雪天盐业跨界新能源胜算几何

Core Viewpoint - Xue Tian Salt Industry is seeking new growth points through cross-industry investments, recently acquiring a 41% stake in Hunan Meter New Materials Technology Co., Ltd., increasing its ownership from 20% to 61% to gain control over the company [1][3] Group 1: Acquisition Details - The acquisition of Meter New Materials was completed with a transaction value of 261 million yuan, and the payment will be made in installments from self-owned or self-raised funds [3] - The acquisition aims to enhance the company's new energy industry chain layout, improve profitability, and increase market competitiveness [3][4] - Xue Tian Salt Industry previously acquired a 20% stake in Meter New Materials for 114 million yuan in November 2022, indicating a strategic long-term interest in the company [3] Group 2: Financial Performance - Meter New Materials' performance is closely tied to the price fluctuations of lithium cobalt oxide, which saw a rebound from approximately 140,000 yuan/ton in early 2025 to nearly 350,000 yuan/ton by November [4] - The company is projected to achieve revenues of 629 million yuan and a net profit of 3.6 million yuan in 2024, with revenues of 640 million yuan and a net profit of 35.6 million yuan in the first three quarters of 2025 [4] - Despite growth in lithium cobalt oxide, Meter New Materials is still developing its sodium battery materials, which are not yet mass-produced [5] Group 3: Industry Context and Challenges - Xue Tian Salt Industry's revenue has been declining, with reported revenues of 6.262 billion yuan and 5.392 billion yuan for 2023 and 2024, respectively, reflecting year-on-year declines of 2.77% and 13.9% [5] - The company's net profit also decreased significantly, with a 90.37% drop in the first three quarters of 2025 compared to the previous year [5] - The salt and chemical products market is facing challenges, particularly with the price of soda ash, which has seen a decline of 45.23% for light soda ash and 43.3% for heavy soda ash since early 2024 [6]