[Table_Title] 研究报告 Research Report 12 Aug 2025 Fertiglobe (FERTIGLB UH) 营收表现强劲；股东回报优厚；尿素短期及长期前景向好 Scott Darling Catherine Li scott.darling@htisec.com catherine.dy.li@htisec.com [Table_yemei1] 热点速评 Flash Analysis [Table_summary] （本报告为 2025 年 8 月 4 日发布的英文报告的翻译版，以原稿为准） 要闻回顾以及最新动态 我们预计 Fertiglobe 的 2025 年第二季度业绩将被市场视作偏利好。公司录得经调整盈利略低于市场预期且当季产量 受检修影响。但公司拟定 2025 年上半年股息每股 4.4 费尔（2024 年上半年为 6.6 费尔）及 3100 万美元股票回购计 划，并重申近期资本市场日提出的战略目标。成本管控符合指引预期，公司认为尿素市场供应紧张，并强调"长期来 看，有限的供给增量与农业、工业及新兴产业需求增长有望支撑价格"。 点评 产量下降但营收强劲：公司 2025 ...

Financial Performance & Capital Allocation - The company's Q1 2025 LTM Adjusted EBITDA was $2469 million[137] - The company's Q1 2025 LTM Free Cash Flow was $1567 million[137] - The company's Q1 2025 LTM FCF/Adj EBITDA conversion was 63%[137] - From 2017 to Q1 2025, the company returned $5880 million to shareholders[139] - The company has share repurchase authorizations through 2029[40] Competitive Advantages & Market Position - The company is the world's largest ammonia producer[102] - North America has long-term sustainable structural advantages, including access to low-cost natural gas and import-dependent, highly productive agriculture[50, 51] - The company's North American production network has approximately 20 million product tons of annual capacity[57] - Net importers require approximately 55 million metric tons of urea annually[70] Growth Initiatives & Decarbonization - The company is investing in the Blue Point JV, with an estimated CF contribution of approximately $2 billion[40, 127] - The company targets a 37% reduction in Scope 1 CO2 intensity[113] - Decarbonization efforts are projected to provide approximately $200 million in EBITDA annually[166]