Group 1 - The company is actively advancing the development of the Muzhong mine in Yajiang, Sichuan, aiming to significantly increase lithium ore supply with proven Li₂O resources of 989,600 tons and an average grade of 1.62% [2] - The company has obtained mining permits for an annual production of 3 million tons of ore and plans to enhance lithium self-sufficiency to over 50% by 2025-2026 [2] - Current lithium salt production capacity is 132,000 tons per year, with 72,000 tons from domestic sources and 60,000 tons from Indonesia, serving major clients like BYD, LGES, SKOn, and Hyundai [3] Group 2 - The company is expanding its resource portfolio with existing mines such as the Oyinno mine (annual production of 75,000 tons of lithium concentrate) and the Zimbabwe Sabie Star mine (annual production of 290,000 tons of lithium concentrate), covering 30% of current lithium salt demand [2] - Future projects include the SDLA salt lake project in Argentina (annual capacity of 2,500 tons of lithium carbonate equivalent) and exploration projects like Pocitos to further increase resource reserves [2] - The company has established 500 tons of metal lithium production capacity and is planning to add 2,500 tons to strengthen its competitiveness in the solid-state battery upstream materials market [2]

证券研究报告 | 2025年03月25日 盛新锂能（002240.SZ）——年报点评 优于大市 锂价短期低迷不改公司中长期发展规划 公司发布年报：实现营收 45.81 亿元，同比-42.38%；实现归母净利润-6.22 亿元，同比-188.51%；实现扣非归母净利润-8.97 亿元，同比-809.84%。2024 年锂价持续低迷对公司业绩产生不利影响。 核心产品产销量数据：2024 年，公司下属子公司锂精矿产量达 28.60 万吨， 同比增长 65%，其中奥伊诺矿山运行良好，锂精矿产量增量主要来自于津巴 布韦萨比星矿山，萨比星矿山于 2024 年通过对选矿生产线进行升级改造， 产能提升至年产 29 万吨锂精矿且已实现达产。公司 2024 年锂产品产量 6.76 万吨，同比+19.20%，销量 6.63 万吨，同比+25.40%。 公司中长期发展规划稳步推进 五大锂产品生产基地：1)致远锂业年产 4.2 万吨锂盐产能；2)遂宁盛新年产 3 万吨锂盐产能，全部为柔性生产线；3)盛新金属规划年产 1 万吨锂盐产能， 利用盐湖锂资源原料生产电池级碳酸锂或氯化锂，其中一期 5000 吨产能已 建成投产；4)印尼盛拓年产 ...

Investment Rating - The report maintains an "Outperform" rating for the company [3][5][24]. Core Views - Despite the short-term downturn in lithium prices, the company's long-term development plans remain intact. The company has made significant progress in expanding its lithium production capacity and resource base, positioning itself as a leading player in the domestic lithium market [2][17][24]. - The company reported a revenue of 4.581 billion yuan in 2024, a decrease of 42.38% year-on-year, and a net profit attributable to shareholders of -622 million yuan, down 188.51% year-on-year. The decline in lithium prices has adversely affected the company's performance [8][12][24]. Summary by Sections Financial Performance - In 2024, the company achieved a revenue of 45.81 billion yuan, down 42.38% year-on-year, and a net profit of -6.22 billion yuan, down 188.51% year-on-year. The adjusted net profit was -8.97 billion yuan, a decrease of 809.84% year-on-year. The cash flow from operating activities was 1.317 billion yuan, down 13.93% year-on-year [8][12][24]. - The company's lithium concentrate production reached 286,000 tons in 2024, a year-on-year increase of 65%, with significant contributions from the Zimbabwe Sabi Star mine [10][12][24]. Production Capacity and Resource Layout - The company has established five lithium product production bases with a total capacity of 137,000 tons per year and 500 tons per year of lithium metal. Key projects include: 1. Zhiyuan Lithium Industry with an annual capacity of 42,000 tons of lithium salt. 2. Suining Shengxin with an annual capacity of 30,000 tons of lithium salt. 3. Shengxin Metal with a planned capacity of 10,000 tons of lithium salt. 4. Indonesia Shengtuo with an annual capacity of 60,000 tons of lithium salt, which began trial production in June 2024. 5. Shengwei Lithium Industry with a current capacity of 500 tons of lithium metal [2][20][22]. Future Earnings Forecast - The company expects revenues of 65.47 billion yuan, 85.22 billion yuan, and 106.82 billion yuan for 2025, 2026, and 2027, respectively, with year-on-year growth rates of 42.9%, 30.2%, and 25.3%. The net profit attributable to shareholders is projected to be 2.25 billion yuan, 4.60 billion yuan, and 7.61 billion yuan for the same years, with growth rates of 136.3%, 104.2%, and 65.3% [3][24][26].

