研報掘金丨華鑫證券:維持江山股份“買入”評級,業績有望持續增長
華鑫證券研報指出,江山股份為國內草甘膦主要生產企業之一,目前擁有草甘膦原藥產能7萬噸/年,其中甘氨酸法產能3萬噸/年,IDAN法產能4萬噸/年,是國內首批通過環保核查的4家草甘膦生產企業之一,公司在建5萬噸草甘膦產能、在建1萬噸(精)異丙甲草胺產能預計於2025年底前實現投產。2025H1公司基於市場環境變化及需求結構調整,持續優化產品佈局,強化重點產品及核心區域的營銷力度。公司將全力推進枝江、貴州等增量項目儘早達產達效,擇機實施併購重組,進一步培育公司新的核心競爭力。實施減排節能、技術革新和精益管理,力爭降本增效,推進公司戰略轉型與高質量發展。公司持續推進增量項目達產達效,業績有望持續增長,預測公司2025-2027年歸母淨利潤分別為6.57、7.94、9.49億元,當前股價對應PE分別為12.9、10.7、8.9倍,維持“買入”投資評級。
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