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]

Investment Rating - The investment rating for the company is "Outperform the Market" [5][3]. Core Views - 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 in 2024 negatively impacted the company's performance [8][3]. - The company has five lithium product production bases and four lithium resource layouts, positioning itself as a leading player in the domestic lithium market [17][20]. - The company is focusing on lithium business with rapid capacity expansion in the midstream, ownership of its own mines, and successful entry into the supply chains of major domestic and international battery enterprises, indicating significant growth potential in the future [3][24]. Financial Performance - The company's revenue and net profit forecasts for 2025-2027 are as follows: - Revenue: 6.547 billion yuan (2025), 8.522 billion yuan (2026), 10.682 billion yuan (2027), with year-on-year growth rates of 42.9%, 30.2%, and 25.3% respectively - Net profit: 225 million yuan (2025), 460 million yuan (2026), 761 million yuan (2027), with year-on-year growth rates of 136.3%, 104.2%, and 65.3% respectively - The diluted EPS is projected to be 0.25 yuan (2025), 0.50 yuan (2026), and 0.83 yuan (2027) [3][4][24]. - The company's EBIT margin is expected to improve from -7.7% in 2024 to 10.2% in 2027, indicating a recovery in profitability [4][26]. Production and Sales Data - In 2024, the company's subsidiary produced 286,000 tons of lithium concentrate, a year-on-year increase of 65%. The lithium product output reached 67,600 tons, up 19.2% year-on-year, and sales were 66,300 tons, an increase of 25.4% year-on-year [10][8].

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 ...