本报告仅供 Choice 东方财富 使用，请勿传阅。 公司快报 2024 年 04 月 02 日 盛 新锂能(002240.SZ) 证券研究报告 锂盐业绩承压，资源保障稳步增强 锂 投资评级 增持-A 公司发布 2023 年度报告 维持评级 2023 年盛新锂能实现营业收入 79.51亿元，同比-33.96%。2023年全 6个月目标价 35.7元 年实现归母净利润 7.02 亿元，同比-87.35%；扣非归母净利润 1.26 股价 (2024-04-01) 20.30元 亿元，同比-97.72%。其中 2023 年 Q4 营业收入 13.23 亿元，同比- 66.09%、环比-29.29%；归母净利润-3.93亿元，扣非归母净利润-3.49 交易数据 亿元，同环比均转亏。 总市值(百万元) 18,701.70 流通市值(百万元) 17,274.61 业绩转亏与矿盐价格倒挂相关，23 年碳酸锂均价为 25.9 万元/吨， 总股本(百万股) 921.27 同比-46.36%；氢氧化锂均价26.3 万元/吨，同比-43.84%。 流通股本(百万股) 850.97 12个月价格区间 17.66/35.78元 产销稳 ...

Investment Rating - The report maintains a "Buy" rating for Shengxin Lithium Energy (002240) [1][2] - The target price is set at 23.40, down from the previous forecast of 26.25 [1][2] Core Views - The company's profitability is currently under pressure due to the decline in lithium salt prices and the lagging decrease in the cost of purchased lithium ore [1] - The company is enhancing its self-sufficiency in lithium ore and ensuring stable raw material supply through its projects, particularly the successful progress of the Indonesian project [1] - Despite the increase in lithium product sales, the profit margins are being squeezed due to falling prices [1] Financial Performance Summary - In 2023, the company achieved operating revenue of 79.51 billion, a year-on-year decrease of 66.09% [1] - The net profit attributable to shareholders was 7.02 billion, reflecting a significant decline of 87.35% in Q4 [1] - The company’s EPS is projected to be 1.17 for 2024 and 1.29 for 2025, down from previous estimates of 1.75 and 2.13 respectively [1] - The company’s PE ratio is currently at 20 times, with a net asset return rate of 5.4% for 2023 [1][2] Production and Sales Data - In 2023, the company produced 5.67 million tons of lithium products, with sales reaching 5.29 million tons, representing year-on-year increases of 19.03% and 11.45% respectively [1] - The average price of battery-grade lithium carbonate was 25.88 thousand per ton in 2023, down 46.42% year-on-year [1] - The company is expanding its lithium salt production capacity and actively seeking downstream customers, maintaining stable cooperation with well-known manufacturers [1] Market Position and Strategy - The company is focusing on securing upstream lithium resources to stabilize raw material supply, with plans to increase its global lithium resource layout [1] - The company’s existing lithium salt production capacity is 7.7 million tons annually, with an additional 6 million tons expected from the Indonesian project in the first half of 2024 [1] - The company aims to enhance its self-sufficiency and improve profitability through strategic partnerships and resource acquisitions [1]

证券研究报告 | 2024年03月31日 盛新锂能（002240.SZ） ——年报点评 买入 新项目建设稳步推进，中长期发展规划明确 核心观点 公司研究·财报点评 公司发布2023年年报：实现营业收入79.51亿元，同比-33.96%；实现归母 有色金属·能源金属 净利润7.02亿元，同比-87.35%；实现扣非归母净利润1.26亿元，同比 证券分析师：刘孟峦 证券分析师：杨耀洪 -97.72%；实现经营活动产生现金流量净额15.30亿元，同比-11.69%。23Q4 010-88005312 021-60933161 liumengluan@guosen.com.cn yangyaohong@guosen.com.cn 实现营业收入13.23亿元，实现归母净利润-3.93亿元，实现扣非归母净利 S0980520040001 S0980520040005 润-3.49亿元，23Q4部分自有矿和代工业务一定程度上弥补了锂盐成本倒挂 基础数据 带来的损失。 投资评级 买入(维持) 核心产品产销量数据：2023年，锂精矿产量达17.34万吨，同比增长约2.2 合理估值 收盘价 19.28元 倍，锂精矿产量增量主要来 ...

