赣锋锂业（002460.SZ）2023年年报点评 高位矿价拖累业绩，自有矿迎来收获期 2024年04月02日 ➢ 事件：公司发布2023年年报。2023年实现营收329.7亿，同比-21.2%， 推荐 维持评级 归母净利49.5亿元，同比-75.9%，扣非归母净利26.8亿元，同比-86.6%；单 当前价格： 39.62元 季度来看，23Q4实现营收72.9亿元，同比-48.7%，环比-3.3%，归母净利-10.6 亿元，同比-118.6%，环比-765.8%，扣非归母净利-16.8亿元，同比-127.6%， [Table_Author] 环比-801.3%。 ➢ 锂盐：量增价降，矿价高位导致单吨成本大幅抬升。2023年，1）量：公司 锂产品产销10.4、10.2万吨LCE，同比+7.3%、+4.6%，截至2023年底，锂盐 产品库存0.7万吨LCE，同比+0.2万吨；2）价：由于产业链去库存及供需格局 的转变，锂价快速下跌，电碳均价（含税）25.6万元/吨，同比-47.3%，电氢均 价（含税）27.2万元/吨，同比-41.9%，公司锂产品售价24.0万元/吨LCE，同 分析师 邱祖学 比-32.3%；3）本 ...

Investment Rating - The report maintains a "Buy" rating for the company [1] Core Views - In 2023, the company achieved a net profit attributable to shareholders of 4.947 billion yuan, a year-on-year decrease of 75.87%, which met market expectations [2][7] - The company's revenue for 2023 was 32.972 billion yuan, down 21.16% year-on-year, while the net profit attributable to shareholders was 4.947 billion yuan, also down 75.87% year-on-year [2][7] - The lithium salt production and sales slightly exceeded expectations, with a forecasted sales increase of over 15% in 2024 [2][13] - The company is enhancing its self-supply rate of lithium resources, with projections for 2024 showing a self-supply ratio of around 50% [3][14] - The report adjusts the profit forecast for 2024-2026, expecting net profits of 30.2 billion, 40.0 billion, and 48.1 billion yuan respectively, with corresponding P/E ratios of 24x, 18x, and 15x [3][28] Summary by Sections Financial Performance - In 2023, the company reported total revenue of 32.972 billion yuan, a decrease of 21.16% year-on-year, and a net profit of 4.947 billion yuan, down 75.87% year-on-year [2][7] - The gross profit margin for 2023 was 13.87%, a decline of 35.6 percentage points year-on-year [7] - The company’s Q4 2023 results showed a revenue of 7.29 billion yuan, a year-on-year decrease of 48.7%, and a net loss of 1.063 billion yuan [2][7] Production and Sales - In 2023, the company produced 104,000 tons of lithium salt, a year-on-year increase of 7.3%, and sold 102,000 tons, an increase of 4.6% [2][13] - The company expects total lithium salt sales to reach 120,000 to 150,000 tons in 2024, with a significant contribution from South American salt lakes [2][13] Resource Development - The company is focused on increasing its self-supply rate of lithium resources, with an estimated self-supply ratio of 40% in 2023 and projected to reach 50% in 2024 [3][14] - Key projects include the Marion project, which is expected to contribute approximately 30,000 tons of lithium carbonate in 2024 [3][14] Profit Forecast and Valuation - The report revises the profit forecast for 2024-2026, expecting net profits of 30.2 billion, 40.0 billion, and 48.1 billion yuan, with year-on-year growth rates of 39%, 32%, and 20% respectively [3][28] - The corresponding P/E ratios for 2024-2026 are projected at 24x, 18x, and 15x [3][28]

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3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4月2日 I. 法定/註冊股本變動 | 1. 股份分類 | 普通股 | 股份類別 A | | | | 於香港聯交所上市 (註1) | | 否 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 | 002460 | 說明 | | A股 (深圳證券交易所) | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | | 法定/註冊股本 | | | 上月底結存 | | | 1,613,593,699 | RMB | | 1 | RMB | | 1,613,593,699 | | 增加 / 減少 (-) | | | 0 | | | | RMB | | 0 | | 本月底結存 | | | 1,613,593,699 | RMB | | 1 | RMB | | 1,613,593,69 ...

