证券研究报告·公司点评报告·能源金属 藏格矿业（000408） 2023 年年报点评：碳酸锂成本优势维持，公 2024 年 03月 25日 司维持高分红 证券分析师 曾朵红 买入（维持） 执业证书：S0600516080001 021-60199793 盈[T 利ab 预le_ 测EP 与S 估] 值 2022A 2023A 2024E 2025E 2026E zengdh@dwzq.com.cn 证券分析师 阮巧燕 营业总收入（百万元） 8,194 5,226 3,672 3,591 3,595 执业证书：S0600517120002 同比 126.19% -36.22% -29.73% -2.20% 0.10% 021-60199793 归母净利润（百万元） 5,655 3,420 2,692 3,069 4,045 ruanqy@dwzq.com.cn 同比 296.19% -39.52% -21.28% 14.01% 31.81% 证券分析师 岳斯瑶 EPS-最新摊薄（元/股） 3.58 2.16 1.70 1.94 2.56 执业证书：S0600522090009 P/E（现价&最新摊薄） 8.11 ...

Investment Rating - The investment rating for the company is "Outperform the Market" and is maintained [2] Core Views - The company reported a net profit of 3.42 billion yuan in 2023, a decrease of 39.52% year-on-year, with operating revenue of 5.23 billion yuan, down 36.22% year-on-year [5][6] - The company plans to distribute a total cash dividend of approximately 2.51 billion yuan for 2023, which accounts for 73.48% of the net profit attributable to shareholders [5] - The second phase of the Jilong Copper Mine expansion project has been approved, which is expected to increase the production capacity to 350,000 tons per day by the end of 2025 [5][6] Financial Summary - In 2023, the company achieved an operating income of 5.23 billion yuan, a decrease of 36.22% year-on-year, and a net profit of 3.42 billion yuan, down 39.52% year-on-year [7][14] - The fourth quarter of 2023 saw an operating income of 1.04 billion yuan, a decrease of 58.23% year-on-year, and a net profit of 0.45 billion yuan, down 69.69% year-on-year [5][7] - The projected net profits for 2024, 2025, and 2026 are 3.27 billion yuan, 3.56 billion yuan, and 3.81 billion yuan respectively, with corresponding EPS of 2.07 yuan, 2.25 yuan, and 2.41 yuan [6][14] Project Development - The company is making steady progress on key projects, including the Ma Mi Cuo Salt Lake project and various potassium salt mining projects in Laos, with significant milestones achieved in environmental assessments and exploration work [5][6] - The company has completed 9 out of 10 necessary approvals for the Ma Mi Cuo project and is advancing in other mining projects in Laos [5][6] Valuation - The company is expected to have a reasonable value range of 33.12 to 37.26 yuan based on a PE ratio of 16-18 times for 2024 [6][14]

Investment Rating - The report maintains a "Buy" rating for Zangge Mining [1][2] - Previous rating was also "Buy" [1] Core Views - The company is expected to generate significant investment returns, with cost advantages becoming more apparent [1] - The target price has been raised to 34.65 CNY from the previous forecast of 31.05 CNY [1] - The company's performance in 2023 is impacted by declining prices of potassium and lithium salts, but the Jilong Copper Mine is expected to provide substantial investment returns [1][2] - The cost advantage in lithium extraction from lakes is notable, with a continuous increase in resource self-sufficiency [1] Summary by Sections Financial Performance - In 2023, the company achieved revenue of 52.26 billion CNY, a year-on-year decrease of 36.22% [1] - The net profit attributable to shareholders was 34.20 billion CNY, down 39.52% year-on-year [1] - The company has adjusted its EPS forecasts for 2024-2025 to 1.65 CNY and 1.91 CNY respectively, with a projected EPS of 2.53 CNY for 2026 [1] Production and Sales - The production and sales of potassium chloride were 1.0942 million tons and 1.2934 million tons respectively, with a year-on-year change of -16.26% and +17.43% [1] - The average selling price of potassium chloride was 2709.64 CNY per ton, down 28.60% year-on-year, with a gross margin of 56.20% [1] Investment Projects - The company is progressing well with its potassium fertilizer projects, and the Jilong Copper Mine expansion has been approved [1] - The Jilong Copper Mine is expected to contribute significantly to the company's investment returns, with a projected annual output increase post-expansion [1] Market Outlook - The report indicates that the upward trend in copper prices is likely to enhance the company's investment returns [1] - The company is also focusing on enhancing resource self-sufficiency through strategic investments in lithium projects [1]

