Reported Earnings • Apr 30
First quarter 2026 earnings released: EPS: CN¥0.57 (vs CN¥0.22 in 1Q 2025) First quarter 2026 results: EPS: CN¥0.57 (up from CN¥0.22 in 1Q 2025). Revenue: CN¥6.43b (up 106% from 1Q 2025). Net income: CN¥3.03b (up 165% from 1Q 2025). Profit margin: 47% (up from 37% in 1Q 2025). The increase in margin was driven by higher revenue. Revenue is forecast to grow 17% p.a. on average during the next 3 years, compared to a 15% growth forecast for the Chemicals industry in China. Over the last 3 years on average, earnings per share has fallen by 18% per year but the company’s share price has increased by 25% per year, which means it is well ahead of earnings. Announcement • Apr 30
Qinghai Salt Lake Industry Co.,Ltd, Annual General Meeting, May 22, 2026 Qinghai Salt Lake Industry Co.,Ltd, Annual General Meeting, May 22, 2026, at 14:30 China Standard Time. Location: 21F, No. 19, Shengli Road, Xining, Qinghai China Announcement • Mar 31
Qinghai Salt Lake Industry Co.,Ltd to Report Q1, 2026 Results on Apr 30, 2026 Qinghai Salt Lake Industry Co.,Ltd announced that they will report Q1, 2026 results on Apr 30, 2026 Reported Earnings • Mar 31
Full year 2025 earnings: EPS exceeds analyst expectations while revenues lag behind Full year 2025 results: EPS: CN¥1.60 (up from CN¥0.88 in FY 2024). Revenue: CN¥15.5b (up 2.4% from FY 2024). Net income: CN¥8.48b (up 82% from FY 2024). Profit margin: 55% (up from 31% in FY 2024). The increase in margin was primarily driven by lower expenses. Revenue missed analyst estimates by 6.9%. Earnings per share (EPS) exceeded analyst estimates by 4.5%. Revenue is forecast to grow 29% p.a. on average during the next 2 years, compared to a 17% growth forecast for the Chemicals industry in China. Over the last 3 years on average, earnings per share has fallen by 35% per year but the company’s share price has increased by 19% per year, which means it is well ahead of earnings. Buy Or Sell Opportunity • Mar 19
Now 22% undervalued Over the last 90 days, the stock has risen 25% to CN¥33.75. The fair value is estimated to be CN¥43.54, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has declined by 25% over the last 3 years. Earnings per share has declined by 44%. Revenue is forecast to grow by 93% in 2 years. Earnings are forecast to grow by 128% in the next 2 years. Major Estimate Revision • Mar 04
Consensus EPS estimates increase by 16% The consensus outlook for fiscal year 2025 has been updated. 2025 EPS estimate increased from CN¥1.31 to CN¥1.52. Revenue forecast steady at CN¥16.8b. Net income forecast to grow 49% next year vs 43% growth forecast for Chemicals industry in China. Consensus price target up from CN¥35.50 to CN¥39.62. Share price was steady at CN¥36.23 over the past week. Valuation Update With 7 Day Price Move • Feb 26
Investor sentiment improves as stock rises 16% After last week's 16% share price gain to CN¥39.01, the stock trades at a forward P/E ratio of 26x. Average forward P/E is 27x in the Chemicals industry in China. Total returns to shareholders of 58% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at CN¥24.71 per share. Price Target Changed • Jan 13
Price target increased by 11% to CN¥28.42 Up from CN¥25.65, the current price target is an average from 5 analysts. New target price is 16% below last closing price of CN¥33.80. Stock is up 105% over the past year. The company is forecast to post earnings per share of CN¥1.30 for next year compared to CN¥0.88 last year. Valuation Update With 7 Day Price Move • Jan 06
