研报掘金丨华鑫证券：川恒股份磷矿石产能逐步扩张，新项目有序推进，予“买入”评级

Group 1 - The core viewpoint of the article highlights that Chuanheng Co., Ltd. achieved a net profit attributable to shareholders of 536 million yuan in the first half of the year, representing a year-on-year increase of 51.54% [1] - In Q2 2025, the company realized a net profit of 334 million yuan, which is a year-on-year increase of 52.48% and a quarter-on-quarter increase of 65.34% [1] - The significant revenue growth in the first half of the year is attributed to the rise in core product prices and the release of production capacity from subsidiaries [1] Group 2 - The average prices of the company's core products, calcium dihydrogen phosphate and monoammonium phosphate, were 4,405 yuan and 3,212 yuan respectively, reflecting year-on-year increases of 22.16% and 5.13% [1] - The company possesses multiple upstream phosphate mines, securing scarce resources and gradually realizing its integrated advantages [1] - The company is continuously advancing its "phosphate mining - wet phosphoric acid - phosphate salt" integrated layout, achieving large-scale production of wet phosphoric acid and iron phosphate through subsidiaries like Guangxi Pengyue and Hengxuan New Energy, further expanding applications in the new energy materials sector [1] Group 3 - The production capacity of phosphate rock is gradually expanding, and new projects are being advanced in an orderly manner [1] - The investment rating for the company is set at "Buy" [1]