Plate: MSCI China ST-share chemical raw materials institution has a heavy warehouse in Qinghai, and the scarce resources in this plate are pre-earned and pre-increased lithium batteries.

Market performance:

On February 23, the latest news of Salt Lake shares was 34.48 yuan, up 0.73%. The turnover was 6 1.74 million lots, with a total market value of 65.438+0.83468 billion yuan.

Ownership structure:

Salt Lake shares, the company's shareholding structure, the company's total share capital of 5.433 billion shares, circulating share capital of 5.429 billion shares. The corresponding total market value is 65.438+083.468 billion, and the circulating market value is 65.438+083.334 billion.

Financial analysis:

(1) revenue end

Judging from the compound growth of revenue in the past five years, the compound growth of revenue in the past five years is 7.86%, with the lowest revenue in the past five years being 65.438+0.036 billion yuan in 2065.438+06 and the highest revenue being 65.438+0.789 billion yuan in 2065.438+08.

In the past five years, the average total operating income of listed companies with lithium product concept in 2020 was 6.859 billion yuan, up by 19.87 percentage points from 5.722 billion yuan in 20 16.

Lithium Product Concept 202 1, 14 In the year-on-year growth of the company's total operating income in the third quarter, Kodak Manufacturing, Western Mining and Zangge Mining accounted for more than 30%. Juhua, Liuguo Chemical and Xingye are located between 20% and 30%. Citic guoan and Yan 'an Bikang are located between 10%-20%; Salt Lake shares are less than 10%.

(2) Cost.

Roa: 9.43%, gross profit margin 4 1.36%, net profit margin14.34%; Earnings per share is 0.4886 yuan.

In recent five years, the average gross profit margin of listed companies with lithium product concept in 2020 was 22.59%, which was 65,438+06 lower than 34.26% in 2065,438+06.

In the third quarter of 2002/KLOC-0, the gross profit margin of lithium products of eight companies, including Zangge Mining, Salt Lake, Ganfeng Lithium and Tianqi Lithium, accounted for more than 30%. Seven companies, including Keda Manufacturing, Western Mining and xiangtan electrochemical, are located between 20% and 30%; Juhua, Liuguo Chemical and Xingye are located between 10%-20%.

Investment points:

The Chaerhan Salt Lake, where the company is located, has a total area of 5,856 square kilometers and is the largest soluble potassium magnesium salt deposit in China. The lake is rich in natural resources such as potassium, sodium, magnesium, boron, lithium and bromine, with a total reserve of over 60 billion tons.