Investor sentiment improves as stock rises 17% After last week's 17% share price gain to CN¥32.37, the stock trades at a forward P/E ratio of 24x. Average forward P/E is 24x in the Chemicals industry in China. Total returns to shareholders of 40% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at CN¥24.50 per share. New Risk • Jan 05
New minor risk - Share price stability The company's share price has been volatile over the past 3 months. It is more volatile than 75% of Chinese stocks, typically moving 7.3% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. This is currently the only risk that has been identified for the company. Buy Or Sell Opportunity • Jan 05
Now 26% overvalued after recent price rise Over the last 90 days, the stock has risen 49% to CN¥30.98. The fair value is estimated to be CN¥24.55, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has declined by 25% over the last 3 years. Earnings per share has declined by 44%. Revenue is forecast to grow by 33% in 2 years. Earnings are forecast to grow by 22% in the next 2 years. Announcement • Dec 31
Qinghai Salt Lake Industry Co.,Ltd to Report Fiscal Year 2025 Results on Mar 31, 2026 Qinghai Salt Lake Industry Co.,Ltd announced that they will report fiscal year 2025 results on Mar 31, 2026 Price Target Changed • Dec 18
Price target increased by 8.0% to CN¥25.65 Up from CN¥23.76, the current price target is an average from 6 analysts. New target price is approximately in line with last closing price of CN¥26.46. Stock is up 57% over the past year. The company is forecast to post earnings per share of CN¥1.23 for next year compared to CN¥0.88 last year. Price Target Changed • Nov 12
Price target increased by 8.5% to CN¥23.45 Up from CN¥21.60, the current price target is an average from 6 analysts. New target price is 5.9% below last closing price of CN¥24.91. Stock is up 24% over the past year. The company is forecast to post earnings per share of CN¥1.22 for next year compared to CN¥0.88 last year. Buy Or Sell Opportunity • Oct 29
Now 25% overvalued after recent price rise Over the last 90 days, the stock has risen 39% to CN¥25.01. The fair value is estimated to be CN¥20.02, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has declined by 25% over the last 3 years. Earnings per share has declined by 44%. Revenue is forecast to grow by 26% in 2 years. Earnings are forecast to grow by 16% in the next 2 years. Reported Earnings • Oct 25
Third quarter 2025 earnings released: EPS: CN¥0.38 (vs CN¥0.18 in 3Q 2024) Third quarter 2025 results: EPS: CN¥0.38 (up from CN¥0.18 in 3Q 2024). Revenue: CN¥4.33b (up 35% from 3Q 2024). Net income: CN¥1.99b (up 114% from 3Q 2024). Profit margin: 46% (up from 29% in 3Q 2024). The increase in margin was driven by higher revenue. Revenue is forecast to grow 10% p.a. on average during the next 3 years, compared to a 15% growth forecast for the Chemicals industry in China. Over the last 3 years on average, earnings per share has fallen by 44% per year but the company’s share price has increased by 2% per year, which means it is well ahead of earnings. Announcement • Sep 30
Qinghai Salt Lake Industry Co.,Ltd to Report Q3, 2025 Results on Oct 25, 2025 Qinghai Salt Lake Industry Co.,Ltd announced that they will report Q3, 2025 results on Oct 25, 2025 Price Target Changed • Sep 03
Price target increased by 11% to CN¥20.82 Up from CN¥18.84, the current price target is an average from 7 analysts. New target price is 6.9% above last closing price of CN¥19.47. Stock is up 32% over the past year. The company is forecast to post earnings per share of CN¥1.10 for next year compared to CN¥0.88 last year. Reported Earnings • Aug 31
