Investment Rating - The report assigns a "Cautious Recommendation" rating to the company, marking its first coverage [30]. Core Insights - The company has made significant progress with its flagship project, the Muzhong Lithium Mine, which has obtained a mining license, indicating a crucial step towards production [2][3]. - The Muzhong Lithium Mine is noted as the largest hard rock lithium mine in Asia, with a total ore resource of 61.095 million tons and an average lithium oxide grade of 1.62%, expected to provide a cost advantage upon production [3][16]. - The company anticipates a production capacity of approximately 570,000 tons of lithium concentrate annually, with production expected to commence by the end of 2027 [3][18]. - The report highlights the integration of mining and metallurgy, which is expected to significantly enhance the company's overall production capacity and profitability in the lithium segment [4][22]. Summary by Sections 1. Mining License and Ownership - The company holds a 52.2% stake in the Muzhong Lithium Mine, with the majority ownership achieved through various acquisitions and capital increases since 2020 [2][14]. - The mine is located in Sichuan Province and is set to utilize underground mining methods with a planned annual processing capacity of 3 million tons [13][18]. 2. Resource and Production Capacity - The Muzhong Lithium Mine's total lithium resource is estimated at 98.97 thousand tons of lithium oxide, equivalent to approximately 247.45 thousand tons of lithium carbonate equivalent (LCE) [3][16]. - The mine's high-grade resources and significant planned production capacity are expected to enhance the company's resource security and profitability [4][22]. 3. Financial Projections - The company forecasts revenues of 4.18 billion, 5.95 billion, and 7.10 billion yuan for 2024, 2025, and 2026, respectively, with corresponding net profits of 0.31 billion, 2.31 billion, and 4.93 billion yuan [26][30]. - The projected price-to-earnings (PE) ratios for the company are 448, 61, and 28 for the years 2024, 2025, and 2026, respectively, reflecting significant growth potential despite a long construction cycle for the mine [30][28]. 4. Investment Recommendations - The report emphasizes the company's growth potential driven by the upcoming production from its lithium projects, particularly the Muzhong Lithium Mine, which is expected to significantly boost the company's integrated production capacity [29][30]. - The cautious recommendation reflects the current market conditions and the anticipated long-term benefits from the company's strategic projects [30].

证券代码：002240 证券简称：盛新锂能 公告编号：2024-104 盛新锂能集团股份有限公司 关于回购股份实施结果暨股份变动的公告 本公司及董事会全体成员保证信息披露内容的真实、准确和完整，没有虚 假记载、误导性陈述或重大遗漏。 盛新锂能集团股份有限公司（以下简称"公司"）于2023年10月27日召开第 八届董事会第六次会议，审议通过了《关于回购公司股份的议案》，同意使用自 有资金以集中竞价方式回购公司部分已发行的人民币普通股（A 股）股票，用 于回购的资金总额为不低于人民币25,000万元且不超过人民币50,000万元。回购 价格不超过人民币33元/股。回购股份的实施期限为自公司董事会审议通过本次 回购方案之日起12个月内。具体内容详见2023年10月30日刊登于巨潮资讯网 （www.cninfo.com.cn）的《关于回购公司股份方案的公告》《回购股份报告书》。 公司2023年年度权益分派现已实施完毕，根据公司《回购股份报告书》，在 本次回购期内，如公司实施派息、送股、资本公积金转增股本、配股及其他除 权除息事项，自股价除权除息之日起，按照中国证监会及深圳证券交易所的相 关规定相应调整回购价格上限。公 ...

