盐湖股份：钾锂产销量同比增长，盐湖提锂保持成本优势

Investment Rating - The investment rating for the company is "Accumulate-A" with a target price of 22 CNY per share, maintaining the rating [1][6]. Core Views - The company reported a significant decline in revenue and net profit for the first half of 2024, with revenue at 7.237 billion CNY, down 27.31% year-on-year, and net profit at 2.212 billion CNY, down 56.60% year-on-year [1][2]. - The potassium and lithium salt businesses are the main profit contributors, although both experienced a decline in revenue and gross margin [2][3]. - The company maintains a competitive advantage in lithium extraction costs and has seen growth in both potassium and lithium production and sales [3][5]. Financial Performance - For H1 2024, the total revenue from potassium and lithium salt was 5.338 billion CNY and 1.683 billion CNY, respectively, accounting for 73.76% and 23.26% of total revenue [2]. - The gross profit for potassium and lithium salt was 2.857 billion CNY and 1.012 billion CNY, with gross margins of 53.52% and 60.16%, reflecting a year-on-year decline of 19.39 percentage points and 22.86 percentage points, respectively [2]. - The company produced 18,916 tons of lithium carbonate in H1 2024, a year-on-year increase of 34.20%, with sales reaching 20,242 tons, also up 34.94% year-on-year [3]. Future Outlook - The company expects revenues of 15.706 billion CNY, 18.959 billion CNY, and 21.635 billion CNY for 2024, 2025, and 2026, respectively, with net profits projected at 4.760 billion CNY, 6.454 billion CNY, and 7.857 billion CNY [6][8]. - The company plans to increase its lithium carbonate production capacity to 40,000 tons in 2024, further solidifying its leading position in the lithium extraction sector [5][6].