Second quarter 2025 earnings: Revenues exceed analysts expectations while EPS lags behind Second quarter 2025 results: EPS: CN¥0.26 (up from CN¥0.24 in 2Q 2024). Revenue: CN¥3.66b (down 19% from 2Q 2024). Net income: CN¥1.37b (up 7.2% from 2Q 2024). Profit margin: 37% (up from 28% in 2Q 2024). The increase in margin was driven by lower expenses. Revenue exceeded analyst estimates by 4.2%. Earnings per share (EPS) missed analyst estimates by 21%. Revenue is forecast to grow 13% p.a. on average during the next 3 years, compared to a 14% growth forecast for the Chemicals industry in China. Over the last 3 years on average, earnings per share has fallen by 43% per year but the company’s share price has only fallen by 9% per year, which means it has not declined as severely as earnings. Announcement • Jul 02
Qinghai Salt Lake Industry Co.,Ltd to Report First Half, 2025 Results on Aug 30, 2025 Qinghai Salt Lake Industry Co.,Ltd announced that they will report first half, 2025 results on Aug 30, 2025 Major Estimate Revision • May 15
Consensus EPS estimates increase by 11% The consensus outlook for fiscal year 2025 has been updated. 2025 EPS estimate increased from CN¥0.98 to CN¥1.09. Revenue forecast unchanged at CN¥16.1b. Net income forecast to grow 22% next year vs 42% growth forecast for Chemicals industry in China. Consensus price target of CN¥18.32 unchanged from last update. Share price was steady at CN¥16.00 over the past week. Announcement • Mar 31
Qinghai Salt Lake Industry Co.,Ltd to Report Q1, 2025 Results on Apr 24, 2025 Qinghai Salt Lake Industry Co.,Ltd announced that they will report Q1, 2025 results on Apr 24, 2025 Reported Earnings • Mar 30
Full year 2024 earnings: EPS and revenues miss analyst expectations Full year 2024 results: EPS: CN¥0.88 (down from CN¥1.49 in FY 2023). Revenue: CN¥15.1b (down 30% from FY 2023). Net income: CN¥4.66b (down 41% from FY 2023). Profit margin: 31% (down from 37% in FY 2023). The decrease in margin was driven by lower revenue. Revenue missed analyst estimates by 2.7%. Earnings per share (EPS) also missed analyst estimates by 5.2%. Revenue is forecast to grow 12% p.a. on average during the next 2 years, compared to a 16% growth forecast for the Chemicals industry in China. Over the last 3 years on average, earnings per share has fallen by 21% per year whereas the company’s share price has fallen by 18% per year. Announcement • Mar 29
Qinghai Salt Lake Industry Co.,Ltd, Annual General Meeting, Apr 23, 2025 Qinghai Salt Lake Industry Co.,Ltd, Annual General Meeting, Apr 23, 2025, at 14:30 China Standard Time. Location: 5F, No. 45, Changjiang Road, Chengzhong District, Xining, Qinghai China Announcement • Dec 31
Qinghai Salt Lake Industry Co.,Ltd to Report Fiscal Year 2024 Results on Mar 29, 2025 Qinghai Salt Lake Industry Co.,Ltd announced that they will report fiscal year 2024 results on Mar 29, 2025 Price Target Changed • Nov 09
Price target decreased by 7.2% to CN¥16.86 Down from CN¥18.16, the current price target is an average from 5 analysts. New target price is 13% below last closing price of CN¥19.37. Stock is up 15% over the past year. The company is forecast to post earnings per share of CN¥0.94 for next year compared to CN¥1.49 last year. Reported Earnings • Oct 29
Third quarter 2024 earnings released: EPS: CN¥0.18 (vs CN¥0.095 in 3Q 2023) Third quarter 2024 results: EPS: CN¥0.18 (up from CN¥0.095 in 3Q 2023). Revenue: CN¥3.21b (down 45% from 3Q 2023). Net income: CN¥928.9m (up 85% from 3Q 2023). Profit margin: 29% (up from 8.6% in 3Q 2023). The increase in margin was driven by lower expenses. Revenue is forecast to grow 8.2% p.a. on average during the next 3 years, compared to a 15% growth forecast for the Chemicals industry in China. Over the last 3 years on average, earnings per share has fallen by 5% per year but the company’s share price has fallen by 14% per year, which means it is performing significantly worse than earnings. Announcement • Sep 30
