证券代码：002460 证券简称：赣锋锂业 编号：临2024-032 江西赣锋锂业集团股份有限公司 二、增持 Mali Lithium 股权进展情况 关于收购 Mali Lithium 公司部分股权涉及矿业权投资的公告 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，没有虚 假记载、误导性陈述或重大遗漏。 特别提示： 1、本次交易标的为 Mali Lithium B.V.（以下简称"Mali Lithium"） 40%股权。本次交易不构成关联交易，亦不构成《上市公司重大资产 重组管理办法》规定的重大资产重组，本次交易无需提交公司股东大 会审议。 2、本次交易尚需取得 Leo Lithium Limited（以下简称"Leo Lithium"）股东会的批准，且尚需取得国家相关主管部门批准或核 准备案，以及取得马里政府的同意，存在不能获批的风险。 3、受国际政治、经济环境、产业政策、市场环境等方面的影响， 本次投资收益也存在一定的不确定性。 一、本次交易概述 公司于 2024 年 5 月 6 日召开的第五届董事会第七十八次会议审 议通过了《关于收购 Mali Lithium 公司部分股权涉及矿业权投资的议 ...

2024年5月6日 公司研究 锂价下行及存货跌价损失拖累 23 年业绩，24 年 Q1 亏损幅度环比收窄 ——赣锋锂业（002460.SZ）2023 年报及 2024 年一季报点评 要点 增持（维持） 当 前价：35.26元 事件：公司发布2023年报及2024年一季报：公司2023年实现营业收入329.72 亿元，同比-21.16%；归母净利润49.47亿元，同比-75.87%。2024年Q1实现 营业收入50.58亿元，同比-46.41%；归母净利润-4.39亿元，同比-118.31%。 作者 公司每10股派发现金红利8元（含税），若按2024年4月30日收盘价计算， 分析师：王招华 股息率为2.27%。 执业证书编号：S0930515050001 021-52523811 点评：锂价下行及存货跌价损失拖累23年业绩，公司连续2季度出现亏损。截 wangzhh@ebscn.com 分析师：马俊 至2023年底，电碳价格为10.33万元/吨，较2023年初下滑79.8%，同时公司 执业证书编号：S0930523070008 2023年存货跌价损失达到16.36亿元。2023年产销量保持小幅增长，锂盐产销 0 ...

[Table_Page] 季报点评|有色金属 证券研究报告 [赣Table_锋Title] 锂业(002460.SZ/01772.HK) 公[Ta司ble评_Inv级est ] 买入-A/买入-H 当前价格 36.59元/23.35港元 锂价趋稳+自供率提升，盈利有望继续改善 合理价值 39.98元/25.51港元 前次评级 买入/买入 [Table_Summary] 核心观点： 报告日期 2024-04-30  Q1 归母净利润-4.4 亿元，亏损程度环比改善。据一季报，Q1 公司实 [相Tab对le_P市icQ场uote表] 现 现营收50.6亿元，同比降46%，环比降31%；毛利3.1亿元，同比降 91%，环比增 209%；归母净利润-4.4 亿元，同比降 118%，环比增 10% -2% 59%；扣非归母净利润-2.5亿元，同比降112%，环比增85%。截至一 05/23 07/23 09/23 10/23 12/23 02/24 04/24 -15% 季度末，公司资产负债率43.22%，较年初增0.27PCT。业绩环比亏损 -27% 程度有所改善，主要系锂价趋稳、成本倒挂缓解、毛利提升。 -40% ...