盛新锂能目前有两个主要矿山：四川阿坝州的奥伊诺矿山和非洲津巴布韦的新 矿山。奥伊诺矿山的碳酸锂当量产能约为 1 万吨，而津巴布韦的新矿山技改后 接近 3 万吨的产能。2024 年，这两个矿山合计生产了 28 万吨锂精矿，占公司 总需求的小一半。此外，公司还计划在四川射洪建设一个 2,500 吨金属锂的新 工厂，加上现有 500 吨，总规划达到 3,000 吨。 盛新锂能 20250324 摘要 Q&A 盛新锂能在 2024 年的冶炼端和产销量方面表现如何？ 2024 年，盛新锂能的冶炼端产量和销量分别为 6.66 万吨和 6.7 万吨，主要集 中在国内两个锂盐工厂，这两个工厂的总产能为 7.2 万吨。公司在印尼新建了 一个 6 万吨的锂盐项目，于 2024 年 6 月投料试生产，但由于海外客户认证时间 较长（约九个月），该项目在 2024 年的产量贡献基本可以忽略，预计从 2025 年第二季度开始放量生产。此外，公司还拥有一个金属锂工厂，2024 年产量为 300 吨，总产能为 500 吨。该工厂主要面向下游固态电池客户，并已实现超宽 • 盛新锂能印尼 6 万吨锂盐项目虽于 2024 年 6 月投产，但因海外 ...

Investment Rating - The report maintains a "Cautious Recommendation" rating for the company [6][4]. Core Views - The company reported a significant increase in its own mineral production, but impairment losses have negatively impacted its performance [2][3]. - The lithium concentrate production reached 286,000 tons in 2024, a year-on-year increase of 64.9% [2]. - The average price of battery-grade lithium carbonate in 2024 was 90,000 yuan, down 64.8% year-on-year, indicating a significant price drop due to industry oversupply [2]. - The company expects to see a gradual recovery in profitability from 2025 to 2027, with projected net profits of 226 million, 427 million, and 531 million yuan respectively [4]. Summary by Sections Financial Performance - In 2024, the company achieved revenue of 4.58 billion yuan, a decrease of 42.4% year-on-year, and a net loss attributable to shareholders of 622 million yuan, marking a shift from profit to loss [1][5]. - The gross profit margin for 2024 was 2.4%, down 10.1 percentage points year-on-year, primarily due to falling lithium prices [2][3]. Production and Capacity - The company has successfully increased its lithium concentrate production capacity, with the Sichuan Yelonggou mine producing approximately 75,000 tons and the Zimbabwe Sabi Star mine reaching a capacity of 290,000 tons [2][3]. - The company has also established a lithium salt production capacity of 137,000 tons and 500 tons of metallic lithium by the end of 2024 [2]. Future Outlook - The company anticipates a recovery in net profits starting in 2025, with projected earnings per share of 0.25 yuan in 2025, 0.47 yuan in 2026, and 0.58 yuan in 2027 [5][4]. - The report highlights the potential for increased profitability from the high-grade Muzhong lithium mine, which is expected to significantly enhance the company's integrated production capacity once operational [3][4].