Qinghai Salt Lake Industry Co.,Ltd to Report Q3, 2024 Results on Oct 29, 2024 Qinghai Salt Lake Industry Co.,Ltd announced that they will report Q3, 2024 results on Oct 29, 2024 Valuation Update With 7 Day Price Move • Sep 27
Investor sentiment improves as stock rises 19% After last week's 19% share price gain to CN¥17.22, the stock trades at a forward P/E ratio of 15x. Average forward P/E is 16x in the Chemicals industry in China. Total loss to shareholders of 42% over the past three years. Reported Earnings • Aug 31
Second quarter 2024 earnings released: EPS: CN¥0.24 (vs CN¥0.53 in 2Q 2023) Second quarter 2024 results: EPS: CN¥0.24 (down from CN¥0.53 in 2Q 2023). Revenue: CN¥4.51b (down 14% from 2Q 2023). Net income: CN¥1.28b (down 56% from 2Q 2023). Profit margin: 28% (down from 55% in 2Q 2023). The decrease in margin was primarily driven by higher expenses. Revenue is forecast to grow 5.3% p.a. on average during the next 3 years, compared to a 15% growth forecast for the Chemicals industry in China. Over the last 3 years on average, earnings per share has increased by 10% per year but the company’s share price has fallen by 28% per year, which means it is significantly lagging earnings. Price Target Changed • Jul 20
Price target decreased by 8.3% to CN¥18.16 Down from CN¥19.80, the current price target is an average from 5 analysts. New target price is 12% above last closing price of CN¥16.25. Stock is down 17% over the past year. The company is forecast to post earnings per share of CN¥1.22 for next year compared to CN¥1.49 last year. Announcement • Jun 29
Qinghai Salt Lake Industry Co.,Ltd to Report First Half, 2024 Results on Aug 30, 2024 Qinghai Salt Lake Industry Co.,Ltd announced that they will report first half, 2024 results on Aug 30, 2024 Major Estimate Revision • Jun 28
Consensus revenue estimates fall by 18% The consensus outlook for revenues in fiscal year 2024 has deteriorated. 2024 revenue forecast decreased from CN¥20.3b to CN¥16.6b. EPS estimate fell from CN¥1.33 to CN¥1.26 per share. Net income forecast to grow 1.4% next year vs 47% growth forecast for Chemicals industry in China. Consensus price target broadly unchanged at CN¥19.97. Share price was steady at CN¥17.45 over the past week. Major Estimate Revision • Jun 25
Consensus EPS estimates fall by 13% The consensus outlook for fiscal year 2024 has been updated. 2024 EPS estimate fell from CN¥1.33 to CN¥1.16. Revenue forecast unchanged from CN¥20.3b at last update. Net income forecast to grow 11% next year vs 48% growth forecast for Chemicals industry in China. Consensus price target of CN¥19.80 unchanged from last update. Share price was steady at CN¥16.79 over the past week. Reported Earnings • Apr 30
First quarter 2024 earnings released: EPS: CN¥0.18 (vs CN¥0.42 in 1Q 2023) First quarter 2024 results: EPS: CN¥0.18 (down from CN¥0.42 in 1Q 2023). Revenue: CN¥2.72b (down 42% from 1Q 2023). Net income: CN¥934.1m (down 58% from 1Q 2023). Profit margin: 34% (down from 47% in 1Q 2023). The decrease in margin was driven by lower revenue. Revenue is forecast to grow 2.8% p.a. on average during the next 3 years, compared to a 16% growth forecast for the Chemicals industry in China. Announcement • Apr 17
Qinghai Salt Lake Industry Co.,Ltd, Annual General Meeting, May 07, 2024 Qinghai Salt Lake Industry Co.,Ltd, Annual General Meeting, May 07, 2024, at 14:30 China Standard Time. Location: 16F, No. 28, Huanghe Road, Golmud, Qinghai China Major Estimate Revision • Apr 05
