研报掘金丨长城证券：维持亚钾国际“买入”评级，氯化钾量价齐升，公司业绩同比高增

Core Viewpoint - The report from Great Wall Securities indicates that Yara International's net profit attributable to shareholders for the first three quarters of 2025 reached 1.363 billion yuan, representing a year-on-year increase of 163.01% [1] Financial Performance - The net profit for Q3 was 508 million yuan, showing a quarter-on-quarter increase of 7.99% [1] - The sales gross margin for the first three quarters of 2025 was 58.91%, an increase of 9.79 percentage points year-on-year [1] Revenue Drivers - The significant year-on-year profit growth is primarily attributed to increased sales volume and rising sales prices of potash fertilizers [1] Valuation and Outlook - Based on the closing price on November 25, the corresponding price-to-earnings (PE) ratios are 21, 14, and 11 times for the respective years [1] - The company is expected to continue releasing potash production capacity and expanding its non-potash business, which may further enhance profit growth potential, maintaining a "buy" rating [1]