Investment Rating - The report maintains an "Outperform" rating for the company [1] Core Views - The company's performance meets expectations, with a continued upward trend in potash fertilizer market conditions and smooth project progress [1] - The company is expected to achieve a net profit attributable to shareholders of 7.3 billion to 9.3 billion yuan for the reporting period, representing a year-on-year increase of 170% to 244% [6] - The company benefits from tax incentives in Laos, which will enhance its competitiveness [6] - The company is on track to achieve a production scale of 5 million tons per year in potash fertilizer, with potential expansion to 7-10 million tons based on market demand [6] Financial Data and Profit Forecast - Total revenue is projected to reach 6,550 million yuan in 2025, with a year-on-year growth rate of 84.6% [5] - Net profit attributable to shareholders is expected to be 1,887 million yuan in 2025, reflecting a year-on-year increase of 98.5% [5] - The company’s gross margin is forecasted to improve to 54.7% in 2025 [5] - The price-to-earnings (PE) ratio is projected to be 16x for 2025, decreasing to 10x in 2026 and 7x in 2027 [6]