锂盐业绩承压，资源保障稳步增强

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].