Salt Lake Co., Ltd. (000792) accelerates the implementation of the strategy of "stabilizing potassium and expanding lithium"

time:2022-09-29 02:33:20 source:clevelanddrifters.com author:Garbage
Salt Lake Co., Ltd. (000792) accelerates the implementation of the strategy of "stabilizing potassium and expanding lithium"

In the first half of the year, Salt Lake's revenue was 17.304 billion yuan, an increase of 180.81%, and the net profit attributable to the parent was 9.158 billion yuan, an increase of 333.09%, and eps 1.7336 yuan. Among them, the revenue in the second quarter was 9.687 billion yuan, an increase of 207.95%, and the net profit attributable to the parent was 5.661 billion yuan, an increase of 328.4%, and eps1.0708 yuan. Potassium and lithium "full firepower" brought full release of profits. In the first half of the year, the company's performance hit a record high, with a gross profit of 13.485 billion yuan, 53% higher than the full year of 2021. The comprehensive gross profit margin was as high as 77.93%, returning to the best water level in history. . In the half year, the company produced 2.64 million tons of potassium chloride and sold 2.96 million tons, an increase of 5.4% and 12.5% ​​respectively. Not only was the production saturated (annual production plan was 5.7 million tons), but also nearly half of the total inventory was put into play during the spring ploughing period. In the first half of the year, the global potash fertilizer price rose to a ten-year high, and the company's average sales price of potassium chloride followed the market and the large contract price in China ($590/ton CFR by the end of 2022), a year-on-year increase 89% to 4,072 yuan / ton, but it is still a global price depression, and the cost of sales decreased by 2.6% year-on-year to 683 yuan / ton, and the increase in sales volume offset the impact of energy price inflation. In the first half of the year, Lanke Lithium, which is 51.42% controlled, achieved a net profit of 3.68 billion yuan, with an output of 15,300 tons and a sales volume of 15,000 tons, an increase of 80% and 102% respectively, mainly due to the ramping up of new production capacity and the release of inventory; the sales of lithium carbonate in the first half of the year were all The price is 396,000 yuan / ton, a year-on-year increase of 414%. The cost of sales per ton has dropped from 28,200 yuan in 2021 to 25,300 yuan, and the total operating cost per ton has increased from 38,400 yuan to 60,900 yuan. We judge that the main reason is Lanke and Due to the amortization mechanism of costs and expenses between parent companies. Focusing on the second single quarter, the company's revenue and net profit increased by 27% and 62% respectively, both hitting record highs, mainly reflecting the further increase in potassium/lithium production, sales and prices; 2022Q2 potassium chloride production was 1.5 million tons and sales volume was 1.51 million tons. The ring increased by 32% and 4% respectively, and the ex-factory price of 95% potassium chloride was raised from 3,980 yuan/ton to 4,480 yuan/ton in June; the production and sales of lithium carbonate in 2022Q2 was 8,300 tons, with a ring increase of nearly 20%. The market price also rose 11% month-on-month to 446,000 yuan / ton (including VAT). In view of rising global food prices, high supply concentration and long production cycle of potash fertilizers, sanctions in Belarus, extreme weather, soaring energy prices in Europe, poor shipping logistics, and the strong demand for lithium raw materials in the global new energy industry, potassium/lithium prices There is a high probability that it will continue to be at a high level, which constitutes a strong support for the company's performance. In the future, it will be possible to build a green and low-carbon recycling salt lake industrial system and build a high-quality world-class salt lake industrial base. Qinghai Chaerhan Salt Lake is the largest soluble potassium-magnesium salt deposit in China, with reserves of 540 million tons of potassium chloride, 12.042 million tons of lithium chloride and more than 4 billion tons of magnesium chloride. In terms of development ideas: (1) Stabilizing potassium: the potassium chloride plant has a production capacity of 5 million tons, and has formed the largest potash fertilizer production base in China and is also the ballast stone for ensuring food security in China. The company is promoting the optimization of raw brine collection and brine chlorination. Potassium content. (2) Expansion of lithium: Lanke Lithium has built a lithium carbonate production capacity of 1+2 totaling 30,000 tons per year. The new 20,000-ton line will reach the production standard at the end of June, and the daily output will be stable > 100 tons. The main content reaches the battery-level standard and improves. In addition, the company has launched an independent investment and construction of a 40,000-ton basic lithium salt project with a total investment of 7.08 billion yuan. After the completion and commissioning in 2024, the company will hold lithium salt. The total production capacity will reach 70,000 tons/year. (3) Break through magnesium, develop sodium, and develop scattered elements. We believe that the logic of "strategic reassessment of China's local high-quality lithium resources" will be deepened, and it will be more urgent to ensure food security. The company's assets are uniquely scarce. We expect the company's eps in 2022-2024 to be 3.18, 3.19, and 3.05 yuan respectively, and maintain the "overweight" rating.

(Responsible editor:Individual stock recommendation)