磷矿项目提升自给率，应城项目为产能释放奠定基础

磷矿项目提升自给率，应城项目为产能释放奠定基础 Phosphate mine project improves self-sufficiency rate&Yingcheng project lays the foundation for capacity 最新动态 ➢雷波基地的磷矿项目投产有助于减少外部采购依赖。公司正重点推进雷波基地的磷矿项目建设，力争早日投产。其中，阿居洛呷磷矿290万吨采选工程的井下基建工程（包括胶带斜井、辅助斜坡道、排水系统、进回风系统等）正稳步施工，地表选矿工程边坡治理及支挡工程已全面进场。牛牛寨东段磷矿400万吨采选工程的方案优化已初步完成，各项准备工作正有序开展。磷矿项目投产后，公司磷矿石的自给率将不断提升，有望减少对外部磷矿石采购的依赖。与此同时，磷矿开采与下游生产形成闭环，有助于巩固低成本竞争优势，增强公司市场竞争力、盈利能力及抗风险能力。 ➢湖北应城项目建设为未来产能释放奠定基础。公司应城基地正在推进“盐化循环经济产业链绿色转型及产品结构调整升级项目”，涵盖70万吨合成氨、60万吨水溶性复合肥、40万吨缓控释复合肥及150万吨精制盐等产线建设。目前项目主体结构已全面完工，核心设备安装基本完成，土建收尾工程稳步推进，公共配套设施建设同步展开。整体来看，项目建设进展顺利，为未来产能释放奠定了坚实基础。 动向解读 ➢磷矿石的价格有望保持坚挺。从供给端看，国内磷矿石新增产能大多处于建设阶段，受矿山建设周期长、环保政策趋严等因素制约，磷矿石短期释放量有限，整体供应偏紧，特别是高品位磷矿资源相对稀缺，对磷矿石价格形成有力支撑。从需求端看，磷矿石广泛应用于磷肥、复合肥等农业领域，在粮食安全战略推动下需求保持刚性增长。同时，近年随着新能源产业的快速发展，带动了磷酸铁、磷酸铁锂等新能源材料对磷矿石的需求不断增长，进一步为磷矿石的价格提供了支撑。 ➢新能源材料业务是公司磷酸分级利用产业链的延伸和拓展。公司目前拥有磷酸铁年产能5万吨，配套上游原料15万吨精制磷酸、30万吨折纯湿法磷酸，能够稳定供应锂电池正极材料磷酸铁锂的前驱体产品。公司采用铁和磷酸反应制备磷酸铁，核心竞争优势主要体现在以下几个方面：（1）成本优势。公司依托自有磷矿资源和磷酸分级利用技术，已形成从磷矿、精制磷酸到磷酸铁的完整产业链，同时公司的精制磷酸已获得头部客户的认证，保障磷酸铁高品质原料稳定供应的同时，有效降低生产成本。（2）产品和技术优势。公司磷酸铁采用铁法工艺，在安全环保、产品品质等方面具有优势。 策略建议 ➢盈利预测。我们给予公司2025-2027年归母净利润为9.87、12.94、14.42亿元，结合同行业可比公司估值，考虑到公司的合成氨和磷矿石项目在建，给予一定估值溢价，给予公司2026年11.5倍PE，对应目标价12.30元，首次覆盖给予买入评级。 风险提示 原材料价格波动的风险、市场竞争的风险。 What’s New ➢The commissioning of the phosphate mining project at Leibo Base will help reduce external procurementdependence.The company is focusing on promoting the construction of the phosphate mine project at Leibo Base,striving to put it into operation as soon as possible. Among them, the underground infrastructure project of the2.9-million-tonmining and beneficiation project of Aguluo Gap phosphate mine (including belt inclined shaft, auxiliary ramp, drainagesystem, intake and return air system, etc.) is steadily under construction, and the slope treatment and support engineeringof the surface beneficiation project has been fully mobilized. The optimization of the4-million-tonphosphate mining andbeneficiation project in the eastern section of Niuniuzhai has been preliminarily completed, and all preparatory work isbeing carried out in an orderly manner. After the phosphate ore project is put into operation, the self-sufficiency rate ofthe company's phosphate ore will continue to increase, which is expected to reduce its dependence on external phosphateore procurement. At the same time, phosphate mining and downstream production form a closed loop, which helps toconsolidatethe low-cost competitive advantage, enhance the company's market competitiveness, profitability, and riskresistance. ➢The construction of the Yingcheng project in Hubei lays the foundation for the release of future productioncapacity.The company's Yingcheng base is promoting the "Green Transformation and Product Structure Adjustment andUpgrading Project of Salt Chemical Circular Economy Industry Chain", covering the construction of production lines for700000 tons of synthetic ammonia, 600000 tons of water-soluble compound fertilizer, 400000 tons of slow-releasecompound fertilizer, and 1.5 million tons of refined salt. At present, the main structure of the project has been fullycompleted, the installation of core equipment has beenbasically completed, the civil engineering completion project issteadily progressing, and the construction of public supporting facilities is being carried out simultaneously. Overall, theproject construction is progressing smoothly, laying a solid foundation for future capacity release. What’s Different ➢The price of phosphate ore is expected to remain firm.From the supply side, most of the newly added productioncapacity of domestic phosphate rock is in the construction stage, constrained by factors such as long mining constructioncycles and stricter environmental policies. The short-term release of phosphate rock is limited, and the overall supply istight, especially with the relative scarcity of high-grade phosphate rock resources, which provides strong support forphosphate rock prices. From the demand side, phosphate ore is widely used in agriculturalfields such as phosphatefertilizer and compound fertilizer, and demand maintains rigid growth under the promotion of food security strategy.Meanwhile, in recent years, with the rapid development of the new energy industry, the demand for phosphate rock innew energy materials such as iron phosphate and lithium iron phosphate has been continuously increasing, furtherproviding support for the price of phosphate rock. ➢The new energy materials business is an extension and expansion of the company's phosphoric acid gradingutilization industry chain.The company currently has an annual production capacity of 50000 tons of iron phosphate,with supporting upstream raw materials of 150000 tons of refined phosphoric acid and 300000 tons of purified wet processphosphoric acid, which can stably supply precursor products of lithium iron phosphate, a positive electrode material forlithium batteries. The company uses the reaction of iron and phosphoric acid to prepa