盛新锂能（002240）：年报点评：价短期低迷不改公司中长期发展规划

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].