Financial Performance - The company's operating revenue for Q1 2024 was ¥5,057,894,510.44, a decrease of 46.41% compared to the same period last year[4] - The net profit attributable to shareholders was -¥438,901,866.58, representing a decline of 118.31% year-over-year[4] - The company reported a comprehensive loss of CNY -546,732,751.56 for Q1 2024, compared to a comprehensive income of CNY 1,836,851,757.06 in the previous year[17] - Basic and diluted earnings per share for Q1 2024 were both CNY -0.22, compared to CNY 1.19 in Q1 2023[17] - The cash inflow from operating activities was CNY 6,476,823,773.54, a decrease of 46.0% compared to CNY 12,183,086,187.91 in the previous period[19] - The company received CNY 6,144,234,199.45 from sales of goods and services, a decline of 48.3% from CNY 11,858,634,106.33 in the previous period[19] Cash Flow - The net cash flow from operating activities was ¥118,855,695.01, a significant improvement of 103.75% compared to -¥3,169,082,963.04 in the previous year[8] - The company experienced a 65.64% decrease in net cash flow from financing activities, totaling ¥1,573,640,963.14[8] - The cash outflow for investing activities totaled CNY 2,296,550,716.83, compared to CNY 3,392,119,004.93 in the previous period, indicating a reduction in investment spending[20] - The total cash and cash equivalents at the end of the period were CNY 8,921,539,762.30, down from CNY 7,950,070,822.80 at the end of the previous period[20] Assets and Liabilities - The total assets at the end of Q1 2024 were ¥95,563,417,766.95, an increase of 4.22% from the end of the previous year[4] - Total liabilities rose to CNY 41,306,477,399.23 in Q1 2024, compared to CNY 39,382,038,192.52 in Q1 2023, an increase of 4.9%[15] - The total equity attributable to shareholders increased to CNY 47,978,285,617.95 from CNY 47,034,107,033.38, reflecting a growth of 2.0%[15] Research and Development - Research and development expenses decreased by 44.67% to ¥216,843,411.11, primarily due to lower material costs influenced by falling lithium product prices[6] - Research and development expenses for Q1 2024 were CNY 216,843,411.11, down 44.6% from CNY 391,927,028.05 in Q1 2023[16] Investments and Acquisitions - The company plans to acquire up to 5% equity in Mali Lithium for a maximum of $6.5 million to enhance its mining rights investment[12] - The company is set to invest up to $7 million to acquire at least 14.8% of PGCO's shares, aimed at developing the lithium salt lake project in Argentina[12] - The company has established a joint investment fund with local authorities and partners, committing up to ¥20 million for innovation in technology[12] Inventory and Current Assets - The total current assets as of March 31, 2024, amounted to approximately ¥25.67 billion, a decrease from ¥28.18 billion at the beginning of the period[13] - The company's inventory as of March 31, 2024, was approximately ¥6.97 billion, compared to ¥8.26 billion at the beginning of the period[13] - The company reported a long-term investment of approximately ¥14.23 billion as of March 31, 2024, reflecting its commitment to strategic growth[13] Shareholder Information - The total number of ordinary shareholders at the end of the reporting period was 314,480, with the largest shareholder holding 20.00% of the shares[8] Other Financial Metrics - The weighted average return on equity was -0.93%, down from 5.31% in the previous year[4] - The company reported a significant loss in fair value changes of financial assets amounting to -¥268,863,798.84, a decline of 274.78% year-over-year[6] - Investment income from joint ventures and associates decreased to CNY 253,843,281.69 from CNY 478,536,236.60, a decline of 47.1%[15]

Financial Performance - Operating revenue for the first quarter was RMB 5.06 billion, a decrease of 46.41% compared to RMB 9.44 billion in the same period last year[6]. - Net profit attributable to shareholders was a loss of RMB 438.90 million, down 118.31% from a profit of RMB 2.40 billion in the previous year[6]. - Basic and diluted earnings per share were both -RMB 0.22, a decline of 118.49% from RMB 1.19 in the same period last year[6]. - The company experienced a significant decline in lithium product sales prices, impacting overall revenue performance[9]. - The operating profit for the current period was -499,748,139.23, compared to 2,353,962,190.52 in the same period last year, indicating a significant decline[32]. - The net profit attributable to the parent company was -438,901,866.58, down from 2,396,600,665.19 year-over-year[33]. - The total comprehensive income for the current period was -546,732,751.56, compared to 1,836,851,757.06 in the previous year[33]. - The total profit for the current period was -499,783,258.17, compared to 2,353,751,005.50 in the previous year[32]. Cash Flow - Cash flow from operating activities showed a net inflow of RMB 118.86 million, a significant recovery from a net outflow of RMB 3.17 billion in the previous year[6]. - Net cash flow from operating activities improved by 103.75% to ¥118,855,695.01, driven by reduced purchases and tax payments[11]. - Cash inflows from operating activities were 6,144,234,199.45, down from 11,858,634,106.33 year-over-year[34]. - Cash outflows from investing activities totaled 2,296,550,716.83, compared to 3,392,119,004.93 in the previous year, resulting in a net cash flow from investing activities of -2,079,431,243.89[39]. - Cash inflows from financing activities were 5,030,908,940.98, down from 7,097,183,241.00 year-over-year[40]. - The net increase in cash and cash equivalents at the end of the period was 8,921,539,762.30, compared to 7,950,070,822.80 in the previous year[40]. Assets and Liabilities - Total assets as of March 31, 2024, amounted to RMB 95.56 billion, representing a 4.22% increase from RMB 91.70 billion at the end of the previous year[4]. - Total current assets amounted to approximately 25.67 billion RMB, down from 28.18 billion RMB at the beginning of the year, reflecting a decrease of about 5.4%[23]. - Cash and cash equivalents at the end of the reporting period were approximately 9.09 billion RMB, compared to 9.48 billion RMB at the beginning of the year, indicating a decrease of about 4.2%[23]. - Total liabilities increased to ¥41,306,477,399.23 from ¥39,382,038,192.52, marking a rise of about 4.9%[26]. - Long-term employee compensation liabilities increased by 41.12% to RMB 16.12 million, attributed to provisions for long-term employee compensation[9]. Expenses - Total operating costs decreased to ¥4,744,860,206.22 from ¥5,915,014,397.62, a reduction of about 19.8%[29]. - Sales expenses rose by 42.02% to RMB 42.49 million, primarily due to increased sales volume-related costs[9]. - Management expenses surged by 102.27% to RMB 304.85 million, driven by employee stock incentive plan costs and increased management costs due to company expansion[9]. - R&D expenses decreased by 44.67% to ¥216,843,411.11 due to lower material costs influenced by lithium product price drops[10]. - Financial expenses increased by 50.48% to ¥209,405,597.98 primarily due to higher interest expenses and foreign exchange losses[10]. Shareholder Information - The total number of common shareholders at the end of the reporting period was 314,434 for A-shares and 46 for H-shares[12]. - The largest shareholder, HKSCC Nominees Limited, holds 20.00% of shares, totaling 403,512,266[13]. - The second-largest shareholder, Li Liangbin, owns 18.77% with 378,637,819 shares, of which 283,970,864 are pledged[13]. Investments and Agreements - The company plans to acquire up to 5% equity in Mali Lithium B.V. for no more than $65 million, as approved in the board meeting on January 15, 2024[19]. - A long-term supply agreement was signed with Hyundai Motor Company for lithium hydroxide products, with annual supply quantities to be determined by final purchase orders[19]. - The company will jointly invest up to 20 million RMB to establish the Jiangxi Province Xinggan Technology Innovation Equity Investment Fund[20]. - The company intends to subscribe for no less than 14.8% of PGCO's newly issued shares, with the transaction price not exceeding $20 million, aimed at developing the Pastos Grandes lithium salt lake project in Argentina[21]. Other Information - The first quarter report has not been audited[41]. - The company will implement new accounting standards starting in 2024[41]. - The board of directors includes both executive and independent non-executive members[41]. - The chairman of the board is Li Liangbin[41]. - The announcement was made on April 29, 2024[41]. - The company is based in Jiangxi, China[41]. - The board consists of four executive directors and three independent non-executive directors[41]. - The report does not provide specific financial performance metrics or user data[41]. - There is no mention of future outlook or guidance in the document[41]. - No details on new products, technologies, market expansion, or mergers and acquisitions are provided[41].

