证券研究报告 | 2024年03月31日 天齐锂业（002466.SZ ）——年报点评 买入 格林布什锂矿调整定价机制，公司聚焦增产扩能 核心观点 公司研究·财报点评 公司发布2023年年报：实现营收405.03亿元，同比+0.13%；实现归母净利 有色金属·能源金属 润72.97亿元，同比-69.75%；实现扣非归母净利润71.77亿元，同比-68.88%。 证券分析师：刘孟峦 证券分析师：杨耀洪 其中2023Q4实现营收71.04亿元；实现归母净利润-8.01亿元；实现扣非归 010-88005312 021-60933161 母净利润-8.06亿元。 liumengluan@guosen.com.cn yangyaohong@guosen.com.cn S0980520040001 S0980520040005 核心产品产销量数据方面：2023年锂精矿总产量实现152.2万吨，产量同比 基础数据 提升，主要得益于原矿品位较高，同时不断实施技改项目使得各工厂回收率 进一步提升。2023年锂化合物及衍生品产量约5.07万吨，同比+7.30%，销 投资评级 买入(维持) 合理估值 量约5.67万吨，同比-2. ...

天齐锂业（002466.SZ）2023年年报点评 矿价调整滞后拖累业绩，SQM 投资收益大幅下滑 2024年03月31日 ➢ 事件：2024年3月27日，公司发布2023年年报。1）2023年实现营收 推荐 维持评级 405.0亿，同比+0.1%，归母净利73.0亿元，同比-69.8%，扣非归母净利71.8 亿元，同比-68.9%。单季度看，2023Q4实现营收71.0亿元，同环比-55.0%、 当前价格： 47.97元 -17.2%，归母净利-8.0亿元，同环比-109.8%、-148.7%，扣非归母净利-8.1亿 元，同环比-109.9%、-151.3%。2）拟派发现金红利22.2亿元。 [Table_Author] ➢ 锂盐价格快速下跌，矿价高位拖累冶炼端利润。1）价：由于产业链去库存 及供需格局的转变，2023年锂价快速下跌，电碳均价25.6万元/吨，同比-47.3%， 电氢均价 27.2 万元/吨，同比-41.9%；2）锂精矿产销及库存：2023 年 Greenbushes锂精矿产量152.2万吨（技术级7.5万吨），同比+12.9%，公司 穿透持有Greenbushes26%股权，2023年权益产 ...

证券研究报告·公司点评报告·能源金属 天齐锂业（002466） 2023 年年报点评：锂价下跌及矿价调整滞后 2024 年 03月 29日 影响业绩，卡位优质资源支撑后续盈利 证券分析师 曾朵红 买入（维持） 执业证书：S0600516080001 021-60199793 盈[T 利ab 预le_ 测EP 与S 估] 值 2022A 2023A 2024E 2025E 2026E zengdh@dwzq.com.cn 证券分析师 阮巧燕 营业总收入（百万元） 40,449 40,503 12,016 14,898 17,374 执业证书：S0600517120002 同比 427.82% 0.13% -70.33% 23.99% 16.62% 021-60199793 归母净利润（百万元） 24,125 7,297 3,574 4,259 4,870 ruanqy@dwzq.com.cn 1,060.47 证券分析师 岳斯瑶 同比 -69.75% -51.03% 19.17% 14.36% % 执业证书：S0600522090009 EPS-最新摊薄（元/股） 14.70 4.45 2.18 2.59 2. ...

公 有色与新材料 司 2024年 3月 28日 报 天齐锂业(002466.SZ) 告 锂价超跌造成业绩承压，矿冶齐量增目标仍坚挺 推荐（维持） 事项： 公司发布2023年年报，全年营收405.03亿元，yoy+0.13%；实现归母净利润 现价：47.66 元 72.97亿元，yoy-69.75%；归母扣非净利润71.77亿元，yo-68.88%；销售毛利 率为84.99%。2023年利润分配预案：每10股派发现金红利13.5元（含税）。 公 公 主要数据 司司 平安观点： 行业 有色金属 年年 公司网址 www.tianqilithium.com  锂矿价格韧性相对强，矿端营收和毛利仍呈高增势。2023 年公司锂精矿 报 大股东/持股 成都天齐实业(集团)有限公司/25.37% 业务营收达 272.04 亿元，yoy+76.2%，毛利率高达 90.44%（2022年为 报 实际控制人 蒋卫平 点 83.95%），矿端营收和毛利占比提升至67.2%和71.5%（2022年为38.2% 点 总股本(百万股) 1,641 评 和37.6%）。价格上，一方面由于2023年矿企基本以”Q-1”(上季度均价为 流通A ...

