雪天盐业（600929）：拟收购美特新材41%的股权，加快衡碱、钠电材料等项目落地

Investment Rating - The report does not explicitly state the investment rating for Snowsky Salt Industry Group (600929.SH) Core Insights - The company plans to acquire 41% equity of Meite New Materials for approximately 261 million yuan, which will increase its total ownership to 61% and enhance its position in the lithium cobalt production and sodium battery materials sector [1] - The acquisition is aligned with the company's strategy to focus on resource optimization and enhance its competitive edge in the new energy industry [1] - Meite New Materials currently has a production capacity of 7,500 tons for lithium cobalt and is working on sodium battery technology, although it has not yet achieved large-scale production [1] - The company is facing challenges with a significant decline in net profit, with a 90.37% year-on-year decrease in non-recurring net profit for the first three quarters of 2025 [4] - Revenue for the first three quarters of 2025 was 3.244 billion yuan, down 21.99% year-on-year, with various product lines experiencing declines in revenue [4] - The company is focusing on cost reduction, product structure optimization, and accelerating the implementation of projects related to sodium battery materials and other initiatives to foster new growth points [4] Summary by Relevant Sections Recent Developments - The company is set to acquire a 41% stake in Meite New Materials for 261 million yuan, aiming to enhance its control and operational capabilities in the new energy sector [1] Financial Performance - In Q3 2025, the company reported a revenue of 967 million yuan, a decrease of 15.16% year-on-year, and a net profit of -42.46 million yuan, reflecting a 412.60% decline [4] - For the first three quarters of 2025, the company achieved a revenue of 3.244 billion yuan, down 21.99% year-on-year, with a net profit of 48.42 million yuan, a decrease of 87.43% [4] Strategic Initiatives - The company is actively working on the implementation of projects related to sodium battery materials and is committed to enhancing its product offerings and market competitiveness through strategic initiatives [4]