[Table_Page] 季报点评|有色金属 证券研究报告 [赣Table_锋Title] 锂业(002460.SZ/01772.HK) 公[Ta司ble评_Inv级est ] 买入-A/买入-H 当前价格 36.59元/23.35港元 锂价趋稳+自供率提升，盈利有望继续改善 合理价值 39.98元/25.51港元 前次评级 买入/买入 [Table_Summary] 核心观点： 报告日期 2024-04-30  Q1 归母净利润-4.4 亿元，亏损程度环比改善。据一季报，Q1 公司实 [相Tab对le_P市icQ场uote表] 现 现营收50.6亿元，同比降46%，环比降31%；毛利3.1亿元，同比降 91%，环比增 209%；归母净利润-4.4 亿元，同比降 118%，环比增 10% -2% 59%；扣非归母净利润-2.5亿元，同比降112%，环比增85%。截至一 05/23 07/23 09/23 10/23 12/23 02/24 04/24 -15% 季度末，公司资产负债率43.22%，较年初增0.27PCT。业绩环比亏损 -27% 程度有所改善，主要系锂价趋稳、成本倒挂缓解、毛利提升。 -40% ...

Financial Performance - The company's operating revenue for Q1 2024 was ¥5,057,894,510.44, a decrease of 46.41% compared to the same period last year[4] - The net profit attributable to shareholders was -¥438,901,866.58, representing a decline of 118.31% year-over-year[4] - The company reported a comprehensive loss of CNY -546,732,751.56 for Q1 2024, compared to a comprehensive income of CNY 1,836,851,757.06 in the previous year[17] - Basic and diluted earnings per share for Q1 2024 were both CNY -0.22, compared to CNY 1.19 in Q1 2023[17] - The cash inflow from operating activities was CNY 6,476,823,773.54, a decrease of 46.0% compared to CNY 12,183,086,187.91 in the previous period[19] - The company received CNY 6,144,234,199.45 from sales of goods and services, a decline of 48.3% from CNY 11,858,634,106.33 in the previous period[19] Cash Flow - The net cash flow from operating activities was ¥118,855,695.01, a significant improvement of 103.75% compared to -¥3,169,082,963.04 in the previous year[8] - The company experienced a 65.64% decrease in net cash flow from financing activities, totaling ¥1,573,640,963.14[8] - The cash outflow for investing activities totaled CNY 2,296,550,716.83, compared to CNY 3,392,119,004.93 in the previous period, indicating a reduction in investment spending[20] - The total cash and cash equivalents at the end of the period were CNY 8,921,539,762.30, down from CNY 7,950,070,822.80 at the end of the previous period[20] Assets and Liabilities - The total assets at the end of Q1 2024 were ¥95,563,417,766.95, an increase of 4.22% from the end of the previous year[4] - Total liabilities rose to CNY 41,306,477,399.23 in Q1 2024, compared to CNY 39,382,038,192.52 in Q1 2023, an increase of 4.9%[15] - The total equity attributable to shareholders increased to CNY 47,978,285,617.95 from CNY 47,034,107,033.38, reflecting a growth of 2.0%[15] Research and Development - Research and development expenses decreased by 44.67% to ¥216,843,411.11, primarily due to lower material costs influenced by falling lithium product prices[6] - Research and development expenses for Q1 2024 were CNY 216,843,411.11, down 44.6% from CNY 391,927,028.05 in Q1 2023[16] Investments and Acquisitions - The company plans to acquire up to 5% equity in Mali Lithium for a maximum of $6.5 million to enhance its mining rights investment[12] - The company is set to invest up to $7 million to acquire at least 14.8% of PGCO's shares, aimed at developing the lithium salt lake project in Argentina[12] - The company has established a joint investment fund with local authorities and partners, committing up to ¥20 million for innovation in technology[12] Inventory and Current Assets - The total current assets as of March 31, 2024, amounted to approximately ¥25.67 billion, a decrease from ¥28.18 billion at the beginning of the period[13] - The company's inventory as of March 31, 2024, was approximately ¥6.97 billion, compared to ¥8.26 billion at the beginning of the period[13] - The company reported a long-term investment of approximately ¥14.23 billion as of March 31, 2024, reflecting its commitment to strategic growth[13] Shareholder Information - The total number of ordinary shareholders at the end of the reporting period was 314,480, with the largest shareholder holding 20.00% of the shares[8] Other Financial Metrics - The weighted average return on equity was -0.93%, down from 5.31% in the previous year[4] - The company reported a significant loss in fair value changes of financial assets amounting to -¥268,863,798.84, a decline of 274.78% year-over-year[6] - Investment income from joint ventures and associates decreased to CNY 253,843,281.69 from CNY 478,536,236.60, a decline of 47.1%[15]

