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中國心連心化肥(01866.HK)一季度營業收入同比增長1.7% 環比增長2.4%

格隆匯5月16日丨中國心連心化肥(01866.HK)公告,2025年一季度,化肥市場整體呈"先抑後揚"的發展態勢。1-2月份,市場供需錯配,導致煤化工相關產品價格延續去年低迷走勢,本集團尿素、三聚氰胺、DMF等產品價格承壓下行。進入3月份,受春耕需求拉動疊加出口預期增強,尿素價格快速反彈,帶動以尿素爲原料的下遊產品價格明顯回升。

第一季度,集團整體毛利率同比下降4個百分點,但環比上升近3個百分點至14%,整體呈遞增趨勢。另外,隨着農需釋放疊加新增複合肥產能投放,有效帶動本集團核心產品銷量提升,確保營收的穩定增長,一季度集團營業收入58.46億元,同比增長1.7%,環比增長2.4%。歸屬於母公司擁有人的淨利潤1.975億元。基本每股收益16.3分。

與此同時,集團持續強化費用管控,扣除非經常性交易影響後,三費佔比同比下降近1個百分點。尤其是財務費用,同比下降9%。集團充分利用利率下調的窗口期,通過提前歸還及置換高息貸款,有效推動平均貸款利率同比下降0.7個百分點,提升資金運營效率的同時,進一步鞏固利潤修復空間。

由於原料煤炭價格下滑,對尿素價格的支撐轉弱,其售價降幅大於成本降幅,導致集團尿素、車用尿素溶液等產品毛利有所下滑,進而影響整體毛利同比下降23%,扣非後淨利潤同比下滑30%。但隨着化肥供需格局的改善,各產品價格逐漸修復,快速拉昇毛利環比提升26%,帶動扣非淨利潤環比大幅增長89%,集團經營保持穩定向上的發展趨勢。

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