Consensus revenue estimates fall by 18% The consensus outlook for revenues in fiscal year 2024 has deteriorated. 2024 revenue forecast decreased from CN¥21.1b to CN¥17.3b. EPS estimate fell from CN¥1.78 to CN¥1.43 per share. Net income forecast to shrink 2.1% next year vs 46% growth forecast for Chemicals industry in China . Consensus price target down from CN¥20.23 to CN¥19.76. Share price rose 5.0% to CN¥16.85 over the past week. Reported Earnings • Mar 31
Full year 2023 earnings: EPS and revenues miss analyst expectations Full year 2023 results: EPS: CN¥1.49 (down from CN¥2.94 in FY 2022). Revenue: CN¥21.6b (down 30% from FY 2022). Net income: CN¥7.91b (down 49% from FY 2022). Profit margin: 37% (down from 51% in FY 2022). The decrease in margin was driven by lower revenue. Revenue missed analyst estimates by 2.7%. Earnings per share (EPS) also missed analyst estimates by 6.5%. Revenue is forecast to grow 3.8% p.a. on average during the next 2 years, compared to a 17% growth forecast for the Chemicals industry in China. Announcement • Mar 30
Qinghai Salt Lake Industry Co.,Ltd to Report Q1, 2024 Results on Apr 30, 2024 Qinghai Salt Lake Industry Co.,Ltd announced that they will report Q1, 2024 results on Apr 30, 2024 Announcement • Dec 30
Qinghai Salt Lake Industry Co.,Ltd to Report Fiscal Year 2023 Results on Mar 30, 2024 Qinghai Salt Lake Industry Co.,Ltd announced that they will report fiscal year 2023 results on Mar 30, 2024 Price Target Changed • Nov 28
Price target decreased by 9.0% to CN¥20.73 Down from CN¥22.77, the current price target is an average from 6 analysts. New target price is 29% above last closing price of CN¥16.07. Stock is down 35% over the past year. The company is forecast to post earnings per share of CN¥1.80 for next year compared to CN¥2.94 last year. Announcement • Nov 21
Qinghai Salt Lake Industry Co.,Ltd Announces Executive Appointments Qinghai Salt Lake Industry Co.,Ltd announced that at its Extraordinary General Meeting of 2023 on 17 November 2023, elected Feng Peng as non-independent director and Chen Minyu was elected as supervisor. Price Target Changed • Nov 13
Price target decreased by 11% to CN¥21.58 Down from CN¥24.20, the current price target is an average from 7 analysts. New target price is 28% above last closing price of CN¥16.84. Stock is down 33% over the past year. The company is forecast to post earnings per share of CN¥1.85 for next year compared to CN¥2.94 last year. Reported Earnings • Nov 01
Third quarter 2023 earnings released: EPS: CN¥0.095 (vs CN¥0.53 in 3Q 2022) Third quarter 2023 results: EPS: CN¥0.095 (down from CN¥0.53 in 3Q 2022). Revenue: CN¥5.83b (down 6.5% from 3Q 2022). Net income: CN¥502.2m (down 83% from 3Q 2022). Profit margin: 8.6% (down from 47% in 3Q 2022). The decrease in margin was primarily driven by higher expenses. Revenue is forecast to grow 7.2% p.a. on average during the next 3 years, compared to a 19% growth forecast for the Chemicals industry in China. Reported Earnings • Aug 30
Second quarter 2023 earnings: EPS exceeds analyst expectations while revenues lag behind Second quarter 2023 results: EPS: CN¥0.53 (down from CN¥1.07 in 2Q 2022). Revenue: CN¥5.25b (down 46% from 2Q 2022). Net income: CN¥2.87b (down 49% from 2Q 2022). Profit margin: 55% (down from 58% in 2Q 2022). The decrease in margin was driven by lower revenue. Revenue missed analyst estimates by 10.0%. Earnings per share (EPS) exceeded analyst estimates. Revenue is forecast to grow 8.4% p.a. on average during the next 3 years, compared to a 18% growth forecast for the Chemicals industry in China. Price Target Changed • Jul 10
Price target decreased by 11% to CN¥24.89 Down from CN¥28.11, the current price target is an average from 8 analysts. New target price is 30% above last closing price of CN¥19.20. Stock is down 39% over the past year. The company is forecast to post earnings per share of CN¥2.12 for next year compared to CN¥2.94 last year. Major Estimate Revision • Apr 04