Investment Rating - The investment rating for the company is "Outperform the Market" [1][5][8] Core Views - The acquisition of the mining license for the Muroong lithium mine marks a significant breakthrough in resource development for the company, which is expected to enhance its lithium resource self-sufficiency and cost competitiveness in lithium salt production [4][5] - The company is expanding its global lithium resource layout, with projects in both hard rock mining and salt lake lithium extraction, which will contribute to a sustained increase in lithium production from 2024 to 2027 [4][5] - The company has established lithium product production bases globally, with a total lithium salt production capacity of 137,000 tons/year and metal lithium capacity of 500 tons/year as of mid-2024 [4] Summary by Sections Market Performance - The company's stock has shown a significant decline of 52.16% from October 2023 to January 2024, compared to the Haidong Composite Index [2] Financial Forecast - Revenue is projected to decline from 7,951 million yuan in 2023 to 6,446 million yuan in 2024, followed by a recovery to 9,632 million yuan in 2025 and 12,119 million yuan in 2026 [6][10] - Net profit is expected to drop sharply to 34 million yuan in 2024, with a significant rebound to 561 million yuan in 2025 and 1,118 million yuan in 2026 [6][10] - The earnings per share (EPS) forecast for 2024, 2025, and 2026 is 0.04 yuan, 0.61 yuan, and 1.21 yuan respectively [5][10] Resource Development - The Muroong lithium mine is noted as the largest hard rock lithium deposit in Asia, with a total identified resource of 61.095 million tons and lithium oxide content of 989,600 tons, with an average grade of 1.62% [4] - The company holds a 52.20% stake in Huirong Mining, which operates the Muroong lithium mine, and has signed a cooperation framework agreement with Zhongchuang Innovation to supply lithium salt products [4] Production Capacity - The company has various lithium resource projects, including the Yilonggou spodumene mine in Sichuan with an annual production capacity of 75,000 tons of lithium concentrate, and the Sabi Star lithium tantalum mine in Zimbabwe with an annual capacity of approximately 290,000 tons of lithium concentrate [4] - The company is also developing a lithium salt project in Argentina with an annual capacity of 2,500 tons of lithium carbonate equivalent [4] Valuation - The company is expected to achieve a price-to-earnings (PE) ratio of 22-25 times for 2025, leading to a reasonable value range of 13.42 to 15.25 yuan per share [5][8]

特别提示： 1、本协议属于各方合作意愿和基本原则的框架性约定，各方后续的合作以 具体签订的协议为准，具体实施内容和进度尚存在不确定性。 2、本次签署的合作框架协议对公司本年度经营业绩不会构成重大影响，对 公司未来年度经营业绩的影响将视公司与合作方后续签订的具体协议以及实施 情况而确定。惠绒矿业为公司的关联方，后续如签署具体合作协议，公司将严格 按照相关法律法规和《公司章程》等规定履行相应的审批程序和信息披露义务。 一、协议签署情况 1、背景情况 证券代码：002240 证券简称：盛新锂能 公告编号：2024-103 盛新锂能集团股份有限公司 关于签署锂产品合作框架协议的公告 本公司及董事会全体成员保证信息披露内容的真实、准确和完整，没有虚 假记载、误导性陈述或重大遗漏。 雅江县惠绒矿业有限责任公司（以下简称"惠绒矿业"）拥有位于四川省甘 孜州雅江县的木绒锂矿，根据四川省矿产资源储量评审中心出具的《〈四川省雅 江县木绒矿区锂矿勘探报告〉矿产资源储量评审意见书》，木绒锂矿累计查明的 矿石资源量 6,109.5 万吨，氧化锂 98.96 万吨，是亚洲迄今探明规模最大的硬岩 型单体锂矿，平均品位达到 1.62%，是四 ...