Investment Rating - Maintains an "Overweight" rating [3][4] Core Views - The company's performance was impacted by the decline in lithium prices, but the long-term growth prospects of the new energy industry remain strong, supporting the "Overweight" rating [3] - The company is a leader in the industry and continues to expand its global lithium resource layout and advance its integrated industrial chain [3] Financial Performance - 2023 revenue: HKD 36.384 billion, a year-on-year decrease of 22.29% [3] - 2023 net profit: HKD 5.459 billion, a year-on-year decrease of 76.00% [3] - Q4 2023 revenue: HKD 8.044 billion, a year-on-year decrease of 49.44% and a quarter-on-quarter decrease of 2.06% [3] - Q4 2023 net profit: HKD -1.173 billion [3] - Lithium salt product gross margin: 12.53%, a year-on-year decrease of 43.58 percentage points [3] - Lithium battery product gross margin: 17.96%, a year-on-year increase of 0.11 percentage points [3] Production and Sales - Lithium salt product production: 104,300 tons LCE, a year-on-year increase of 7.25% [3] - Lithium salt product sales: 101,800 tons LCE, a year-on-year increase of 4.57% [3] - Lithium salt product inventory: 7,200 tons LCE, a year-on-year increase of 50.76% [3] - Power and energy storage lithium battery production: 10.62 GWh, a year-on-year increase of 56.46% [3] - Power and energy storage lithium battery sales: 8.20 GWh, a year-on-year increase of 20.38% [3] - Power and energy storage lithium battery inventory: 3.29 GWh, a year-on-year increase of 278.08% [3] Global Resource Expansion - Subscribed to no less than 14.8% of the shares of Argentina's salt lake lithium mining company PGCO [3] - Increased lithium spodumene supply from Australian miner Pilbara to 260,000-310,000 tons annually for the next three years [3] - Increased equity stake in Mali Lithium's Goulamina project to 55% through subsidiary Ganfeng International [3] Integrated Industrial Chain Development - Signed a long-term supply agreement with Hyundai Motor Company for battery-grade lithium hydroxide [3] - Invested in the construction of a 5GWh lithium battery production base in Nanchang [3] - Signed a framework agreement with Hohhot government for a 20GWh lithium battery production project [3] - Established Jiangxi Ganfeng Environmental Protection Co Ltd to promote the recycling of lithium smelting slag [3] Market Data - Current stock price: HKD 23.95 [4] - 52-week price range: HKD 19.62-58.40 [5] - Current shares outstanding: 2,017 million [5] - Current market capitalization: HKD 48,311 million [5]

证券代码：002460 证券简称：赣锋锂业 编号：临2024-025 江西赣锋锂业集团股份有限公司 关于股东部分股份质押的公告 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， 无虚假记载、误导性陈述或者重大遗漏。 江西赣锋锂业集团股份有限公司(以下简称"公司") 于近日接到 公司股东李良彬先生和王晓申先生将其持有的公司部分股份质押的 通知，具体情况如下： 一、股东股份质押的基本情况 1、李良彬先生及其一致行动人累计质押股数为124,208,000股， | 股东 | 是否为第 | 质押 股数 | 占其所 | 占公司 | 是否 | 是否为 | 质押开 | 质押解 | 质权 | 资金 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 名称 | 一大股东 及一致行 | （万 | 持股份 | 总股本 | 为限 | 补充质 | 始日期 | 除日期 | 人 | 用途 | | | 动人 | | 比例 | 比例 | 售股 | 押 | | | | | | | | 股） | | | | | | | | | | 李良彬 | | | ...