Consensus EPS estimates fall by 15% The consensus outlook for earnings per share (EPS) in fiscal year 2023 has deteriorated. 2023 revenue forecast decreased from CN¥32.6b to CN¥30.1b. EPS estimate also fell from CN¥3.28 per share to CN¥2.80 per share. Net income forecast to shrink 23% next year vs 38% growth forecast for Chemicals industry in China . Consensus price target down from CN¥32.50 to CN¥31.36. Share price was steady at CN¥22.23 over the past week. Reported Earnings • Mar 14
Full year 2022 earnings released Full year 2022 results: Revenue: CN¥30.7b (up 108% from FY 2021). Net income: CN¥15.6b (up 249% from FY 2021). Profit margin: 51% (up from 30% in FY 2021). The increase in margin was driven by higher revenue. Revenue is forecast to grow 1.4% p.a. on average during the next 2 years, compared to a 19% growth forecast for the Chemicals industry in China. Announcement • Jan 14
Qinghai Salt Lake Industry Co.,Ltd (SZSE:000792) agreed to acquire additional 12.4328% stake in Shanxi Wentong Saltbridge Mixed Fertilizer Co., Ltd. from Beijing Zhongji Tianbo Venture Capital Co., Ltd. for CNY 95.9 million. Qinghai Salt Lake Industry Co.,Ltd (SZSE:000792) agreed to acquire additional 12.4328% stake in Shanxi Wentong Saltbridge Mixed Fertilizer Co., Ltd. from Beijing Zhongji Tianbo Venture Capital Co., Ltd. for CNY 95.9 million on January 11, 2023. Prior to this transaction, Shanxi Wentong Saltbridge was held 43.7836% by Qinghai Salt Lake Industry and Qinghai Salt Lake Sanyuan each and 12.4328% by Beijing Zhongji Tianbo and post-closing, Qinghai Salt Lake Industry’s stake will increase to 56.2164% and Beijing Zhongji Tianbo will no longer hold any stake in it. Shanxi Wentong Saltbridge had total assets and owner’s equity of CNY 80.32 million and CNY 79.31 million as of September 30, 2022. The transaction has been approved by the Board of Qinghai Salt Lake Industry. Board Change • Nov 16
High number of new and inexperienced directors There are 12 new directors who have joined the board in the last 3 years. The company's board is composed of: 12 new directors. No experienced directors. No highly experienced directors. Chairman Hongwei Yuan is the most experienced director on the board, commencing their role in 2021. The following issues are considered to be risks according to the Simply Wall St Risk Model: Lack of board continuity. Lack of experienced directors. Valuation Update With 7 Day Price Move • Nov 04
Investor sentiment improved over the past week After last week's 18% share price gain to CN¥25.83, the stock trades at a forward P/E ratio of 9x. Average forward P/E is 14x in the Chemicals industry in China. Total returns to shareholders of 195% over the past three years. Price Target Changed • Oct 30
Price target decreased to CN¥34.50 Down from CN¥37.77, the current price target is an average from 5 analysts. New target price is 58% above last closing price of CN¥21.85. Stock is down 25% over the past year. The company is forecast to post earnings per share of CN¥3.09 for next year compared to CN¥0.85 last year. Reported Earnings • Oct 28
Third quarter 2022 earnings released: EPS: CN¥0.53 (vs CN¥0.30 in 3Q 2021) Third quarter 2022 results: EPS: CN¥0.53 (up from CN¥0.30 in 3Q 2021). Revenue: CN¥6.24b (up 35% from 3Q 2021). Net income: CN¥2.92b (up 83% from 3Q 2021). Profit margin: 47% (up from 35% in 3Q 2021). The increase in margin was driven by higher revenue. Revenue is expected to decline by 1.1% p.a. on average during the next 3 years, while revenues in the Chemicals industry in China are expected to grow by 18%. Over the last 3 years on average, earnings per share has increased by 106% per year but the company’s share price has only increased by 37% per year, which means it is significantly lagging earnings growth. Announcement • Sep 30
