Investment Rating - The investment rating for the company is "Buy-A" with a target price of 50.2 CNY per share, maintaining the rating [1][13]. Core Views - The report highlights a significant increase in Q2 net profit, indicating that the company's integrated layout may help it navigate through cycles [1]. - The company experienced a substantial decline in revenue and net profit for 2023, with total revenue at 32,971.7 million CNY, down 21.16% year-on-year, and a net profit of 4,946.8 million CNY, down 75.87% year-on-year [2]. - The lithium product segment remains the primary revenue contributor, but its revenue decreased by 29.25% year-on-year, while the battery business showed growth of 18.98% [3]. - The company has a leading global position in lithium resource ownership, with a total of 48.04 million tons of lithium carbonate equivalent (LCE) [4]. - The battery business is steadily developing, with advancements in solid-state battery technology and multiple ongoing projects [12]. Summary by Sections Financial Performance - In 2023, the company reported total revenue of 32,971.7 million CNY, a decrease of 21.16% year-on-year, and a net profit of 4,946.8 million CNY, down 75.87% year-on-year [2][16]. - The lithium product segment generated 24,465 million CNY in revenue, accounting for 74.20% of total revenue, with a gross margin of 12.53% [3]. - The battery business generated 7,707 million CNY in revenue, representing 23.38% of total revenue, with a gross margin of 17.96% [3]. Resource and Production Capacity - The company has a total lithium resource ownership of 48.04 million tons LCE, with ongoing projects in various lithium resource types [4]. - Key projects include the expansion of Mt Marion and Cauchari-Olaroz, which are expected to enhance lithium concentrate supply [4]. Future Projections - Revenue projections for 2024-2026 are estimated at 291.33 billion CNY, 359.39 billion CNY, and 422.85 billion CNY, respectively, with net profits expected to be 40.47 billion CNY, 49.69 billion CNY, and 61.04 billion CNY [13][16]. - The report anticipates a gradual recovery in profitability, with EPS projected to increase from 2.01 CNY in 2024 to 3.03 CNY in 2026 [13][15].

证券代码：002460 证券简称：赣锋锂业 编号：临2024-026 江西赣锋锂业集团股份有限公司 1、本次股东大会未出现否决议案的情形。 2、本次股东大会不会涉及变更以往股东大会已通过的决议。 一、会议召开情况 1、现场会议召开时间：2024年4月9日14:00 网络投票时间：公司 A 股股东通过深圳证券交易所交易系统进 行网络投票的具体时间为 2024 年 4 月 9 日上午 9:15—9:25，9:30— 11:30，下午 13:00—15:00；通过深圳证券交易所互联网投票系统投票 的具体时间 2024年 4月 9日上午 9:15至 2024年 4月 9日下午 15:00。 2、会议地点：江西省新余市经济开发区龙腾路公司总部研发大 楼四楼会议室 3、会议的召开方式：现场表决与网络投票相结合的方式 4、会议的召集人：公司董事会 2024 年第一次临时股东大会决议公告 本公司及董事会全体成员保证公告内容真实、准确和完整，没有 虚假记载、误导性陈述或重大遗漏。 特别提示： 5、会议主持人：公司副董事长王晓申先生 6、会议召开的合法、合规性：本次临时股东大会的召集、召开 程序符合有关法律、行政法规、部门规章、 ...

证券代码：002460 证券简称：赣锋锂业 编号：临2024-027 江西赣锋锂业集团股份有限公司 投资者依据提示，授权登入"投关易"小程序，即可参与交流。 出席本次网上说明会的人员有：董事长李良彬先生、独立董事徐 光华先生、财务负责人黄婷女士、董事会秘书任宇尘先生。 敬请广大投资者积极参与。 特此公告。 关于召开2023年度网上业绩说明会的公告 本公司及董事会全体成员保证公告内容的真实、准确和完整，没 有虚假记载、误导性陈述或重大遗漏。 江西赣锋锂业集团股份有限公司（以下简称"公司"）已于 2024 年 3 月 29 日在巨潮资讯网（http://www.cninfo.com.cn/）上披露了《赣 锋锂业 2023 年年度报告》。 为便于广大投资者进一步了解公司 2023 年年度经营情况，公司 定于 2024 年 04 月 12 日（星期五）下午 15:00 至 17:00 时在"投关易" 小程序举行 2023 年度网上业绩说明会。本次网上业绩说明会将采用 网络远程的方式举行，投资者可登陆"投关易"小程序参与互动交流。 为广泛听取投资者的意见和建议，提前向投资者征集问题，提问通道 自发出公告之日起开放。 参 ...

