Qinghai Salt Lake Industry (SZ:000792) Guoxin Securities·2024-09-01 08:00Investment Rating - The investment rating for the company is "Outperform the Market" (maintained) [1][3] Core Views - The company reported a revenue of 7.237 billion yuan in the first half of 2024, a year-on-year decrease of 27.31%, and a net profit attributable to shareholders of 2.212 billion yuan, down 56.60% year-on-year [3][5] - The company has a strong cash flow position, with a cash balance of approximately 18.984 billion yuan, despite a year-on-year decrease of 13.66% [3][9] - The company is progressing well on its 40,000-ton lithium salt project, achieving a total investment optimization rate of approximately 14.58% [3][11] Financial Forecasts and Indicators - Revenue forecasts for 2024-2026 are 15.815 billion yuan, 16.481 billion yuan, and 18.340 billion yuan, with year-on-year growth rates of -26.7%, 4.2%, and 11.3% respectively [2][11] - Net profit forecasts for the same period are 4.956 billion yuan, 5.357 billion yuan, and 6.137 billion yuan, with year-on-year growth rates of -37.4%, 8.1%, and 14.6% respectively [2][11] - The diluted EPS for 2024-2026 is projected to be 0.91 yuan, 0.99 yuan, and 1.13 yuan, with corresponding P/E ratios of 16, 15, and 13 [2][11] Product Performance - The company produced 2.2551 million tons of potassium chloride in the first half of 2024, a year-on-year increase of 10.68%, with a gross margin of 53.52% [3][7] - The lithium carbonate production was approximately 18,900 tons, up 34.20% year-on-year, with a gross margin of 60.16% [3][7] Market Position - The company holds a leading position in the domestic potassium fertilizer and lithium extraction sectors, benefiting from its unique resource advantages in the Qarhan Salt Lake [3][11]