncertainties[8]. - The estimated lithium resources and reserves are subject to uncertainties, which may affect the company's production plans and resource availability[4]. - The company has established a stable and diversified raw material supply system through lithium resource layouts in Australia, Argentina, Ireland, Mali, and various regions in China[26]. - The company is focusing on expanding its market presence and enhancing its product development capabilities in the lithium industry[19]. - The company is actively developing the Mariana lithium salt lake project and ramping up production at the Cauchari-Olaroz lithium salt lake project in Argentina[76]. Environmental and Regulatory Compliance - The company emphasizes the importance of compliance with environmental and safety regulations, which could impact its operations and financial performance if not adhered to[5]. - The company has established a comprehensive environmental management system in compliance with various environmental laws and regulations[124]. - The company reported no exceedance of pollutant discharge standards during the reporting period[126]. - The company has implemented a dynamic management system for pollutant discharge permits, ensuring timely updates in case of production changes[125]. - The company is committed to environmental protection and has developed a complete set of environmental management regulations[124]. Research and Development - The company is actively advancing the research and development of solid-state lithium batteries, aiming for commercial application[26]. - The company has a strong research and development capability, continuously investing in technology projects and achieving breakthroughs in lithium product technology innovation[46]. - The company aims to enhance its R&D capabilities by collaborating with universities and research institutions to develop new products and technologies[80]. - The company has invested approximately 1.24 billion yuan in research and development for new products and technologies during the current period[197]. - Research and development expenses were ¥459,114,763.62, down 33.13% from ¥686,611,865.07, influenced by lower material costs related to lithium products[82]. Market and Pricing Dynamics - The price of lithium products has reached historical highs since 2021, but there is a risk of price volatility due to global economic conditions and supply-demand dynamics[5]. - The lithium hydroxide and carbonate prices have shown significant volatility, influenced by seasonal demand fluctuations and supply-demand mismatches[53]. - The price of 5%-6% lithium spodumene concentrate in China is projected to be around $1,000-$1,010 per ton by June 2024, slightly up from $900-$1,000 per ton at the beginning of 2024[50]. - The lithium extraction from lithium mica in China is gradually increasing due to technological breakthroughs, despite facing challenges related to lower ore grades and high extraction costs[52]. - The company has established long-term strategic relationships with leading global battery suppliers and automotive OEMs, enhancing its market stability[27]. Risk Management - The company faces risks related to exchange rate fluctuations that could impact its overseas investments and profitability[7]. - The company acknowledges potential risks from changes in government policies regarding exports and taxes, which could adversely affect its operations[4]. - The company has a risk management strategy in place to monitor government policies and market demand changes, ensuring timely adjustments to its strategic planning[109]. - The company has implemented strict risk control measures for its hedging activities, including compliance with relevant laws and regulations[1]. - The company closely monitors market trends to adjust its hedging strategies accordingly[1]. Corporate Governance and Shareholder Engagement - The company is committed to ensuring the accuracy and completeness of its financial reports, with all board members present for the review of the half-year report[2]. - The company has experienced a 35.21% investor participation rate in the first extraordinary general meeting of 2024[112]. - The company has introduced new executives, including two vice presidents appointed on March 5, 2024, to enhance its management team[113]. - The independent directors have provided opinions on the stock option incentive plans, ensuring compliance and governance[116]. - The company aims to maximize shareholder value through these incentive plans and employee ownership strategies[118]. Strategic Acquisitions and Partnerships - The company has engaged in multiple acquisitions, including Mali Lithium B.V. and Lithium du Mali S.A., with no significant impact on overall performance[106]. - The company signed a long-term supply agreement with Hyundai Motor Company for battery-grade lithium hydroxide products, with annual supply quantities to be determined by final purchase orders[160]. - A cooperation agreement was signed with Pilbara to jointly conduct feasibility studies for a lithium chemical plant project, with both parties contributing 50%[161]. - The company plans to acquire up to 5% of Mali Lithium from Leo Lithium Limited for up to USD 6.5 million[162]. - The company approved an investment of up to USD 7 million to acquire at least 14.8% of PGCO's shares, aimed at developing the lithium salt lake project in Argentina[161]. Employee and Community Engagement - The company has established a safety management system to ensure a safe and healthy working environment for employees[138]. - The company actively fulfills its corporate social responsibility through community engagement and public welfare initiatives[140]. - The 2023 employee stock ownership plan included 652 participants, consisting of directors, supervisors, senior management, and key personnel[120]. - The company has implemented a restricted share unit plan to enhance employee motivation and align with strategic goals[118]. - The company is focusing on becoming a comprehensive solution provider, integrating various business segments to optimize customer production costs and enhance service offerings[81].

第一章 总则 第一条 为建立完善的投资决策机制，提高江西赣锋锂业集团股份有限公司 （以下简称"公司"）投资决策的合理性和科学性，现依据《中华人民共和国公 司法》（以下简称《公司法》）、《深圳证券交易所股票上市规则》（以下简称 《上市规则》）、《深圳证券交易所上市公司自律监管指引第 1 号——主板上市 公司规范运作》（以下简称《规范运作》）等法律、行政法规、部门规章及规范 性文件以及《公司章程》、《对外投资管理制度》的有关规定，结合公司实际情 况，设立投资决策委员会并制定本细则。 江西赣锋锂业集团股份有限公司 投资决策委员会工作细则 （2024 年 8 月） 第二条 公司及子公司重大对外投资事项均需提交对外投资分析报告等相关 材料，并由战略投资部建议并组织召开投资决策委员会会议进行审议。根据本细 则规定，需提交董事会、股东大会审批的对外投资事项，经投资决策委员会审核、 批准后方可提交至公司董事会、股东大会审议。 第三条 公司（含下属子公司）发生未达到《对外投资管理制度》规定的股 东大会或董事会审批权限的对外投资事项，董事会授权投资决策委员会进行审核、 批准。在授权范围内，投资决策委员会的决策视为最终决策依据。 ...