> 数据图表如何了解尿素供应端风险
2025-6-1尿素供应端风险我们认为，欧洲许多资产在成本方面仍缺乏竞争力，今年及以后还需进一步进行资产整合。中国尿素出口有限，这在 2025 财年及以后对供应构成下行风险，但对尿素价格前景有利。今年迄今尿素均价约为每吨 404 美元，而海通国际对 2025 财年的预测为每吨 350 美元。数据来源：International Fertilizer Association, Company data, Bloomberg, HTI Estimates数据来源：Bloomberg, China Customs, HTI Estimates. Chart shows urea exports from China and the red part for 2025E+ shows our estimatesFor full disclosure of risks, valuation methodologies and target price formation on all HTI rated stocks, please refer to the latest full report on our website at equities.htisec.com13 
