Huaxia Securities: Maintaining a "buy" rating on Chuangcheng Shares, the prosperity of the phosphorus chemical industry continues.

Huaan Securities research report pointed out that Chuangheng Stock Phosphate Chemical industry continues to be prosperous, and the integrated moat continues to expand. In 2025, the company achieved a net profit attributable to the owner of the parent company of 1.26 billion yuan, an increase of 31.76% year-on-year; in the first quarter of 2026, the company achieved a net profit attributable to the owner of the parent company of 189 million yuan, a decrease of 6.62% year-on-year and a decrease of 36.22% month-on-month. Phosphate ore production and sales have steadily increased, and phosphate chemical revenue has reached a new high. The domestic phosphate mining and selection industry is constrained by policies such as national environmental protection restrictions on mining and protection and governance of the Yangtze River Basin. The industry has high barriers to entry, limited new capacity, and a relatively long investment cycle. The demand side is boosted by the rapid development of new energy battery materials. The phosphate ore market supply and demand remain tight, and the value of resources is increasingly prominent. With the continued prosperity of phosphate mining and phosphate chemicals, the company's phosphate mineral resources are further solidified, and it maintains a "buy" rating.