Investment Rating - The report maintains a "Buy" rating for the company, with a reasonable value target of 18.35 CNY per share [3][12]. Core Views - The company has received a mining license for its Muroong lithium mine, which is expected to significantly enhance its lithium self-supply rate. The mine is projected to reach an annual production capacity of approximately 70,000 tons of LCE [1]. - The total identified ore resource at the Muroong lithium mine is 61.095 million tons, containing 989,600 tons of lithium oxide, equivalent to about 2.44 million tons of LCE, with an average grade of 1.62% [1]. - The company anticipates a substantial increase in its lithium self-supply rate upon the successful production ramp-up of the Muroong lithium mine, which is expected to be supported by government initiatives and infrastructure cooperation [1]. Financial Summary - The company's projected net profits for 2024, 2025, and 2026 are 24 million CNY, 70 million CNY, and 92 million CNY, respectively, with corresponding EPS of 0.03 CNY, 0.08 CNY, and 0.10 CNY per share [2][12]. - Revenue for 2024 is expected to be 6.61 billion CNY, with a decline of 16.9% from the previous year, followed by a recovery in 2025 with a projected increase of 28.9% [2][16]. - The company’s EBITDA is forecasted to be 848 million CNY in 2024, increasing to 1.02 billion CNY in 2025 [2][16]. Production and Cost Assumptions - The company expects stable operations from its existing lithium mines, with projected self-produced lithium (in LCE) of 38,000 tons annually for 2024, 2025, and 2026 [10]. - The production cost for self-produced lithium is estimated to remain stable at 55,000 CNY per ton for the next three years, while the cost for externally purchased lithium is projected to decrease [10][12]. Market Conditions - The report suggests that the decline in lithium prices is expected to slow down, which may lead to improved profitability for the company, particularly in its external lithium processing segment [12][16]. - The anticipated average price for lithium carbonate is projected to be 90,000 CNY per ton in 2024, decreasing to 75,000 CNY per ton in 2025 and remaining stable in 2026 [10].

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company has obtained a mining license for the Muzhong Lithium Mine, which significantly enhances its resource security. The production scale is set at 3 million tons per year with a validity of 24 years [3] - The Muzhong Lithium Mine has excellent resource endowment, with a total identified ore resource of 61.095 million tons and lithium oxide of 989,600 tons (equivalent to 2.44 million tons LCE). It is the largest hard rock lithium mine discovered in Asia to date, with an average grade of 1.62%, making it one of the highest-grade lithium mines in Sichuan [3] - The company expects to achieve a mining self-sufficiency rate of 40-50% by 2024, with further increases anticipated as the Muzhong Mine comes online. The lithium salt cost is expected to decrease significantly [3] - Due to the decline in lithium prices, the company's net profit forecasts for 2024-2026 have been adjusted to 0.03 billion, 0.8 billion, and 4.6 billion respectively, with year-on-year changes of -99.5%, +2167%, and +482%. The company maintains a "Buy" rating due to its superior lithium resource endowment and the successful production of its overseas factory in Indonesia [3] Financial Forecasts and Valuation - Total revenue for 2022 was 12,039 million, with a forecasted decline to 4,568 million in 2024, followed by a slight recovery to 6,938 million in 2026 [2] - The net profit attributable to the parent company was 5,552.46 million in 2022, expected to drop to 3.46 million in 2024, and then rise to 456.16 million in 2026 [2] - The latest diluted EPS is projected to be 0.00 in 2024, with a significant increase to 0.50 in 2026 [2] - The P/E ratio is expected to be extremely high at 3,915.28 in 2024, decreasing to 29.69 by 2026 [2] Market Data - The closing price of the stock is 14.70, with a one-year low of 10.50 and a high of 24.56 [6] - The market capitalization is approximately 13.54 billion [6] Basic Data - The book value per share is 13.55, with a debt-to-asset ratio of 41.69% [7] - The total share capital is 921.27 million, with 866.65 million circulating A shares [7]

证券代码：002240 证券简称：盛新锂能 公告编号：2024-102 盛新锂能集团股份有限公司 关于雅江县惠绒矿业有限责任公司取得采矿许可证的 公告 本公司及董事会全体成员保证信息披露内容的真实、准确和完整，没有虚 假记载、误导性陈述或重大遗漏。 盛新锂能集团股份有限公司（以下简称"公司"）投资的雅江县惠绒矿业有 限责任公司（以下简称"惠绒矿业"）于2024年10月17日取得了中华人民共和国 自然资源部颁发的《采矿许可证》，现将相关事项公告如下： 一、采矿许可证主要内容 证号：C1000002024105218000723 采矿权人：雅江县惠绒矿业有限责任公司 生产规模：300 万吨/年 矿区面积：0.5978 平方公里 有效期限：贰拾肆年，自 2024 年 9 月 5 日至 2048 年 9 月 5 日 二、对公司的影响及风险提示 根据四川省矿产资源储量评审中心出具的《〈四川省雅江县木绒矿区锂矿勘 探报告〉矿产资源储量评审意见书》，木绒锂矿累计查明的矿石资源量 6,109.5 万吨，氧化锂 98.96 万吨，是亚洲迄今探明规模最大的硬岩型单体锂矿，平均品 位达到 1.62%，是四川地区锂矿品位最高的矿山之 ...

