On April 25, Qinghai Salt Lake Industry Co.Ltd(000792) disclosed the annual report of 2021. In 2021, the company achieved an operating revenue of 14.778 billion yuan, a year-on-year increase of 5.44%; The net profit was 4.478 billion yuan, a year-on-year increase of 119.58%.
In 2021, the potash fertilizer industry ushered in a price rise cycle, with an annual increase of 30%. The company is the largest producer of potassium chloride in China. Each production line of potassium fertilizer plant is in full production, and the gross profit margin of potassium chloride sector is further increased by 12.89 percentage points to 68.51%.
In addition, with the substantial growth in the production and sales of new energy vehicles, the demand of lithium battery industry has been strongly driven, the situation of lithium carbonate in short supply has been further exacerbated, and the product price has reached a new high. At present, the company has an annual capacity of 30000 tons of lithium carbonate, which is the largest capacity of extracting lithium from brine in China. In addition, the Byd Company Limited(002594) 3 million tons of battery grade lithium carbonate project in Salt Lake is under pilot test. The brine adsorption + membrane lithium extraction process technology used by the company is its own technology, and the production cost has a comparative advantage over its peers. Under the background of gradually highlighting the capacity advantage and rising volume and price in the downstream market, the gross profit margin of the company’s lithium carbonate business reached 70.03% in 2021, with a year-on-year increase of 57.56%.
According to the data of the annual report, in 2021, the output of potassium chloride of the company was about 5029600 tons, the sales volume was about 4736900 tons, and the operating revenue was 10.811 billion yuan, a year-on-year increase of 3.82%; In the lithium carbonate sector, in 2021, the output was about 22700 tons, the sales volume was about 19200 tons, and the operating revenue was 1.814 billion yuan, a year-on-year increase of 373.59%.
In 2021, the company’s R & D investment increased significantly by 155.52% year-on-year, reaching 188 million yuan.
The company released the first quarterly report of 2022 simultaneously. In the first quarter of this year, the company’s performance continued to maintain a high growth trend: the operating revenue was 7.617 billion yuan, a year-on-year increase of 152.50%; The net profit was 3.497 billion yuan, a year-on-year increase of 340.91%, a record high.
