研报掘金丨国海证券：维持兴发集团“买入”评级，草甘膦价格持续上涨

Core Viewpoint - Xingfa Group achieved a net profit attributable to shareholders of 1.318 billion yuan in the first three quarters of 2025, representing a year-on-year increase of 0.31% [1] Financial Performance - In Q3, the net profit attributable to shareholders reached 592 million yuan, showing a year-on-year increase of 16.17% and a quarter-on-quarter increase of 42.15% [1] Market Conditions - The price of the company's main product, phosphate rock, remains high, while prices for glyphosate and other products continue to rise [1] Strategic Developments - The company acquired a 50% stake in Qiaogou Mining, further enhancing its phosphate resource advantages [1] - Post-acquisition, the company's mining rights for phosphate resources will increase from 395 million tons to 580 million tons, significantly boosting phosphate mining capacity [1] Competitive Position - The enhancement of phosphate resource advantages and new material projects are expected to provide new profit growth points, maintaining a "buy" rating for the company [1]