Financial Performance - The company's operating revenue for 2023 was ¥40,503,462,071.46, a slight increase of 0.13% compared to ¥40,448,883,981.77 in 2022[14]. - The net profit attributable to shareholders for 2023 was ¥7,297,314,973.99, representing a significant decrease of 69.75% from ¥24,124,588,724.44 in 2022[14]. - The net profit attributable to shareholders after deducting non-recurring gains and losses was ¥7,176,527,920.24, down 68.88% from ¥23,059,437,893.49 in the previous year[14]. - The net cash flow from operating activities increased by 11.78% to ¥22,688,073,725.98 from ¥20,297,583,221.14 in 2022[14]. - The basic and diluted earnings per share for 2023 were both ¥4.45, a decrease of 71.33% from ¥15.52 in 2022[14]. - The weighted average return on equity dropped to 14.61%, down 66.04 percentage points from 80.65% in 2022[14]. - The company reported a net profit of ¥4,875,226,485.40 in Q1 2023, but a loss of ¥801,198,782.31 in Q4 2023[19]. - The company achieved total operating revenue of CNY 40.50 billion, a year-on-year increase of 0.13%[93]. - The net profit attributable to shareholders was CNY 7.30 billion, with a net profit of CNY 7.18 billion after deducting non-recurring gains and losses[93]. - The lithium mining and refining sector contributed CNY 27.20 billion, accounting for 67.16% of total revenue, with a year-on-year increase of 76.20%[95]. - The company reported a significant increase in revenue, achieving a total of 10 billion RMB for the fiscal year 2023, representing a year-over-year growth of 25%[188]. - The company reported a net profit of CNY 2.5 billion, which is a 30% increase compared to the previous year[186]. Production and Capacity Expansion - The company reported significant growth in lithium production, with a year-on-year increase of 45% in output[4]. - The company anticipates a revenue growth of 25% in the next fiscal year, driven by increased sales and market expansion[4]. - The company plans to expand its production capacity significantly, aiming for a total lithium production capacity of 100,000 tons by 2025[33]. - The company's lithium compound production capacity is currently 88,800 tons per year, with plans to expand to 143,800 tons upon completion of new projects[27]. - The company aims to increase its production capacity by 20% in the next fiscal year to meet rising global demand[182]. - The company plans to expand its production capacity by 25% in the next fiscal year to meet rising market demand[199]. Market Expansion and Strategic Partnerships - Future outlook includes expansion into new markets, particularly in Europe and North America, to meet rising demand for lithium[4]. - Tianqi Lithium is exploring potential acquisitions to enhance its supply chain and increase market share in the lithium sector[4]. - The company is actively pursuing new product development and technological advancements in lithium extraction and processing[12]. - The company is exploring opportunities for market expansion through potential mergers and acquisitions in the lithium sector[12]. - The company is expected to strengthen the recycling system for power batteries and improve the integration of the "vehicle-energy-road-cloud" ecosystem to enhance the green development level of the entire industry chain[6]. - The company is actively exploring opportunities in international markets to diversify its revenue streams[182]. - The company plans to expand its market presence in Europe and North America, targeting a 10% market share in these regions by 2025[188]. - The company is exploring potential mergers and acquisitions to enhance its supply chain and market position[186]. Research and Development - The company is investing in R&D for new lithium extraction technologies, aiming to improve efficiency by 20% over the next two years[4]. - The company is actively pursuing research and development in new battery technologies, including lithium-ion and sodium-ion batteries, to enhance its product offerings[33]. - The company has established a strong R&D team focused on innovative technologies and products, with multiple research centers in China and Australia, enhancing its competitive edge in the lithium industry[70]. - The company has initiated feasibility studies for a 1,000-ton lithium metal project in Chongqing, further expanding its production capabilities[77]. - The company is committed to continuous technological innovation and optimizing existing battery recycling