苏盐井神（603299）：周期底部业绩承压，盐穴储气利润释放可期

Investment Rating - The investment rating for the company is "Buy" (maintained) [6] Core Views - The company's performance is under pressure at the bottom of the cycle, but profits from salt cavern gas storage are expected to be released [6] - The company has a cost advantage in its salt chemical main business and is entering a new growth phase with the implementation of salt cavern gas storage [9] Summary by Sections Market Performance - The closing price is 10.67 yuan, with a market cap of 8,340.29 million yuan and a circulating market cap of 8,293.23 million yuan [4] Financial Data - For 2025, the company is projected to have revenues of 5,092 million yuan, a decrease of 4.72% year-on-year, and a net profit of 556 million yuan, a decrease of 27.74% year-on-year [8] - The company reported a revenue of 33.6 billion yuan for the first three quarters of 2025, down 17.0% year-on-year, and a net profit of 4.1 billion yuan, down 37.5% year-on-year [9] Profit Forecast and Valuation - The forecasted net profits for 2025-2027 are 5.6 billion yuan, 6.6 billion yuan, and 7.7 billion yuan, with corresponding growth rates of -27.7%, +18.1%, and +17.8% [9] - The current price-to-earnings ratios are projected to be 15.0, 12.7, and 10.8 for 2025, 2026, and 2027 respectively [9] Business Insights - The company has shown resilience in performance despite industry pressures, with a production increase of 6.8% in salt and salt chemical products during the first three quarters of 2025 [9] - The salt cavern gas storage project is expected to start contributing profits in Q4 2025, marking a new growth opportunity for the company [9]