北京市汉坤律师事务所上海分所 关于 的 法律意见书 汉坤（证）字[2024]第 27422-11-O-1 号 中国上海市静安区石门一路 288 号兴业太古汇香港兴业中心二座 33 层 200041 电话：(86 21) 6080 0909；传真：(86 21) 6080 0999 北京 上海 深圳 香港 海口 武汉 新加坡 纽约 江西赣锋锂业集团股份有限公司 2024 年第一次临时股东大会 www.hankunlaw.com 北京市汉坤律师事务所上海分所 2024 年第一次临时股东大会的法律意见书 关于江西赣锋锂业集团股份有限公司 北京市汉坤律师事务所上海分所 关于江西赣锋锂业集团股份有限公司 2024 年第一次临时股东大会的法律意见书 汉坤（证）字[2024]第 27422-11-O-1 号 致：江西赣锋锂业集团股份有限公司 江西赣锋锂业集团股份有限公司（以下简称"公司"）2024 年第一次临时股东 大会（以下简称"本次股东大会"）采取现场投票与网络投票相结合的方式，现场会 议于 2024 年 4 月 9 日在江西省新余市经济开发区龙腾路公司总部研发大楼四楼会 议室召开。北京市汉坤律师事务所上海分所（以下简 ...

有色金属 | 证券研究报告 — 调整盈利预测 2024年4月9日 002460.SZ 赣锋锂业 增持 锂价下行业绩承压，电池业务快速发展 原评级：增持 市场价格:人民币 39.89 公司发布2023年年报，全年实现归母净利润49.47亿元，同比下降75.87%； 公司强化资源优势，电池业务快速发展，长期成长表现可期；维持增持评级。 板块评级:强于大市 支撑评级的要点  2023年归母净利润49.47亿元：公司发布2023年年报，全年实现归母净 股价表现 利润49.47亿元，同比下降75.87%；实现扣非归母净利润26.76亿元，同 比下降 86.59%。根据公司年报测算，2023 年第四季度归母净利润亏损 8% 10.63 亿元，扣非归母净利润亏损 16.76 亿元。公司此前发布业绩预告， (4%) 预计2023年实现盈利42.00-62.00亿元，同比下降79.52%-69.76%。公司 (16%) 业绩符合市场预期。 (27%)  2023年锂价下行，锂化工板块盈利承压：2023年由于锂行业市场需求波 (39%) 动、锂电下游客户库存水平控制等因素，公司的锂化工板块产品的整体 (51%) 产销量水平受 ...

证券研究报告 ＃＃iinndduussttrryyIIdd＃＃ 锂 ＃investSuggestion＃ ＃ ＃d赣yCo锋mpa锂ny＃业 （ 002460 ） investSug 增持 ( 维ges持tionC）h 002460 ＃title＃ 锂价下滑拖累业绩，电池业务稳健增长 ange＃ ＃createTime1＃ 2024 年04 月07日 投资要点 ＃市场ma数rk据etData＃ ＃summary＃  业绩概要：公司发布2023年年度报告，2023年公司实现营业收入329.72亿 市场数据日期 2024-04-03 元，同比下降21.16％；实现归母净利润49.47亿元，同比下降75.87%；实 收盘价（元） 39.89 现扣非后归母净利润为26.76亿元，同比下降86.59%。公司拟向全体股东每 总股本（百万股） 2017.17 10股派发现金红利8元（含税）。 流通股本（百万股） 1208.72 净资产（百万元） 47034.11  锂价下滑致公司盈利下滑。2023年公司实现归母净利润49.47亿元，同比下 总资产（百万元） 91697.9 降75.87%，主要受公司主营产品锂盐价格下跌 ...

