盐湖股份：三季报点评：三季度量和价有所影响，盐湖提锂新产能稳步推进

Investment Rating - The report maintains an "Outperform the Market" rating for the company [2][11][4]. Core Views - The company reported a revenue of 10.449 billion yuan for the first three quarters, a year-on-year decrease of 33.83%, and a net profit attributable to shareholders of 3.141 billion yuan, down 43.91% year-on-year [2][5]. - The production of potassium chloride reached approximately 3.5 million tons, with sales of about 3.1656 million tons in the first three quarters. The third quarter saw a production increase of 10.01% compared to the previous quarter, while sales decreased by 36.91% [2][6]. - Lithium carbonate production was around 30,900 tons, with sales of approximately 28,300 tons. The company aims for an annual lithium carbonate production target of 40,000 tons, which may be exceeded [2][7]. - The 40,000-ton lithium salt project is progressing steadily, with all preliminary procedures completed and major construction work underway, expected to be completed by the end of 2024 [2][10]. Financial Forecasts - Revenue projections for 2024-2026 are 15.39 billion, 15.40 billion, and 17.15 billion yuan, with year-on-year growth rates of -28.7%, 0.1%, and 11.3% respectively [11][12]. - Net profit forecasts for the same period are 4.987 billion, 5.602 billion, and 6.252 billion yuan, with year-on-year growth rates of -37.0%, 12.3%, and 11.6% respectively [11][12]. - The diluted EPS is projected to be 0.92, 1.03, and 1.15 yuan for 2024, 2025, and 2026, with corresponding P/E ratios of 20, 18, and 16 times [11][12].