盛新锂能集团股份有限公司 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》。 根据《上市公司股份回购规则》《深圳证券交易所上市公司自律监管指引第 9 号——回购股份》等相关规定，上市公司在回购期间应当在每个月的前三个交 易日内披露截至上月末的回购进展情况。现将公司回购股份进展情况公告如下： 一、回购公司股份进展情况 证券代码：002240 证券简称：盛新锂能 公告编号：2024-034 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。 2、公司以集中 ...

[Table_Page] 年报点评|有色金属 证券研究报告 [盛Table_新Title] 锂能（002240.SZ） [公Tab司le_I评nves级t] 买入 当前价格 19.22元 Q4 归母净利-4 亿元，锂价趋稳业绩或改善 合理价值 26.20元 前次评级 买入 [ 核Tabl 心e_Su 观mm 点ary] ： 报告日期 2024-03-29  受锂价下跌影响，Q4归母净利-3.93亿元。据公司年报，23年，公司 [相Tab对le_P市icQ场uote表] 现 实现营收79.51亿元，同降33.96%；归母净利7.02亿元，同降87.35%； 经营活动现金净流15.30亿元，同降11.23%。Q4，公司实现营收13.23 2% 03/23 05/23 07/23 09/23 11/23 01/24 03/24 -8% 亿元，环降29.29%；归母净利-3.93亿元，环比降8.76亿元。业绩环 -19% 比下降主要系锂价下跌、成本倒挂、毛利转负。 -29%  萨比星锂矿如期放量。据公司年报，23 年公司锂精矿产量 17.3 万吨 -40% -50% （折LCE 2.6万吨），同增219%；锂产品 ...