Investment Rating - The report maintains a "Buy" rating for the company [1] Core Views - The company has achieved breakthroughs in its lithium resource projects, with several projects expected to ramp up production in the near future [3] - The company has built a closed-loop lithium ecosystem, with significant progress in upstream lithium resources, midstream lithium salt processing, and downstream lithium battery business [3][9] - The company's lithium battery business is expected to reach an effective annual production capacity of 20GWh by the end of this year [3][13] Financial Performance - In 2023, the company reported revenue of 32,972 million yuan, a year-on-year decrease of 21.16%, and net profit attributable to shareholders of 4,947 million yuan, a year-on-year decrease of 75.87% [3][5] - The company's Q4 2023 performance was significantly impacted by a sharp decline in lithium salt prices and high-cost inventory, resulting in a net loss of 1,063 million yuan [5] - The company's non-recurring gains and losses in 2023 amounted to 2,271 million yuan, including government subsidies of 1,536 million yuan and fair value change gains of 784 million yuan [8] Lithium Resource Projects - The Mt Marion project in Australia is gradually releasing its 900,000 tons/year lithium spodumene concentrate capacity [9] - The Cauchari lithium brine project in Argentina, with an annual production capacity of 40,000 tons of lithium carbonate, is expected to reach design capacity in 2024 [9] - The Mariana lithium brine project in Argentina is progressing smoothly, with the first batch of products expected by the end of 2024 [9] - The Goulamina lithium spodumene project in Mali, with an annual production capacity of 506,000 tons, is expected to start production in 2024 [9] Lithium Battery Business - The company has established lithium battery R&D and production bases in multiple locations, including Xinyu, Dongguan, Ningbo, Suzhou, Huizhou, and Chongqing [3][13] - The company's solid-state battery production base in Chongqing has completed phase one construction, with solid-state battery packs already delivered [13] - The company has delivered over 100 large-scale energy storage projects, with a total application scale exceeding 11,000MWh [13] Lithium Battery Recycling - The company has built multiple recycling bases in Jiangxi and Sichuan, with a comprehensive recycling capacity of 200,000 tons for retired lithium-ion batteries and metal waste [13] - The company plans to expand its lithium battery recycling capacity, with a goal of having 30% of its total lithium extraction capacity come from recycling by 2030 [13] Financial Forecasts - The report forecasts revenue of 27,170/33,831/40,504 million yuan for 2024-2026, with year-on-year growth rates of -17.6%/24.5%/19.7% [3] - Net profit attributable to shareholders is expected to be 4,436/5,882/6,920 million yuan for 2024-2026, with year-on-year growth rates of -10.3%/32.6%/17.6% [3] - The company's EPS is forecasted to be 2.20/2.92/3.43 yuan for 2024-2026, with a current PE ratio of 18/14/12X [3]

Investment Rating - The report maintains a "Recommended" rating for the company [1][34]. Core Insights - The company reported a significant decline in performance for 2023, with revenue of 32.97 billion yuan, down 21.2% year-on-year, and a net profit attributable to shareholders of 4.95 billion yuan, down 75.9% year-on-year [1][6]. - The lithium salt prices have rapidly decreased, leading to a substantial drop in profitability, while the high prices of raw materials have increased unit costs [1][11]. - The company is entering a phase of increased production from its own resources, with several projects expected to contribute significantly to output in 2024 [1][30]. Summary by Sections Revenue and Profitability - In 2023, the company achieved a revenue of 32.97 billion yuan, a decrease of 21.2% year-on-year, and a net profit of 4.95 billion yuan, down 75.9% year-on-year [1][6]. - The fourth quarter of 2023 saw a revenue of 7.29 billion yuan, a year-on-year decline of 48.7% and a net loss of 1.06 billion yuan [1][6][38]. Lithium Salt Business - The company produced and sold 104,000 and 102,000 tons of lithium carbonate equivalent (LCE), representing increases of 7.3% and 4.6% year-on-year, respectively [1][17]. - The average selling price of lithium products was 240,000 yuan per ton LCE, down 32.3% year-on-year, while the unit cost rose to approximately 210,000 yuan per ton LCE, an increase of 34.8% year-on-year [1][17]. Lithium Battery Business - The company saw a significant increase in the sales of energy storage batteries, with production and sales of 10.6 GWh and 8.2 GWh, up 56.5% and 20.4% year-on-year, respectively [1][21]. - Despite the increase in sales volume, the overall performance was negatively impacted by declining product prices due to industry overcapacity [1][21]. Asset Impairment - The company recognized an asset impairment loss of 1.64 billion yuan in 2023, with a significant portion attributed to the decline in lithium prices [1][6][11]. Future Outlook - The company is expected to benefit from increased production from its own resources, with several projects set to ramp up in 2024, including the Marion mine and the C-O salt lake project [1][30]. - The report forecasts net profits for 2024-2026 to be 1.94 billion, 3.43 billion, and 5.49 billion yuan, respectively, with corresponding price-to-earnings ratios of 41, 23, and 15 times [1][34].

