Group 1: Company Overview and Achievements - Qinghai Salt Lake Industry Co., Ltd. is a key member of China Minmetals Corporation, leveraging the unique resource advantages of the Chaka Salt Lake for comprehensive resource development [1][2]. - The Chaka Salt Lake covers an area of 5,856 square kilometers, making it the largest soluble potassium and magnesium salt deposit in China and a significant player globally [1][2]. - The company has achieved a stable annual production capacity of 5 million tons of potassium fertilizer, ranking fourth globally, and 40,000 tons of lithium carbonate, leading the domestic brine lithium extraction sector [2][3]. Group 2: Financial Performance - In 2024, the company reported total revenue of 15.134 billion yuan and a net profit attributable to shareholders of 4.663 billion yuan [3][13]. - As of December 31, 2024, total assets reached 45.783 billion yuan, with liabilities of 6.189 billion yuan, resulting in a low debt-to-asset ratio of 13.52% [3][13]. - Shareholder equity increased by 14.63% year-on-year, amounting to 36.575 billion yuan, reflecting strong profitability and growth [3][13]. Group 3: Strategic Goals and Development Plans - The year 2025 marks a pivotal year for the company as it integrates into the China Minmetals system, aiming to accelerate the construction of a world-class salt lake industry base [4][14]. - The company plans to achieve a production capacity of 10 million tons of potassium fertilizer and 200,000 tons of lithium salt by 2030, with a vision to establish a comprehensive salt lake industry cluster by 2035 [4][20]. - The strategic development path includes focusing on one goal, adhering to three musts, and leveraging four roles to enhance competitiveness and sustainability [5][7][9]. Group 4: Operational Strategies - The company emphasizes high-quality development by leveraging China Minmetals' expertise in project investment and management to enhance production capabilities [7][8]. - It aims to implement lean management practices to optimize operations and improve efficiency, ensuring robust performance in competitive markets [7][8]. - The company is committed to addressing capability gaps by embracing digital and green technologies to enhance production quality and operational resilience [8][9]. Group 5: Risk Management and Social Responsibility - A comprehensive risk management system is in place to identify and mitigate various risks, ensuring stable operations [2][8]. - The company actively engages in social responsibility initiatives, enhancing its corporate image and contributing positively to the community [2][11]. - Safety culture is prioritized, with measures in place to ensure safe production practices and environmental protection [10][11]. Group 6: Investor Relations and Future Outlook - The company maintains close communication with investors, providing timely updates on strategic developments and performance [11][24]. - Plans for future capital management include a focus on sustainable growth and potential dividend policies as financial conditions improve [17][24]. - The company is exploring international opportunities to enhance resource acquisition and market presence, particularly in potassium fertilizer [20][24].

从中证资源优选指数持仓的市场板块来看，上海证券交易所占比67.70%、深圳证券交易所占比 32.30%。 从中证资源优选指数持仓样本的行业来看，有色金属占比37.26%、化工占比26.79%、能源占比 21.79%、钢铁占比7.21%、非金属材料占比5.70%、造纸与包装占比1.25%。 资料显示，指数样本每半年调整一次，样本调整实施时间分别为每年6月和12月的第二个星期五的下一 交易日。权重因子随样本定期调整而调整，调整时间与指数样本定期调整实施时间相同。在下一个定期 调整日前，权重因子一般固定不变。特殊情况下将对指数进行临时调整。当样本退市时，将其从指数样 本中剔除。样本公司发生收购、合并、分拆等情形的处理，参照计算与维护细则处理。 金融界4月18日消息，A股三大指数收盘涨跌不一，中证资源优选指数 (资源优选，H30532)报2273.45 点。 数据统计显示，中证资源优选指数近一个月下跌6.22%，近三个月下跌2.91%，年至今下跌2.37%。 据了解，中证资源优选指数选取归属于能源与原材料行业的上市公司证券作为指数样本，以反映资源型 上市公司证券的整体表现。该指数以2004年12月31日为基日，以10 ...

