中化化肥：业绩超预期，生物+战略推进显成效

报告摘要 | --- | --- | --- | --- | --- | --- | |--------------------------------------|--------|--------|--------|--------|--------| | 风险提示：行业竞争加剧；价格不及预期 | | | | | | | 31/12 年结；百万元人民币 | 2022 | 2023 | 2024E | 2025E | 2026E | | 营业收入 | 23,003 | 21,728 | 23,059 | 24,313 | 25,709 | | 增长率(%) | 2% | -6% | 6% | 5% | 6% | | 归母净利润 | 1,117 | 626 | 1,089 | 1,179 | 1,277 | | 增长率(%) | 29% | -44% | 74% | 8% | 8% | | 毛利率(%) | 11% | 10% | 11% | 11% | 11% | | 净利润率(%) | 5% | 3% | 5% | 5% | 5% | | 每股收益(元) | 0.16 | 0.09 | 0.16 | 0. ...