证券研究报告 非金融公司|公司点评|盐湖股份（000792） 股权变更稳步推进，中国盐湖集团正式 启航 请务必阅读报告末页的重要声明 glzqdatemark1 2024年09月09日 证券研究报告 |报告要点 我们预计 2024-2026 年公司营业收入分别为 156.05/173.76/199.99 亿元，同比变动27.68%/11.35%/15.10%；归母净利润分别为 57.54 亿元/66.70 亿元/81.30 亿元，同比变动27.30%/15.92%/21.90%；EPS 分别为 1.06 元/1.23 元/1.50 元。公司是国内钾肥龙头和国内盐 湖提锂龙头，盈利有望持续改善，维持"买入"评级。 |分析师及联系人 王琪 周志璐 SAC：S0590524080003 SAC：S0590524060001 请务必阅读报告末页的重要声明 1 / 5 非金融公司|公司点评 glzqdatemark2 2024年09月09日 盐湖股份(000792) 股权变更稳步推进，中国盐湖集团正式启航 | --- | --- | |----------------------------|------------- ...

证券代码：000792 证券简称：盐湖股份 公告编号：2024-049 青海盐湖工业股份有限公司 关于控股股东签署《合作总协议》暨控制权变更的提示性公 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。 重要内容提示： 2024 年 9 月 7 日，青海盐湖工业股份有限公司（以下简称"公司"或"盐 湖股份"）实际控制人青海省政府国有资产监督管理委员会（以下简称"青海省 政府国资委"）、控股股东青海省国有资产投资管理有限公司（以下简称"青海 国投"）与中国五矿集团有限公司（以下简称"中国五矿"）及下属子企业签署 了《关于组建中国盐湖集团合作总协议》（以下简称"《合作总协议》"），根 据《合作总协议》约定，青海省政府国资委、青海国投与中国五矿拟共同组建中 国盐湖工业集团有限公司（暂定名，以公司登记机关最终核准登记的名称为准， 以下简称"中国盐湖集团"）；同时，中国盐湖集团拟以现金购买青海国投及其 一致行动人芜湖信泽青投资管理合伙企业（有限合伙）（以下简称"芜湖信泽青"） 合计持有的 681,288,695 股盐湖股份股票（以下简称"本次转让"，本次转让与 《合作总 ...

Investment Rating - The investment rating for the company is "Accumulate-A" with a target price of 22 CNY per share, maintaining the rating [1][6]. Core Views - The company reported a significant decline in revenue and net profit for the first half of 2024, with revenue at 7.237 billion CNY, down 27.31% year-on-year, and net profit at 2.212 billion CNY, down 56.60% year-on-year [1][2]. - The potassium and lithium salt businesses are the main profit contributors, although both experienced a decline in revenue and gross margin [2][3]. - The company maintains a competitive advantage in lithium extraction costs and has seen growth in both potassium and lithium production and sales [3][5]. Financial Performance - For H1 2024, the total revenue from potassium and lithium salt was 5.338 billion CNY and 1.683 billion CNY, respectively, accounting for 73.76% and 23.26% of total revenue [2]. - The gross profit for potassium and lithium salt was 2.857 billion CNY and 1.012 billion CNY, with gross margins of 53.52% and 60.16%, reflecting a year-on-year decline of 19.39 percentage points and 22.86 percentage points, respectively [2]. - The company produced 18,916 tons of lithium carbonate in H1 2024, a year-on-year increase of 34.20%, with sales reaching 20,242 tons, also up 34.94% year-on-year [3]. Future Outlook - The company expects revenues of 15.706 billion CNY, 18.959 billion CNY, and 21.635 billion CNY for 2024, 2025, and 2026, respectively, with net profits projected at 4.760 billion CNY, 6.454 billion CNY, and 7.857 billion CNY [6][8]. - The company plans to increase its lithium carbonate production capacity to 40,000 tons in 2024, further solidifying its leading position in the lithium extraction sector [5][6].

Investment Rating - The investment rating for the company is "Outperform the Market" (maintained) [1][3] Core Views - The company reported a revenue of 7.237 billion yuan in the first half of 2024, a year-on-year decrease of 27.31%, and a net profit attributable to shareholders of 2.212 billion yuan, down 56.60% year-on-year [3][5] - The company has a strong cash flow position, with a cash balance of approximately 18.984 billion yuan, despite a year-on-year decrease of 13.66% [3][9] - The company is progressing well on its 40,000-ton lithium salt project, achieving a total investment optimization rate of approximately 14.58% [3][11] Financial Forecasts and Indicators - Revenue forecasts for 2024-2026 are 15.815 billion yuan, 16.481 billion yuan, and 18.340 billion yuan, with year-on-year growth rates of -26.7%, 4.2%, and 11.3% respectively [2][11] - Net profit forecasts for the same period are 4.956 billion yuan, 5.357 billion yuan, and 6.137 billion yuan, with year-on-year growth rates of -37.4%, 8.1%, and 14.6% respectively [2][11] - The diluted EPS for 2024-2026 is projected to be 0.91 yuan, 0.99 yuan, and 1.13 yuan, with corresponding P/E ratios of 16, 15, and 13 [2][11] Product Performance - The company produced 2.2551 million tons of potassium chloride in the first half of 2024, a year-on-year increase of 10.68%, with a gross margin of 53.52% [3][7] - The lithium carbonate production was approximately 18,900 tons, up 34.20% year-on-year, with a gross margin of 60.16% [3][7] Market Position - The company holds a leading position in the domestic potassium fertilizer and lithium extraction sectors, benefiting from its unique resource advantages in the Qarhan Salt Lake [3][11]

