[Table_MainInfo] 公司研究/化工/农药与化肥 证券研究报告 盐湖股份（000792）公司年报点评 2024年04月09日 [Table_InvestInfo] 投资评级 优于大市 维持 销量稳定增长，锂盐一体化项目进展顺利 股票数据 [Table_Summary] 0[4Ta月b0le8_日S收to盘ck价（In元fo）] 16.78 投资要点： 52周股价波动（元） 13.10-22.67 总股本/流通A股（百万股） 5433/5433 总市值/流通市值（百万元） 91164/91162  2023年扣非后净利润同比下降43.15%，主要产品销量稳定增长。公司2023 相关研究 年实现营业收入215.79亿元，同比下降29.80%，归母净利润79.14亿元， [《Ta 2b 02le 2_R年e扣po非rtI后nf归o] 母净利润同比增长 同比下降49.17%，扣非后净利润87.24亿元，同比下降43.15%。2023年， 公司氯化钾销量约560万吨，同比增长13.3%，碳酸锂销量3.76万吨，同比 241.85%，锂盐产能持续扩张》2023.04.06 增长24.62%；根据公司投资者会 ...

证券研究报告 | 2024年04月01日 盐湖股份（000792.SZ） ——年报点评 买入 稳定钾、扩大锂，扎实推进盐湖资源保障 核心观点 公司研究·财报点评 公司发布2023年年报：实现营收215.79亿元，同比-29.80%；实现归母净 基础化工·农化制品 利润79.14亿元，同比-49.17%；实现扣非归母净利润87.24亿元，同比 证券分析师：刘孟峦 证券分析师：杨耀洪 -43.15%；实现经营活动产生的现金流量净额121.05亿元，同比-30.78%。 010-88005312 021-60933161 liumengluan@guosen.com.cn yangyaohong@guosen.com.cn 公司2023Q4实现营收57.89亿元，同比-19.57%，环比-0.77%；实现归母净 S0980520040001 S0980520040005 利润23.14亿元，同比-33.64%，环比+360.96%；实现扣非归母净利润32.19 基础数据 亿元，同比-2.15%，环比+599.78%。公司四季度利润环比明显提升，主要是 投资评级 买入(维持) 由于在三季度缴纳了较大额度的采矿权出让权 ...

公司快报 2024 年 04 月 07 日 盐 湖股份(000792.SZ) 证券研究报告 产销增长稳定，锂钾业务有望触底反弹 钾肥 投资评级 增持-A （更正） 维持评级 公司发布 2023 年度报告 6个月目标价 27元 股价 (2024-04-02) 16.50元 2023 年公司实现营业收入 215.79 亿元，同比-29.80%。2023 年全年 实现归母净利润 79.14 亿元，同比-49.17%；扣非归母净利润 87.24 交易数据 亿元，同比-43.15%。其中 2023 年 Q4 营业收入 57.89 亿元，同比- 总市值(百万元) 89,642.47 19.67%、环比-0.79%；归母净利润 23.14 亿元，同比-33.56%、环比 流通市值(百万元) 89,640.98 +360.67%；扣非归母净利润32.19 亿元，同比-2.15%、环比+599.65%。 总股本(百万股) 5,432.88 流通股本(百万股) 5,432.79 钾肥与锂盐业务贡献主要利润，毛利率同比下滑 12个月价格区间 13.65/22.53元 ✔营收方面，2023年钾肥、锂盐业务营业总收入分别为 146.1 ...

本报告仅供 Choice 东方财富 使用，请勿传阅。 公司快报 2024 年 04 月 07 日 盐 湖股份(000792.SZ) 证券研究报告 产销增长稳定，锂钾业务有望触底反弹 钾肥 投资评级 增持-A （更正） 维持评级 公司发布 2023 年度报告 6个月目标价 27元 股价 (2024-04-02) 16.50元 2023 年公司实现营业收入 215.79 亿元，同比-29.80%。2023 年全年 实现归母净利润 79.14 亿元，同比-49.17%；扣非归母净利润 87.24 交易数据 亿元，同比-43.15%。其中 2023 年 Q4 营业收入 57.89 亿元，同比- 总市值(百万元) 89,642.47 19.67%、环比-0.79%；归母净利润 23.14 亿元，同比-33.56%、环比 流通市值(百万元) 89,640.98 +360.67%；扣非归母净利润32.19 亿元，同比-2.15%、环比+599.65%。 总股本(百万股) 5,432.88 流通股本(百万股) 5,432.79 钾肥与锂盐业务贡献主要利润，毛利率同比下滑 12个月价格区间 13.65/22.53元 ✔营收方面 ...

