| 1.是否按照相关规定建立内部审计制度并设立内部 | √ | | | --- | --- | --- | | 审计部门 | | | | 2.是否在股票上市后6个月内建立内部审计制度并设 | | √ | | 立内部审计部门 | | | | 3.内部审计部门和审计委员会的人员构成是否合规 | √ | | | 4.审计委员会是否至少每季度召开一次会议，审议内 | √ | | | 部审计部门提交的工作计划和报告等 | | | | 5.审计委员会是否至少每季度向董事会报告一次内 | √ | | | 部审计工作进度、质量及发现的重大问题等 | | | | 6.内部审计部门是否至少每季度向审计委员会报告 | | | | 一次内部审计工作计划的执行情况以及内部审计工 | √ | | | 作中发现的问题等 | | | | 7.内部审计部门是否至少每季度对募集资金的存放 | √ | | | 与使用情况进行一次审计 | | | | 8.内部审计部门是否在每个会计年度结束前二个月 | √ | | | 内向审计委员会提交次一年度内部审计工作计划 | | | 中信证券股份有限公司 关于盛新锂能集团股份有限公司 2023 年度持续督导定 ...

本次现场检查未发现其他问题。 中信证券股份有限公司 关于盛新锂能集团股份有限公司2023年持续督导工作现场检查 结果及提请公司注意事项 盛新锂能集团股份有限公司： 中信证券股份有限公司（以下简称"本保荐人"）作为对贵公司进行持续督 导的保荐人，按照《深圳证券交易所上市公司自律监管指引第 13 号——保荐业 务》的有关要求，对贵公司认真履行了持续督导职责。 2023 年度，公司实现营业收入 79.51 亿元，同比下降 33.96%；实现归属于 上市公司股东的净利润 7.02 亿元，同比下降 87.35%。主要原因系 2022 年锂盐行 业供需紧张，产品价格暴涨；而 2023 年锂盐需求增速放缓叠加供给持续释放， 导致供需关系发生变化，锂盐价格出现趋势性下行，且全年下跌幅度较大，锂盐 产品的收入及利润空间被压缩。 经核查，公司业绩下滑与同行业变动趋势保持一致，符合市场上相关产品价 格的波动情况，具备合理性。提请公司关注行业政策及市场波动风险对公司业务 的影响，并积极做好经营应对和风险防范措施，采取合理有效措施提升业绩水平。 2023 年 6 月，公司收到深圳证券交易所上市公司管理一部下发的《关于对 盛新锂能集团股 ...

Investment Rating - The report does not provide a specific investment rating for the company [3]. Core Views - The company's performance was significantly impacted by the decline in lithium prices and asset impairment losses, with a record high impairment loss of 197 million yuan in 2023 [1][3]. - Despite the challenges, lithium salt and lithium concentrate production increased year-on-year, with lithium salt production reaching 56,700 tons, up 19.03%, and lithium concentrate production at 173,400 tons, up 219.37% [1]. - The pricing model for lithium concentrate from Australian mines has changed, leading to a rapid decline in prices, although there has been a rebound in lithium prices in Q1 2024 due to recovering downstream demand [1]. - The company has initiated production at the Yelonggou and Sabixin mines, with the Muzhong mine expected to contribute to future resource increments [1]. Summary by Sections Financial Performance - In 2023, the company reported operating revenue of 7.951 billion yuan, a decrease of 33.96% year-on-year, and a net profit attributable to shareholders of 702 million yuan, down 87.35% [3][4]. - The report forecasts a decline in net profit for 2024 and 2025, estimating 1.13 billion yuan and 1.57 billion yuan respectively, which represents a reduction of 46.4% and 43.3% from previous estimates [3]. Production Capacity and Future Plans - The company plans to exceed 140,000 tons of lithium salt production capacity, with various projects underway, including a 60,000-ton capacity in Indonesia expected to be operational in the first half of 2024 [2]. - The company has increased its stake in Huirong Mining, which holds exploration rights for the Muzhong mine, to 48.06%, with confirmed lithium oxide reserves of 989,636 tons [1][2]. Market Dynamics - The lithium carbonate price as of March 23, 2024, was 116,000 yuan per ton, reflecting a 15% increase since the beginning of the year, while lithium hydroxide was priced at 99,000 yuan per ton, up 14.7% [1]. - The report highlights the volatility in lithium prices and the potential impact on the company's financial performance due to market conditions and competition [3].