Investment Rating - The report maintains a "Buy" rating for the company [2][5][4] Core Views - The company reported a revenue of 7.237 billion yuan for the first half of 2024, a year-on-year decrease of 27.31%, and a net profit attributable to shareholders of 2.212 billion yuan, down 56.60% year-on-year [2][5] - The company is a leading player in the domestic potassium fertilizer and lithium extraction industries, with projected revenues for 2024-2026 of 15.605 billion, 17.376 billion, and 19.999 billion yuan, reflecting year-on-year changes of -27.68%, +11.35%, and +15.10% respectively [2][5] - The company has a strong cost advantage in potassium and lithium production, maintaining a gross margin of 53.52% for potassium products and 60.16% for lithium carbonate in the first half of 2024, which are industry-leading levels [5][4] Summary by Sections Financial Performance - In H1 2024, the company achieved potassium chloride sales of 2.2551 million tons and 2.2367 million tons, with year-on-year increases of 10.68% and 4.63% respectively, while lithium carbonate sales were 18,900 tons and 20,200 tons, with year-on-year increases of 34.2% and 34.9% [5] - The average selling price of lithium carbonate decreased by 62.81% year-on-year, impacting overall revenue [5] - Q2 2024 saw significant improvement, with revenue of 4.513 billion yuan, a quarter-on-quarter increase of 65.67%, and a net profit of 1.278 billion yuan, up 36.84% from Q1 [5] Production Capacity and Expansion - The company plans to increase its lithium carbonate production capacity to 40,000 tons per year by 2024, with ongoing construction of a new lithium salt project progressing well [5][4] - The main process equipment for the lithium extraction plant has reached a milestone of 56% completion [5] Valuation Metrics - The company’s earnings per share (EPS) for 2024 is projected to be 1.06 yuan, with subsequent years showing increases to 1.23 yuan in 2025 and 1.50 yuan in 2026 [2][5] - The price-to-earnings (P/E) ratio is expected to be 13.2 in 2024, decreasing to 9.3 by 2026 [4]

Investment Rating - The report maintains a "Buy" rating for the company [1][35] Core Views - The company's performance has been negatively impacted by tax payments, leading to a significant decline in profits for the first half of 2024 [1][33] - The main products, potassium chloride and lithium carbonate, have seen price declines, affecting the overall profitability [33][34] - Despite challenges, the company is expected to benefit from new project launches, which could enhance future earnings [35] Summary by Sections Financial Performance - In the first half of 2024, the company achieved a revenue of 72.37 billion, down 27.31% year-on-year, and a net profit of 22.12 billion, down 56.60% year-on-year [32][33] - For Q2 2024, the company reported a revenue of 45.13 billion, a decrease of 14.03% year-on-year but an increase of 65.67% quarter-on-quarter, with a net profit of 12.78 billion, down 55.50% year-on-year and up 36.84% quarter-on-quarter [34][35] Product Pricing and Sales - The average selling prices for potassium chloride and lithium carbonate were 2387 yuan/ton and 93,900 yuan/ton, respectively, both lower than the same period in 2023 [33][34] - The company sold 2.2367 million tons of potassium fertilizer and 20,200 tons of lithium carbonate in the first half of 2024, representing year-on-year increases of 4.63% and 34.94% respectively [33][34] Future Outlook - The company is expected to generate revenues of 146.18 billion, 168.14 billion, and 183.38 billion for the years 2024, 2025, and 2026, with corresponding net profits of 54.88 billion, 71.11 billion, and 78.33 billion [35][36] - The projected price-to-earnings ratios for the next three years are 14, 11, and 10 times, indicating a stable profit outlook [35][36]

青海盐湖工业股份有限公司 024 年半年度财务报表 l = = 分有限公司 编辑 | 2024 年 06月 30 日 单位:元 | 项目 | 期末余额 | 期初余额 | | --- | --- | --- | | 流动资产: | | | | 货币资金 | 18,984,371,995.50 | 17,759,036,249.54 | | 结算备付金 | | | | 拆出资金 | | | | 交易性金融资产 | 955,832,539.30 | 3,620,678,433.59 | | 衍生金融资产 | | | | 应收票据 | 6,397,799,616.85 | 6,692,432,612.12 | | 应收账款 | 234,322,536.15 | 177,776,587.68 | | 应收款项融资 | 131,305,682.85 | 190,026,805.51 | | 预付款项 | 492,986,969.03 | 346,894,555.68 | | 应收保费 | | | | 应收分保账款 | | | | 应收分保合同准备金 | | | | 其他应收款 | 52,626,037.53 | 67,6 ...