2024年3月22日 公司研究 氯化钾及碳酸锂价跌业绩承压，持续加大钾锂资源储备 ——藏格矿业（000408.SZ）2023 年年报点评 增持（维持） 要点 当前价：30.64元 事件： 作者 公司发布2023年年报。2023年，公司实现营收52.26亿元，同比减少36.22%； 分析师：赵乃迪 实现归母净利润 34.20 亿元，同比减少 39.52%；实现扣非后归母净利润 35.75 亿 执业证书编号：S0930517050005 010-57378026 元，同比减少37.25%。2023Q4，公司单季度实现营收10.37亿元，同比减少58.23%， zhaond@ebscn.com 环比减少25.58%；实现归母净利润4.51亿元，同比减少69.69%，环比减少52.11%。 分析师：周家诺 点评： 执业证书编号：S0930523070007 氯化钾及碳酸锂价跌业绩承压，巨龙铜业投资收益持续大幅增长。2023年全年，公 021-52523675 zhoujianuo@ebscn.com 司氯化钾和碳酸锂业务营收分别为32.2亿元和19.8亿元，同比分别减少16.2%和 54.2%；氯化钾和碳酸锂的销售均 ...

Investment Rating - The report maintains an "Accumulate - A" rating for the company with a 6-month target price of 33.15 CNY per share [4]. Core Views - The company has significant investment returns from its stake in Jilong Copper Industry, and its high dividend payout highlights its investment value [3][9]. - The decline in lithium carbonate prices has impacted profits, but the company benefits from low-cost lithium salt production and ongoing project developments [3][9]. Financial Performance Summary - In 2023, the company achieved operating revenue of 5.226 billion CNY, a year-on-year decrease of 36.22%. The net profit attributable to shareholders was 3.420 billion CNY, down 39.52% year-on-year [2]. - The fourth quarter of 2023 saw a significant drop in revenue to 1.037 billion CNY, a decrease of 58.23% year-on-year and 25.58% quarter-on-quarter [2]. - The company plans to produce 100,000 tons of potassium chloride and 10,500 tons of battery-grade lithium carbonate in 2024 [3]. Production and Sales Overview - Potassium Chloride: In 2023, the company produced 1.0942 million tons, a decrease of 16.3% year-on-year, with a sales volume of 1.2934 million tons, an increase of 17.4% year-on-year [3]. - Lithium Carbonate: The company produced 12,062.5 tons in 2023, a year-on-year increase of 14.5%, with a sales volume of 10,314.5 tons, down 3.7% year-on-year [3]. Investment in Jilong Copper Industry - The company holds a 30.78% stake in Jilong Copper Industry, generating an investment income of approximately 1.296 billion CNY in 2023, an increase of 78.81% year-on-year [3]. Dividend Policy - The company plans to distribute a cash dividend of 8.00 CNY per 10 shares, totaling 1.256 billion CNY for the year, reflecting a commitment to high dividend payouts [8].

