研报掘金丨华源证券：苏盐井神深耕“盐+储能”，首予“买入”评级

Core Viewpoint - Su Yan Jingshen is a leading player in the East China salt industry, controlled by the Jiangsu Provincial State-owned Assets Supervision and Administration Commission, with a core business in salt and salt chemical products, entering a construction phase for comprehensive utilization of salt caverns [1] Group 1: Business Overview - The company's main salt products include table salt and industrial salt, while its salt chemical products primarily consist of soda ash, contributing to 85% of revenue gross profit [1] - The company has maintained stable product pricing over the past three years and has benefited from declining coal prices [1] Group 2: Growth Opportunities - The comprehensive utilization of salt caverns includes natural gas storage, compressed air energy storage, and storage of small molecular gases, all of which have positive development prospects under the backdrop of energy security and carbon neutrality [1] - The natural gas storage business is entering the construction phase, with a dual-driven model of "salt + energy storage" expected to contribute significantly to performance over the next five years [1] Group 3: Technological Advancements - The company has developed an innovative underground cyclic soda production technology, which upgrades the ammonia-soda process, efficiently utilizing sodium chloride and calcium chloride while ensuring environmental protection [1] - The filling of alkali residue not only achieves eco-friendly disposal but also effectively mitigates geological safety risks associated with underground salt caverns, showcasing a green development advantage in salt, soda, and calcium integration [1] Group 4: Market Position and Future Outlook - The company's traditional business has a cost advantage, and the comprehensive utilization methods such as gas storage open a second growth curve, transitioning from cyclical industrial sectors to public utility operations [1] - There is significant room for sustained growth, with a high ceiling expected to bring both performance and valuation increases to the company [1] - The report initiates coverage with a "buy" rating [1]