盐湖股份（000792）：2025全年业绩超预期，现金收购五矿盐湖51%股权：盐湖股份（000792）：

Investment Rating - The report maintains a "Buy" rating for the company, reflecting an expected strong performance relative to the market over the next six months [7]. Core Insights - The company is projected to achieve a net profit attributable to shareholders of 83 billion to 89 billion yuan for the full year of 2025, representing a year-on-year increase of 78% to 91%. The fourth quarter alone is expected to yield a net profit of 38 billion to 44 billion yuan, with significant growth rates [4][7]. - The company plans to acquire a 51% stake in Wenkang Salt Lake from its controlling shareholder for 4.605 billion yuan, which will enhance its control over lithium and potassium resources [4][7]. - The company anticipates producing approximately 4.9 million tons of potassium chloride and 46,500 tons of lithium carbonate in 2025, with prices for both products expected to rise [7]. Financial Data and Profit Forecast - Total revenue for 2025 is estimated at 18.221 billion yuan, with a year-on-year growth rate of 20.4%. The net profit attributable to shareholders is projected at 8.526 billion yuan, reflecting an 82.8% increase [6][8]. - The company’s gross margin is expected to be 48.6% in 2025, with a return on equity (ROE) of 19% [6][8]. - The earnings per share (EPS) for 2025 is forecasted to be 1.61 yuan, with further increases expected in subsequent years [6][8].