Qinghai Salt Lake Industry (000792) Guohai Securities·2024-09-01 06:00Investment Rating - The report maintains a "Buy" rating for the company [1][35] Core Views - The company's performance has been negatively impacted by tax payments, leading to a significant decline in profits for the first half of 2024 [1][33] - The main products, potassium chloride and lithium carbonate, have seen price declines, affecting the overall profitability [33][34] - Despite challenges, the company is expected to benefit from new project launches, which could enhance future earnings [35] Summary by Sections Financial Performance - In the first half of 2024, the company achieved a revenue of 72.37 billion, down 27.31% year-on-year, and a net profit of 22.12 billion, down 56.60% year-on-year [32][33] - For Q2 2024, the company reported a revenue of 45.13 billion, a decrease of 14.03% year-on-year but an increase of 65.67% quarter-on-quarter, with a net profit of 12.78 billion, down 55.50% year-on-year and up 36.84% quarter-on-quarter [34][35] Product Pricing and Sales - The average selling prices for potassium chloride and lithium carbonate were 2387 yuan/ton and 93,900 yuan/ton, respectively, both lower than the same period in 2023 [33][34] - The company sold 2.2367 million tons of potassium fertilizer and 20,200 tons of lithium carbonate in the first half of 2024, representing year-on-year increases of 4.63% and 34.94% respectively [33][34] Future Outlook - The company is expected to generate revenues of 146.18 billion, 168.14 billion, and 183.38 billion for the years 2024, 2025, and 2026, with corresponding net profits of 54.88 billion, 71.11 billion, and 78.33 billion [35][36] - The projected price-to-earnings ratios for the next three years are 14, 11, and 10 times, indicating a stable profit outlook [35][36]