钾肥量利齐升助力业绩高增，钾肥及非钾业务新建产能有序推进公司发布2025 年中报，实现营收25.22 亿元，同比+48.5%；归母净利润8.55 亿元，同比+216.6%。其中Q2 实现营收13.09 亿元，同比+23%、 环比+8%；归母净利润4.7 亿元，同比+149.2%、环比+22.4%，钾肥量利齐升助力业绩高增，业绩符合 预期。我们维持盈利预测，预计公司2025-2027 年归母净利润分别为18.22、24.08、29.26 亿元，EPS 分 别为1.97、2.61、3.17 元/股，当前股价对应PE 为16.6、12.6、10.4 倍。我们看好公司持续低成本扩张钾 肥产能，开拓非钾业务，朝"世界级钾肥供应商"的战略目标稳步迈进，维持"买入"评级。 盈利能力显著改善，顺利推进钾肥及非钾业务新建产能，成长动力充足（1）钾肥产销：2025H1，公司 氯化钾产量101.41 万吨（同比+20.0%），销量104.54万吨（同比+21.4%），营收24.60 亿元（同比 +48.29%），毛利率58.20%（同比+10.31pcts），我们测算均价2,353 元/吨（同比+22.1%）。2025Q2 氯 化 ...

Core Viewpoint - The investigation into Peng Zhiyun, a supervisor at Yaqi International, for insider trading is a personal matter and does not affect the company's normal operations [2][3]. Company Overview - Yaqi International, established in 1998, transitioned its main business from refrigerator compressor production to potassium fertilizer operations after several asset swaps [3][4]. - The company currently holds potassium salt mining rights in Laos, covering an area of 263.3 square kilometers, with a total resource reserve of approximately 1 billion tons of pure potassium chloride [4]. Financial Performance - In 2024, Yaqi International reported a revenue of 3.548 billion yuan, a decrease of 8.97% year-on-year, and a net profit attributable to shareholders of 950 million yuan, down 23.05% year-on-year [4]. - In the first quarter of 2025, the company achieved a revenue of 1.213 billion yuan, an increase of 91.47% year-on-year, and a net profit of 384 million yuan, up 373.53% year-on-year [4]. Market Dynamics - Despite an increase in potassium fertilizer production and sales in 2024, the decline in potassium fertilizer prices led to a decrease in Yaqi International's overall performance [5]. - The first quarter of 2025 saw a rise in both volume and price of potassium fertilizer products, contributing to growth in revenue and profit, although a significant increase in income tax resulted in a quarter-on-quarter decline in net profit [5].