Investment Rating - The report maintains a "Recommended" rating for the company [3]. Core Views - The company is driven by three main businesses: potassium, lithium, and copper, which are all expanding significantly and contributing to long-term growth potential [2][20]. - The potassium business is positioned as the second-largest producer in China, with stable production and a new expansion project in Laos that will double its capacity [2][40]. - The lithium segment benefits from a cost advantage in salt lake lithium extraction, with future capacity expected to reach 89,000 tons [2][22]. - The copper segment, through its stake in Jilong Copper, is projected to have a significant increase in production capacity, reaching 185,000 tons [2][34]. - The company emphasizes shareholder returns with a high dividend policy, maintaining a cash dividend ratio of 80% in 2022 and 73% in 2023 [2][34]. Summary by Sections Potassium Business - The company is the second-largest potassium producer in China, with a stable production of around 1 million tons and plans to expand capacity in Laos to 2 million tons per year [2][40]. - The potassium market is supported by limited downside in prices due to geopolitical factors affecting supply and high import dependency in China [2][40]. Lithium Business - The company has established a significant lithium extraction capacity of 10,000 tons and plans to expand to 89,000 tons through various projects [2][22]. - The cost of lithium production is projected to be 41,000 yuan per ton, placing it on the lower end of the global cost curve [2][22]. Copper Business - The company holds a 30.78% stake in Jilong Copper, which is expected to increase its copper production capacity to 185,000 tons after the completion of expansion projects [2][34]. - Jilong Copper achieved a production of 81,000 tons and a net profit of 2.78 billion yuan in the first half of 2024 [2][34]. Financial Forecasts - The company forecasts net profits of 2.43 billion yuan in 2024, 2.48 billion yuan in 2025, and 4.36 billion yuan in 2026, with corresponding PE ratios of 17, 16, and 9 [3][34]. - The report highlights a significant drop in revenue and net profit in 2024H1 due to falling prices of lithium and potassium, with a year-on-year revenue decline of 37% [2][31]. Shareholder Returns - The company has maintained a high dividend payout ratio, with a cash dividend ratio of 31.5% in 2024H1 and a low debt-to-asset ratio of 5.2% [2][34].

《钾盐矿储量证》的公告 本公司及董事会全体成员保证信息披露内容真实、准确、完整，没有虚假 记载、误导性陈述或重大遗漏。 证券代码：000408 证券简称：藏格矿业 公告编号：2024-068 藏格矿业股份有限公司 关于老挝子公司获批《钾盐矿勘探报告》及 藏格矿业股份有限公司董事会 2024 年 10 月 10 日 1 近日，藏格矿业股份有限公司（以下简称"公司"）子公司藏格矿业（老挝） 发展有限公司（以下简称"藏格老挝发展"）取得由老挝地质司颁布的《塞塔尼县 和巴俄县 199.28 平方公里钾盐矿勘探报告的批准证书》和老挝能源矿产部矿产储 量评价和认证委员会颁布的《藏格矿业（老挝）发展有限公司在老挝万象塞塔尼 县和巴俄县区 157.72 平方公里钾盐矿储量证》（以下简称《钾盐矿储量证》）。根 据《钾盐矿储量证》，藏格老挝发展在老挝塞塔尼县和巴俄县区 157.72 平方公里 钾盐范围内，氯化钾资源量约为 9.84 亿吨。 本次老挝钾盐矿项目获批《钾盐矿勘探报告》《钾盐矿储量证》，有利于公司 加快推进 5 年（2022-2027 年）发展战略规划，有利于公司不断增大钾矿资源储 备，不断提高钾肥生产产能，有利于适应 ...

藏格矿业股份有限公司 关于股份回购进展情况的公告 本公司及董事会全体成员保证信息披露内容真实、准确、完整，没有虚假 记载、误导性陈述或重大遗漏。 证券代码：000408 证券简称：藏格矿业 公告编号：2024-067 1、公司未在下列期间回购公司股份： （1）自可能对本公司证券及其衍生品种交易价格产生重大影响的重大事项 发生之日或者在决策过程中，至依法披露之日内； 藏格矿业股份有限公司（以下简称"公司"）于 2024 年 8 月 9 日召开第九届 董事会第十四次会议，2024 年 8 月 26 日召开 2024 年第一次临时股东大会，审议 通过了《关于回购公司股份方案的议案》。公司以 1.5 亿元（含）—3 亿元（含） 自有资金、以回购价格不超过 35.90 元/股（含）回购公司股份用于注销并减少注 册资本。本次回购股份的实施期限为自股东大会审议通过本次回购股份方案之日 起 12 个月内。公司因实施 2024 年半年度权益分派，回购价格由不超过 35.90 元/ 股（含）调整为 35.64 元/股（含）。具体内容详见公司在巨潮资讯网（http://www. cninfo.com.cn）披露的《关于回购公司股份 ...

