| 华安研究 2026年3月金股组合 | 归母净利润（百万元） | 归母净利润增速 | 营业收入（百万元） | 营业收入增速 | eps | pe(其余有说明) | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 行业 | 金股代码 | 金股 | 核心推荐逻辑 | 风险提示 | 研究员 | 报告依据 | 2024A | 2025E | 2026E | 2024A | 2025E | 2026E | 2024A | 2025E | 2026E | 2024A | 2025E | 2026E | 2024A | 2025E | 2 ...

（来源：新华日报） □ 本报记者 赵芳 通讯员 司伟 柏凯楠 2月27日清晨，连云港市赣榆区塔山镇的麦田里氤氲着雨后的湿润气息，种粮大户林杰踩着田埂快步穿 梭，望着吸足雨水、舒展叶片的麦苗，紧锁多日的眉头彻底舒展："这场雨下得太及时了，土墒正好， 这拔节肥可不能耽误！"随后，他抬手一挥，三台植保无人机应声腾空，沿着预设航线在麦田上空匀速 巡航，细密的肥料颗粒如雨雾般均匀洒落，在晨光中划出一道道银亮的弧线。 田埂另一侧的桑行村麦田里，赣榆区农业技术推广中心技术员蹲在田边，指尖捏起一把湿润泥土轻轻揉 搓，又拨开麦苗根部仔细察看根系长势，向围拢的农户讲解："苗弱的要适当增加尿素，苗壮的就要控 一控，分类施策才能让弱苗转壮、壮苗稳长。"农户们听得认真并不时记录，携带的自走式喷杆喷雾机 早已加满配好的肥料，随时准备下地作业。 机手操控遥控器，屏幕上实时显示作业轨迹，"这'铁疙瘩'可比人工利索多了，它有循环巡航和自动避 障功能，药液不沉淀、喷洒无死角，一天能管400亩地。昨天雨一停，我就联系农技部门今天一早带着 设备来抢工，这农时可耽误不得。"林杰说话间，无人机完成一片地块的作业，稳稳降落，另一台随即 升空补位，田间呈现 ...

企业名称广西好收成作物科学有限公司法定代表人於晓凤注册资本200万人民币国标行业科学研究和技 术服务业>科技推广和应用服务业>技术推广服务地址南宁市西乡塘区高新大道55号南宁安吉万达广场6 栋二十层2025号办公室企业类型有限责任公司（非自然人投资或控股的法人独资）营业期限2026-2-25 至无固定期限登记机关南宁市政务服务局 来源：市场资讯 天眼查显示，近日，广西好收成作物科学有限公司成立，法定代表人为於晓凤，注册资本200万人民 币，由广西收成好作物科学有限公司全资持股。 序号股东名称持股比例1广西收成好作物科学有限公司100% 经营范围含一般经营项目：生物农药技术研发；生物有机肥料研发；肥料销售；化肥销售；农业机械销 售；农作物种子经营（仅限不再分装的包装种子）；农业生产资料的购买、使用；农业科学研究和试验 发展；新鲜水果零售；食用农产品零售；水果种植；技术服务、技术开发、技术咨询、技术交流、技术 转让、技术推广（除依法须经批准的项目外，凭营业执照依法自主开展经营活动）许可经营项目：农药 批发；农药零售（依法须经批准的项目，经相关部门批准后方可开展经营活动，具体经营项目以相关部 门批准文件或许可证件为 ...

证券日报网讯2月25日，史丹利（002588）在互动平台回答投资者提问时表示，公司的主营业务为肥料 的生产销售，暂无农药及其原材料的生产销售。 ...

格隆汇2月25日丨史丹利(002588.SZ)在互动平台表示，公司的主营业务为肥料的生产销售，不涉及百菌 清等农药及原材料的生产销售。 ...

格隆汇2月25日丨史丹利(002588.SZ)在投资者互动平台表示，公司的主营业务为肥料的生产销售，暂无 农药及其原材料的生产销售。 ...