（文章来源：每日经济新闻） 2024年1至6月份，盛新锂能的营业收入构成为：新能源材料占比99.85%，林木占比0.15%。 盛新锂能：拟转让四川盛屯科技有限公司50%股权 盛新锂能（SZ 002240，收盘价：13.21元）3月21日晚间发布公告称，公司根据战略发展规划及对 经营办公用房的实际需求情况，拟将持有的四川盛屯科技有限公司50%股权转让给公司控股股东深圳盛 屯集团有限公司，转让价格为人民币1亿元。本次交易前，公司和盛屯集团各持有盛屯科技50%股权； 交易完成后，公司不再持有盛屯科技股权；同时，公司拟向盛屯科技购置其建设的2栋办公用楼，交易 金额预计不超过人民币8000万元，该房产将用于公司经营办公自用，不对外出租。 ...

盛新锂能集团股份有限公司 审 计 报 告 大信审字[2025]第 2-00249 号 大信会计师事务所（特殊普通合伙） 电话 Telephone： +86（10）82330558 传真 Fax： +86（10）82327668 网址 Internet： www.daxincpa.com.cn 审 计 报 告 大信审字[2025]第 2-00249 号 盛新锂能集团股份有限公司全体股东： 一、审计意见 我们审计了盛新锂能集团股份有限公司（以下简称"贵公司"）的财务报表，包括 2024 年 12 月 31 日的合并及母公司资产负债表，2024 年度的合并及母公司利润表、合并及母公司 现金流量表、合并及母公司股东权益变动表，以及财务报表附注。 我们认为，后附的财务报表在所有重大方面按照企业会计准则的规定编制，公允反映了 贵公司 2024 年 12 月 31 日的合并及母公司财务状况以及 2024 年度的合并及母公司经营成果 和现金流量。 二、形成审计意见的基础 我们按照中国注册会计师审计准则的规定执行了审计工作。审计报告的"注册会计师对 财务报表审计的责任"部分进一步阐述了我们在这些准则下的责任。按照中国注册会计师 ...

盛新锂能集团股份有限公司 内控审计报告 大信审字[2025]第 2-00251 号 大信会计师事务所（特殊普通合伙） WUYIGE CERTIFIED PUBLIC ACCOUNTANTS LLP. 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 Room 2206 22/F, Xueyuan International Tower No.1 Zhichun Road, Haidian Dist. Beijing,China,100083 电话 Telephone：+86（10）82330558 传真 Fax： +86（10）82327668 网址 Internet： www.daxincpa.com.cn 内部控制审计报告 大信审字[2025]第 2-00251 号 按照《企业内部控制基本规范》、《企业内部控制应用指引》、《企业内部控制评价指引》 的规定，建立健全和有效实施内部控制，并评价其有效性是企业董事会的责任。 二、注册会计师的责任 我们的责任是在实施审计工作的基础上，对 ...

盛新锂能集团股份有限公司 非经营性资金占用及其他关联资金 往来情况汇总表的专项审计报告 大信专审字[2025]第 2-00049 号 大信会计师事务所（特殊普通合伙） WUYIGE CERTIFIED PUBLIC ACCOUNTANTS LLP. 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 Room 2206 22/F, Xueyuan International Tower No.1 Zhichun Road, Haidian Dist. Beijing, China, 100083 电话 Telephone：+86（10）82330558 传真 Fax： +86（10）82327668 网址 Internet： www.daxincpa.com.cn 非经营性资金占用及其他关联资金往来情况汇总表的 专项审计报告 大信专审字[2025]第 2-00049 号 盛新锂能集团股份有限公司全体股东： 我们接受委托，审计了盛新锂能集团股份有限公司（以下简称"贵公司"）的财务报表， ...