Financial Performance - The company reported a total revenue of RMB 10.5 billion for the year 2023, representing a year-on-year increase of 25%[23]. - The company's operating revenue for 2023 was approximately ¥32.97 billion, a decrease of 21.16% compared to ¥41.82 billion in 2022[31]. - The net profit attributable to shareholders for 2023 was approximately ¥4.95 billion, down 75.87% from ¥20.50 billion in 2022[31]. - The net profit after deducting non-recurring gains and losses was approximately ¥2.68 billion, a decline of 86.59% from ¥19.95 billion in 2022[31]. - The cash flow from operating activities for 2023 was approximately ¥146.48 million, a significant drop of 98.83% compared to ¥12.49 billion in 2022[31]. - The total assets at the end of 2023 were approximately ¥91.70 billion, an increase of 15.84% from ¥79.16 billion at the end of 2022[31]. - The net assets attributable to shareholders at the end of 2023 were approximately ¥47.03 billion, up 6.79% from ¥44.04 billion at the end of 2022[31]. - The company reported a significant non-recurring loss of approximately ¥2.27 billion in 2023, compared to ¥551.23 million in 2022[38]. - The company’s net profit for the year was ¥4,575,247,386.04, with significant adjustments leading to a difference of ¥4,428,766,692.83 from the net cash flow from operating activities[138]. - The company reported a total revenue of 46,659 million yuan for the year 2023, representing a 0.78% increase compared to the previous year[155]. Market Trends and Demand - The lithium industry is experiencing increased demand driven by the rapid growth of electric vehicle and energy storage battery markets, influenced by government policies promoting new energy vehicles[5]. - The global lithium resource demand in 2023 is estimated at 1,005,000 tons LCE, with the electric vehicle sector accounting for 56% and energy storage for 15%[53]. - In 2024, global lithium resource demand is projected to increase to 1,218,000 tons LCE, with the electric vehicle sector's share rising to 58% and energy storage to 16%[53]. - The global sales of new energy vehicles in 2023 are expected to increase by 30%, reaching 15.1 million units, with a penetration rate of 17.76%[56]. - The lithium market has shifted from supply tightness to oversupply in 2023, leading to fluctuating prices influenced by demand and inventory management strategies[50]. Production and Capacity - Ganfeng Lithium's lithium carbonate production capacity reached 50,000 tons, with plans to expand to 100,000 tons by 2025[30]. - The company is actively pursuing strategic acquisitions to enhance its resource base and market position, including potential partnerships in South America[30]. - The company has established multiple production bases for lithium compounds and batteries across various locations in China, enhancing its production capabilities[104]. - The company aims to expand its production capacity while managing inventory effectively in response to market demand fluctuations[104]. - The company is expanding its lithium battery segment, with plans for a new 6GWh lithium battery production project in Jiangxi and increasing the capacity of an existing project in Chongqing from 10GWh to 20GWh[166]. Research and Development - Ganfeng Lithium has invested RMB 1.2 billion in R&D for new lithium extraction technologies, aiming to improve efficiency by 15%[30]. - The company has authorized 220 national patents in 2023, including 32 invention patents, bringing the total to 728 patents[118]. - The company is in the research phase for several new products, including manganese-based lithium-ion materials and aluminum-based adsorbents, aimed at optimizing product structure and improving market competitiveness[132]. - The company is enhancing its R&D capabilities by collaborating with domestic and international research institutions to develop new products and technologies, including solid-state lithium batteries and lithium recycling methods[168]. Sustainability and Environmental Impact - The company emphasizes the importance of safety and environmental protection in its operations, implementing a comprehensive safety responsibility system and enhancing safety awareness training[10]. - The company acknowledges the potential impact of environmental regulations on its operations and is committed to compliance with all applicable laws and regulations[10]. - The company is focusing on sustainable practices, with a goal to recycle 50% of its lithium battery materials by 2025[30]. - The company has received various safety and environmental permits, ensuring compliance with regulatory standards for its operations[89]. - The company achieved a green electricity consumption rate of over 40% of its total electricity usage, promoting clean energy utilization[180]. Strategic Partnerships and Acquisitions - The company has formed strategic partnerships with leading global battery suppliers and automotive OEMs, enhancing its market position and stability[70]. - The company is exploring potential mergers and acquisitions to enhance its competitive position in the lithium market[194]. - The company is actively pursuing market expansion through new projects and technological advancements, aiming to strengthen its competitive edge in the lithium industry[86]. - The company is actively pursuing non-equity investments, including a project in Olaroz Lithium, with a total investment of 828.36 million yuan and a completion rate of 94.38%[153]. Corporate Governance and Management - The actual controller of the company, Li Liangbin's family, holds 20.16% of the total shares, ensuring independent operation without interference in decision-making[174]. - The company has a complete corporate governance structure, including a shareholders' meeting, board of directors, and supervisory board, ensuring independence from the controlling shareholder[184]. - The company has established an independent financial accounting department with dedicated personnel and a standardized financial management system, ensuring independent financial decision-making[185]. - The company appointed Wang Xiaoshen as the new president on February 3, 2023, to enhance corporate governance and improve ESG performance[190]. - The company is focused on enhancing its corporate governance and management efficiency through these leadership changes[190].

