赣锋锂业：公司跟踪报告：优质锂资产助力公司跨越锂价周期

Investment Rating - The report maintains an "Outperform" rating for Ganfeng Lithium, with a target price of RMB 43.94 per share based on a 26x PE for 2024 [14]. Core Insights - Ganfeng Lithium reported a revenue of RMB 32.97 billion for 2023, a decrease of 21.2% year-on-year, and a net profit attributable to shareholders of RMB 4.95 billion, down 75.9% year-on-year. The fourth quarter of 2023 saw a revenue of RMB 7.29 billion, down 48.7% year-on-year, with a net loss of RMB 1.06 billion [10][12]. - The company is a global leader in the lithium ecosystem, possessing unique industrialized technologies for lithium extraction from brine, ore, and recycling, and producing over 40 types of lithium compounds and metal lithium products [11][12]. - Ganfeng Lithium's lithium battery business is expanding, covering various battery types and achieving significant production and sales growth in 2023 [13]. Summary by Sections Financial Performance - In 2023, Ganfeng Lithium achieved a revenue of RMB 32.97 billion, down 21.2% year-on-year, and a net profit of RMB 4.95 billion, down 75.9% year-on-year. The company plans to distribute a cash dividend of RMB 8 per 10 shares [10][12]. - The company produced 104,300 tons of lithium carbonate equivalent (LCE) in 2023, an increase of 7.3% year-on-year, and sold 101,800 tons of LCE, up 4.6% year-on-year, generating RMB 24.47 billion in lithium business revenue [11][12]. Business Operations - Ganfeng Lithium holds equity in 15 lithium resources, with a total of 48.04 million tons of LCE in equity lithium resources as of the end of 2023. The company is advancing the construction of the Goulamina spodumene mine and Mariana salt lake, expecting production to start in 2024 [12][13]. - The lithium battery business has become a significant performance pillar, with production of power storage batteries reaching 10.6 GWh, up 56.5% year-on-year, and consumer electronic batteries reaching 280 million units, up 71.5% year-on-year [13]. Future Outlook - The forecast for EPS from 2024 to 2026 is RMB 1.69, 2.27, and 2.88 per share, respectively, reflecting the company's competitive advantage and resource reserves [14].