Investment Rating - The report maintains a "Recommended" rating for the company [1][22]. Core Views - The company experienced a significant decline in revenue and net profit in 2023, with revenue at 21.58 billion yuan, down 29.8% year-on-year, and net profit at 7.91 billion yuan, down 49.2% year-on-year. However, the company achieved a non-recurring net profit of 8.72 billion yuan, up 43.1% year-on-year [2][7][26]. - The lithium carbonate production capacity is currently at 30,000 tons, with a production target of 36,000 to 40,000 tons for 2023. The actual production and sales were 36,000 and 38,000 tons, respectively, representing increases of 16.3% and 24.6% year-on-year [2][12]. - The potassium chloride production capacity is 5 million tons, with a production target of 5 million tons for 2023. The actual production and sales were 4.926 million and 5.6 million tons, respectively, with sales up 13.3% year-on-year [2][14][20]. Summary by Sections Financial Performance - In Q4 2023, the company reported revenue of 5.79 billion yuan, down 19.7% year-on-year and 0.8% quarter-on-quarter, with a net profit of 2.31 billion yuan, down 33.6% year-on-year but up 360.7% quarter-on-quarter [2][7][26]. - The average selling price of lithium carbonate was 169,000 yuan per ton, down 55.5% year-on-year, while the average selling price of potassium chloride was 2,610 yuan per ton, down 25.5% year-on-year [2][12][14]. Production and Cost Analysis - The company has a significant cost advantage in lithium production, with a cost of approximately 37,000 yuan per ton in 2023, an increase of 6,000 yuan year-on-year [2][12]. - The potassium chloride production cost was approximately 996 yuan per ton, an increase of 276 yuan year-on-year [2][14]. Strategic Outlook - The company is expanding its lithium production capacity with a new integrated project of 40,000 tons planned to be operational by the end of 2024, which includes 20,000 tons of battery-grade lithium carbonate and 20,000 tons of lithium chloride [2][19]. - The company holds the leading position in potassium chloride production in China, which is crucial for national food security, given the high dependency on imported potassium [2][20]. Investment Recommendations - The report forecasts net profits for 2024-2026 to be 6.02 billion, 7.14 billion, and 7.79 billion yuan, respectively, with corresponding price-to-earnings ratios of 15, 13, and 12 [2][22].

Investment Rating - The investment rating for the company is "Accumulate-A" with a target price of 27 CNY over the next six months [5][8]. Core Insights - The company reported a significant decline in revenue and net profit for 2023, with total revenue of 21.58 billion CNY, down 29.80% year-on-year, and a net profit of 7.91 billion CNY, down 49.17% year-on-year [2][3]. - The potassium and lithium salt businesses are the main profit contributors, although both experienced a decline in revenue and gross profit margins [3][4]. - The company is expanding its lithium production capacity, with a new integrated lithium salt project expected to be completed by the end of 2024, which will increase annual lithium carbonate production capacity [5][8]. Financial Performance Summary - In 2023, the potassium fertilizer and lithium salt business generated total revenues of 146.18 billion CNY and 63.61 billion CNY, respectively, accounting for 67.74% and 29.48% of total revenue [3]. - The gross profit for potassium fertilizer and lithium salt was 75.02 billion CNY and 46.08 billion CNY, with gross margins declining to 51.32% and 72.45%, respectively [3][4]. - The company achieved a significant increase in net profit in Q4 2023, with a net profit of 2.31 billion CNY, up 360.67% quarter-on-quarter, despite a year-on-year decline of 33.56% [2]. Future Projections - Revenue projections for 2024-2026 are estimated at 19.12 billion CNY, 22.27 billion CNY, and 25.97 billion CNY, with corresponding net profits of 7.52 billion CNY, 8.57 billion CNY, and 11.03 billion CNY [8][10]. - The company is expected to maintain a strong cash flow and improve its operational efficiency, with a projected return on equity (ROE) of 18.5% in 2024 [9][10].

