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Qinghai Salt Lake Industry Co (000792) Fair Value & Analysis

Basic Materials · CN · Market cap 132B CNY

QS Qinghai Salt Lake Industry Co 000792 · SHE
Price¥28.53
Fair Value¥21.26
Upside-25.5%
Quality66/100
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Healthy Growth
Highly profitable · 55.4% net margin
Low debt · generates free cash flow
Ranks above peers (9/14)
Wide moat 82/100
Evidence: Medium Range ¥16.67 – ¥34.85 Share as image

Fair value as of: Jul 17, 2026

From 24 valuation models · updated 21 days ago

Share price +0.6% over the past month.

A solid business, but screening 25% overvalued on our models.

What matters now

  • Solid but not exceptional quality (66/100) and above fair value, neither a clear bargain nor a standout compounder.
  • A fairly wide model range (¥16.67 to ¥34.85) leaves room in how you read the outcome.
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Price vs Fair Value (5 years)

¥43.76 ¥8.86 Fair Value ¥21.26 Feb 2021 Aug 2026

White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Jul 17, 2026.

How to read this chart

60‑month range ¥8.86 – ¥43.76 · fair‑value band ¥16.67 – ¥34.85 · the ¥28.53 price screens above the ¥21.26 fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). Dashed = 300-day average. As of Jul 17, 2026.

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Analysis

Qinghai Salt Lake Industry Co (000792) currently trades at ¥28.53, while our model-based Fair Value estimate is ¥21.26, implying the stock looks roughly 25.5% overvalued today. We read business quality at 66/100 (solid quality), in the Basic Materials sector. Bear case: priced above our estimate, the market already discounts strong expectations. Bull case: above-average quality can justify a premium, the entry price still matters most (evidence: medium).

Over the trailing twelve months, Qinghai Salt Lake Industry Co generated revenue of 18.6B CNY at a net margin of 55.4%. Revenue grew 94.9% year over year. It earns a return on equity of 24.7%. The balance sheet holds a net cash position of 15.3B CNY. Fundamentals as of Jul 17, 2026

Our scenario range runs from ¥16.67 (bear case) to ¥34.85 (bull case); at ¥28.53, the current price sits within that range. Bear and bull are the same models run on conservative and optimistic assumptions (margins, growth, valuation multiples), so a plausible valuation range, not a price target. The share trades about 31% below its 52-week high and 77% above its 52-week low, currently below its 200-day average. For context, the median of 10 Basic Materials peers we cover trades at -13% fair-value upside, at -25%, 000792 screens richer than that median.

Fair Value models

Each model estimates fair value its own way; the Fair Value above is the evidence-weighted blend. Evidence (0–100) measures how completely this model’s inputs are available: well-fed models carry more weight in the blend. The spread across models is intentional, each one stresses a different value driver; dividend models, for instance, come out structurally low when payout is small.

Model BearBaseBull Evidence
Highest evidence
Growth DCF ¥24.79 ¥39.95 ¥65.51 80
Residual Income ¥10.52 ¥13.91 ¥51.88 76
Rev-Margin DCF ¥14.36 ¥19.30 ¥24.91 74
All 24 models by family
DCF Models
FCF DCF ¥24.92 ¥41.35 ¥69.75 38
Owner Earnings ¥23.30 ¥38.44 ¥64.62 31
5Y Revenue Exit ¥14.36 ¥19.19 ¥25.27 39
5Y EBITDA Exit ¥20.09 ¥30.93 ¥44.30 41
5Y P/E Exit ¥25.93 ¥42.92 ¥62.27 38
10Y Revenue Exit ¥17.59 ¥23.33 ¥31.31 36
10Y EBITDA Exit ¥21.55 ¥31.91 ¥47.16 37
10Y P/E Exit ¥25.42 ¥40.68 ¥62.14 35
Earnings-Based
Graham-Dodd ¥10.89 ¥49.68 ¥68.16 54
Lynch FV ¥13.02 ¥18.60 ¥24.17 50
PEG = 1.0 ¥13.02 ¥18.60 ¥24.17 46
EPV ¥15.27 ¥17.10 ¥18.70 59
Multiples
P/E Multiple ¥24.03 ¥32.03 ¥40.04 63
P/S Multiple ¥5.49 ¥7.32 ¥9.15 58
P/B Multiple ¥19.12 ¥25.49 ¥31.86 55
EV/EBIT ¥22.00 ¥27.90 ¥33.81 53
EV/EBITDA ¥18.96 ¥23.85 ¥28.73 54
EV/Revenue ¥9.42 ¥11.62 ¥13.81 43
Asset-Based
NCAV (Graham) ¥4.25 ¥5.69 ¥8.50 50
Growth DCF
Growth DCF ¥24.79 ¥39.95 ¥65.51 80
Rev-Margin DCF ¥14.36 ¥19.30 ¥24.91 74
Economic Profit
Residual Income ¥10.52 ¥13.91 ¥51.88 76
ROIC Compounder ¥16.67 ¥20.65 ¥25.61 72
Growth Earnings
Growth-Adj P/E ¥20.42 ¥29.18 ¥37.93 68

