研報掘金丨申萬宏源研究:亞鉀國際業績超預期,維持“增持”評級
申萬宏源研究指出,亞鉀國際(000893.SZ)2024年歸屬於母公司股東的淨利潤9.50億元(YoY -23.05%),2025年第一季度歸屬於母公司股東的淨利潤3.84億元(YoY +373.53%,QoQ -11.07%),業績超預期。2024年鉀肥產量再創新高,景氣觸底回暖,疊加老撾稅收優惠政策落地,Q4業績量價齊升。25Q1海外供給擾動,國內需求回暖,鉀肥景氣快速提升。後續來看,公司有望實現500萬噸/年鉀肥產銷規模,並將根據市場需求進一步擴建至700-1000萬噸/年體量,成長邏輯清晰。由於海外鉀肥供給擾動,全球鉀肥景氣回暖,疊加公司礦建項目順利,因此我們上調公司2025-2026年盈利預測,維持“增持”評級。
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