进一步提升公司锂盐产能规模 ● 本报记者 刘杨 10月13日晚间，盐湖股份（000792）公告称，公司预计2025年前三季度归属于上市公司股东的净利润为 43.00亿元—47.00亿元，比上年同期增长36.89%—49.62%。其中，第三季度归属于上市公司股东的净利 润为18亿元—22亿元，比上年同期增长93.77%—136.83%。报告期内，氯化钾价格较上年同期上升，带 动盈利增长；碳酸锂市场价格下行，但公司整体业绩仍实现同比增长。 锚定世界一流盐湖产业集群 9月29日，盐湖股份董秘李舜在半年度业绩说明会上表示，2025年，是盐湖股份融入中国五矿体系与中 国盐湖的启航之年，更是承载新使命、书写新辉煌的关键一年。 公司将深度对接控股股东中国盐湖"三步走"发展战略，以前瞻性国际视野，锚定世界一流企业目标，持 续优化盐湖全产业链布局。通过强化资源整合与协同效应，推动产业集中度和核心竞争力双提升，构建 具有全球影响力的盐湖产业集群。 同时，公司将聚焦优质资源项目开发，加速钾、锂等战略性资源产业规模扩张，进一步筑牢可持续发展 根基。依托中国五矿全产业链一体化运营优势，特别是强大的科技创新能力，公司将全面推动盐湖产业 ...

10月13日晚间，盐湖股份公告称，公司预计2025年前三季度归属于上市公司股东的净利润为43.00亿元 —47.00亿元，比上年同期增长36.89%—49.62%。其中，第三季度归属于上市公司股东的净利润为18亿 元—22亿元，比上年同期增长93.77%—136.83%。报告期内，氯化钾价格较上年同期上升，带动盈利增 长；碳酸锂市场价格下行，但公司整体业绩仍实现同比增长。 进一步提升公司锂盐产能规模 在解释业绩变动原因时，盐湖股份表示，报告期内，氯化钾产量约326.62万吨，销量约286.09万吨；碳 酸锂产量约3.16万吨，销量约3.15万吨。氯化钾价格较上年同期有所上升，带动该业务板块盈利增长； 碳酸锂市场价格出现下行调整，但综合来看，公司整体业绩较上年同期实现增长。 ● 本报记者 刘杨 锚定世界一流盐湖产业集群 9月29日，盐湖股份董秘李舜在半年度业绩说明会上表示，2025年，是盐湖股份融入中国五矿体系与中 国盐湖的启航之年，更是承载新使命、书写新辉煌的关键一年。 公司将深度对接控股股东中国盐湖"三步走"发展战略，以前瞻性国际视野，锚定世界一流企业目标，持 续优化盐湖全产业链布局。通过强化资源整合与协同 ...

Investment Rating - The report maintains a "Buy" rating for the company [1] Core Insights - The company aims to build a world-class salt lake industry cluster, focusing on the continuous growth of lithium carbonate sales in 2024 [2][11] - The company's revenue for 2024 was 15.13 billion yuan, a decrease of 29.9% year-on-year, while net profit attributable to shareholders was 4.66 billion yuan, down 41.1% year-on-year [5][7] - The decline in performance is primarily attributed to the falling market prices of potassium chloride and lithium carbonate, with average prices dropping by 16% and 65% respectively [7][10] - Despite the price drop, the company increased its lithium carbonate production by 10.92% year-on-year, achieving a sales volume of 41,600 tons [7][12] Financial Performance Summary - In Q4 2024, the company reported revenue of 4.69 billion yuan, a year-on-year decrease of 19.1% but a quarter-on-quarter increase of 45.9% [6][10] - The gross profit margin for lithium carbonate fell by 21.8 percentage points to 50.7%, while the gross margin for potassium chloride increased by 2.0 percentage points to 53.3% [7][12] - The company plans to optimize its salt lake industry chain and resource integration by 2025, with a focus on expanding production capacity in lithium salts [12][13] Market Outlook - The report projects the company's revenue for 2025 to be 17.42 billion yuan, with net profit expected to reach 5.59 billion yuan, reflecting a recovery in performance [13][40] - The company is actively expanding its lithium salt production capacity, which is anticipated to contribute to sustained revenue growth [13][40] Product Segment Performance - For potassium chloride, the sales volume in 2024 was 4.67 million tons, a decrease of 16.56% year-on-year, while the gross margin was 53.3% [7][17] - The sales volume of lithium carbonate reached 41,600 tons, marking a year-on-year increase of 10.51%, but the revenue from this segment fell by 51.7% due to price declines [7][17] Strategic Initiatives - The company is transitioning its main business towards high-value-added areas, including potassium carbonate and potassium hydroxide processing [12][13] - The integration of high-quality salt lake resources is expected to enhance collaboration among upstream and downstream enterprises, improving control over the industry chain [11][12]