盐湖股份（000792）：业绩符合预期，钾肥量价齐升，碳酸锂底部复苏，项目投产在即

Investment Rating - The investment rating for the company is "Buy" (maintained) [6] Core Insights - The company's performance meets expectations, with potassium fertilizer prices and volumes rising, and a bottom recovery in lithium carbonate, with projects about to be put into production [1][6] - The third quarter saw a significant increase in domestic potassium fertilizer demand driven by government policies and dietary changes, with average market prices rising by 9.2% [6] - The lithium carbonate market is experiencing a recovery, with a notable increase in demand from the energy storage sector, and the company has commenced trial production of its 40,000-ton lithium carbonate project [6] Financial Data and Profit Forecast - Total revenue forecast for 2025 is 17,808 million yuan, with a year-on-year growth rate of 17.7% [2] - Net profit attributable to the parent company is projected to be 6,123 million yuan in 2025, reflecting a year-on-year growth of 31.3% [2] - Earnings per share are expected to be 1.16 yuan in 2025, with a projected PE ratio of 19 [2] Market Data - The closing price of the company's stock is 21.98 yuan, with a market capitalization of 116,308 million yuan [3] - The company's price-to-book ratio is 3.0, and the one-year high and low stock prices are 24.10 yuan and 14.84 yuan, respectively [3] Production and Sales Data - In the first quarter of 2025, the company is expected to produce approximately 326.62 million tons of potassium chloride, with sales of about 286.09 million tons [6] - For the third quarter of 2025, production and sales of lithium carbonate are projected to be around 1.16 million tons and 1.09 million tons, respectively [6]