智通财经APP获悉，锂电股集体走低，截至发稿，赣锋锂业(01772)跌4.77%，报21.95港元；中创新航 (03931)跌2.68%，报13.06港元；天齐锂业(09696)跌2.62%，报35.35港元。 消息面上，4月17日雅保举行了约100吨电池级碳酸锂的售卖招标，最终结果为10.7万元/吨，较4月2日 招标价11.18万元/吨，跌幅4.3%。大越期货指出，近期盐湖大厂高价出货、库存低位及海外拍卖价格回 升，同时国内云母价格有所回升，电工价差收窄，雅宝最新锂矿拍卖折价将对现货形成一定压力。 新湖期货指出，随着智利碳酸锂逐渐到港及江西锂盐厂逐渐复产，锂盐端供应仍偏宽松。长期来看碳酸 锂全年供需严重过剩格局未能改变，但短期来看，存有供需节奏错配机会，供需双侧仍存一定发酵空 间，叠加短期现货流动性偏紧对锂价有一定支撑，预计短期锂价下行空间有限，但考虑到中长期市场悲 观共识，反弹高度存有一定限制。 ...

股票代码：002460 股票简称：赣锋锂业 持续增长。因此，作为锂行业的龙头企业，赣锋锂业将 持续进行锂业务以及锂电池的深入布局。固态电池一直 | 是公司锂电板块的发展重点之一，公司将继续坚定固态 | | --- | | 电池的布局战略。 | | 5、问：固态电池有没有规模量产 | | 答：投资人您好，目前赣锋锂电已经建成了年产 2GWh 的 | | 第一代固液混合电池规模化生产线，已经初步形成了规 | | 模化生产的能力。 | | 6、问：公司重庆的半固态电池工厂已经交付 pack 有一 | | 段时间，装车进度如何？ | | 答：投资人您好，公司一直致力于固态电池 pack 技术的 | | 开发。赣锋锂电已于 2023 年发布了超级半固态"新锋" | | 电池，新锋电池具有高安全、高性能、高效率的特点， | | 覆盖各级别纯电车型。在安全性方面，采用六维热失控 | | 阻断技术，智慧 BMS 远程故障预判；独创软包电芯定向 | | 排气技术，可以实现 pack 定向排气；电芯采用高稳定柔 | | 性固体电解质隔膜，安全性能优异。在性能方面，固体 | | 电解质低温电导率变化小，可以扩展电池使用温度低温 | ...

| 投资者关系 | □特定对象调研 □分析师会议 □现场参观 | | | | --- | --- | --- | --- | | 活动类别 | □媒体采访 ■业绩说明会 □路演活动 | | | | | □新闻发布会 □其他 （请文字说明其他活动内容） | | | | 参与单位名称 | 参会人员名单见附件 | | | | 及人员姓名 | | | | | 时间 | 2024 年 3 月 29 日 | | | | 地点 | 电话会议 | | | | 上市公司接待 | 董事长李良彬先生 | | | | 人员姓名 | 董事会秘书任宇尘先生 | | | | | 1、公司 2023 年年度经营情况介绍。 | | | | | 公司 2023 年营业收入 329.72 亿元，同比下降 | 21.16%； | | | | 归属于上市公司股东的净利润 亿元，同比下降 49.47 | | | | | 75.87%。 | | | | | 在锂化工方面：万吨锂盐工厂的年产 2,000 | 吨丁基锂扩 | | | | 产项目已完成，万吨锂盐工厂和新余赣锋工厂对产品及产能 | | | | | 进行优化细分和整合；丰城赣锋一期年产 2.5 | ...

