光大证券:磷肥出口窗口期已至 持续看好磷化工产业链

格隆汇
25 May
光大证券发布研报称,2025年磷肥出口分阶段进行,窗口期集中在5 - 9月,法检时间预计半月左右。国内磷肥需求淡季,价格面临下行压力,出口有望提升企业盈利能力。近年来国际市场供需有利,国内外磷肥价差可观。2024年我国磷酸一铵、磷酸二铵出口量同比下降,2025 年1 - 4月出口量同比降幅明显,但随着出口窗口期到来,出口量有望回升,支撑磷肥价格。磷矿石价格维持高位,磷化工龙头企业多布局高品位磷矿资源,具备产业链一体化成本优势。

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