Business Overview - Ganfeng Lithium is a leading lithium ecological enterprise with over 40 lithium compounds and lithium metal products, providing a comprehensive product offering to meet diverse customer needs [3]. - The company has established a vertically integrated business model covering upstream lithium resource development, midstream lithium compounds processing, and downstream lithium battery production, enhancing operational efficiency and profitability [3]. - Ganfeng Lithium has secured high-quality lithium resources globally, including Australia, Argentina, Ireland, and China, with long-term procurement agreements in place for most resources [6]. - The lithium compounds segment includes battery-grade lithium hydroxide and lithium carbonate, widely used in electric vehicles and portable electronics, serving global leaders in battery manufacturing [6]. - Ganfeng Lithium ranks first globally in lithium metal production capacity, producing various forms of lithium metals for battery anodes and pharmaceutical applications [6]. - The company is actively advancing the research and development of solid-state lithium batteries, aiming for commercial application [6]. - Ganfeng Lithium's lithium battery recycling business addresses the growing demand for decommissioned battery treatment, providing sustainable solutions for battery manufacturers and electric vehicle producers [6]. Financial Performance - The company's revenue for the year ended December 31, 2023, was RMB 32,812,017 thousand, representing a decrease of 20.7% compared to the previous year [16]. - Gross profit for the same period was RMB 4,608,922 thousand, reflecting a decline of 77.4% year-over-year [16]. - Profit attributable to owners of the parent was RMB 4,982,547 thousand, down 75.7% from the prior year [16]. - Earnings per share decreased to RMB 2.47, a drop of 75.7% compared to the previous year [16]. - The Group's revenue decreased from RMB 41,370,654 thousand in 2022 to RMB 32,812,017 thousand in 2023, representing a decrease rate of 20.7% [62]. - Gross profit decreased from RMB 20,364,474 thousand to RMB 4,608,922 thousand, representing a decrease rate of 77.4% [62]. - Profit attributable to the owners of the parent decreased by RMB 15,521,368 thousand or 75.7% to RMB 4,982,547 thousand compared to RMB 20,503,915 thousand in 2022 [103]. Market Trends and Demand - The global supply of lithium resources is expected to reach 988,000 tons of LCE in 2023, representing a year-on-year increase of 30.5% [27]. - In 2024, the global supply of lithium resources is projected to increase to 1,314,000 tons of LCE, a year-on-year growth of 33% [27]. - The company reported a year-over-year growth rate of 150% in global energy storage battery shipments [57]. - The cumulative output of motive power batteries and energy storage batteries in China was 778.1 GWh in 2023, representing a year-on-year increase of 42.5% [40]. - The global sales volume of new energy vehicles is expected to increase by 30% in 2023, reaching 15.10 million units [41]. - The demand for energy storage applications is expected to account for 57% of the total energy storage demand in 2023 [58]. Production and Capacity Expansion - The company expanded its production capacity through technical transformation of existing production lines and the establishment of new production lines to meet growing market demand for lithium products [62]. - The annual production capacity expansion project of butyl lithium with 2,000 tons at the 10,000-ton Lithium Salt Plant has been completed [63]. - The lithium hydroxide project with an annual