Investment Rating - Maintain "Buy" rating [2] Core Views - Lithium prices have declined, lagging behind lithium salt prices, leading to higher costs for externally sourced lithium ore and lower lithium salt product prices, which have dragged down performance [2] - The company is continuously improving the self-sufficiency rate of upstream raw materials and advancing the construction of a fully integrated industrial chain [2] Financial Performance - 2023 revenue: 32.972 billion CNY (down 21.16% YoY) [2] - 2023 net profit attributable to shareholders: 4.947 billion CNY (down 75.87% YoY) [2] - 2024-2025 EPS forecast adjusted to 1.61/2.14 CNY (previously 3.61/4.13 CNY) [2] - 2026 EPS forecast: 3.21 CNY [2] - 2024 PE valuation: 29x, target price maintained at 46.80 CNY [2] Operational Highlights - Lithium salt product production/sales/inventory: 104,300/101,800/7,200 tons LCE, up 7.25%/4.57%/50.76% YoY [2] - Power and energy storage battery production/sales/inventory: 10.62/8.20/3.29 MWh, up 56.46%/20.38%/278.08% YoY [2] - Lithium salt product gross margin: 12.53% (down 43.58 pct YoY) [2] - Lithium battery product gross margin: 17.96% (up 0.11 pct YoY) [2] Strategic Developments - Subscribed to at least 14.8% of the shares of Argentina's salt lake lithium mining company PGCO [2] - Increased lithium spodumene supply from Australian miner Pilbara from 160,000 tons to 260,000-310,000 tons annually for the next 3 years [2] - Increased equity stake in Mali Lithium's Goulamina project to 55% through subsidiary Ganfeng International [2] - Signed a long-term supply agreement with Hyundai Motor [2] - Invested in the construction of a 5GWh lithium battery production project in Nanchang [2] - Partnered with Hohhot government to build a 20GWh lithium battery project [2] - Established Jiangxi Ganfeng Environmental Protection Company to promote the recycling of lithium smelting slag [2] Related Reports - Lithium prices continue to decline, putting pressure on performance (2024.01.31) [3] - Increased investment in Mali lithium mine to strengthen upstream layout (2024.01.19) [3] - Correction in mining price model, profit improvement imminent (2023.11.01) [3] - Expanding upstream and downstream, further integration efforts (2023.08.31) [3] - Steady progress in resource layout, long-term growth potential (2023.01.30) [3]

证券代码：002460 证券简称：赣锋锂业 编号：临2024-029 江西赣锋锂业集团股份有限公司 关于控股子公司对外提供财务资助的公告 统一社会信用代码：91370000673166099B 江西赣锋锂业集团股份有限公司（以下简称"公司"）于 2024 年 4 月 11 日召开的第五届董事会第七十六次会议审议通过了《关于控 股子公司对外提供财务资助的议案》，同意公司全资子公司青海良承 矿业有限公司控股子公司深圳中航资源有限公司（以下简称"深圳中 航"）向子公司深圳鲁源矿业投资有限公司（以下简称"深圳鲁源"） 按照出资比例提供不超过人民币 35,000 万元的财务资助，财务资助 期限为 3 年，年利率为 4.99%，主要用于深圳鲁源旗下非洲刚果（布） 布谷马西钾盐矿项目工程建设和日常运营。授权公司经营层在本议案 额度内代表公司办理相关手续，并签署相关法律文件。 本次财务资助会使公司产生一定的现金流出，但不会影响公司的 正常经营和资金使用。本次财务资助不属于《深圳证券交易所股票上 市规则》、《深圳证券交易所上市公司自律监管指引第 1 号——主板 上市公司规范运作》规定的不得提供财务资助的情形。 本次交易不构成关 ...