Widest divergence: DCF Models (¥31.91) versus Asset-Based (¥5.69). Highest evidence: Growth DCF (80).

Key figures & financial health

Revenue (TTM) 18.6B CNY
Revenue growth (YoY) +94.9%
Net margin 55.4%
Return on equity 24.7%
Free cash flow 8.5B CNY FY2025
P/E ratio 12.8
More key figures
Operating margin 59.1%
EPS (TTM) ¥1.95
EPS growth (YoY) +155%
Net cash 15.3B CNY FY2024

Figures from reported company fundamentals · as of Jul 17, 2026. TTM = trailing twelve months.

Quality Score breakdown

Overall quality 66/100

Of which business quality 71 · Market factors (momentum, volatility) 49

Profitability 59
Margins and returns on capital today
Quality Growth 50
Are margins and returns improving?
Cashflow 82
Earnings quality: real cash, not paper profit
Fin. Strength 100
Balance sheet, leverage, solvency risk
Investment 34
Disciplined investing over empire-building
Low Volatility 37
Calm price path (market factor)
Momentum 43
Price trend over the last 3–12 months (market factor)
52W Momentum 71
Distance to the 52-week high (market factor)
Net Issuance 82
Buybacks instead of dilution

Non-valuation factor families (profitability, growth, cashflow, financial strength, momentum …), each academically grounded. Valuation itself sits in the Fair Value and is deliberately excluded here to avoid double-counting.

About the company

Qinghai Salt Lake Industry Co.,Ltd, together with its subsidiaries, manufactures and sells potash fertilizers in China and internationally. It operates through four segments: Potassium Products, Lithium Products, Trading, and Other.

Full company description

Qinghai Salt Lake Industry Co.,Ltd, together with its subsidiaries, manufactures and sells potash fertilizers in China and internationally. It operates through four segments: Potassium Products, Lithium Products, Trading, and Other. The company offers chemical raw materials and chemical products; potassium chloride and other potassium products; lithium carbonate; and fertilizers. It also operates hotels and department stores; and provides labor services. Qinghai Salt Lake Industry Co.,Ltd was founded in 1958 and is based in Golmud, China.

Company description, as reported by the company or data provider.

Revenue & earnings trend

FY2021 – FY2025 · reported fiscal years

Qinghai Salt Lake Industry Co reported revenue of ¥15.5B in FY2025 versus ¥14.7B in FY2021, a compound +1.3%/yr. Reported net income was ¥8.5B in FY2025, compounding +17.3%/yr from FY2021.

Growth Quality 72/100
Revenue growth appears healthy and is supported by profitability and cash-flow quality.
Latest Revenue (FY 2025)
15.5B CNY
Latest YoY
+2.4%
Avg. growth/yr (3Y)
−20.4%
Avg. growth/yr (5Y)
+2.1%
Avg. growth/yr (31Y)
+16.1%
Revenue +1.3%/yr
FY21 ¥14.7B
FY22 ¥30.7B
FY23 ¥21.6B
FY24 ¥15.1B
FY25 ¥15.5B
Net income +17.3%/yr
FY21 ¥4.5B
FY22 ¥15.6B
FY23 ¥7.9B
FY24 ¥4.7B
FY25 ¥8.5B

000792 screens 25% overvalued. Compare with Corteva, Inc →

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Cite: Fair Value Calculator (2026). "Qinghai Salt Lake Industry Co Fair Value". https://www.fairvalue-calculator.com/stock/000792

Peer Group

Agricultural Inputs · 178 stocks

How this stock ranks against its industry: the green marker is this stock, the band is the typical 25–75% peer range, and the tick is the median.

