北京市万商天勤律师事务所 关于盛新锂能集团股份有限公司 二〇二四年年度股东大会的法律意见书 致：盛新锂能集团股份有限公司 根据《中华人民共和国证券法》（下称"《证券法》"）、《中华人民共和国 公司法》（下称"《公司法》"）及中国证券监督管理委员会《上市公司股东大会 规则》（下称"《股东大会规则》"）等法律、法规和规范性文件以及《盛新锂能 集团股份有限公司章程》（下称"《公司章程》"）的规定，北京市万商天勤律师事务 所（下称"本所"）接受盛新锂能集团股份有限公司（下称"公司"）的委托，指 派律师参加公司二〇二四年年度股东大会（下称"本次股东大会"），并出具法律 意见。 一、本次股东大会的召集、召开程序和召集人资格 1、本次股东大会由公司董事会召集。召开本次股东大会的通知已于2025年 3月22日在《中国证券报》、《证券时报》和巨潮资讯网（http://www.cninfo.com.cn） 上予以公告。所有议案已在本次股东大会通知公告中列明，公司已于2025年3月 22日公告披露了相关议案的内容。 为出具本法律意见书，本所律师对本次股东大会所涉及的有关事项进行了审 查，查阅了本所律师认为出具本法律意见书所必须查阅 ...

登录新浪财经APP 搜索【信披】查看更多考评等级 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"）全资子公司遂宁盛新锂业有限公司（以下简称"遂宁盛 新"）因业务发展需要，拟向中国建设银行股份有限公司遂宁分行（以下简称"建设银行"）申请不超过 人民币2亿元（含2亿元）综合授信额度，期限不超过24个月。2025年3月28日，公司与建设银行签署了 《本金最高额保证合同》，为上述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 率低于70%的下属子公 ...

证券代码：002240 证券简称：盛新锂能 公告编号：2025-022 盛新锂能集团股份有限公司 关于为全资子公司遂宁盛新锂业有限公司的银行综合 授信提供担保的公告 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。 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"）全资子公司遂宁盛新锂业 有限公司（以下简称"遂宁盛新"）因业务发展需要，拟向中国建设银行股份有 限公司遂宁分行（以下简称"建设银行"）申请不超过人民币 2 亿元（含 2 亿元） 综合授信额度，期限不超过 24 个月。2025 年 3 月 28 日，公司与建设银行签署 了《本金最高额保证合同》，为上述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 202 ...

Investment Rating - The report downgrades the investment rating to "Cautious Accumulate" from "Accumulate" [1][11] Core Views - The company's performance in 2024 is under pressure due to declining lithium prices and significant impairment provisions, leading to a projected revenue of 45.81 billion yuan, a year-on-year decrease of 42.4% [2][11] - The company is expected to recover as projects like the Muliang Lithium Mine progress, which will enhance resource self-sufficiency and alleviate margin pressure from narrowing smelting price differentials [2][11] Financial Summary - Revenue for 2023 was 7,951 million yuan, projected to drop to 4,581 million yuan in 2024, with a subsequent increase to 4,867 million yuan in 2025 [4] - Net profit attributable to shareholders is expected to shift from a profit of 702 million yuan in 2023 to a loss of 622 million yuan in 2024, with a recovery to 174 million yuan in 2025 [4] - Earnings per share (EPS) is forecasted to be -0.68 yuan in 2024, recovering to 0.19 yuan in 2025 and 0.54 yuan in 2026 [4] Market Data - The current stock price is 13.23 yuan, with a target price maintained at 13.94 yuan [1][5] - The stock has a market capitalization of 12,109 million yuan and a price-to-earnings (P/E) ratio of 17.24 based on the current price [5][4] Project Progress - The company has successfully ramped up production at its Yilonggou lithium concentrate project, achieving a production capacity of 75,000 tons per year, and the Zimbabwe project is also operational [11] - The construction of the Sichuan Muliang Lithium Mine is progressing well, with expectations for production to commence by the end of 2027, potentially reaching an annual capacity of 570,000 tons [11]

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].