研报掘金丨华鑫证券：予新洋丰“买入”评级，磷复肥龙头稳健增长

Core Viewpoint - New Yangfeng, as a leading enterprise in the phosphate fertilizer industry, demonstrates strong growth and market competitiveness, with significant revenue contributions from its core phosphate fertilizer business [1] Group 1: Phosphate Fertilizer Business - In the first half of 2025, the phosphate fertilizer business generated revenue of 8.986 billion yuan, accounting for 95.62% of total main business revenue, reflecting a year-on-year growth of 12.27% [1] - The compound fertilizer production and sales have ranked first in the country for several consecutive years, showcasing the company's market leadership [1] Group 2: New Type Fertilizer Business - Sales of new type fertilizers increased from 548,500 tons in 2018 to 1.38 million tons in 2024, achieving a compound annual growth rate of 16.63%, which positively impacts the overall gross profit margin of compound fertilizers [1] Group 3: Fine Chemical Industry - Revenue from the fine chemical industry reached 189 million yuan, representing a year-on-year growth of 39.49%, indicating its potential as a second growth curve for the company [1] Group 4: High-end Product Development - Under the "Green Yangfeng" development framework, the company has launched high-end products such as "Yangfeng Zhi Zun," "Yangfeng Mei Rong," "Li Sai Nuo ENOKA," and "Seaweed Original Pulp," enhancing its position in the high-end compound fertilizer market and promoting overall product high-end and technological advancement [1]