2024 年 03 月 31 日 公司研究 评级：买入 (维持 ) 研究所： 证券分析师： 李永磊 S0350521080004 年业绩承[ 压Tab ，le_ 公Titl 司e] 有望重启分红 2023 liyl03@ghzq.com.cn 证券分析师： 董伯骏 S0350521080009 dongbj@ghzq.com.cn ——盐湖股份（ ） 年年报点评报告 000792 2023 联系人 ： 陈云 S0350122060052 cheny17@ghzq.com.cn 最近一年走势 事件 : 2024年3月30日，盐湖股份发布2023年报：2023年公司实现营业收 入215.79亿元，同比下降29.80%；实现归属于上市公司股东的净利润 79.14亿元，同比减少49.17%；加权平均净资产收益率为27.91%，同 比下降61.56个百分点。销售毛利率56.05%，同比减少23.05个百分点； 销售净利率43.40%，同比减少20.59个百分点。 其中，公司2023Q4实现营收57.89亿元，同比-19.57%，环比-0.79%； 实现归母净利润 23.14 亿元，同比-33.64%，环比+360.67 ...

上 市 公 司 基础化工 2024 年03月 31 日 盐湖股份 (000792) 公 司 研 究 ——业绩符合预期，产品景气逐步触底，产销规模不断放 公 司 量 点 评 报告原因：有信息公布需要点评 投资要点： 买入 （维持）  公司公告：公司发布2023年报，报告期内实现营业收入215.79亿元（YoY -29.8%），归母净利润 证 79.14亿元（YoY -49.17%），扣非归母净利润87.24亿元（YoY -43.15%）；其中，23Q4实现营 券 业收入57.89亿元（YoY -19.57%，QoQ -0.77%），归母净利润23.14亿元（YoY -33.64%，QoQ 研 市场数据： 2024年03月29日 -360.96%），扣非归母净利润32.19亿元（YoY -2.15%，QoQ -599.78%），业绩符合预期。 究 收盘价（元） 16.04  2023年农化景气下滑，叠加国内钾肥进口量大幅提升，拖累钾肥价格高位回落。2023年全年农化景 报 一年内最高/最低（元） 22.67/13.1 气处于下行趋势，同时随着俄罗斯及白俄罗斯钾肥出口缓和，老挝新增钾肥产能释放，国内钾肥进口 告 ...

