Qinghai Salt Lake Industry (SZ:000792)2024-09-24 08:03Investment Rating - The investment rating for the company is "Accumulate" (maintained) [6] Core Views - The company's Q2 performance showed significant recovery compared to Q1, with Q2 revenue reaching 4.51 billion yuan, a 65.7% increase quarter-on-quarter, despite a year-on-year decline of 14.0% [2] - The sales volume of potassium fertilizer improved in Q2, with a total of 1.472 million tons sold, representing a year-on-year increase of 65.5% and a quarter-on-quarter increase of 92.7% [2] - The average price of potassium chloride in Q2 was 2,414 yuan per ton, down 21.7% year-on-year and 10.1% quarter-on-quarter, but showed signs of stabilization in Q3 [2] - The company is making steady progress on its 40,000-ton lithium salt project, achieving an investment optimization rate of approximately 14.58% [3] Financial Performance Summary - For H1 2024, the company reported a revenue of 7.24 billion yuan, a year-on-year decrease of 27.3%, and a net profit of 2.21 billion yuan, down 56.6% year-on-year [2] - The projected revenues for 2024-2026 are 14.62 billion yuan, 16.59 billion yuan, and 19.35 billion yuan, respectively, with corresponding net profits of 5.23 billion yuan, 5.68 billion yuan, and 6.69 billion yuan [6][7] - The average price of lithium carbonate in H1 2024 was 104,000 yuan per ton, down 69.2% year-on-year, with a slight recovery in Q2 [2] Market and Price Trends - The average price of potassium chloride in Q3 is reported to be 2,500 yuan per ton, showing a slight year-on-year increase of 0.97% and a quarter-on-quarter increase of 3.58% [2] - The average price of lithium carbonate in Q3 is 80,000 yuan per ton, down 66.5% year-on-year and 24.2% quarter-on-quarter [2] Project Development - The company has successfully completed the foundation and equipment base for the lithium extraction plant, with the main structure installation progressing to 56% [3]