production capacity of 25,000 tons in Fengcheng Ganfeng Phase I has been completed [63]. - The Mount Marion project has completed the expansion construction of 900,000 tons/year spodumene concentrate production capacity, which is currently being gradually released [68]. - The company plans to achieve a total lithium product supply capacity of over 600,000 tons of LCE per year by 2030, including lithium extracted from ore, brine, clay, and recycled batteries [89]. Research and Development - The company continues to invest in research and development for new lithium products and applications [8]. - The company is actively engaged in the research and development of solid-state battery technology, achieving significant technical advancements in high-safety and high-specific energy batteries [90]. - The company is focusing on innovative applications of decommissioned power batteries in energy storage and low-speed electric vehicles [60]. - The company is developing solid electrolytes and anodes for solid-state lithium batteries as part of its R&D efforts [98]. Sustainability and ESG Commitment - The company is committed to sustainable development practices in its operations [11]. - The company aims to strengthen its capabilities in sustainable development, emphasizing ESG as a key differentiator in the market [24]. - The company is committed to integrating ESG practices into its operations to create both environmental and economic benefits [25]. - The company is committed to resource protection and reducing carbon emissions to achieve sustainable growth [100]. Strategic Initiatives - The company is focusing on expanding its market presence and developing new technologies in lithium production [8]. - The company is exploring potential mergers and acquisitions to enhance its competitive position in the lithium industry [8]. - The company aims to improve operational efficiency and reduce costs in response to market challenges [8]. - The company plans to hold its annual general meeting on June 25, 2024 [7]. Shareholder and Employee Incentives - The total number of share options granted under the 2021 Share Option Incentive Scheme was adjusted from 15.794 million to 15.754 million, with the number of participants reduced from 407 to 404 [150]. - The exercise price of the share options is set at RMB 96.28 per A Share, allowing participants to purchase shares upon fulfillment of exercise conditions [154]. - The ESOP aims to enhance corporate governance and employee cohesion while ensuring the achievement of the company's strategic objectives [190]. - The vesting schedule for the RSUs includes four vesting periods, each accounting for 25% of the total grant [176].

智通财经APP获悉，锂电股集体走低，截至发稿，赣锋锂业(01772)跌4.77%，报21.95港元；中创新航 (03931)跌2.68%，报13.06港元；天齐锂业(09696)跌2.62%，报35.35港元。 消息面上，4月17日雅保举行了约100吨电池级碳酸锂的售卖招标，最终结果为10.7万元/吨，较4月2日 招标价11.18万元/吨，跌幅4.3%。大越期货指出，近期盐湖大厂高价出货、库存低位及海外拍卖价格回 升，同时国内云母价格有所回升，电工价差收窄，雅宝最新锂矿拍卖折价将对现货形成一定压力。 新湖期货指出，随着智利碳酸锂逐渐到港及江西锂盐厂逐渐复产，锂盐端供应仍偏宽松。长期来看碳酸 锂全年供需严重过剩格局未能改变，但短期来看，存有供需节奏错配机会，供需双侧仍存一定发酵空 间，叠加短期现货流动性偏紧对锂价有一定支撑，预计短期锂价下行空间有限，但考虑到中长期市场悲 观共识，反弹高度存有一定限制。 ...

股票代码：002460 股票简称：赣锋锂业 持续增长。因此，作为锂行业的龙头企业，赣锋锂业将 持续进行锂业务以及锂电池的深入布局。固态电池一直 | 是公司锂电板块的发展重点之一，公司将继续坚定固态 | | --- | | 电池的布局战略。 | | 5、问：固态电池有没有规模量产 | | 答：投资人您好，目前赣锋锂电已经建成了年产 2GWh 的 | | 第一代固液混合电池规模化生产线，已经初步形成了规 | | 模化生产的能力。 | | 6、问：公司重庆的半固态电池工厂已经交付 pack 有一 | | 段时间，装车进度如何？ | | 答：投资人您好，公司一直致力于固态电池 pack 技术的 | | 开发。赣锋锂电已于 2023 年发布了超级半固态"新锋" | | 电池，新锋电池具有高安全、高性能、高效率的特点， | | 覆盖各级别纯电车型。在安全性方面，采用六维热失控 | | 阻断技术，智慧 BMS 远程故障预判；独创软包电芯定向 | | 排气技术，可以实现 pack 定向排气；电芯采用高稳定柔 | | 性固体电解质隔膜，安全性能优异。在性能方面，固体 | | 电解质低温电导率变化小，可以扩展电池使用温度低温 | ...

