中盐化工（600328）：新获大型天然碱资源，规模优势巩固

Investment Rating - The report maintains an "Accumulate" rating for the company [8] Core Views - The company has successfully acquired a large natural soda ash mining right, which will significantly increase its soda ash production capacity and enhance its cost and scale advantages [1][2] - The mining area has abundant water resources and advantageous geographical location, which will support the company's operations [2] - The company will fully consolidate the joint venture with PetroChina, further expanding its soda ash scale advantages and enhancing its core competitiveness in the industry [3] Summary by Sections Acquisition and Resource Advantages - The company, in partnership with PetroChina, won the natural soda ash mining rights in Tongliao City for 6.8 billion RMB, with estimated reserves of 1.447 billion tons of natural soda ash [2] - The mining area benefits from a favorable annual rainfall of 350-450mm and a significant river runoff, providing ample water resources [2] Production Capacity and Cost Efficiency - The company currently has a nominal soda ash production capacity of 3.9 million tons, ranking third in the domestic market [3] - The company is implementing multiple technical upgrades to reduce production costs, which is expected to enhance profitability [4] Financial Forecast and Valuation - The company’s projected net profits for 2025-2027 are 610 million, 780 million, and 1.01 billion RMB, respectively, with corresponding EPS of 0.42, 0.53, and 0.69 RMB [5] - The target price is set at 8.40 RMB, reflecting a 20x PE valuation for 2025, indicating growth potential from the newly acquired natural soda ash resources [5][9]