证券代码：000792 证券简称：盐湖股份 公告编号：2025-027 青海盐湖工业股份有限公司 关于公司董事、监事辞职的公告 本公司及董事会、监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。 青海盐湖工业股份有限公司（以下简称"公司"）董事会、监事会于 2025 年 4 月 15 日分别收到公司董事、副董事长冯鹏先生，监事、监事会主席陈闽玉女 士、监事杨勇先生、监事牛玉娇女士提交的书面辞职报告。具体情况如下： 冯鹏先生因工作原因，申请辞去公司第九届董事会董事职务，一并辞去副董 事长、审计委员会、战略与投资委员会委员职务。冯鹏先生辞职后，不在公司担 任任何职务。 陈闽玉女士因工作原因，申请辞去公司第九届监事会监事职务，一并辞去监 事会主席、监事会监督委员会委员职务。陈闽玉女士辞职后，不在公司担任任何 职务。 杨勇先生因工作原因，申请辞去公司第九届监事会监事职务，一并辞去监事 会监督委员会委员职务。杨勇先生辞职后，不在公司担任任何职务。 牛玉娇女士因工作原因，申请辞去公司第九届监事会监事职务，一并辞去监 事会监督委员会委员职务。牛玉娇女士辞职后，不在公司担任任何职务。 截 ...

盐湖股份（000792）公告，公司董事、副董事长冯鹏因工作原因辞去职务，不再担任任何职务。监事、 监事会主席陈闽玉，监事杨勇、牛玉娇也因工作原因辞职，不再担任任何职务。四位辞职人员未持有公 司股票，辞职不会影响公司正常运作。 ...

2025 年 04 月 14 日 盐湖提锂龙头主业承压，看好钾肥行业景气度回 升 买入(首次) 事件 | 分析师：傅鸿浩 | S1050521120004 | | --- | --- | | fuhh@cfsc.com.cn | | | 分析师：张伟保 | S1050523110001 | | zhangwb@cfsc.com.cn | | | 联系人：高铭谦 | S1050124080006 | | gaomq@cfsc.com.cn | | | 基本数据 | 2025-04-11 | | --- | --- | | 当前股价（元） | 16.57 | | 总市值（亿元） | 877 | | 总股本（百万股） | 5292 | | 流通股本（百万股） | 5292 | | 52 周价格范围（元） | 13.59-20.03 | | 日均成交额（百万元） | 694.88 | 市场表现 资料来源：Wind，华鑫证券研究 -20 -10 0 10 20 30 (%) 盐湖股份 沪深300 相关研究 —盐湖股份（000792.SZ）公司事件点评报告 ▌ 推动盐湖资源整合，夯实产业龙头地位 年内公司完成了股份过户， ...

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。 青海盐湖工业股份有限公司（以下简称"公司"）已于 2025 年 3 月 29 日在 指定媒体披露了公司《2024 年年度报告全文及摘要》。为便于广大投资者进一步 了解公司经营情况，公司定于 2025 年 4 月 18 日（星期五）在东方财富上市公司 路演平台举行 2024 年度网上业绩说明会，与投资者进行沟通和交流。 3、出席人员：公司董事长侯昭飞先生、财务总监马丕乐先生、独立董事陈 斌先生、董事会秘书李舜先生。 一、业绩说明会相关安排 1、召开时间：2025 年 4 月 18 日（星期五）下午 15:00-16:30 4．投资者参与方式：投资者可通过东方财富上市公司路演平台，进入直播 间 http://roadshow.eastmoney.com/luyan/4677379 参与本次 2024 年度业绩说明会。 二、投资者问题征集及方式 证券代码：000792 证券简称：盐湖股份 公告编号：2025-026 2、召开方式：网络远程方式 青海盐湖工业股份有限公司 关于举行 2024 年度网上业绩说明会的公告 （问 ...

Investment Rating - The report maintains an "Outperform" rating for the company with a target price of Rmb20.34, based on a current price of Rmb16.75 [2][11]. Core Insights - The recurring net profit for Q1 2025 is expected to increase by 28.83% to 35.68% year-on-year, driven by a rise in potassium chloride prices [1][8]. - The actual controller, China Minmetals Corporation, plans to increase its shareholding by at least 212 million shares, reflecting confidence in the company's long-term value [10][11]. - The company has adjusted its earnings forecast due to declining prices of its main products, projecting net profits of Rmb5.964 billion, Rmb6.406 billion, and Rmb6.908 billion for 2025-2027 [11]. Financial Performance Summary - In 2024, the company reported a revenue of Rmb15.134 billion, a decrease of 29.86% year-on-year, and a net profit of Rmb4.663 billion, down 41.07% year-on-year [7][9]. - The potassium product segment generated Rmb11.713 billion in revenue in 2024, a decline of 19.87%, while the lithium product segment saw a revenue drop of 51.66% to Rmb3.075 billion [9][11]. - The gross profit margin for the potassium segment increased to 53.34%, while the lithium segment's margin decreased to 50.68% due to falling lithium carbonate prices [9][11]. Market Context - The average market price of potassium chloride in China for Q1 2025 was Rmb2,957.74 per ton, reflecting a year-on-year increase of 21.15% [8][9]. - The company's stock has shown a relative performance of +13.5% over the past month compared to MSCI China, despite a -19.6% decline over the past year [2].

