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].

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company's performance in 2023 was under pressure, with a significant decline in revenue and net profit due to falling prices of key products, potassium chloride and lithium carbonate [3][4] - The company is expected to restart dividend payments following the implementation of the new Company Law, which allows the use of capital reserves to cover losses [7] - Despite the challenges in 2023, the company is projected to see a recovery in net profit from 2024 onwards, driven by strong profitability in its main products and expansion in lithium production [8][54] Summary by Sections Financial Performance - In 2023, the company achieved revenue of 21.579 billion yuan, a year-on-year decrease of 29.80% - The net profit attributable to shareholders was 7.914 billion yuan, down 49.17% year-on-year - The weighted average return on equity (ROE) was 27.91%, a decline of 61.56 percentage points compared to the previous year [3][4][10] Product Pricing and Sales - The average prices for potassium chloride and lithium carbonate in 2023 were 2,924.31 yuan/ton and 258,700 yuan/ton, respectively, representing declines of 30.51% and 46.38% year-on-year - The company adopted a strategy of increasing sales volume to compensate for lower prices, with potassium chloride and lithium carbonate sales volumes increasing by 13.33% and 24.62%, respectively [4][8] Future Outlook - The company expects net profits of 8.334 billion yuan, 9.203 billion yuan, and 9.475 billion yuan for 2024, 2025, and 2026, respectively, with corresponding price-to-earnings (PE) ratios of 10.46, 9.47, and 9.20 [8][54] - The implementation of the new Company Law is anticipated to enable the company to meet dividend distribution conditions, enhancing shareholder returns [7][54]

Investment Rating - The investment rating for the company is "Buy" [7] Core Views - The company reported a revenue of 21.579 billion yuan in 2023, a year-on-year decrease of 29.8%, and a net profit attributable to shareholders of 7.914 billion yuan, down 49.2% year-on-year [7][10] - The agricultural chemical market experienced a downturn in 2023, leading to a significant increase in domestic potassium fertilizer imports, which negatively impacted potassium fertilizer prices [7][8] - The company maintained a high gross margin of 51.32% despite a 15.5% decline in revenue, supported by a sales volume increase of 13.3% to 5.6 million tons [10][12] - The lithium carbonate market saw a decline in prices, with industrial-grade lithium carbonate averaging 239,300 yuan per ton, down 48% year-on-year [12][14] - The company is actively repurchasing shares to enhance shareholder value and has completed the necessary approvals for a new lithium salt project expected to contribute to future earnings [7][14] Financial Data and Profit Forecast - Total revenue for 2022 was 30.739 billion yuan, projected to decrease to 18.283 billion yuan in 2024 and gradually increase to 22.128 billion yuan by 2026 [16] - Net profit attributable to shareholders is expected to decline from 6.394 billion yuan in 2024 to 8.671 billion yuan in 2026 [16] - The company's return on equity (ROE) is projected to decrease from 16.7% in 2024 to 15.9% in 2026 [16] - The price-to-earnings (PE) ratio is expected to be 14 in 2024, 12 in 2025, and 10 in 2026, indicating a potential for value recovery [7][16]

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 控股股东及其他关联方占用 资金情况审核报告 大信专审字[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） 报告编码 · 京: 邮编 100083 Bejjng,China, 100083 大信会计师事务所 WUYIGE Certified Publc Accountants.LLP 北京市海淀区知春路1号 Room 2206 22/F,Xueyuan Intemational Tower 学院国际大厦 22层 2206 No.1 Zhichun Road, Haidian Dist . 青海盐湖工业股份有限公司全体股东： 我 们接受委托， 审计 了青海盐湖工业股份有限公司(以下简称"贵公司")的财务报表， 包 括2023年 12月 31日合并及母公司资产负债表、 2023年 度合并及母公司利润表、股东权 益变动表、现 金流量表以及财务报表附注，并于 2024 年3月 28日出具大信 ...

公司第八届董事会独立董事王建玲女士、洪乐先生、吴立新先生、卫俊先生 证券代码：000792 证券简称：盐湖股份 公告编号：2024-022 青海盐湖工业股份有限公司 关于公司董事会换届的公告 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。 青海盐湖工业股份有限公司(以下简称"公司"或"本公司")第八届董事会 已任期届满，为进一步完善上市公司的治理机制，发挥董事会在上市公司决策的 重要作用，结合现有的股东结构，按照《公司法》《深圳证券交易所股票上市规 则》等法律法规、规范性文件及《公司章程》的有关规定，公司决定按照相关法 律程序进行董事会换届选举。 公司于 2024 年 3 月 28 日召开第八届董事会第二十七次会议，审议通过了《关 于公司董事会换届的议案》。经公司股东推荐，并经第八届董事会提名委员会资 格审查后，公司董事会提名贠红卫先生、冯鹏先生、张铁华先生、王祥文先生、 卜一先生、陈胜男女士、吴军先生为本公司第九届董事会非独立董事候选人，提 名黄速建先生、何萍女士、陈斌先生、张钦昱先生、宋林先生为公司第九届董事 会独立董事候选人（简历详见附件）。 公司董事会 ...