Investment Rating - The report maintains a "Recommend" rating for the company [1][2] Core Views - The company's copper segment investment returns are significant, and the high dividend payout ratio is maintained [1] - The company's salt lake lithium extraction has a cost advantage, and the expansion projects in the potassium, lithium, and copper sectors are progressing simultaneously [1] - The company is expected to achieve net profits attributable to the parent company of 24.2, 30.2, and 44.3 billion yuan in 2024-2026, with corresponding P/E ratios of 20, 16, and 11 times as of March 20, 2024 [1] Financial Performance - In 2023, the company achieved revenue of 5.23 billion yuan, a year-on-year decrease of 36.2%, and net profit attributable to the parent company of 3.42 billion yuan, a year-on-year decrease of 39.5% [1] - In Q4 2023, the company achieved revenue of 1.04 billion yuan, a year-on-year decrease of 58.2%, and net profit attributable to the parent company of 450 million yuan, a year-on-year decrease of 69.7% [1] - The company's 2023 dividend payout ratio was 73.4%, exceeding expectations [1] Lithium Segment - In 2023, the lithium segment contributed approximately 1.3 billion yuan in performance, with a net profit per ton of 126,000 yuan [1] - The actual production and sales of lithium in 2023 were 12,100 tons and 10,300 tons, respectively, slightly below the target [1] - The average selling price of lithium in 2023 was 192,000 yuan per ton, with a discount coefficient of about 96% in Q4 2023 [1] - The production cost per ton of lithium in 2023 was 37,000 yuan, an increase of 6,000 yuan year-on-year, but still significantly advantageous compared to ore-based lithium extraction [1] Potassium Segment - In 2023, the potassium segment contributed approximately 980 million yuan in performance, with a net profit per ton of 760 yuan [1] - The actual production and sales of potassium chloride in 2023 were 1.09 million tons and 1.29 million tons, respectively, exceeding the target [1] - The average selling price of potassium chloride in 2023 was 2,486 yuan per ton, with a year-on-year decrease of 28.6% [1] - The production cost per ton of potassium chloride in 2023 was 1,089 yuan, a year-on-year increase of 7.6% [1] Copper Segment - In 2023, the company's investment in the Julong Copper Mine yielded significant returns, with a net profit of 4.21 billion yuan and a net profit per ton of 27,000 yuan [1] - The company holds a 30.78% stake in Julong Copper and received an investment return of 1.3 billion yuan in 2023 [1] - The second phase of the Julong Copper Mine expansion project was approved in February 2024, with plans to increase annual copper production to 300,000-350,000 tons and molybdenum concentrate to 13,000 tons by the end of 2025 [1] - The third phase of the project plans to add 250,000 tons of copper production capacity, with a total capacity of 600,000 tons after completion [1] Production and Sales Guidance - The company's production and sales guidance for 2024 is 1.05 million tons of potassium chloride and 10,500 tons of lithium carbonate [1] Financial Forecast - The company's revenue is expected to be 5.23, 3.28, 5.47, and 6.65 billion yuan in 2023-2026, with year-on-year growth rates of -36.2%, -37.2%, 66.5%, and 21.6%, respectively [2] - The net profit attributable to the parent company is expected to be 3.42, 2.42, 3.02, and 4.43 billion yuan in 2023-2026, with year-on-year growth rates of -39.5%, -29.1%, 24.4%, and 46.8%, respectively [2] - The EPS is expected to be 2.16, 1.53, 1.91, and 2.80 yuan in 2023-2026, with corresponding P/E ratios of 14, 20, 16, and 11 times [2]