processes to enhance product value[144]. - The company is focusing on strategic mineral recycling projects to enhance sustainability and extend the lithium industry chain lifecycle[112]. - The company is investing CNY 1 billion in new product development, focusing on high-purity lithium compounds for battery applications[186]. - Research and development efforts are being intensified, with a goal of launching two new lithium products by the end of 2024[186]. Sustainability and Environmental Initiatives - The company is focused on sustainability initiatives, aiming for a 50% reduction in carbon emissions by 2025[4]. - The financial report indicates a commitment to sustainable practices in lithium production, aligning with global environmental standards[12]. - The company emphasizes sustainability initiatives, aiming for a 50% reduction in carbon emissions by 2025[188]. - The company is committed to fully automating new projects with high safety and environmental standards[149]. - The company has established an EHS department to address safety and environmental risks, with a focus on high-quality project management and automation to reduce risks[149]. - The company has linked executive compensation performance to 22 ESG indicators, achieving 100% coverage of ESG performance linkage for executives in 2023[91]. Governance and Management - The board has approved a share buyback program to enhance shareholder value, with a budget of 1 billion CNY allocated for this purpose[4]. - The company has established a performance evaluation mechanism for senior management, optimizing performance indicators for 2023 to enhance operational efficiency[171]. - The company has implemented a performance-based remuneration structure for senior management, with basic salaries paid monthly and performance bonuses distributed annually based on assessment results[193]. - The company has a clear ownership structure, with no unauthorized occupation or control of its assets by the controlling shareholders[177]. - The company has established an independent financial department with a sound financial accounting system, ensuring no interference from controlling shareholders in financial activities[177]. - The company has a robust human resources management system that operates independently from the controlling shareholders[176]. - The company has improved its ESG rating from BB to BBB according to MSCI's latest report in August 2023, and has been included in the S&P China A300 ESG index[91]. Market Demand and Trends - User data indicates a 30% increase in demand for lithium products from electric vehicle manufacturers[4]. - The battery industry demand for lithium increased to 87%, up from 31% in 2015, driven by the rapid growth of the global electric vehicle market[24]. - The global demand for lithium is expected to continue growing, driven by the expansion of electric vehicles and energy storage applications[38]. - User data indicates a growing demand for lithium products, driven by the electric vehicle and renewable energy sectors[182]. - User data indicates a 15% increase in lithium product sales volume, driven by rising demand in the electric vehicle sector[186]. Challenges and Risks - Potential risks include slower-than-expected growth in downstream demand, which could impact the overall lithium industry[80]. - The company faces risks from lithium price volatility, which could significantly impact its business and financial performance, as highlighted by Wood Mackenzie[145]. - Geopolitical factors and rising protectionism in lithium resource-rich countries pose risks to the company's long-term strategic layout and adaptability[148]. - The company faces foreign exchange risks primarily related to USD and AUD, which may impact overseas business costs and revenues[152]. Investor Relations and Communication - The company has scheduled investor communication activities throughout 2023 to engage with stakeholders[153]. - The company actively engages with investors, hosting 9 investor relations activities and receiving thousands of participants, indicating increased attention compared to 2022[172]. - The company has implemented a dual-channel communication strategy to enhance investor relations management, focusing on compliance, systematization, and digitalization[174]. - The company has established a dual-language investor relations section on its website, adding a Spanish version to broaden information accessibility[172].