藏格矿业股份有限公司 关于产业发展基金收购国能矿业股权的进展公告 证券代码：000408 证券简称：藏格矿业 公告编号：2024-066 本公司及董事会全体成员保证信息披露内容真实、准确、完整，没有虚假 记载、误导性陈述或重大遗漏。 二、对外投资进展 近日，公司收到藏青基金通知，其子基金西藏藏青基金与东义永睿于 2024 年 9 月 27 日签署了《关于西藏国能矿业发展有限公司 5%股权之股权转让协议》（以 下简称《股权转让协议》），西藏藏青基金需分两期将交易价款 6 亿元人民币以现 金方式进行支付，交割完成后西藏藏青基金将合计持有国能矿业 39%的股权。截 至本公告披露日，西藏藏青基金已按照《股权转让协议》支付完成第一期 2 亿元 人民币的交易价款。 本次产业发展基金对外投资不构成关联交易，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。根据《深圳证券交易所股票上市规则》《公 司章程》等有关规定，本次产业发展基金对外投资无需提交公司董事会和股东大 会批准。具体情况如下： （一）交易对方的基本情况 1、公司名称：宁波东义永睿创业投资合伙企业（有限合伙） 一、对外投资概况 2023 年 3 月 7 ...

Group 1: Lithium Production and Inventory - As of the end of Q2, lithium carbonate inventory is over 400 tons, and there is no national reserve for lithium carbonate [1] - The production cost of lithium from the Mami Co project is approximately 31,000 RMB/ton, benefiting from higher lithium brine quality compared to the Chaqia Lake project [2] Group 2: Resource Reserves and Production Capacity - The Jiezhe Chaka salt lake has proven lithium chloride reserves of approximately 2.3069 million tons with an average grade of 1,173 mg/L, planning to develop a project with an annual capacity of 30,000 tons of battery-grade lithium carbonate and 30,000 tons of lithium hydroxide [2] - The Longmucuo salt lake covers an area of about 101 square kilometers, with lithium chloride reserves of approximately 2.1695 million tons and an average grade of 793.66 mg/L, planning to develop a project with an annual capacity of 70,000 tons of lithium carbonate [2] Group 3: Strategic Investments and Acquisitions - The company is focused on high-growth potential minerals and actively seeks quality resources for mergers and acquisitions, considering investments when suitable opportunities arise [2] - The transaction process for acquiring 34% equity in Tibet Guoneng Mining Co., Ltd. is progressing smoothly, with the second payment completed and further payments contingent on shareholder resolutions and other prerequisites [2]

Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected price increase of over 20% relative to the market benchmark within the next six months [9]. Core Views - The company reported a significant decline in revenue and net profit for the first half of 2024, with revenue at 1.76 billion yuan, down 37% year-on-year, and net profit at 1.3 billion yuan, down 36% year-on-year [2]. - The lithium business showed an unexpected increase in production, with lithium carbonate output reaching 5,809 tons, up 28.9% year-on-year, while sales volume increased by 56.8% [2]. - The potassium business saw a substantial improvement in Q2 2024, with production and sales volumes significantly higher compared to previous quarters [2][3]. - The company plans to distribute a cash dividend of 2.6 yuan per 10 shares and intends to repurchase shares worth 150 to 300 million yuan [2]. Financial Data Summary - For 2022A, the company reported revenue of 8.194 billion yuan, with a growth rate of 126%. However, projections for 2023A show a decline to 5.226 billion yuan, a decrease of 36% [1]. - Net profit for 2022A was 5.655 billion yuan, with a growth rate of 296%, but is expected to drop to 3.420 billion yuan in 2023A, reflecting a 40% decline [1]. - The earnings per share (EPS) for 2023A is projected at 2.16 yuan, down from 3.58 yuan in 2022A [1]. - The price-to-earnings (P/E) ratio is expected to rise from 6.4 in 2022A to 10.6 in 2023A, indicating a shift in valuation [1]. Business Expansion - The company is actively expanding its lithium, potassium, and copper businesses, with new mining permits expected to accelerate operations [3]. - The copper business is projected to see a significant increase in production capacity, with trial production of 200,000 tons expected in early 2026 [3].

