Qinghai Salt Lake Industry (SZ:000792)2024-09-10 02:10Investment Rating - The report maintains a "Buy" rating for the company [4] Core Views - The company reported a revenue of 7.237 billion yuan in H1 2024, a year-on-year decrease of 27.31%, with a net profit of 2.212 billion yuan, down 56.6% year-on-year. However, the performance was at the upper limit of the forecast [4] - The domestic potassium fertilizer market is showing signs of recovery after a decline, with Q2 2024 sales volume reaching 1.4724 million tons, a quarter-on-quarter increase of 92.65% [4] - The company is expected to benefit from a significant lithium salt project that has completed all necessary approvals and is projected to contribute to earnings starting in 2025 [4] Financial Data Summary - The company achieved total revenue of 21.579 billion yuan in 2023, with a projected revenue of 16.372 billion yuan for 2024, reflecting a year-on-year decline of 24.1% [6][7] - The net profit for 2023 was 7.914 billion yuan, with an expected decline to 5.516 billion yuan in 2024, a decrease of 30.3% [6][7] - The earnings per share (EPS) is projected to be 1.02 yuan in 2024, with a recovery to 1.39 yuan in 2025 [6][7]