盐湖股份_增长前景加速，或 10 年来首次分红；上调至买入评级

6 February 2026 | 8:59PM HKT Equity Research Qinghai Salt Lake Industry (000792.SZ) Accelerated growth outlook, potential first dividend in 10 years; upgrade to Buy 000792.SZ 12m Price Target: Rmb42.00 Price: Rmb32.40 Upside: 29.6% We revise up recurring earnings for QHL by 66% and 36% for 2026E and 2027E, to incorporate the recent asset injection of Yiliping lithium brine project, higher lithium price as a result of mark-to-market, and higher potash price assumptions. We also see improved clarity on QHL's ...