亚钾国际（000893）：汇能助力公司长期发展，钾肥Q1景气明显回升

Investment Rating - The report maintains an "Outperform" rating for the company [2] Core Views - The company is expected to benefit from the support of its major shareholder, Huili Group, which is a leading player in the coal industry and will enhance the company's long-term development through resource integration and channel distribution [6] - The potassium fertilizer market is experiencing a significant recovery in Q1 due to supply disruptions overseas and increased domestic demand, with the average price of potassium fertilizer rising by 712 RMB/ton to 3228 RMB/ton [6] - The company has substantial potassium salt mineral rights in Laos, with plans to ramp up production capacity to 5 million tons per year, potentially expanding to 7-10 million tons based on market demand [6] Financial Data and Profit Forecast - Total revenue is projected to grow from 3,898 million RMB in 2023 to 7,706 million RMB by 2026, with a compound annual growth rate (CAGR) of approximately 40% [5] - The net profit attributable to the parent company is expected to increase from 1,235 million RMB in 2023 to 1,823 million RMB in 2026, reflecting a significant recovery in profitability [5] - The company's earnings per share (EPS) is forecasted to rise from 1.35 RMB in 2023 to 1.96 RMB in 2026, indicating a positive trend in shareholder returns [5]