Core Viewpoint - CF Industries reported quarterly earnings of $2.99 per share, exceeding the Zacks Consensus Estimate of $2.5 per share, and showing a significant increase from $1.89 per share a year ago, representing an earnings surprise of +19.79% [1] Financial Performance - The company achieved revenues of $1.87 billion for the quarter ended December 2025, surpassing the Zacks Consensus Estimate by 4.69%, and up from $1.52 billion in the same quarter last year [2] - Over the last four quarters, CF has consistently surpassed consensus EPS estimates four times and topped revenue estimates three times [2] Stock Performance - CF shares have increased approximately 21.3% since the beginning of the year, in contrast to the S&P 500's zero return [3] Future Outlook - The company's earnings outlook will be crucial for determining the stock's immediate price movement, with current consensus EPS estimates at $1.95 on $1.67 billion in revenues for the upcoming quarter and $7.46 on $6.71 billion in revenues for the current fiscal year [4][7] - The Zacks Rank for CF is currently 3 (Hold), indicating expected performance in line with the market in the near future [6] Industry Context - The Fertilizers industry, to which CF belongs, is currently ranked in the top 11% of over 250 Zacks industries, suggesting a favorable outlook compared to the bottom 50% of industries [8]

Financial Data and Key Metrics Changes - The company reported net income of $67 million or $1.97 per diluted share for Q4 2025, an increase from adjusted net income of $47 million or $1.36 per diluted share in Q4 2024 [8][9] - Fourth quarter gross profit was $231 million, an 8% increase year-over-year, primarily due to higher volume and margins in renewables [8][9] - Full-year gross profit increased to $714 million, up 3% from the previous year [9] - Adjusted EBITDA for Q4 was $137 million, compared to $117 million in Q4 2024, while full-year adjusted EBITDA decreased to $337 million from $363 million in 2024 [9][10] Business Line Data and Key Metrics Changes - Agribusiness reported Q4 pre-tax income of $46 million, down from $56 million in 2024, with adjusted EBITDA of $80 million compared to $88 million in the previous year [11][12] - Renewables generated Q4 pre-tax income of $54 million, significantly up from $17 million in 2024, with Q4 EBITDA of $69 million compared to $41 million in the previous year [13][15] Market Data and Key Metrics Changes - The fall harvest produced larger-than-expected volumes of grain in the Western Corn Belt, leading to significant corn and sorghum accumulation [4] - Exports for wheat and sorghum from Western assets saw sizable increases in Q4 compared to earlier quarters [4] Company Strategy and Development Direction - The company is committed to profitable growth in both agribusiness and renewables, with ongoing investments in ethanol production and infrastructure [5][6] - Strategic projects include the expansion of the Port of Houston and improvements in the Skyland asset footprint [6] - The company expects to complete several larger capital projects in 2026 to enhance operational efficiency and product handling [18] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism for 2026, anticipating better financial results in agribusiness and strong demand for ethanol [16][19] - The company is focused on connecting supply to end users and export demand, with expectations of higher planted acres in 2026 [17][18] - Management noted that domestic demand for production is critical for U.S. farmers, and legislative support for biofuels would benefit the agricultural economy [17][19] Other Important Information - The effective tax rate for Q4 was 19%, and for the full year, it was 16% [9] - The company’s long-term debt to EBITDA ratio at year-end was 1.8 times, below the target of less than 2.5 times [11] Q&A Session Summary Question: Strength of the Skyland business - Management indicated that the performance was not surprising due to the large fall harvest, with Skyland's EBITDA contribution finishing just shy of $20 million [24][25] Question: Fertilizer application outlook - Management discussed strong ammonia applications in the western U.S. and expected higher than normal applications in Q1 2026 [27][28] Question: Agribusiness segment profit opportunities - Management highlighted more certainty around export policies and increased nitrogen application as key profit opportunities for 2026 [31][32] Question: Ethanol business momentum - Management noted slightly stronger Board Crush than expected entering Q1, with strong fundamentals for both export and domestic ethanol [34][35] Question: Skyland contribution for 2026 - Management expects Skyland's EBITDA for 2026 to normalize in the $25 million-$35 million range, assuming mid-cycle market conditions [42] Question: Farmer selling dynamics - Management indicated that higher prices would drive more selling from farmers, with substantial selling expected before the next harvest [44][45]