证券代码：002460 证券简称：赣锋锂业 编号：临2024-028 江西赣锋锂业集团股份有限公司 第五届董事会第七十六次会议决议公告 临 2024-029 赣锋锂业关于控股子公司对外提供财务资助的公告 刊登于同日的《证券时报》和巨潮资讯网 http://www.cninfo.com.cn。 特此公告。 江西赣锋锂业集团股份有限公司 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"）第五届董事 会第七十六次会议于 2024 年 4 月 8 日以电话或电子邮件的形式发出 会议通知，于 2024 年 4 月 11 日以现场和通讯表决相结合的方式举 行。会议应出席董事 10 人，实际出席董事 10 人，会议由董事长李良 彬先生主持，会议符合《公司法》及《公司章程》的规定。会议审议 了所有议案，一致通过以下决议： 一、会议以 10 票赞成，0 票反对，0 票弃权，审议通过了《关 于控股子公司对外提供财务资助的议案》。 本次提供财务资助系公司通过控股子公司深圳中航资源有限公 司对深圳鲁源矿业投资有限公司提供财务资助，深圳鲁源矿业 ...

Investment Rating - The report maintains an "Overweight" rating for the company [1][6][26] Core Insights - The company's performance in 2023 was significantly impacted by declining lithium prices, leading to a 21% year-over-year decrease in revenue to 32.97 billion yuan and a 76% drop in net profit to 4.95 billion yuan [3][9][11] - The lithium segment's revenue fell by 29.25% to 24.47 billion yuan, with a notable reduction in gross margin from 56% to 13% [4][11][12] - The company is expected to enter a growth phase in 2024 as several resource projects are set to ramp up production, potentially increasing self-sufficiency in lithium resources from 30% to over 60% by 2025 [6][17][26] Financial Performance Summary - **Revenue and Profitability**: - 2023 revenue: 32.97 billion yuan, down 21% year-over-year - 2023 net profit: 4.95 billion yuan, down 76% year-over-year - Q4 2023 revenue: 7.29 billion yuan, down 48.7% year-over-year [3][9][10] - **Lithium Segment**: - 2023 lithium salt production: 104,300 tons, up 7.25% year-over-year - 2023 average price of battery-grade lithium carbonate: 257,000 yuan/ton, down 46.98% year-over-year [4][11] - **Battery Segment**: - 2023 battery segment revenue: 7.71 billion yuan, up 18.99% year-over-year - 2023 gross profit: 1.38 billion yuan, with a gross margin of 17.96% [5][11][23] Resource and Production Outlook - The company controls a total lithium resource of 79.59 million tons LCE, with an equity resource of 48.14 million tons LCE, leading in domestic resource control [6][17][26] - Planned production capacity includes 300,000 tons LCE by 2025 and 600,000 tons LCE by 2030, with several projects expected to commence production in 2024 [6][17][26] Price and Market Trends - Lithium prices have significantly decreased, with battery-grade lithium carbonate prices dropping from 500,000 yuan/ton to around 100,000 yuan/ton, indicating a potential market bottom [24][26] - The report suggests that the industry is experiencing supply adjustments as prices fall below marginal costs, with some companies reducing production [24][26]

本报告仅供 Choice 东方财富 使用，请勿传阅。 公司快报 2024 年 04 月 10 日 赣 锋锂业(002460.SZ) 证券研究报告 电池业务稳步发展，资源保障能力提升 锂 投资评级 买入-A 公司发布 2023 年度报告 维持评级 2023 年公司实现营业收入 329.72 亿元，同比减少 21.16%。2023 年 6个月目标价 50.2元 全年实现归母净利润 49.47 亿元，同比减少 75.87%；扣非归母净利 股价 (2024-04-08) 39.11元 润 26.76 亿元，同比减少 86.59%。其中 2023 年 Q4 营业收入 72.90 亿元，同比减少 48.70%、环比减少 3.28%；归母净利润-10.63亿元， 交易数据 扣非归母净利润-16.76亿元，同环比均转亏。 总市值(百万元) 78,891.43 流通市值(百万元) 47,272.85 2023 年锂产品单吨毛利承压，电池业务利减量增 总股本(百万股) 2,017.17 ✔锂系列产品贡献主要营收及毛利，锂电池系产品毛利率维持稳定。 流通股本(百万股) 1,208.72 2023 年锂系列产品营收 244.65 亿 ...