Asia-Potash(000893) 新浪财经·2025-04-25 14:35Core Viewpoint - The company reported a decline in revenue and net profit for 2024, but showed significant growth in Q4 and Q1 of 2025, indicating a potential recovery trend in the upcoming periods [1][2][3] Group 1: Financial Performance - In 2024, the company achieved operating revenue of 3.848 billion yuan, a year-on-year decrease of 9.0%, and a net profit attributable to shareholders of 950 million yuan, down 23.1% [1] - The company's Q4 2024 revenue was 1.07 billion yuan, showing a year-on-year increase of 5.9% and a quarter-on-quarter increase of 35.8% [1] - For Q1 2025, the company reported operating revenue of 1.21 billion yuan, a year-on-year increase of 91.5% and a quarter-on-quarter increase of 13.8% [1] Group 2: Production and Sales - In 2024, the company produced 1.815 million tons of potassium chloride, an increase of 10.2% year-on-year, with sales of 1.741 million tons, up 8.4% [2] - In Q4 2024, production reached 491,700 tons, with sales of 500,000 tons, reflecting a quarter-on-quarter increase of 31.4% [2] - For Q1 2025, production and sales continued to grow, reaching 506,200 tons and 528,300 tons respectively [2] Group 3: Pricing and Market Conditions - The average selling price of potassium fertilizer in H2 2024 was 2,051 yuan/ton, a quarter-on-quarter increase of 6.4%, while the annual average price was 1,989 yuan/ton, down 17.0% year-on-year [2] - In Q1 2025, the market average price for potassium fertilizer was 2,888 yuan/ton, a quarter-on-quarter increase of 16.1% [3] Group 4: Expansion Projects - The company is advancing the construction of its second and third 1 million tons/year potassium fertilizer projects, with significant progress made in the mining construction work [3] - The company aims to ensure the projects are operational and stable in the long term [3] Group 5: Profit Forecast and Valuation - The company is projected to achieve net profits of 1.64 billion, 2.43 billion, and 3.06 billion yuan for 2025-2027, representing year-on-year growth rates of 72.1%, 48.4%, and 25.9% respectively [3] - Corresponding price-to-earnings ratios are forecasted to be 15, 10, and 8 times for the same periods [3]