Financial Performance - The company's operating revenue for 2023 was approximately ¥21.58 billion, a decrease of 29.80% compared to ¥30.75 billion in 2022[20]. - The net profit attributable to shareholders for 2023 was approximately ¥7.91 billion, down 49.17% from ¥15.56 billion in 2022[20]. - The net cash flow from operating activities for 2023 was approximately ¥12.10 billion, a decline of 30.78% from ¥17.48 billion in 2022[20]. - Basic earnings per share for 2023 were ¥1.4881, a decrease of 49.24% compared to ¥2.9311 in 2022[20]. - The company reported a non-recurring loss of CNY 810.19 million for 2023, primarily due to tax adjustments and other one-time expenses[25]. - The total profit for the year was CNY 10.65 billion, with tax contributions amounting to CNY 3.94 billion[62]. - The company achieved a net profit of approximately 7.914 billion yuan for 2023, reflecting continuous growth in its core potassium and lithium business[113]. Assets and Liabilities - Total assets at the end of 2023 were approximately ¥46.41 billion, an increase of 10.15% from ¥41.98 billion at the end of 2022[20]. - Net assets attributable to shareholders at the end of 2023 were approximately ¥31.91 billion, up 26.75% from ¥25.19 billion at the end of 2022[20]. - Cash and cash equivalents increased to ¥17,759,036,249.54 at the end of 2023, accounting for 38.27% of total assets, down from 39.22% at the beginning of the year[83]. - The company's total restricted assets amounted to CNY 2,944,699,341.05, with cash and cash equivalents being CNY 1,226,018,977.63 and fixed assets valued at CNY 1,084,128,708.44[85]. Production and Sales - The production of potassium chloride and lithium carbonate reached 4.93 million tons and 36,062 tons respectively, with lithium carbonate daily production hitting 140 tons[62]. - The sales volume of potassium chloride was 5.60 million tons, reflecting a 13.33% increase from 4.94 million tons in 2022, while lithium carbonate sales volume increased by 24.62% to 37,599 tons[68]. - The manufacturing sector accounted for 98.08% of total revenue, with potassium products contributing 67.74% and lithium products 29.48%[65]. - The company reported a significant reduction in inventory levels, with potassium chloride inventory decreasing by 57.62% to 67,240 tons[68]. Market Position and Strategy - The company holds a significant market position, with its potassium chloride production capacity reaching 5 million tons, representing a substantial share of the domestic market[32]. - The company is strategically positioned to benefit from the increasing global potassium fertilizer prices, driven by supply chain disruptions and rising transportation costs[35]. - The company plans to focus on the development of potassium chloride and lithium carbonate products as its main business[19]. - The company aims to expand its international presence and enhance its influence over potassium salt pricing globally[61]. Research and Development - The company has developed several patents related to lithium extraction and potassium chloride production, enhancing its competitive edge in the market[54]. - R&D investment decreased significantly to ¥132,757,376.14 in 2023, down 53.28% from ¥284,169,374.01 in 2022, representing only 0.62% of operating revenue[78]. - The company achieved a 202% increase in patents granted, totaling 168 patents for the year, highlighting its commitment to innovation[115]. - The company is focusing on technological innovation and process optimization to enhance cost efficiency and has implemented various energy-saving measures[39]. Environmental and Social Responsibility - The company has committed to strict quarterly accounting for ecological environment protection taxes, ensuring timely and accurate tax payments[194]. - The company has implemented a low-carbon clean potash industry, utilizing renewable energy sources such as wind and solar power, which has resulted in a reduction of approximately 52.4 million tons of CO2 emissions annually[196]. - The company is focused on fulfilling its social responsibilities while promoting high-quality development[200]. - The company’s 2023 ESG report will detail its efforts and achievements in environmental, social, and governance aspects[199]. Corporate Governance - The company has established a sound corporate governance structure, ensuring operational efficiency and a solid foundation for long-term development[127]. - The company has a robust personnel system that guarantees employee rights and ensures that management operates independently from controlling shareholders[131]. - The company has implemented a salary management approach in accordance with provincial regulations for state-owned enterprises[164]. - The board of directors held a total of six meetings during the reporting period, with decisions disclosed on the company's information platform[166]. Future Outlook - The company provided a forward guidance of 10% revenue growth for the next quarter, projecting revenues of approximately 1.32 billion yuan[145]. - The company plans to enhance its supply chain management, which is expected to reduce logistics costs by 10%[145]. - The company is expected to continue its strategic initiatives in the upcoming quarters, focusing on innovation and market growth[139]. - The company plans to enhance resource security by optimizing salt lake resource allocation and promoting green mining practices[95].

青海盐湖工业股份有限公司 审 计 报 告 大信审字[2024]第 36-00001 号 大信会计师事务所（特殊普通合伙） WUYIGE CERTIFIED PUBLIC ACCOUNTANTS LLP. 您可使用手机"扫一扫"或进入"注册会计师行业统一监管平台（http://acc.mof.gov.cn） 淀区知春路 1 号 大厦 22 层 2206 WUYIGE Certified Public Accountants.LLP Room 2206 22/F,Xueyuan International Tower No.1 Zhichun Road,Haidian Dist. Beijing.China.100083 电话 Telephone: +86(10) 82330558 传真 Fax: xx til- Internet. +86 (10) 82327668 www.daxincna.com.cn 审计报告 大信审字[2024]第 36-00001 号 青海盐湖工业股份有限公司全体股东: 一、审计意见 我们审计了青海盐湖工业股份有限公司(以下简称"盐湖股份")的财务报表,包括 2023 年 12 月 3 ...