证券代码：000792 证券简称：盐湖股份 公告编号：2025-025 青海盐湖工业股份有限公司 关于实际控制人增持计划的公告 公司实际控制人中国五矿集团有限公司保证向本公司提供的信息内容真 实、准确、完整，没有虚假记载、误导性陈述或重大遗漏。 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： 青海盐湖工业股份有限公司（以下简称"公司"）实际控制人中国五矿集团 有限公司（以下简称"中国五矿"）基于对公司未来持续稳定发展的信心和长期 投资价值的认可，为增强投资者信心，计划自本公告之日起 6 个月内，通过深圳 证券交易所系统允许的方式（包括但不限于大宗交易和集中竞价交易）增持公司 A 股股票。本次计划增持股份总数量不少于 21,166.29 万股。本次增持计划不设 置固定价格区间，中国五矿将基于对公司股票价值的合理判断，择机实施增持计 划。 公司于近日收到实际控制人中国五矿《关于股份增持计划的告知函》，现将 相关情况公告如下： 一、计划增持主体的基本情况 1、本次计划增持主体为公司实际控制人中国五矿。截至本公告披露日，增 持主体持有或控制公司股份的情 ...

2025 年 04 月 06 日 盐湖股份 (000792) ——业绩符合预期，钾肥景气回暖明显，碳酸锂反转仍需 时间，五矿入主打造中国盐湖 上 市 公 司 基础化工 报告原因：有业绩公布需要点评 | 投资要点： | | --- | maxy@swsresearch.com 财务数据及盈利预测 | | 2023 | 2024 | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业总收入（百万元） | 21,579 | 15,134 | 19,092 | 21,066 | 22,236 | | 同比增长率（%） | -29.8 | -29.9 | 26.2 | 10.3 | 5.6 | | 归母净利润（百万元） | 7,914 | 4,663 | 6,625 | 7,859 | 8,173 | | 同比增长率（%） | -49.2 | -41.1 | 42.1 | 18.6 | 4.0 | | 每股收益（元/股） | 1.49 | 0.88 | 1.25 | 1.49 | 1.54 | | 毛利率（%） | 56.0 | 51.9 ...

Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected relative price increase of over 20% against the market benchmark within the next six months [22]. Core Insights - The company reported a revenue of 15.134 billion yuan for 2024, a decrease of 29.9% year-on-year, with a net profit of 4.663 billion yuan, down 41.1% year-on-year [3]. - The company is a leading player in the potassium fertilizer market, with stable foundations and a significant cost advantage in lithium extraction from salt lakes [2][4]. - The company is implementing a three-step development strategy aimed at establishing a world-class salt lake industry by 2035, with ambitious production targets for potassium fertilizer and lithium salts [7]. Financial Performance Summary - In Q4 2024, the company achieved a revenue of 4.686 billion yuan, a quarter-on-quarter increase of 45.9%, and a net profit of 1.522 billion yuan, up 63.8% quarter-on-quarter [3]. - The potassium chloride production for 2024 was 4.96 million tons, with a sales volume of 4.6728 million tons, reflecting a 16.56% year-on-year decline in sales volume [4]. - The average selling price of potassium chloride in 2024 was 2,507 yuan per ton, down 3.97% year-on-year, while the sales cost decreased to 1,170 yuan per ton, resulting in a gross margin of 53.34%, an increase of 2.02 percentage points year-on-year [4]. - The lithium carbonate production increased by 10.92% year-on-year to 40,000 tons, but the average selling price fell by 56.31% to 74,000 yuan per ton, with a gross margin of 50.68%, down 21.77 percentage points year-on-year [5]. Future Outlook - The company has a 40,000-ton lithium salt project that is 55% complete, with plans to release part of the new capacity in 2025, expecting to produce 3,000 tons [6]. - Profit forecasts for 2025-2027 are 5.52 billion yuan, 6.44 billion yuan, and 7.02 billion yuan respectively, reflecting a downward adjustment due to lower lithium prices and reduced new lithium salt production [8].