Qinghai Salt Lake Industry Co.,Ltd (SZSE:000792) announces an Equity Buyback for CNY 1,500 million worth of its shares. Qinghai Salt Lake Industry Co.,Ltd (SZSE:000792) announces a share repurchase program. Under the program, the company will repurchase up to CNY 1,500 million worth of its shares. The plan will be valid for 12 months. Reported Earnings • Aug 26
Second quarter 2022 earnings released: EPS: CN¥1.07 (vs CN¥0.24 in 2Q 2021) Second quarter 2022 results: EPS: CN¥1.07 (up from CN¥0.24 in 2Q 2021). Revenue: CN¥9.69b (up 208% from 2Q 2021). Net income: CN¥5.66b (up 328% from 2Q 2021). Profit margin: 58% (up from 42% in 2Q 2021). The increase in margin was driven by higher revenue. Over the next year, revenue is forecast to grow 30%, compared to a 42% growth forecast for the Chemicals industry in China. Over the last 3 years on average, earnings per share has increased by 82% per year but the company’s share price has only increased by 60% per year, which means it is significantly lagging earnings growth. Major Estimate Revision • Aug 19
Consensus revenue estimates increase by 15% The consensus outlook for revenues in 2022 has improved. 2022 revenue forecast increased from CN¥31.0b to CN¥35.7b. EPS estimate increased from CN¥2.38 to CN¥2.99 per share. Net income forecast to grow 111% next year vs 40% growth forecast for Chemicals industry in China. Consensus price target down from CN¥37.77 to CN¥36.10. Share price fell 2.8% to CN¥28.15 over the past week. Major Estimate Revision • May 31
Consensus revenue estimates increase by 11% The consensus outlook for revenues in 2022 has improved. 2022 revenue forecast increased from CN¥26.1b to CN¥29.0b. EPS estimate increased from CN¥1.85 to CN¥2.13 per share. Net income forecast to grow 61% next year vs 40% growth forecast for Chemicals industry in China. Consensus price target of CN¥40.02 unchanged from last update. Share price rose 3.3% to CN¥31.53 over the past week. Announcement • May 28
Qinghai Salt Lake Industry Co.,Ltd, Annual General Meeting, Jun 17, 2022 Qinghai Salt Lake Industry Co.,Ltd, Annual General Meeting, Jun 17, 2022, at 14:30 China Standard Time. Agenda: To consider 2021 annual report and its summary; to 2021 report of the board of directors; to 2021 work report of the supervisory committee; to 2022 annual remuneration for directors and the management team; to 2021 annual accounts and 2022 budget report; to 2021 profit distribution plan; to Amendments to the Company's articles of association; to Amendments to the Company's rules of procedure governing shareholders' general meetings; to Amendments to the Company's rules of procedure governing meetings of the supervisory committee; to Purchase of liability insurance for directors, supervisors and senior management; to Connected transaction regarding purchase of wealth management products with proprietary funds; and to consider other matter. Reported Earnings • Apr 27
First quarter 2022 earnings: EPS exceeds analyst expectations while revenues lag behind First quarter 2022 results: EPS: CN¥0.66 (up from CN¥0.15 in 1Q 2021). Revenue: CN¥7.62b (up 153% from 1Q 2021). Net income: CN¥3.50b (up 341% from 1Q 2021). Profit margin: 46% (up from 26% in 1Q 2021). The increase in margin was driven by higher revenue. Revenue missed analyst estimates by 8.5%. Earnings per share (EPS) exceeded analyst estimates by 6,528%. Over the next year, revenue is forecast to grow 12%, compared to a 43% growth forecast for the industry in China. Over the last 3 years on average, earnings per share has increased by 57% per year whereas the company’s share price has increased by 58% per year. Reported Earnings • Mar 14