rop 天齐锂业股份有限公司 自 2023 年 1 月 1 日 至 2023 年 12 月 31 日止年度财务报表 KPMG Huazhen LLP 8th Floor, KPMG Tower Oriental Plaza 1 East Chang An Avenue Beijing 100738 China Telephone +86 (10) 8508 5000 +86 (10) 8518 5111 Fax Internet kpmg.com/cn 出品康生振会计师事务所 (特殊普通合伙) 中国北京 东长安街1号 东方广场毕马威大楼8层 邮政编码:100738 电话 +86 (10) 8508 5000 传真 +86 (10) 8518 5111 网址 kpmg.com/cn 审计报告 毕马威华振审字第 2404041 号 天齐锂业股份有限公司全体股东: 一、审计意见 我们审计了后附的天齐锂业股份有限公司(以下简称"天齐键业公司")财务报表，包括 2023 年 12 月 31 日的合并及母公司资产负债表，2023 年度的合并及母公司利润表、合并及母 公司现金流量表、合并及母公司股东权益变动表以及相关财务报 ...

一、企业对专项报告的责任 按照证监会发布的《上市公司监管指引第 2 号——上市公司募集资金管理和使用的监管 要求（2022 年修订）》（证监会公告[2022]15 号）和深圳证券交易所发布的《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》及相关格式指引的要求编制专项 报告是天齐锂业公司董事会的责任，这种责任包括设计、执行和维护与专项报告编制相关的内 部控制，以及保证专项报告内容的真实、准确、完整，不存在虚假记载、误导性陈述或重大遗 漏。 第 1 页，共 3 页 对天齐锂业股份有限公司募集资金 2023 年度存放与使用情况专项报告的鉴证报告 毕马威华振专字第 2400425 号 天齐锂业股份有限公司董事会： 我们接受委托，对后附的天齐锂业股份有限公司（以下简称"天齐锂业公司"）募集资金 2023 年度存放与使用情况的专项报告（以下简称"专项报告"）执行了合理保证的鉴证业务， 就专项报告是否在所有重大方面按照中国证券监督管理委员会（以下简称"证监会"）发布的 《上市公司监管指引第 2 号——上市公司募集资金管理和使用的监管要求（2022 年修订）》 （证监会公告[2022]15 号）和深 ...

本公司及董事会全体成员保证信息披露的内容真实、准确、完 整，没有虚假记载、误导性陈述或重大遗漏。 "（一）关于甘孜州天齐硅业有限公司（以下简称"天齐硅业"） 近日，天齐锂业股份有限公司（以下简称"公司"）收到公司股东成都天齐实业（集 团）有限公司（以下简称"天齐集团"）发来的《成都天齐实业（集团）有限公司关于申 请延长避免同业竞争承诺期限的函》。天齐集团申请延长避免同业竞争承诺期限，将承诺 到期日由 2024 年 6 月 24 日调整为公司股东大会审议通过相关事项之日起 36 个月。 公司于 2024 年 3 月 27 日召开第六届董事会第十二次会议以及第六届监事会第六次会 议，审议通过了《关于天齐集团延长避免同业竞争承诺期限的议案》。关联董事蒋卫平先 生现担任天齐集团的董事长、总经理，关联董事蒋安琪女士现担任天齐集团的董事，均回 避了本议案的表决。本议案经独立董事专门会议审议通过后，提交董事会审议。 根据《上市公司监管指引第 4 号——上市公司及其相关方承诺》的相关规定，《关于 天齐集团延长避免同业竞争承诺期限的议案》尚需提交至股东大会审议，承诺人及其关联 方应回避表决。 一、2019 年的原承诺情况 为避 ...

股票代码：002466 股票简称：天齐锂业 公告编号：2024-011 天齐锂业股份有限公司 第六届董事会第十二次会议决议公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完 整，没有虚假记载、误导性陈述或重大遗漏。 天齐锂业股份有限公司（以下简称"公司"）第六届董事会第十二次会议（以下简称"会 议"）于2024年3月27日在四川省成都市天府新区红梁西一街166号公司八楼会议室以现场结合 通讯的方式召开。召开本次会议的通知及相关资料已于2024年3月18日通过书面、电话、电子 邮件等方式送达各位董事、监事及高级管理人员。本次会议应参与表决董事8人（其中独立董 事4人），实际参与表决董事8人。本次会议由董事长蒋卫平先生召集，并授权副董事长蒋安琪 女士主持。本次会议的召集、召开与表决程序符合《中华人民共和国公司法》和《公司章程》 及相关法律、法规的规定，合法有效。 本次会议审议通过了以下议案： 一、审议通过《2023 年度董事会工作报告》 表决结果：同意8票、反对0票、弃权0票。 具体内容详见公司同日披露于巨潮资讯网（http://www.cninfo.com.cn）的《2023年度董事 会工作报告》。 ...

本公司及董事会全体成员保证信息披露的内容真实、准确、 完整，没有虚假记载、误导性陈述或重大遗漏。 重要内容提示： 股票代码：002466 股票简称：天齐锂业 公告编号：2024-016 天齐锂业股份有限公司 关于开展外汇套期保值业务的公告 1、投资种类：公司及子公司的外汇套期保值业务只限于从事与公司生产经营所使 用的主要结算货币相同的币种，主要外币币种为美元及智利比索。公司进行的外汇套期 保值业务为在场内市场（经国家外汇管理局和中国人民银行批准，具有远期外汇交易业 务经营资格的金融机构）进行的包括远期结/购汇、外汇掉期、外汇期权及相关组合产品 等业务。 鉴于前次授权的开展套期保值业务额度的有效期限即将届满，结合公司业务发展需 要，为降低汇率波动对公司经营业绩的不良影响，提请董事会同意公司及子公司开展外 汇套期保值业务规模不超过 3.5 亿美元（或等值人民币，按照 2024 年 3 月 26 日中国外 汇交易中心受权公布的人民币汇率中间价折算约合人民币 24.85 亿元），期限为自本业 务获得公司董事会批准之日起 12 个月内。公司不开展以投机为目的的交易。2024 年 3 月 27 日，公司召开了第六届董事会 ...