中国心连心化肥(01866 HK)：中国领先的复合肥生产商，首予“买入”

国泰君安国际研...06-26

评级及目标价：我们首予“买入”评级，目标价为5.70港元，对应2024/2025/2026年市盈率分别为5.2 倍/4.9 倍/4.3 倍。我们的观点：1）高端复合肥市场的竞争不如预期激烈。2）低估了海外市场的增长潜力。投资主题：受环保法规和煤基行业生产成本上升的影响，中国化肥市场正向高品质复合肥转型。尽管2022年农用化肥总施用量有所减少，但复合肥施用量增加了8.9%。中国心连心化肥凭借其技术和...

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