Full year 2021 earnings: EPS and revenues miss analyst expectations Full year 2021 results: EPS: CN¥0.81 (up from CN¥0.61 in FY 2020). Revenue: CN¥14.5b (up 3.2% from FY 2020). Net income: CN¥4.27b (up 68% from FY 2020). Profit margin: 30% (up from 18% in FY 2020). The increase in margin was primarily driven by lower expenses. Revenue missed analyst estimates by 10%. Earnings per share (EPS) also missed analyst estimates by 100%. Over the next year, revenue is forecast to grow 45%, compared to a 46% growth forecast for the industry in China. Over the last 3 years on average, earnings per share has increased by 32% per year but the company’s share price has increased by 59% per year, which means it is tracking significantly ahead of earnings growth. Valuation Update With 7 Day Price Move • Dec 31
Investor sentiment improved over the past week After last week's 16% share price gain to CN¥35.39, the stock trades at a forward P/E ratio of 29x. Average forward P/E is 21x in the Chemicals industry in China. Total returns to shareholders of 420% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at CN¥55.49 per share. Valuation Update With 7 Day Price Move • Dec 14
Investor sentiment improved over the past week After last week's 23% share price gain to CN¥33.55, the stock trades at a forward P/E ratio of 29x. Average forward P/E is 20x in the Chemicals industry in China. Total returns to shareholders of 321% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at CN¥18.23 per share. Valuation Update With 7 Day Price Move • Nov 22
Investor sentiment improved over the past week After last week's 16% share price gain to CN¥29.00, the stock trades at a forward P/E ratio of 25x. Average forward P/E is 20x in the Chemicals industry in China. Total returns to shareholders of 231% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at CN¥17.95 per share. Reported Earnings • Oct 29
Third quarter 2021 earnings released: EPS CN¥0.30 (vs CN¥0.18 in 3Q 2020) The company reported a decent third quarter result with improved earnings and profit margins, although revenues were weaker. Third quarter 2021 results: Revenue: CN¥4.64b (down 27% from 3Q 2020). Net income: CN¥1.60b (up 118% from 3Q 2020). Profit margin: 35% (up from 12% in 3Q 2020). The increase in margin was driven by lower expenses. Over the last 3 years on average, earnings per share has increased by 9% per year but the company’s share price has increased by 54% per year, which means it is tracking significantly ahead of earnings growth. Valuation Update With 7 Day Price Move • Sep 29
Investor sentiment deteriorated over the past week After last week's 15% share price decline to CN¥28.29, the stock trades at a forward P/E ratio of 26x. Average forward P/E is 20x in the Chemicals industry in China. Total returns to shareholders of 212% over the past three years. Reported Earnings • Aug 30
Second quarter 2021 earnings released: EPS CN¥0.24 (vs CN¥0.22 in 2Q 2020) The company reported a decent second quarter result with improved earnings and profit margins, although revenues were weaker. Second quarter 2021 results: Revenue: CN¥3.15b (down 47% from 2Q 2020). Net income: CN¥1.32b (up 119% from 2Q 2020). Profit margin: 42% (up from 10% in 2Q 2020). The increase in margin was driven by lower expenses. Over the last 3 years on average, earnings per share has fallen by 15% per year but the company’s share price has increased by 67% per year, which means it is well ahead of earnings.