Asia-Potash(000893) 银河证券·2025-04-24 09:53Investment Rating - The report maintains a "Buy" rating for the company [3]. Core Views - The company's performance significantly improved in Q1 2025, with a revenue increase of 91.47% year-on-year and a net profit increase of 373.53% [6]. - The company is expected to benefit from the gradual release of production capacity from its ongoing projects, which will enhance its operational efficiency and profitability [6]. - The report forecasts substantial growth in revenue and net profit from 2025 to 2027, with net profit projected to reach 2.75 billion yuan by 2027, reflecting a year-on-year growth of 28.40% [6]. Financial Performance Summary - Revenue Forecasts: - 2024: 3.55 billion yuan, down 8.97% - 2025: 5.49 billion yuan, up 54.83% - 2026: 6.42 billion yuan, up 16.92% - 2027: 8.03 billion yuan, up 25.00% [2][8] - Net Profit Forecasts: - 2024: 950 million yuan, down 23.05% - 2025: 1.72 billion yuan, up 80.50% - 2026: 2.14 billion yuan, up 24.85% - 2027: 2.75 billion yuan, up 28.40% [2][8] - Earnings Per Share (EPS): - 2024: 1.03 yuan - 2025: 1.86 yuan - 2026: 2.32 yuan - 2027: 2.98 yuan [2][8] - Price-to-Earnings (PE) Ratios: - 2024: 26.20 - 2025: 14.52 - 2026: 11.63 - 2027: 9.06 [2][8] Operational Highlights - The company achieved stable production in its potassium chloride operations, with production and sales volumes of 1.82 million tons and 1.74 million tons respectively in 2024, marking increases of 10.24% and 8.42% year-on-year [6]. - The average selling price of potassium chloride in 2024 was 1,989.47 yuan per ton, down 17.04% year-on-year, impacting profitability [6]. - The company is advancing its second and third million-ton projects, which are expected to enhance production capacity and operational efficiency in the future [6].