证券代码：000408 证券简称：藏格矿业 公告编号：2024-065 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"）全资子公司藏格矿业投资（成 都）有限公司拟使用自有资金人民币 1 亿元投资上海锦沙股权投资基金管理有限 公司（以下简称"锦沙资本"）控制的合肥锦沙星河股权投资合伙企业（有限合 伙）。合肥锦沙星河股权投资合伙企业（有限合伙）投资于银河航天单一项目， 锦沙资本为其私募基金管理人。该事项已经公司于 2024 年 1 月 19 日召开的第 九届董事会第十一次（临时）会议审议通过，具体内容详见公司在巨潮资讯网（h ttp://www.cninfo.com.cn）披露的《关于全资子公司与专业机构共同投资暨关联交 易的公告》（公告编号：2024-003）。 一、进展情况 公司于近日收到锦沙资本的通知，获悉前述投资事项发生变更，相关合伙人 已签署《合肥锦沙星河企业管理合伙企业（有限合伙）合伙协议》（以下简称"合 伙协议"）。现将进展情况公告如下： 藏格矿业股份有限公司 关于全资子公司与专业机构共同投资暨关联交易 的进展 ...

证券代码：000408 证券简称：藏格矿业 公告编号：2024-064 藏格矿业股份有限公司 关于首次回购公司股份的公告 本公司及董事会全体成员保证信息披露内容真实、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 8 月 9 日召开第九届 董事会第十四次会议，2024 年 8 月 26 日召开 2024 年第一次临时股东大会，审议 通过了《关于回购公司股份方案的议案》。公司以 1.5 亿元（含）—3 亿元（含） 自有资金、以回购价格 35.90 元/股（含）回购公司股份用于注销并减少注册资本。 本次回购股份的实施期限为自股东大会审议通过本次回购股份方案之日起 12 个 月内。公司因实施 2024 年半年度权益分派，回购价格由不超过 35.90 元/股（含） 调整为 35.64 元/股（含）。具体内容详见公司在巨潮资讯网（http://www.cninfo.co m.cn）披露的《关于回购公司股份方案的公告》（公告编号：2024-050）、《回购报 告书》（公告编号：2024-059）、《关于 2024 年半年度权益分派实施后调整回购股 份价格上限的 ...

Investment Rating - The investment rating for the company is "Buy" and it is maintained [7]. Core Views - The company reported a recovery in operations in Q2 2024, with a year-on-year increase in net profit attributable to shareholders of 45.05%, while the net profit excluding non-recurring items was 7.00 billion yuan, down 35.49% year-on-year but up 21.11% quarter-on-quarter [6][7]. - Despite weaker prices for lithium carbonate and potassium chloride impacting profitability, the strong performance of the Jilong Copper Mine has become the core driver of the company's earnings [6][7]. - The company holds a 30.78% stake in Jilong Copper, which generated a profit of 8.55 billion yuan, accounting for 65.94% of the net profit attributable to shareholders, an increase of 46.1% year-on-year [6][7]. Summary by Sections Financial Performance - In H1 2024, the company achieved a revenue of 6.34 billion yuan from the lithium segment, down 43.39% year-on-year, with a gross margin of 50.28%, a decrease of 31.69 percentage points year-on-year [6]. - The average selling price of lithium carbonate was 93,900 yuan per ton, down 63.9% year-on-year, while the sales cost was 41,300 yuan per ton, slightly down 0.44% year-on-year [6]. - The potassium segment reported a revenue of 1.122 billion yuan, down 32.7% year-on-year, with a gross margin of 48.28%, down 15.95 percentage points year-on-year, resulting in a net loss of 53.96 million yuan [6]. Production and Sales - In H1 2024, the company produced 5,809 tons of lithium carbonate, achieving 55.32% of its annual target, with sales of 7,630 tons, reaching 72.67% of the annual target, both showing year-on-year increases of 28.89% and 56.83% respectively [6]. - The potassium chloride production was 522,800 tons, achieving 52.28% of the annual target, with sales of 540,100 tons, reaching 51.83% of the annual target, both showing slight year-on-year declines [6]. Future Outlook - The company is expected to see significant growth in its copper, lithium, and potassium segments, with the Jilong Phase II project anticipated to start trial production in Q1 2026, potentially increasing annual copper production to 307,000-350,000 tons [7]. - The company is also developing lithium extraction from the Marmicuo Salt Lake, with plans for an initial capacity of 50,000 tons of lithium carbonate [7]. - As the second-largest potassium chloride producer in China, the company is expected to maintain stable profit contributions and cash flow, with future plans for overseas potassium resource projects in Laos [7].