亚钾国际（000893）：钾肥行业景气向上，公司新产能即将投产

Investment Rating - The investment rating for the company is "Outperform the Market" [4][25][29] Core Views - The potassium fertilizer industry is experiencing an upward trend, with the company set to launch new production capacity [3][4] - In the first three quarters of 2025, the company reported a significant increase in both volume and price of potassium fertilizer, with a year-on-year net profit growth of 163% [8][15] - The company is advancing its potassium fertilizer capacity expansion and is optimistic about the sustained high prosperity of the potassium fertilizer industry [3][4] Financial Performance Summary - For the first three quarters of 2025, the company achieved revenue of 3.87 billion yuan (up 55.8% year-on-year) and a net profit of 1.36 billion yuan (up 163% year-on-year) [8][15] - In Q3 2025, the company reported revenue of 1.35 billion yuan (up 71.4% year-on-year, up 2.8% quarter-on-quarter) and a net profit of 510 million yuan (up 104.7% year-on-year, up 8.0% quarter-on-quarter) [2][15] - The average selling price of potassium chloride in Q3 2025 was 2,844 yuan/ton (up 39.2% year-on-year, up 16.0% quarter-on-quarter) [15][21] Production and Capacity Expansion - The company holds potassium salt mining rights in Laos covering 263.3 square kilometers, with a total pure potassium chloride resource reserve of approximately 1 billion tons [3][24] - The company is accelerating the construction of its second and third 1 million tons/year potassium fertilizer projects, which are in the late stages of mining construction [3][24] Market Outlook - Due to lower-than-expected production progress on the supply side and high prices for nitrogen and phosphorus fertilizers on the demand side, potassium fertilizer demand is expected to remain strong until the BHP Canada Jansen project comes online in 2027 [3][24] - Domestic potassium fertilizer prices are anticipated to continue rising before the end of the spring fertilization preparation in 2026 [3][24]