Financial Performance - The company achieved operating revenue of 522,572.12 million RMB, a year-on-year decrease of 36.22%[2] - The net profit attributable to shareholders was 3,622,594,323.02 million RMB, with basic earnings per share of 0.73 RMB[2] - Net profit attributable to shareholders for 2023 was ¥3,419,880,869.14, down 39.52% from ¥5,654,971,920.07 in 2022[14] - The net cash flow from operating activities decreased by 45.05% to ¥2,984,047,979.57 in 2023 from ¥5,430,490,056.07 in 2022[14] - Basic earnings per share for 2023 were ¥2.18, a decline of 38.94% compared to ¥3.57 in 2022[14] - The company reported a total of ¥155,231,852.20 in non-recurring losses for 2023, compared to a loss of ¥42,181,475.19 in 2022[17] - The company achieved operating revenue of CNY 522,572.12 million, a year-on-year decrease of 36.22%[52] - The net profit attributable to shareholders was CNY 341,988.09 million, down 39.52% year-on-year[52] Revenue Breakdown - Potassium chloride revenue was 321,531.06 million RMB, down 16.16% year-on-year, while lithium carbonate revenue was 197,998.37 million RMB, down 54.20% year-on-year[2] - The revenue from potassium chloride was CNY 3,215,310,642.93, accounting for 61.53% of total revenue, while lithium carbonate revenue accounted for 37.89%[59] - The average selling price of potassium chloride was CNY 2,709.64 per ton, a decrease of 28.60% year-on-year, with a gross margin of 56.20%[54] - The average selling price of lithium carbonate was CNY 216,916.15 per ton, down 52.46% year-on-year, while the average cost increased by 18.76% to CNY 37,404.81 per ton[54] Asset Management - The total assets of the company reached 10,624,520,305.94 million RMB, while the net assets attributable to shareholders were 9,453,791,299.82 million RMB[2] - The total assets at the end of 2023 were ¥14,091,584,562.19, an increase of 4.07% from ¥13,540,041,089.37 at the end of 2022[14] - The net assets attributable to shareholders increased by 7.70% to ¥13,057,776,309.67 at the end of 2023 from ¥12,123,803,112.88 at the end of 2022[14] Shareholder Information - The company plans to distribute a cash dividend of 8.00 RMB per 10 shares (including tax) based on a total of 1,570,514,082 shares[4] - The top shareholder, Tibet Zangge Chuangye Investment Group Co., Ltd., holds 361,588,493 shares, accounting for 22.88% of the total shares[3] - The company has distributed a total cash dividend of 5,763.77 million RMB over the past three years, with 450.74 million RMB in cash dividends for 2022, accounting for 79.71% of the net profit attributable to shareholders[101] Market Trends and Strategic Focus - Global potassium fertilizer demand is expected to increase due to rising food prices and heightened food security awareness, supporting steady growth in domestic fertilizer demand[19] - Lithium is a core raw material for industries like electric vehicles and energy storage, with a rigid growth in demand driven by global decarbonization trends[19] - The company aims to enhance potassium fertilizer production efficiency and maintain long-term stability in production, solidifying its position as the largest potassium fertilizer producer in China[20] - The company is committed to aligning with national strategies for food security and green economy development, ensuring sustainable growth in its core business areas[19] Research and Development - The company has a total of 15 patents filed, with 3 granted and 12 under review, focusing on lithium extraction technologies[43] - The company has successfully applied its proprietary lithium extraction technology in a production facility with an annual capacity of 10,000 tons[43] - The company is enhancing its core competitiveness through continuous R&D investments and technological innovations in resource extraction[98] Environmental and Social Responsibility - The company is committed to sustainable development, focusing on environmental protection and resource management, including water and waste management initiatives[49] - The company emphasizes environmental protection and sustainable development, aligning with national environmental requirements[153] - The company donated a total of 2.184 million yuan to support educational initiatives through the "Cangge Mining Charity Project" in 2023[157] Governance and Compliance - The report emphasizes the importance of accurate financial reporting and the responsibility of management for the report's content[4] - The company has established a complete and independent financial accounting system, ensuring compliance with accounting laws and regulations[118] - The company has a clear ESG framework, actively integrating ESG principles into its operations and promoting sustainable development[113] Future Outlook - The company aims to produce 12,000 tons of lithium carbonate in 2023[22] - In 2024, the company plans to produce 1 million tons of potassium chloride and 10,500 tons of battery-grade lithium carbonate, with sales targets of 1.042 million tons and 10,500 tons respectively[84] - The company is positioned for future growth with a strategic focus on resource development and market expansion[127]

