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研报掘金丨海通证券：盐湖股份23年主要产品销量稳定增长，维持“优于大市”评级

Research Report Nuggets丨Haitong Securities: Salt Lake Co., Ltd.'s sales volume of major products grew steadily in 23 years, maintaining a “superior to the market” rating

Gelonghui Finance ·  Apr 9 05:03

According to the Haitong Securities Research Report, net profit of Salt Lake Shares (000792.SZ) fell 43.15% year on year after deduction in 2023, and sales of major products increased steadily. The company's new 40,000 tons of basic lithium salt integration project is expected to be completed by the end of 2024. At that time, it will inject new impetus into the company's business development and push the company to achieve greater breakthroughs in the field of new energy materials. According to the minutes of the company's investor meeting, in 2024, the company expects to produce 5 million tons of potash fertilizer and 40,000 tons of lithium carbonate to complete production and sales balance. Furthermore, Zhuochuang News expects domestic potassium chloride supply to be tightened, and it is just necessary to start filling up positions at the grassroots level one after another. However, the market's voice favors upstream, and it is expected that the price of potassium chloride will still rise. The bank gave the company 13-15 times PE in 2024, with a corresponding reasonable value range of 17.68-20.40 yuan (corresponding PB is 2.44-2.82 times), maintaining a “superior to market” rating.

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