江西赣锋锂业集团股份有限公司独立董事 2023 年度述职报告 （徐一新） 根据《上市公司独立董事管理办法》及《江西赣锋锂业集团股份 有限公司独立董事制度》，本人作为江西赣锋锂业集团股份有限公司独 立董事，现向董事会和股东大会提交年度述职报告，对履行职责的情 况进行说明。请予审查。 一、基本情况 （一）工作履历、专业背景以及兼职情况 徐一新女士，1970 年出生，二级律师（副高），现任：江西豫章律 师事务所高级合伙人，妇联主席，江西省第十四届人大代表，南昌市 第十五届政协委员；南昌仲裁委员会仲裁员；江西省人民政府行政复 议机构第一届行政复议委员会委员；江西省高级人民法院司法监督 员；南昌市法学会首席法律咨询专家；国家税务总局南昌市税务局特 约监督员；江西省律协常务理事；南昌市律协刑事专业委员会主任， 南昌市律师行业妇联副主席；第十届全国律协婚姻家事委员会委员； 江西科技师范大学客座教授、MBA 校外硕导；江西师大法律硕士专业 学位研究生导师；江西卫视金牌调解观察员、调解员；南昌市涉案企 业合规第三方监督评估机制专业人员；南昌市新的社会阶层人士联谊 会第三届监事会副监事长；江西省第三届法官、检察官遴选委员会委 员 ...

江西赣锋锂业集团股份有限公司独立董事 2023 年度述职报告 （徐光华） 根据《上市公司独立董事管理办法》及《江西赣锋锂业集团股份 有限公司独立董事制度》，本人作为江西赣锋锂业集团股份有限公司独 立董事，现向董事会和股东大会提交年度述职报告，对履行职责的情 况进行说明。请予审查。 一、基本情况 （一）工作履历、专业背景以及兼职情况 本人徐光华，1981 年出生，法学博士、博士后，现任华东政法大 学刑事法学院教授、博士生导师，兼任国际刑法学会中国分会理事、 中国刑法学研究会理事、江西省犯罪学研究会理事、南昌仲裁委员会 仲裁员、美国密苏里大学堪萨斯分校访问学者、澳门科技大学客座教 授、安源煤业集团股份有限公司独立董事、江西盛富莱光学科技股份 有限公司独立董事。于 2020 年 3 月起任公司第五届董事会独立董事。 （二）独立性说明 本人不在赣锋锂业担任除董事外的其他职务，与赣锋锂业及其主 要股东不存在直接或者间接利害关系，或者其他可能影响其进行独立 客观判断关系；独立履行职责，不受赣锋锂业及其主要股东等单位或 者个人的影响。2023 年，本人对独立性情况进行了自查，确认已满足 适用的各项监管规定中对于出任赣锋锂业 ...

证券代码：002460 证券简称：赣锋锂业 编号：临2024-022 江西赣锋锂业集团股份有限公司 关于增发公司H股股份一般性授权的公告 本公司及董事会全体成员保证公告内容的真实、准确和完整， 没有虚假记载、误导性陈述或重大遗漏。 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日召开的第五届董事会第七十五次会议审议通过了《关于增 发公司H股股份一般性授权的公告》，董事会提请公司2023年年度股 东大会授权董事会并由董事会转授权董事长及其授权人士决定单独 或同时配发、发行及处理不超过本公司已发行H股股份数量的20%的 H股或可转换成该等股份的证券、购股权、认股权证或可认购公司H 股的类似权利（以下简称"一般性授权"）。具体授权如下： 一、一般及无条件授权董事会并由董事会转授权董事长及其授权 人士决定单独或同时配发、发行及处理H股或可转换成该等股份的证 券、购股权、认股权证或可认购公司H股的类似权利（以下简称"类 似权利"），及决定配发、发行及处理新股或类似权利的条款及条件， 包括但不限于以下条款： 1、拟发行的新股的类别及数目； 2、新股的定价方式及/或发行价格（包括价格区间）； 3、开 ...

| 序号 | 事项 | 自查结果 | | | | | | --- | --- | --- | --- | --- | --- | --- | | 在上市公司或者其附属企业任职的人员及其配偶、父母、子女、主要 | 是 | 否 | 1 |  | 社会关系； | | | 直接或者间接持有上市公司已发行股份百分之一以上或者是上市公 | 是 | 否 | 2 |  | 司前十名股东中的自然人股东及其配偶、父母、子女； | | | 在直接或者间接持有上市公司已发行股份百分之五以上的股东或者 | 是 | 否 | 3 |  | 在上市公司前五名股东任职的人员及其配偶、父母、子女； | | | 在上市公司控股股东、实际控制人的附属企业任职的人员及其配偶、 | 是 | 否 | 4 |  | 父母、子女； | | | 与上市公司及其控股股东、实际控制人或者其各自的附属企业有重大 | 业务往来的人员，或者在有重大业务往来的单位及其控股股东、实际 | 是 | 否 | 5 |  | | | 控制人任职的人员； | | | | | | | | 为上市公司及其控股股东、实际控制人或者其各自附属企业提供财 | 务、法律、咨询 ...