Investment Rating - The report maintains an "Accumulate" rating for the company Shengxin Lithium Energy (002240) [1][2]. Core Views - The company's performance is under pressure due to a decline in lithium prices, with a focus on the progress of its lithium salt project in Indonesia [1]. - The report anticipates continued pressure on lithium salt prices due to an oversupply in the market, with expectations for price declines in the medium term [2]. Financial Performance Summary - In 2023, the company achieved a revenue of 7.951 billion yuan, a year-on-year decrease of 34.0% [3]. - The net profit attributable to shareholders was 702 million yuan, down 87.4% year-on-year [3]. - The gross profit margin for 2023 was 12.5%, with a projected increase to 20.2% in 2024 [3]. - The earnings per share (EPS) for 2023 was 0.76 yuan, with forecasts of 1.16 yuan, 1.37 yuan, and 1.50 yuan for 2024, 2025, and 2026 respectively [3][4]. Market Data - The average price of battery-grade lithium carbonate in 2023 was approximately 258,800 yuan per ton, a decline of 46.36% year-on-year [1]. - The company's lithium carbonate sales volume in 2023 was about 52,900 tons, an increase of 11.45% year-on-year [1]. Future Projections - The report projects net profits of 1.07 billion yuan, 1.26 billion yuan, and 1.39 billion yuan for 2024, 2025, and 2026 respectively [2][3]. - The price-to-earnings (PE) ratios based on the closing price on March 29 are projected to be 16.6, 14.1, and 12.8 for the years 2024, 2025, and 2026 respectively [2][3].

Investment Rating - The report maintains a "Buy" rating for the company [1] Core Views - In 2023, the company achieved a net profit attributable to shareholders of 702.24 million yuan, a year-on-year decline of 87.35%, which is in line with expectations. The revenue for 2023 was 7.951 billion yuan, down 33.96% year-on-year [3][9] - The company’s lithium product output in 2023 was 56,700 tons, an increase of 19.03% year-on-year, while sales reached 52,900 tons, up 11.45% year-on-year. However, Q4 saw a significant decline in both production and sales due to downstream demand and maintenance [3][12] - The report anticipates a 60% year-on-year increase in production for 2024, driven by new capacity coming online and improved self-supply ratios [3][4] Summary by Sections Financial Performance - The total revenue for 2023 was 7.951 billion yuan, with a net profit of 702.24 million yuan, reflecting a significant drop in profitability. The gross margin for 2023 was 12.49%, down 47.57 percentage points year-on-year [3][9] - Q4 2023 saw a revenue of 1.323 billion yuan, a decrease of 66.09% year-on-year, and a net loss of 393 million yuan, marking a 132.65% decline year-on-year [3][9] Production and Capacity - The company has established lithium salt production capacity of 77,000 tons and lithium metal capacity of 500 tons. An additional 60,000 tons of lithium salt capacity in Indonesia is expected to be operational in the first half of 2024 [3][12] - The report projects that the company will ship nearly 300,000 tons of lithium concentrate in 2024, with a self-supply rate of 40-50% [4][13] Profit Forecast and Valuation - The profit forecast for 2024-2026 has been revised upwards, with expected net profits of 720 million yuan, 870 million yuan, and 1.111 billion yuan respectively, reflecting year-on-year growth rates of 2%, 21%, and 28% [4][16] - The report indicates a price-to-earnings ratio of 26x for 2024, 22x for 2025, and 17x for 2026, maintaining the "Buy" rating [4][16]

Investment Rating - The investment rating for the company is "Accumulate - A" with a target price of 35.7 CNY per share [4]. Core Views - The company's lithium salt performance is under pressure, with a significant decline in revenue and profit in 2023. However, resource security is steadily improving [1][2]. - The average price of lithium carbonate in 2023 was 259,000 CNY per ton, down 46.36% year-on-year, while the average price of lithium hydroxide was 263,000 CNY per ton, down 43.84% year-on-year [3]. Summary by Relevant Sections Financial Performance - In 2023, the company achieved operating revenue of 7.951 billion CNY, a decrease of 33.96% year-on-year. The net profit attributable to shareholders was 702 million CNY, down 87.35% year-on-year [1]. - The fourth quarter of 2023 saw operating revenue of 1.323 billion CNY, an increase of 66.09% year-on-year but a decrease of 29.29% quarter-on-quarter. The net profit attributable to shareholders was -393 million CNY [1]. Production and Sales - The company has expanded its self-owned resources, including lithium mines in Yilonggou, Muzhong, Zimbabwe's Sabi Star, and Argentina's SDLA salt lake [2]. - In 2023, the company had a lithium salt production capacity of 77,000 tons and a lithium metal production capacity of 500 tons. The lithium product output was 56,700 tons, a year-on-year increase of 19.03% [2]. - The sales volume of lithium salts in 2023 was 52,900 tons, up 11.45% year-on-year [2]. Future Projections - Assuming the price of lithium carbonate remains at 120,000 CNY per ton from 2024 to 2026, the company is projected to achieve operating revenues of 6.311 billion CNY, 9.741 billion CNY, and 10.170 billion CNY for the years 2024, 2025, and 2026, respectively [10]. - The expected net profits for the same years are 1.095 billion CNY, 1.551 billion CNY, and 1.662 billion CNY, with corresponding EPS of 1.19 CNY, 1.68 CNY, and 1.80 CNY [10].

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 ...