Qinghai Salt Lake Industry (SZ:000792)2024-05-24 01:32Investment Rating - The investment rating for the company is "Buy" (maintained) [6] Core Views - The company's Q1 2024 performance slightly missed expectations, with total revenue of 2.724 billion yuan, down 42.12% year-on-year, and a net profit of 934 million yuan, down 58.03% year-on-year [6] - The potassium fertilizer market is under pressure due to high inventory levels and increased imports, leading to a decline in prices and demand [6] - The lithium carbonate segment shows signs of recovery, with production and sales remaining high, supported by ongoing projects [7] Financial Data and Profit Forecast - Total revenue projections for 2024, 2025, and 2026 are 18.283 billion yuan, 20.420 billion yuan, and 22.128 billion yuan respectively, with year-on-year growth rates of -15.3%, 11.7%, and 8.4% [8] - Net profit forecasts for the same years are 6.394 billion yuan, 7.540 billion yuan, and 8.671 billion yuan, with corresponding year-on-year growth rates of -19.2%, 17.9%, and 15.0% [8] - Earnings per share are projected to be 1.18 yuan, 1.39 yuan, and 1.60 yuan for 2024, 2025, and 2026 respectively [8] - The company's return on equity (ROE) is expected to be 16.7%, 16.4%, and 15.9% for the years 2024, 2025, and 2026 [8] Market Data - As of May 23, 2024, the closing price of the company's stock is 17.37 yuan, with a market capitalization of 94.368 billion yuan [2] - The price-to-earnings (P/E) ratio is projected to be 15, 12, and 11 for the years 2024, 2025, and 2026 respectively [6][8]