Quality Score 66 · Top 25%
Fair Value upside −26% · Below median
Return on equity (TTM) 25% · Top 25%
Return on assets 11% · Top 25%
Net margin (TTM) 55% · Top 25%
Operating margin (TTM) 59% · Top 25%
Revenue growth 95% · Top 25%
Debt / equity 0.01× · Lower than median

Valuation Multiples vs Agricultural Inputs median · lower = cheaper

P/E (TTM) 12.8× · Cheaper than median
P/B 2.93× · Pricier than 75% of peers
P/S (TTM) 7.08× · Pricier than 75% of peers
P/FCF 2.3× · Pricier than median
EV/EBITDA 10.6× · Pricier than median
PEG 0.88× · Cheaper than median

Snowflake

Five quick dimensions, each 0 to 100: VALUE (fair-value potential), FUTURE (revenue growth), PAST (return on equity), HEALTH (low debt), DIVIDEND (yield). Green = this stock, grey = typical sector peer.

VALUE 0 · sector 22
FUTURE 100 · sector 36
PAST 99 · sector 24
HEALTH 99 · sector 97
DIVIDEND 0 · sector 33

VALUE 0: the price sits above our fair-value range.

Values & ESG

Does this company touch areas you may want to avoid? The classification is inferred from sector and industry.

None of the checked exposures detected

ESG scores are not available for this stock yet. Values and ESG data are contextual and can differ between providers.

Similar stocks

10 more Agricultural Inputs stocks, each showing price versus our Fair Value estimate (as of Jul 17, 2026).

Stock Price Fair Value vs Fair Value
Corteva, Inc CTVA $86.07 $27.81 -68%
Nutrien Ltd NTR C$94.23 C$81.69 -13%
CF Industries Holdings CF $119.19 $161.00 +35%
SABIC Agri-Nutrients Company 2020 122.90 SAR 127.31 SAR +4%
Yara International ASA YAR kr 451.30 kr 67.25 -85%
Yunnan Yuntianhua Co 600096 ¥30.17 ¥42.12 +40%
Asia-potash International Investment (Guangzhou)Co.,Ltd., 000893 ¥42.59 ¥38.01 -11%
Coromandel International Limited COROMANDEL ₹2,034 ₹1,129 -44%
UPL Limited UPL ₹594.75 ₹387.06 -35%
PI Industries Limited PIIND ₹2,624 ₹1,345 -49%

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Frequently asked questions

Is Qinghai Salt Lake Industry Co (000792) overvalued or undervalued?
As of Jul 17, 2026, our model estimates a fair value of ¥21.26 versus a price of ¥28.53, about −25% (overvalued).
What is the fair value of 000792?
Our model-based fair value for Qinghai Salt Lake Industry Co is ¥21.26 (as of Jul 17, 2026), built from audited fundamentals. The current price is ¥28.53.
What is the quality score of 000792?
Qinghai Salt Lake Industry Co has a Quality Score of 66/100. It combines two groups: business quality (profitability, growth, cash flow, balance-sheet strength) and market factors (price momentum, distance to the 52-week high, volatility). Both subtotals are shown separately in the detail view.
What is the revenue of Qinghai Salt Lake Industry Co (000792)?
Qinghai Salt Lake Industry Co reported trailing-twelve-month revenue of about 18.6B CNY (latest available figure, as of Jul 17, 2026).
What is the net profit margin of 000792?
The net profit margin of Qinghai Salt Lake Industry Co is about 55.4%, meaning it keeps roughly 55.4% of revenue as net income. Based on the latest reported figures.

How we calculate Fair Value

Each company is valued through a stack of independent intrinsic-value models (DCF variants, residual-income, multiples and more), blended into one family-balanced consensus and weighted by how much trustworthy data backs it. A separate quality layer scores the fundamentals. Every input is real reported data, nothing guessed.

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