Dividend Distribution - The company plans to distribute a cash dividend of 2.4 yuan (including tax) for every 10 shares, with no bonus shares issued[2]. - The total cash dividend, including share buybacks, is expected to reach 250,959,043.83 CNY, which represents 35.74% of the net profit attributable to shareholders for the year[143]. - The company plans to distribute a cash dividend of 2.40 CNY per 10 shares, totaling approximately 218,664,214.32 CNY (including tax) for the year 2023[143]. Financial Performance - The company's operating revenue for 2023 was ¥7,951,137,684.43, a decrease of 33.96% compared to the previous year[14]. - The net profit attributable to shareholders for 2023 was ¥702,236,282.78, reflecting an 87.35% decline year-over-year[14]. - The net profit after deducting non-recurring gains and losses was ¥126,422,127.14, down 97.72% from the previous year[14]. - The basic earnings per share for 2023 was ¥0.77, a decrease of 87.97% compared to ¥6.40 in 2022[15]. - The total assets at the end of 2023 were ¥20,753,051,190.47, representing a 12.60% increase from the end of 2022[15]. - The company reported a total profit of approximately 575.81 million CNY for the reporting period, with a tax impact of 112.63 million CNY[21]. - The company reported a significant loss in the fourth quarter, with a net profit of -¥392,573,385.56[19]. Market and Industry Trends - The company has shifted its focus to lithium mining, basic lithium salts, and lithium metal production and sales since 2021[10]. - The company reported a significant increase in revenue from lithium products, reflecting the growing demand in the new energy materials sector[10]. - In 2023, the global sales of new energy passenger vehicles reached 13.6893 million units, a year-on-year increase of 31%, with a market share of 16%[27]. - In China, new energy vehicle production and sales reached 9.587 million and 9.495 million units respectively in 2023, representing year-on-year growth of 35.8% and 37.9%, with a market share of 31.6%[28]. - The global energy storage lithium battery shipments in 2023 amounted to 225 GWh, a year-on-year increase of 50%, with China's shipments at 206 GWh, growing by 58%[28]. Production and Capacity Expansion - The company has established lithium product production bases globally, with a total annual production capacity of 42,000 tons of lithium salt in Sichuan, including 25,000 tons of lithium carbonate and 15,000 tons of lithium hydroxide[32]. - The company is actively constructing a lithium salt production line in Indonesia with a designed capacity of 60,000 tons per year, expected to be operational in the first half of 2024[33]. - The company plans to expand lithium product production capacity in response to industry demand and enhance its upstream lithium resource layout and reserves[35]. - The company has established lithium salt production capacity of 77,000 tons and metal lithium capacity of 500 tons, with ongoing projects expected to enhance production further[53]. Strategic Acquisitions and Partnerships - The company completed the acquisition of 100% equity in Shengtun Lithium Industry in November 2019, enhancing its lithium mining capabilities[10]. - The company has established a strong presence in the lithium industry through strategic acquisitions and partnerships[10]. - The company has signed long-term purchase agreements with domestic and international firms to secure lithium concentrate supply and mitigate price volatility[40]. - Major customers include industry leaders such as BYD, CATL, LG Chem, and SK On, indicating strong market demand for the company's products[40]. Research and Development - The company is actively involved in the development of new technologies and products to align with the growing demand in the lithium battery and energy storage markets[23]. - The core technology team has extensive experience in lithium salt product development and has been involved in the drafting of industry standards for battery-grade lithium carbonate[48]. - The company is focusing on technological innovation and process improvement to enhance product quality, with plans to increase R&D investment and recruit high-level technical personnel[96]. Risk Management - The company has faced risks related to macroeconomic conditions, market competition, and fluctuations in raw material prices[2]. - The company has faced uncertainty regarding its ability to continue as a going concern, as indicated by the audit report[16]. - Revenue and profit are closely tied to lithium product prices, which are subject to high volatility due to various market factors, prompting the company to implement flexible pricing mechanisms[102]. Environmental and Social Responsibility - The company emphasizes its commitment to ESG principles and has initiated projects such as a reservoir construction in Zimbabwe to address water shortages[110]. - The company has invested approximately RMB 854.97 million in environmental governance and protection, and paid RMB 10.81 million in environmental protection tax during the reporting period[165]. - The company is currently constructing a comprehensive warehouse project, with the environmental impact assessment already approved[160]. - The company has committed to a 36-month lock-up period for shares acquired in the asset purchase of Wehua Co., ensuring no transfer or management of unlisted shares during this time[178]. Corporate Governance - The company emphasizes the importance of accurate financial reporting and has ensured all board members attended the meeting to review the annual report[2]. - The board of directors consists of nine members, including three independent directors, and has held 12 meetings to ensure effective governance and decision-making[109]. - The company has established a complete accounting system and independent financial management, ensuring it can make autonomous financial decisions[112]. - The company has implemented a robust internal control system to enhance operational management and risk prevention capabilities[154]. Future Outlook - The company anticipates that the sales of new energy vehicles in China will reach 11.5 million units in 2024, maintaining a rapid growth momentum[28]. - The company projects a revenue growth of 25% for the next fiscal year, targeting a total revenue of approximately 1.25 billion yuan[122]. - Future guidance includes maintaining a production growth rate of 20% annually over the next five years[121]. - The company aims to achieve carbon neutrality in its operations by 2025, aligning with global sustainability goals[126].

证券代码：002240 证券简称：盛新锂能 公告编号：2024-025 盛新锂能集团股份有限公司 关于对下属子公司提供担保额度预计的公告 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 2024 年 3 月 27 日召开 第八届董事会第九次会议，审议通过了《关于对下属子公司提供担保额度预计的 议案》，现将有关事项说明如下： 一、担保情况概述 为满足公司及下属子公司日常经营和业务发展资金需要，保证公司及下属子 公司业务顺利开展。2024 年度，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，公司（含子公司）拟为其提供担保， 前述担保额度合计不超过人民币 160 亿元，其中为资产负债率高于 70%的下属子 公司提供担保额度不超过人民币 45 亿元，为资产负债率低于 70%的下属子公司 提供担保额度不超过人民币 115 亿元。上述担保范围包括但不限于申请综合授 信、融资租赁等融资业务以及公司经营相关事项，担保方式包括但不限于保证、 抵押、质押等，担保期限按实际签订的协议履行。具体担保事 ...

