Qinghai Salt Lake Industry (SZ:000792) 光大证券研究·2026-01-04 11:33Core Viewpoint - The company plans to acquire a 51% stake in Wenkang Salt Lake Co., Ltd. from its controlling shareholder, China Salt Lake Industrial Group, for approximately 4.605 billion yuan, which will resolve industry competition issues and support the development of a world-class salt lake industry base [4][5]. Group 1 - The acquisition aims to address the competition between the listed company and its controlling shareholder, while also facilitating the construction of a world-class salt lake industry base [5]. - Wenkang Salt Lake primarily engages in the development of lithium and potassium resources from the Yiliping Salt Lake, with lithium chloride reserves of 1.6459 million tons and potassium chloride reserves of 14.6311 million tons as of the end of 2024 [5]. - Wenkang Salt Lake has established production capacities of 15,000 tons/year for lithium carbonate, 2,000 tons/year for lithium phosphate, 1,000 tons/year for lithium hydroxide, and 300,000 tons/year for potassium fertilizer [5]. Group 2 - The company currently has a potassium fertilizer production capacity of 5 million tons/year, ranking fourth globally, and plans to increase lithium carbonate capacity to 80,000 tons/year by September 2025 [7]. - Following the formal consolidation of Wenkang Salt Lake, the company's potassium fertilizer and lithium carbonate production capacities are expected to increase by 6% and 18.8%, respectively, enhancing its influence in the salt lake resource development sector [7]. - Wenkang Salt Lake's advanced lithium extraction technologies are expected to be integrated with the company's existing production systems, optimizing cost structures through technological synergies [6][7].