证券代码：000408 证券简称：藏格矿业 公告编号：2024-018 藏格矿业股份有限公司 特此公告。 藏格矿业股份有限公司董事会 2024 年 3 月 21 日 1 朱建红女士简历 朱建红女士，汉族，生于 1976 年 8 月，中国国籍，无境外永久居留权，本 科学历，中级会计师。1998 年 7 月-1999 年 7 月在江苏沙钢集团有限公司任培训 生；1999 年 7 月-2003 年 5 月在江苏沙钢集团有限公司证券部工作；2003 年 5 月-2007 年 1 月任江苏沙钢集团有限公司财务处处长助理；2007 年 1 月-2015 年 4 月任江苏沙钢国际贸易有限公司财务处处长、副总经理、董事；2015 年 4 月-2016 年 3 月任江苏沙钢集团董事局财务部部长；2016 年 3 月-2017 年 4 月任江苏沙钢 集团有限公司财务处处长；2005 年 12 月起任张家港宏昌高线有限公司董事、副 总经理；2015 年 1 月起任张家港沙钢金洲管道有限公司监事会主席；2016 年 4 月起任江苏沙钢集团投资控股有限公司监事；2016 年 5 月起任张家港景德钢板 有限公司董事；2016 年 5 月 ...

2023 年，公司监事会严格按照《公司法》《证券法》《深圳证券交易所股 票上市规则》以及《公司章程》《监事会议事规则》等有关法律法规及公司制度 的规定，本着对企业、全体股东负责的态度，认真履行职责，依法独立行使监事 会的监督职责，促进公司规范运作。切实维护了公司利益和全体股东的合法权益。 现将公司监事会 2023 年度主要工作情况报告如下： 藏格矿业股份有限公司 2023 年度监事会工作报告 一、监事会主要工作 （三）完成监事会日常工作 在公司董事会和各位股东的大力支持、密切配合下，严格按照公司监事会的 工作议事规则办事,忠实履行监事会的各项工作职能，围绕中心，服务大局，紧 密结合生产经营与发展等各项工作的实际，开展监事会日常工作。 切实履行监督职能。通过列席董事会、董事会审计委员会等会议、现场检查、 现场调研、监事巡视以及与董事、高管、经营管理部门沟通等方式开展工作。听 取或审阅公司财务报告、生产运营情况、内部监督检查情况等经营管理相关信息， 了解公司重大决策、重要人事变动等事项，及时掌握公司生产经营管理情况，认 真履行监事的知情权、监督及检查职能。 （一）监事会会议召开情况 监事会本着对全体股东负责，对公 ...

一、续聘会计师事务所的基本情况 证券代码：000408 证券简称：藏格矿业 公告编号：2024-015 藏格矿业股份有限公司 关于续聘2024年度审计机构的公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚 假记载、误导性陈述或重大遗漏。 藏格矿业股份有限公司（以下简称"公司"）于 2024 年 3 月 20 日召开第九 届董事会第十二次会议、第九届监事会第九次会议，审议通过了《关于公司续聘 2024 年度审计机构的议案》，同意续聘天衡会计师事务所（特殊普通合伙）（以 下简称"天衡会计师事务所"）为公司 2024 年度审计机构，该事项尚需提交公司 2023 年年度股东大会审议。现将相关情况公告如下： 天衡会计师事务所是符合《证券法》规定的审计机构，具备多年为上市公司 提供优质审计服务的丰富经验和专业能力。天衡会计师事务所在为公司提供审计 服务的过程中，遵循了独立、客观、公正的执业准则，顺利地完成了年度各项审 计任务。为保证审计工作的连续性，公司拟续聘天衡会计师事务所为公司 2024 年度审计机构，提请股东大会授权公司管理层与其签署相关协议，并根据行业标 准和公司审计工作的实际情况决定其报酬 ...