| 投资者关系 | □特定对象调研 □分析师会议 □现场参观 | | | | --- | --- | --- | --- | | 活动类别 | □媒体采访 ■业绩说明会 □路演活动 | | | | | □新闻发布会 □其他 （请文字说明其他活动内容） | | | | 参与单位名称 | 参会人员名单见附件 | | | | 及人员姓名 | | | | | 时间 | 2024 年 3 月 29 日 | | | | 地点 | 电话会议 | | | | 上市公司接待 | 董事长李良彬先生 | | | | 人员姓名 | 董事会秘书任宇尘先生 | | | | | 1、公司 2023 年年度经营情况介绍。 | | | | | 公司 2023 年营业收入 329.72 亿元，同比下降 | 21.16%； | | | | 归属于上市公司股东的净利润 亿元，同比下降 49.47 | | | | | 75.87%。 | | | | | 在锂化工方面：万吨锂盐工厂的年产 2,000 | 吨丁基锂扩 | | | | 产项目已完成，万吨锂盐工厂和新余赣锋工厂对产品及产能 | | | | | 进行优化细分和整合；丰城赣锋一期年产 2.5 | ...

Investment Rating - Maintain "Buy" rating [2] Core Views - Lithium prices have declined, lagging behind lithium salt prices, leading to higher costs for externally sourced lithium ore and lower lithium salt product prices, which have dragged down performance [2] - The company is continuously improving the self-sufficiency rate of upstream raw materials and advancing the construction of a fully integrated industrial chain [2] Financial Performance - 2023 revenue: 32.972 billion CNY (down 21.16% YoY) [2] - 2023 net profit attributable to shareholders: 4.947 billion CNY (down 75.87% YoY) [2] - 2024-2025 EPS forecast adjusted to 1.61/2.14 CNY (previously 3.61/4.13 CNY) [2] - 2026 EPS forecast: 3.21 CNY [2] - 2024 PE valuation: 29x, target price maintained at 46.80 CNY [2] Operational Highlights - Lithium salt product production/sales/inventory: 104,300/101,800/7,200 tons LCE, up 7.25%/4.57%/50.76% YoY [2] - Power and energy storage battery production/sales/inventory: 10.62/8.20/3.29 MWh, up 56.46%/20.38%/278.08% YoY [2] - Lithium salt product gross margin: 12.53% (down 43.58 pct YoY) [2] - Lithium battery product gross margin: 17.96% (up 0.11 pct YoY) [2] Strategic Developments - Subscribed to at least 14.8% of the shares of Argentina's salt lake lithium mining company PGCO [2] - Increased lithium spodumene supply from Australian miner Pilbara from 160,000 tons to 260,000-310,000 tons annually for the next 3 years [2] - Increased equity stake in Mali Lithium's Goulamina project to 55% through subsidiary Ganfeng International [2] - Signed a long-term supply agreement with Hyundai Motor [2] - Invested in the construction of a 5GWh lithium battery production project in Nanchang [2] - Partnered with Hohhot government to build a 20GWh lithium battery project [2] - Established Jiangxi Ganfeng Environmental Protection Company to promote the recycling of lithium smelting slag [2] Related Reports - Lithium prices continue to decline, putting pressure on performance (2024.01.31) [3] - Increased investment in Mali lithium mine to strengthen upstream layout (2024.01.19) [3] - Correction in mining price model, profit improvement imminent (2023.11.01) [3] - Expanding upstream and downstream, further integration efforts (2023.08.31) [3] - Steady progress in resource layout, long-term growth potential (2023.01.30) [3]