Asia-Potash(SZ:000893) Shenwan Hongyuan Securities·2025-11-17 14:12Investment Rating - The investment rating for the company is "Outperform" (maintained) [2] Core Views - The company's performance met expectations, with potassium fertilizer market conditions continuing to improve, and ongoing projects expected to be completed within the year [1][2] - The company reported a significant increase in revenue and net profit for Q1-Q3 2025, with a year-on-year revenue growth of 55.76% and net profit growth of 163.01% [7] - The company is expected to achieve a net profit of 18.87 billion, 31.14 billion, and 43.59 billion for the years 2025, 2026, and 2027 respectively, with corresponding PE valuations of 21X, 13X, and 9X [7] Financial Data and Profit Forecast - Total revenue projections for 2025 are 6,550 million, with a year-on-year growth rate of 84.6% [3] - The net profit forecast for 2025 is 1,887 million, reflecting a year-on-year increase of 98.5% [3] - The company’s gross margin is expected to be 54.7% in 2025, with a return on equity (ROE) of 13.7% [3] Market Data - As of November 17, 2025, the closing price of the stock is 42.44 yuan, with a market capitalization of 34,453 million [4] - The stock has a price-to-book ratio of 3.0 and a net asset value per share of 14.13 yuan [4] Recent Developments - The company has seen a rise in potassium fertilizer demand driven by domestic agricultural policies and changes in consumer dietary habits [7] - The company’s major shareholder, Huineng Group, has increased its stake to 14.05%, providing financial support for future growth [7] - The company is on track to achieve a production capacity of 5 million tons of potassium fertilizer annually, with plans to expand further based on market demand [7]