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 4.947 billion yuan, a year-on-year decrease of 75.87%, which met market expectations [2][7] - The company's revenue for 2023 was 32.972 billion yuan, down 21.16% year-on-year, while the net profit attributable to shareholders was 4.947 billion yuan, also down 75.87% year-on-year [2][7] - The lithium salt production and sales slightly exceeded expectations, with a forecasted sales increase of over 15% in 2024 [2][13] - The company is enhancing its self-supply rate of lithium resources, with projections for 2024 showing a self-supply ratio of around 50% [3][14] - The report adjusts the profit forecast for 2024-2026, expecting net profits of 30.2 billion, 40.0 billion, and 48.1 billion yuan respectively, with corresponding P/E ratios of 24x, 18x, and 15x [3][28] Summary by Sections Financial Performance - In 2023, the company reported total revenue of 32.972 billion yuan, a decrease of 21.16% year-on-year, and a net profit of 4.947 billion yuan, down 75.87% year-on-year [2][7] - The gross profit margin for 2023 was 13.87%, a decline of 35.6 percentage points year-on-year [7] - The company’s Q4 2023 results showed a revenue of 7.29 billion yuan, a year-on-year decrease of 48.7%, and a net loss of 1.063 billion yuan [2][7] Production and Sales - In 2023, the company produced 104,000 tons of lithium salt, a year-on-year increase of 7.3%, and sold 102,000 tons, an increase of 4.6% [2][13] - The company expects total lithium salt sales to reach 120,000 to 150,000 tons in 2024, with a significant contribution from South American salt lakes [2][13] Resource Development - The company is focused on increasing its self-supply rate of lithium resources, with an estimated self-supply ratio of 40% in 2023 and projected to reach 50% in 2024 [3][14] - Key projects include the Marion project, which is expected to contribute approximately 30,000 tons of lithium carbonate in 2024 [3][14] Profit Forecast and Valuation - The report revises the profit forecast for 2024-2026, expecting net profits of 30.2 billion, 40.0 billion, and 48.1 billion yuan, with year-on-year growth rates of 39%, 32%, and 20% respectively [3][28] - The corresponding P/E ratios for 2024-2026 are projected at 24x, 18x, and 15x [3][28]

股份發行人及根據《上市規則》第十九B章上市的香港預託證券發行人的證券變動月報表 截至月份: 2024年3月31日 狀態: 新提交 致：香港交易及結算所有限公司 公司名稱: 江西贛鋒鋰業集團股份有限公司 呈交日期: 2024年4月2日 I. 法定/註冊股本變動 | 1. 股份分類 | 普通股 | 股份類別 A | | | | 於香港聯交所上市 (註1) | | 否 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 | 002460 | 說明 | | A股 (深圳證券交易所) | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | | 法定/註冊股本 | | | 上月底結存 | | | 1,613,593,699 | RMB | | 1 | RMB | | 1,613,593,699 | | 增加 / 減少 (-) | | | 0 | | | | RMB | | 0 | | 本月底結存 | | | 1,613,593,699 | RMB | | 1 | RMB | | 1,613,593,69 ...