25年前三季度净利润同比增长6%，积极推进“生物+”战略

25年前三季度净利润同比增长6%，积极推进“生物+”战略25Q1-Q3Profit +6%YoY&Firmly promote the "Biology+" strategy 最新动态 ➢2025年前三季度净利润同比增长6%。2025年前三季度，集团实现营业收入约193.73亿元，实现净利润约13.64亿元，同比增加约6%。面对原材料成本高位运行以及合成氨市场价格持续探低等不利影响，集团坚定推进“生物+”战略，研产销各环节继续发力，高端“生物+”类产品在提质抗逆与促进生长等方面表现良好，带动集团2025年前三季度经营业绩保持稳健发展。 ➢与约旦阿拉伯钾肥公司续签合作备忘录。2025年9月9日，中化化肥与约旦阿拉伯钾肥公司（APC）续签2026-2028年合作备忘录，助力钾肥保供行稳致远。按照备忘录约定，公司将继续独家代理APC在中国的钾肥销售，备忘录的续签将进一步加强双方战略合作，并促进两国的经济联系。APC作为全球最值得信赖的肥料出口商之一，其钾肥产品品质优异、适用性广，中化化肥是中国钾肥进口主渠道之一及主要流通商。 动向解读 ➢积极推进“生物+”战略。集团依托“耕地保护国家工程研究中心”等国家级研发平台，重点推进“生物+”研发能力建设和创新。25H1，集团完成激发碳系列、颂甜、水溶美麟美、蓝麟升级等4款“生物+”产品的开发，并实现试产试销/上市推广；1项技术达到应用研究阶段，1项技术完成小试工艺研究；实现科研成果转化量101万吨，同比增长14%，其中高端产品转化量同比增长59%。公司陆续推岀了焕丰、颂甜、智养®等高端生物肥产品和新型MCP(饲料级磷酸二氢钙)，通过研产销一体化系的紧密协同，同时依托全国的分销渠道，利用小惠、农达圈、科技惠农新媒内容平台、400客户服务平台等服务平台，开展一系列助农保供活动25H1“生物+”高端类产品取得规模性突破，25H1销量26万吨，同比增长51%。 策略建议 ➢盈利预测。我们维持公司2025-2027年归母净利润分别为12.63亿元、13.84亿元、15.47亿元。结合可比公司估值，给予公司2026年8.5倍PE，对应目标价1.70元，按照港元兑人民币0.92汇率计算，对应目标价为1.84港币，给予“买入”评级。 风险提示 产品价格风险、下游需求波动风险、粮食价格波动风险、宏观经济波动风险。 What’s New ➢The company’s net profitin2025Q1-Q3increased by 6% YoY.In25Q1-Q3, the group's operatingrevenue is approximately 19.373 billion yuan, with a net profit of approximately 1.364 billion yuan(+6%YoY).Faced with the adverse effects of high raw material costs and continuous exploration of syntheticammonia market prices, the group firmly promotes the "Bio+" strategy, and continues to make efforts inresearch, production, and sales. High end "Bio+" products have performed well in improving quality,resistance to adversity, and promoting growth, driving the group's stable business performance in2025Q1-Q3. ➢Renewal of Memorandum of Cooperation with APC.On September 9, 2025,the companyandJordanian Arab Potash Company (APC) renewed their memorandum of cooperation for 2026-2028, tohelp ensure the stable and long-term supply of potash fertilizer. According to the memorandum, thecompany will continue to be the exclusive agent for APC'spotassium fertilizer sales in China. The renewalof the memorandum will further strengthen the strategic cooperation between the two parties and promoteeconomic ties between the two countries. As one of the most trusted fertilizer exporters in the world,APC's potassium fertilizer products have excellent quality and wide applicability.The companyis one ofthemain channels and distributors of potassium fertilizer imports in China,with a solid andcomprehensive channel network. What’s Different ➢Activelypromote the“bio+”strategy.Relying on national R&D platforms such as"NationalEngineering Research Center for Cultivated Land Protection", the Group focuses on promoting theconstruction and innovation of "Biology+" R&D capacity.In25H1, theGroup completed the developmentof four "bio+" products, including the Inspire Carbon series, Songtian, Water soluble Meilinmei, and LanlinUpgrade, and achieved trial production and sales/market promotion. One technology has reached theapplication research stage, and one technology has completed small-scale process research. Theconversion of scientific research achievements has reached 1.01 million tons (YoY +14%), of which theconversion of high-end products has increased by 59%.The company has successively launchedHuanfeng, Songtian, and Zhiyang ® Through the close collaboration of research, production and salesintegration system, andrelying on national distribution channels, a series of agricultural assistance andsupply guarantee activities were carried out using high-end biological fertilizer products and new MCP(feed grade calcium dihydrogen phosphate), as well as service platforms such as Xiaohui, Nongda Circle,Science and Technology Beneficial Agriculture New Media Content Platform, and 400 Customer ServicePlatform. Significant breakthroughs were achieved in the scale of 25H1“Bio+”high-end products, withsales of 260000 tons(+51%YoY). Action ➢Profit forecast.We predict that the company's net profit from 2025 to 2027 will be 1263million yuan,1384million yuan, and1547million yuan, respectively. Based on the valuation of comparable companies,the company will be given PE rating of8.5xforFY26, calculated at the exchange rate of HKD/RMB 0.92,corresponding toTPof HKD1.84.Wegivethe company“Buy”rating. Risks Product price risk, downstream demand fluctuation risk, grain price fluctuation risk, macroeconomicfluctuation risk. 分析师介绍 分析师庄怀超，本科毕业于北京航空航天大学，硕士毕业于香港大学金融学专业，主要覆盖化工和材料行业。该分析师2022-2024年曾任职于海通国际研究部，团队2022年获得过亚洲货币第一名，该分析师2025年加入环球富盛理财有限公司，继续覆盖化工和新材料行业。环球富盛理财有限公司是一家香港的持牌券商机构，成立于2014年。该分析师曾在wind发布报告超过600篇，主要覆盖行业包括化肥、农药、民爆、轮胎橡胶、氟化工、电子化学品、合成生物学、纯碱、胶粘剂、锂电新能源等行业。覆盖标的包括： 1、港股： 1）化肥行业：中国心连心化肥、中化化肥、米高集团；2）油服行业：宏华集团、中海油田服务；3）其他：东岳集团、环球新材国际、阜丰集团、中国三江化工、中国联塑、浦林成山、中海石油化学、中国旭阳集团、彩客新能源、天德化工、理文化工、中广核矿业、中国宏桥、万国黄金集团、信义光能。 2、A股： 1）化肥行业：云图控股、史丹利、新洋丰、东方铁塔、亚钾国际、川恒股份、盐湖股份、藏格矿业、川发龙蟒、云天化、湖北宜化、川金诺、芭田股份、兴发集团、国光股份； 2）农药行业：润丰股份、利尔化学、扬农化工、中农立华、诺普信、长青股份、安道麦、先达股份、贝斯美、和邦生物、中旗股份、亚太实业、绿亨科技； 3）民爆行业：易普力、广东宏大、金奥博、雪峰科技、江南化工、北化股份； 4）轮胎橡胶行业：中策橡胶、贵州轮胎、三角轮胎、通用股份、森麒麟、风神股份、双箭股份、天铁股份； 5）氟化工行业：三美股份、巨化股份、东阳光、昊华科技、永太