本公司及董事会全体成员保证信息披露内容的真实、准确和完整，没有虚 假记载、误导性陈述或重大遗漏。 一、担保情况概述 盛新锂能集团股份有限公司（以下简称"公司"）全资子公司四川致远锂业 有限公司（以下简称"致远锂业"）因业务发展需要，拟向兴业银行股份有限公 司成都分行（以下简称"兴业银行"）申请不超过人民币 1.5 亿元（含 1.5 亿元） 借款，借款期限不超过 24 个月。2024 年 10 月 17 日，公司与兴业银行签署了《最 高额保证合同》，为上述借款事项提供连带责任保证。 公司分别于 2024 年 3 月 27 日、2024 年 4 月 17 日召开第八届董事会第九次 会议和 2023 年年度股东大会，审议通过了《关于对下属子公司提供担保额度预 计的议案》，同意公司（含下属子公司）在下属子公司向银行、融资租赁公司等 金融及类金融机构申请融资及日常经营需要时为其提供担保，担保总金额不超过 人民币 160 亿元，对外担保额度有效期为公司 2023 年年度股东大会审议通过之 日起至 2024 年年度股东大会召开之日止；其中为资产负债率 70%以上的下属子 公司提供担保额度不超过人民币 45 亿元，为资产负债 ...

证券代码：002240 证券简称：盛新锂能 公告编号：2024-099 《关于新增日常关联交易的公告》同日刊登于《中国证券报》《证券时报》 及巨潮资讯网（www.cninfo.com.cn）。 特此公告。 盛新锂能集团股份有限公司（以下简称"公司"）第八届董事会第十四次会 议通知于 2024 年 9 月 30 日以电子邮件等方式送达全体董事。会议于 2024 年 10 月 8 日在成都市武侯区桂溪街道锦云西一巷成都交易所大厦 14 楼公司会议室以 现场与通讯表决相结合方式召开。本次会议应出席董事 9 人，实际出席董事 9 人。本次会议由公司董事长周祎先生主持，公司部分监事、高级管理人员列席了 会议。本次会议的召集、召开符合《公司法》和《公司章程》的规定。 本次会议以记名投票表决方式审议并通过了如下议案： 以 7 票同意、关联董事李凯先生、姚婧女士回避表决，0 票反对、0 票弃权 的表决结果审议通过了《关于新增日常关联交易的议案》。 同意公司与关联方四川朗晟新能源科技有限公司、四川朗晟新材料科技有限 公司在 2024 年度内合计发生日常关联交易金额不超过 1.3 亿元。 本议案已经公司独立董事专门会议审议通过。 ...

关于回购公司股份的进展公告 本公司及董事会全体成员保证信息披露内容的真实、准确和完整，没有虚 假记载、误导性陈述或重大遗漏。 盛新锂能集团股份有限公司（以下简称"公司"）于2023年10月27日召开第 八届董事会第六次会议，审议通过了《关于回购公司股份的议案》，同意使用自 有资金以集中竞价方式回购公司部分已发行的人民币普通股（A股）股票，用于 回购的资金总额为不低于人民币25,000万元且不超过人民币50,000万元。回购价 格不超过人民币33元/股。回购股份的实施期限为自公司董事会审议通过本次回 购方案之日起12个月内。具体内容详见2023年10月30日刊登于巨潮资讯网（ww w.cninfo.com.cn）的《关于回购公司股份方案的公告》《回购股份报告书》。 公司 2023 年年度权益分派现已实施完毕，根据公司《回购股份报告书》， 在本次回购期内，如公司实施派息、送股、资本公积金转增股本、配股及其他除 权除息事项，自股价除权除息之日起，按照中国证监会及深圳证券交易所的相关 规定相应调整回购价格上限。公司回购股份的价格由不超过 33 元/股（含）调整 为不超过 32.76 元/股（含）。具体内容详见 202 ...