Financial Performance - Total assets of the company reached 489.17 billion yuan, with total liabilities of 118.58 billion yuan, maintaining a safe debt level[28] - Net assets attributable to shareholders of the listed company amounted to 341.25 billion yuan, reflecting a stable financial structure[28] - Total operating revenue decreased by 27.31% YoY to RMB 7,236,628,197.19[33] - Manufacturing sector revenue decreased by 27.10% YoY to RMB 7,065,051,185.49, accounting for 97.63% of total revenue[33] - Potassium product revenue decreased by 14.29% YoY to RMB 5,338,218,451.91, accounting for 73.76% of total revenue[33] - Lithium product revenue decreased by 49.81% YoY to RMB 1,682,944,687.00, accounting for 23.26% of total revenue[33] - Domestic revenue decreased by 27.40% YoY to RMB 7,228,070,498.47, accounting for 99.88% of total revenue[33] - Manufacturing sector gross margin decreased by 21.09% YoY to 54.36%[35] - Potassium product gross margin decreased by 19.39% YoY to 53.52%[35] - Lithium product gross margin decreased by 22.86% YoY to 60.16%[35] - Total investment in the reporting period decreased by 9.28% YoY to RMB 79,086,020.15[40] - Restricted assets totaled RMB 2,902,351,055.42, including RMB 224,084,994.88 in restricted cash[39] Production and Market Share - Potassium chloride production stabilized at 5 million tons, accounting for approximately 35% of the domestic market[28] - Lithium carbonate production capacity reached 40,000 tons, accounting for about 8% of the national market[28] Project Development - The 40,000-ton lithium salt integrated project is progressing smoothly, and the 5,000-ton magnesium-aluminum alloy die-casting material project has been completed[28] Resource Development and Technology - The company's salt lake resource development system includes mining, brine transportation, solar evaporation, and production and marketing[28] - The company has developed five sets of potash fertilizer production processes and achieved international leading levels in lithium extraction technology from high magnesium-lithium ratio brine[28] - The company is focusing on the development of key technologies for green mining and comprehensive utilization of potassium, lithium, and magnesium resources[28] Green Development - The company's green development efforts have resulted in annual coal savings equivalent to 20 million tons and reduced CO2 emissions by 52.4 million tons[28] Research and Innovation - The company has established research institutes and joint laboratories with multiple universities and research institutions to enhance technological innovation[28]

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、董事会会议召开情况 青海盐湖工业股份有限公司（以下简称"本公司"或"公司"）九届董事会 第二次会议于 2024 年 8 月 28 日在青海省西宁市城中区长江路 45 号三榆大酒店 五楼万象厅以现场及通讯方式召开。本次会议由董事长贠红卫先生主持，会议的 通知及会议材料已于 2024 年 8 月 18 日以书面、电子邮件方式送达全体董事。会 议应参加表决董事 13 人，实际参加表决董事 13 人，（其中副董事长张铁华、董 事兼总裁王祥文，董事卜一，董事陈胜男，董事吴军，独立董事何萍以通讯方式 出席并表决）。会议召开符合《公司法》、《公司章程》等法规的规定，会议审 议了如下议案： 二、董事会会议审议情况 证券代码：000792 证券简称：盐湖股份 公告编号：2024-045 青海盐湖工业股份有限公司 九届董事会第二次会议决议公告 表决情况：13 票同意，0 票反对，0 票弃权。 表决结果：此议案审议通过 （三）审议《关于续聘公司 2024 年度财务报表和内部控制审计机构的议案》 具体内容详见 2024 年 8 月 ...

上市公司2024年半年度非经营性资金占用及其他关联资金往来情况汇总表 | 编制单位:青海盐湖工业股份有限公司 | | | | | | | | 单位:人民币万元 | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 非经济性资金占用 | 资金占用方名称 | | 占用方与上市公 上市公司核算的会 2024年期初占 | | 2024年半年度度占用 | | 2024年半年占用资 2024年半年度偿 2024年半年占用 占用形成原 | | | | | | | 司的关联关系 | 计科目 | 用资金余额 | 累计发生金额(不含利 E / | 金的利息(如有) | 还紧计发生金额 | 资金余额 | 因 | | | 控股股东 实际控 8158 . | | | | | | | | | | | | 制人及其附属企业 | | | | | | | | | | | | 小计 | | | | | | | | | | | | 前控股股东、实际 | | | | | | | | | | | | 控制人及其附属企 | | | | | | | | | ...