（原标题：永杉锂业(603399.SH)：目前没有生产磷酸铁锂的业务） 格隆汇1月28日丨永杉锂业(603399.SH)在投资者互动平台表示，公司主营业务为碳酸锂及氢氧化锂的生 产销售，目前没有生产磷酸铁锂的业务，磷酸铁锂厂商属于公司的下游客户。 ...

（原标题：永杉锂业(603399.SH)：磷酸铁锂材料及三元锂材料都是公司的下游客户） 格隆汇1月28日丨永杉锂业(603399.SH)在投资者互动平台表示，公司主营业务是碳酸锂及氢氧化锂的生 产销售，磷酸铁锂材料及三元锂材料都是公司的下游客户。 ...

Group 1 - The core point of the news is that Shengxin Lithium Energy has seen a significant stock price increase, rising 5.76% to 39.48 CNY per share, with a total market capitalization of 36.136 billion CNY and a cumulative increase of 12.68% over three days [1] - Shengxin Lithium Energy, established on December 29, 2001, and listed on May 23, 2008, operates in the production and sales of medium-density fiberboard, timber, rare earth products, lithium chloride, battery-grade monohydrate lithium hydroxide, and battery-grade lithium carbonate, with 100% of its revenue coming from the new energy sector [1] - The trading volume for Shengxin Lithium Energy reached 1.738 billion CNY, with a turnover rate of 4.97% [1] Group 2 - Chang'an Fund has a significant holding in Shengxin Lithium Energy through its Chang'an Xinxin Mixed A fund, which reduced its holdings by 690,000 shares to 662,900 shares, representing 4.81% of the fund's net value [2] - The fund has generated a floating profit of approximately 1.4252 million CNY today and a total of 2.7842 million CNY during the three-day stock price increase [2] - Chang'an Xinxin Mixed A fund was established on February 7, 2018, with a current scale of 64.3917 million CNY and has achieved a year-to-date return of 6.4% [2]

Group 1 - The core point of the news is that Shengxin Lithium Energy experienced a 5.4% decline in stock price, reaching 33.31 yuan per share, with a trading volume of 808 million yuan and a turnover rate of 2.59%, resulting in a total market capitalization of 30.488 billion yuan [1] - Shengxin Lithium Energy, established on December 29, 2001, and listed on May 23, 2008, is located in Shenzhen, Guangdong Province. The company primarily engages in the production and sales of medium-density fiberboard, timber, rare earth products, lithium chloride, battery-grade monohydrate lithium hydroxide, and battery-grade lithium carbonate, focusing entirely on the new energy and new materials sectors [1] - The company's main business revenue composition is 100% from new energy [1] Group 2 - From the perspective of major fund holdings, Chang'an Fund has one fund heavily invested in Shengxin Lithium Energy. The Chang'an Xinxin Mixed A Fund (005477) reduced its holdings by 690,000 shares in the third quarter, now holding 662,900 shares, which accounts for 4.81% of the fund's net value, making it the third-largest holding [2] - The Chang'an Xinxin Mixed A Fund (005477) was established on February 7, 2018, with a latest scale of 64.3917 million yuan. Year-to-date, it has achieved a return of 24.55%, ranking 3882 out of 8159 in its category; over the past year, it has returned 21%, ranking 4156 out of 8147; since inception, it has incurred a loss of 54.54% [2]

Group 1 - The core point of the news is that Shengxin Lithium Energy's stock price dropped by 5.45% to 24.46 CNY per share, with a trading volume of 561 million CNY and a turnover rate of 2.59%, resulting in a total market capitalization of 22.388 billion CNY [1] - Shengxin Lithium Energy, established on December 29, 2001, and listed on May 23, 2008, is based in Shenzhen, Guangdong Province. The company specializes in the production and sales of medium-density fiberboard, timber, rare earth products, lithium chloride, battery-grade monohydrate lithium hydroxide, and battery-grade lithium carbonate, focusing entirely on the new energy and new materials sectors [1] - The company's main business revenue is entirely derived from the new energy sector, accounting for 100% of its income [1] Group 2 - From the perspective of fund holdings, Chang'an Fund has one fund heavily invested in Shengxin Lithium Energy. The Chang'an Xinxin Mixed A Fund (005477) reduced its holdings by 690,000 shares in the third quarter, retaining 662,900 shares, which represents 4.81% of the fund's net value, making it the third-largest holding [2] - The Chang'an Xinxin Mixed A Fund, established on February 7, 2018, has a current scale of 64.3917 million CNY. Year-to-date, it has achieved a return of 18.66%, ranking 4666 out of 8150 in its category, while its one-year return is 15.22%, ranking 5063 out of 8043. Since its inception, the fund has incurred a loss of 56.69% [2] - The fund manager of Chang'an Xinxin Mixed A is Jiang Bowen, who has been in the position for 1 year and 119 days. The total asset size of the fund is 387 million CNY, with the best return during his tenure being 32.45% and the worst return being 6.47% [3]

Investment Rating - The investment rating for the company is maintained as "Buy" [7][8] Core Views - The company reported a significant decline in revenue and net profit for 2024, with revenue at 13.063 billion RMB (down 67.75% YoY) and a net loss of 7.905 billion RMB (down 208.32% YoY) [1][2] - Despite the losses, the report suggests that multiple adverse factors affecting the company may have been largely resolved by 2024, allowing for a more favorable outlook moving forward [1] - The company is expected to continue expanding its production capacity and is positioned well within the global lithium supply chain [3] Summary by Sections Financial Performance - In 2024, lithium ore production was 141,000 tons (down 7.35% YoY) and sales were 74,000 tons (down 12.5% YoY), while lithium salt production and sales increased significantly to 71,000 tons (up 39.44% YoY) and 103,000 tons (up 81.46% YoY) respectively [2] - The company’s Q4 revenue was 2.999 billion RMB (down 57.79% YoY, down 17.76% QoQ) with a net loss of 2.203 billion RMB (down 174.98% YoY, down 344.51% QoQ) [1] Production and Capacity Expansion - The company plans to advance the construction of its third chemical-grade lithium plant and continue ramping up production at its existing facilities, including the Kunana plant and Jiangsu Zhangjiagang base [3] - The company is focusing on four key research areas: comprehensive utilization of mineral resources, new lithium extraction technologies, next-generation battery materials, and battery recycling [3] Earnings Forecast and Valuation - The earnings per share (EPS) estimates for 2025, 2026, and 2027 are projected to be 1.19 RMB, 1.90 RMB, and 2.55 RMB respectively, reflecting a downward adjustment due to unexpected declines in lithium prices [4] - The target price for the company is set at 33.69 RMB, with a price-to-book (PB) ratio of 1.26 for 2025 [4][7]