证券代码：000792 证券简称：盐湖股份 公告编号：2024-018 本次计提资产减值准备及核销部分资产事项经 2024 年 3 月 28 日公司八届二 十七次董事会、八届二十六次监事会审议通过。 一、本次核销资产情况概述 （一）本次核销部分资产的依据及原因 根据《企业会计准则》《深圳证券交易所上市公司自律监管指引第 1 号一主 板上市公司规范运作》和盐湖股份公司实际执行的会计政策等相关规定，基于谨 慎性原则，为真实反映盐湖股份公司财务状况，有助于向投资者提供更加真实、 可靠、准确的会计信息，公司对有确凿证据表明无法收回的应收账款、其他应收 款拟进行核销处理。 （二）本次核销资产情况 公司一年以上应收账款、一年以上其他应收款，债权形成时间长且缺乏相关 证据资料、债务人死亡或失联、注销、吊销等因素难以收回。根据《青海省国资 委出资企业资产减值准备财务核销办法》，公司委托青海树人律师事务所对 2019 年以前（含 2019 年）形成的应收款项，逐笔核查并出具鉴证意见书，表示"均难 以通过司法渠道实现，可以认定为损失"。本次核销应收款项 283 项，金额 94,892.09 万元，已全额计提坏账准备。 二、本次核 ...

第二条 本办法所称选聘会计师事务所，是指盐湖股份 公司根据相关法律法规要求，聘任会计师事务所对财务会计 报告和内部控制发表审计意见、出具审计报告的行为。聘任 会计师事务所从事其他专项审计业务的，视重要性程度可参 照本办法执行。 第五条 盐湖股份公司选聘的会计师事务所应当具备下 列条件： 第三条 盐湖股份公司选聘、续聘、改聘会计师事务所应 经董事会审计委员会（以下简称"审计委员会"）审议同意后， 提交董事会审议，并由股东大会决定。盐湖股份公司不得在 董事会、股东大会审议前聘请会计师事务所开展年度财务报 告和内部控制审计业务。 第四条 盐湖股份公司控股股东、实际控制人不得在董 事会、股东大会审议前，指定会计师事务所，也不得干预审 计委员会独立履行审核职责。 青海盐湖工业股份有限公司 选聘会计师事务所管理办法 第一章 总则 — 1 — 第一条 为规范青海盐湖工业股份有限公司（以下简称 "盐湖股份公司或公司"）选聘会计师事务所行为，提高财务 信息质量和审计质量，根据《中华人民共和国公司法》《中华 人民共和国会计法》《上市公司治理准则》《国有企业、上市 公司选聘会计师事务所管理办法》及《公司章程》等相关法 律法规和制度 ...

青海盐湖工业股份有限公司 独立董事2023年度述职报告 本人作为青海盐湖工业股份有限公司（以下简称"公司"）的独立董事，2023 年度本人严格按照《公司法》《上市公司治理准则》《上市公司独立董事管理办 法》《上市公司独立董事履职指引》等有关法律法规的规定及《公司章程》的要 求，认真行使法律所赋予的权利，及时了解公司的生产经营信息，全面关注公司 的发展状况，积极出席公司2023年召开的相关会议，对公司董事会审议的相关事 项发表了独立客观的意见，忠实履行职责，充分发挥独立董事的独立作用，维护 了公司整体利益，维护了全体股东尤其是中小股东的合法权益。现将本人2023 年度的工作情况作简要汇报。 一、报告期内工作情况回顾 | | 董事会召开次数 | | 7 | 股东大会召开次数 | 2 | | --- | --- | --- | --- | --- | --- | | 现场出 席次数 | 以通讯方式参 | 委托出席 | 缺席次数 | 是否连续2次未亲自 | 亲自出 | | | 加会议次数 | 次数 | | 出席会议 | 席次数 | | 7 | 0 | 0 | 0 | 否 | 1 | 2023年度，本人本着勤勉务实和诚 ...

青海盐湖工业股份有限公司董事会 环境、社会和公司治理委员会工作细则 第一章 总则 第一条 青海盐湖工业股份有限公司(以下简称"盐湖股份"或"公司")为深入贯彻落 实可持续发展理念，全面、积极履行现代企业社会公民的责任，并进一步完善公司 治理结构，依据《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(2023 年 12 月修订)》《青海盐湖工业股份有限公司公司章程》（以下简称"公 司章程"）等的相关文件精神和有关规定，制定本制度。 第二条 董事会环境、社会与公司治理委员会(以下简称"ESG 委员会"）是董事会 设立的专门工作机构，对董事会负责。 第三条 ESG 委员会主要负责审阅监督公司环境、社会与公司治理（以下简称 "ESG"）战略发展规划与实施执行情况。 第二章 人员组成 第四条 ESG 委员会成员由七名董事组成，其中至少包含 1 名独立董事。 第五条 ESG委员会委员由董事长、二分之一以上独立董事或者全体董事的三分 之一以上提名，并由董事会选举产生。 第六条 ESG委员会设主任委员（召集人）1名，由董事长担任，全面主持委员会 工作。主任委员不能或不履行职责时，由半数以上委员共同推举 ...