Financial Data and Key Metrics Changes - In Q4 2025, the company reported net income of $67 million or $1.97 per diluted share, with adjusted net income of $70 million or $2.04 per diluted share, compared to adjusted net income of $47 million or $1.36 per diluted share in Q4 2024 [8] - Fourth quarter gross profit was $231 million, an 8% increase year-over-year, primarily due to higher volume and margins in renewables [8] - Full year gross profit was $714 million, a 3% increase, driven by the Skyland investment [9] Business Line Data and Key Metrics Changes - Agribusiness reported Q4 pre-tax income of $46 million, with adjusted pre-tax income of $45 million, down from $56 million in 2024 [11] - Renewables generated Q4 pre-tax income of $54 million, significantly up from $17 million in 2024, reflecting strong operations in ethanol plants [13] - Adjusted EBITDA for renewables in Q4 was $69 million, compared to $41 million in Q4 2024, while full-year adjusted EBITDA was $203 million, up from $189 million in 2024 [14] Market Data and Key Metrics Changes - The fall harvest produced larger than expected volumes of grain in the Western Corn Belt, leading to significant corn and sorghum accumulation [4] - Exports for wheat and sorghum from Western assets saw sizable increases in Q4 compared to earlier quarters [4] - The eastern grain assets had solid performance, with strong elevation margins and a significant portion of corn moving into export markets [12] Company Strategy and Development Direction - The company is committed to profitable growth in both agribusiness and renewables, with ongoing investments in ethanol production and infrastructure [5] - Strategic investments include expanding the Climer, Indiana facility and enhancing the Port of Houston grain elevator [6] - The company aims to connect supply to end users and export demand, focusing on continuous improvement in safety culture and enterprise support [16] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism for 2026, expecting better financial results in agribusiness due to more certainty in global grain markets and strong demand for ethanol [16] - The company anticipates higher than normal planted acres in 2026, which may benefit the fertilizer business [18] - Management highlighted the importance of domestic demand and supportive biofuels policies for the agricultural economy [19] Other Important Information - The effective tax rate for Q4 was 19%, and for the full year, it was 16%, influenced by non-controlling interests and biofuels credits [9] - The company generated Q4 cash flow from operations of $110 million, up from $100 million in 2024, indicating stability throughout the agricultural cycle [10] - Long-term debt to EBITDA at year-end was 1.8 times, below the target of less than 2.5 times, supporting future investments [11] Q&A Session Summary Question: Strength of the Skyland business - Management noted that the performance was not surprising due to the large fall harvest, with Skyland's EBITDA contribution finishing just shy of $20 million [24][25] Question: Fertilizer application outlook - Management indicated that they expect stronger than normal applications in Q1, with a focus on corn acres despite some uncertainty [27][28] Question: Agribusiness segment profit opportunities - Management highlighted more certainty around export policies and increased nitrogen application as key profit opportunities for 2026 [32][33] Question: Ethanol business momentum - Management reported slightly stronger Board Crush than expected entering Q1, with strong fundamentals for both export and domestic ethanol [35][36] Question: Skyland contribution for 2026 - Management expects Skyland's EBITDA contribution for 2026 to be in the range of $25 million to $35 million, normalizing over time [43] Question: Farmer selling dynamics - Management stated that higher prices would drive farmer selling, with substantial selling expected before the next harvest [45][46]

新华社北京2月15日电立春已过，农时催人。2026年春耕备耕工作已进入关键阶段。 当前，国内钾肥供应总体充足，我国多家重点钾肥供应企业加大直供力度，大幅减少中间贸易环节，切 实让利于农。 "我们在加强化肥供需、种植结构及气象条件综合研判基础上，扎实有序推进化肥采购、调运、储备工 作。"中华全国供销合作总社农资与棉麻局局长龙文表示，去年四季度以来，全国供销合作社系统全资 控股企业已采购肥料2000万吨，全力满足今年春季农业生产需要。 日前，供销总社发布关于全力做好2026年春耕农资供应工作的通知，要求各级供销合作社要做好农资工 作的统筹调度，认真分析研判春耕供需形势，准确掌握农业种植结构变化，指导系统农资企业有针对性 开展产销对接，做好重点作物的肥药采购备货。同时，要提前协调落实铁路、公路、水路运力，抓好农 资跨区域调运，加快下摆到基层网点，确保农资及时到位、不误农时。 据了解，"十四五"期间，全国供销合作社系统化肥供应量占全国七成、钾肥进口量占全国四成，承担约 五成国家化肥商业储备任务和八成省级储备任务。 来源：新华网 在安徽定远县，当地种植大户杨军的1200亩麦田中，冬小麦即将进入返青期，但部分地块长势参差 ...