大信会计师事务所 北京市海淀区知春路 1 号 学院国际大厦 22 层 2206 邮编 100083 WUYIGE Certified Public Accountants LLP. Room2206 22/F,Xueyuan International Tower No.1 ZhichunRoad,Haidian Dist. Beijing,China,100083 电话 Telephone： +86（10）82330558 传真 Fax： +86（10）82327668 网址 Internet： www.daxincpa.com.cn 盛新锂能集团股份有限公司 审 核 报 告 大信专审字[2024]第 2-00067 号 大信会计师事务所（特殊普通合伙） WUYIGE CERTIFIED PUBLIC ACCOUNTANTS LLP. 业绩承诺完成情况审核报告 大信专审字[2024]第 2-00067 号 盛新锂能集团股份有限公司全体股东： 我们对盛新锂能集团股份有限公司（以下简称"贵公司"）管理层编制的《盛新锂能集团 股份有限公司关于2023年度业绩承诺完成情况的专项说明》（以下简称"业绩承诺完成情况专 ...

中信证券股份有限公司关于 中信证券股份有限公司（以下简称"中信证券"或"保荐人"）作为盛新锂 能集团股份有限公司（以下简称"盛新锂能"、"上市公司"或"公司"）2022 年 向特定对象发行股票的保荐人，根据《证券发行上市保荐业务管理办法》《深圳 证券交易所股票上市规则（2023 年 8 月修订）》《深圳证券交易所上市公司自律 监管指引第 1 号——主板上市公司规范运作》等有关法律法规和规范性文件的要 求，对《盛新锂能集团股份有限公司 2023 年度内部控制评价报告》进行了核查， 并发表核查意见如下： 一、保荐人核查工作 中信证券保荐代表人采取查阅公司与财务报告和信息披露事务相关的内部 控制制度，与公司内部审计人员、高管人员等沟通等方式，结合日常的持续督导 工作，在对公司内部控制的完整性、合理性及有效性进行合理评价基础上，对公 司董事会出具的内部控制评价报告进行了核查。 二、盛新锂能 2023 年度内部控制评价报告结论 根据公司财务报告内部控制重大缺陷的认定情况，于内部控制评价报告基准 日（2023 年 12 月 31 日），公司不存在财务报告内部控制重大缺陷，公司董事会 认为，公司已按照企业内部控制规范体系和 ...

国海证券股份有限公司 关于盛新锂能集团股份有限公司 发行股份购买资产并募集配套资金暨关联交易之 2023 年度业绩承诺实现情况及减值测试情况的核查意见 国海证券股份有限公司（以下简称"国海证券"或"独立财务顾问"）作为盛 新锂能集团股份有限公司（曾用名：广东威华股份有限公司、深圳盛新锂能集 团股份有限公司，以下简称"盛新锂能"、"公司"、"上市公司"）发行股份购买 深圳盛屯集团有限公司（以下简称"盛屯集团"）、福建省盛屯贸易有限公司（以 下简称"盛屯贸易"）等交易对方持有的四川盛屯锂业有限公司（以下简称"盛屯 锂业"或"标的公司"）100%股权并募集配套资金暨关联交易（以下简称"本次交 易"或"本次重组"）之独立财务顾问，根据《上市公司重大资产重组管理办法》、 《上市公司并购重组财务顾问业务管理办法》等法规的相关规定，对本次重组 标的公司 2023 年度业绩承诺实现情况及减值测试情况进行了核查，并发表意见 如下： 一、业绩承诺及补偿安排情况 盛屯集团、盛屯贸易作为本次重组业绩补偿义务人，与上市公司签订了 《关于四川盛屯锂业有限公司之业绩承诺和补偿协议》（以下简称"《业绩承诺 补偿协议》"），具体条款如下： （ ...