云图控股（002539）：磷酸铁景气度有望回升，硫铁矿制酸优势突出

Investment Rating - The investment rating for the company is "Outperform the Market" (maintained) [1][16] Core Viewpoints - The demand for iron phosphate is expected to rebound, supported by the high growth in the lithium battery industry. The company's iron phosphate is produced using a cost-effective iron method, ensuring product quality and controllable costs [2][3] - The company has a leading capacity in sulfur iron ore acid production, which is expected to significantly reduce costs amid high sulfur prices. The complete industrial chain from upstream phosphate resources to downstream nitrogen fertilizers is continuously improving [2][16] - The forecasted net profits for the company from 2025 to 2027 are estimated to be 919 million, 1.205 billion, and 1.36 billion yuan, respectively, with corresponding EPS of 0.76, 1.00, and 1.13 yuan, leading to a PE ratio of 15.18, 11.54, and 10.21 [2][16] Summary by Relevant Sections Phosphate Iron Market - As of December 19, 2025, the average market price for iron phosphate is 10,830 yuan/ton, a year-on-year increase of 3.14%. The domestic solid sulfur spot price is 3,950 yuan/ton, up 157.32% year-on-year, while the average market price for sulfur iron ore is 1,024 yuan/ton, up 55.86% year-on-year [2][9] - The operating rate for iron phosphate increased from 58% in January to 75% in October 2025, indicating a significant recovery in the lithium battery supply chain [3][7] Sulfur Iron Ore Acid Production - The company has a sulfur iron ore acid production capacity of 1.35 million tons per year, with 1.18 million tons expected in 2024. The cost advantage of sulfur iron ore acid production is evident, especially as sulfur prices rise [9][13] - The global sulfur supply is tightening due to geopolitical conflicts, which has led to a significant increase in sulfur prices, with contract prices in the Middle East rising to approximately 4,250 yuan/ton [9][12] Financial Forecasts - The company is expected to see a net profit growth of 14% in 2025, with a projected revenue increase of 17% [20] - The overall capacity utilization rate for iron phosphate is anticipated to rise to around 57% by 2025, driven by a rebound in demand [7][20]