Wintrue Holding(002539) 新浪财经·2025-03-31 03:56Core Viewpoint - The company, Yuntu Holdings, is focusing on enhancing its nitrogen and phosphorus industry chain, despite a decline in revenue and net profit for 2024, while maintaining a stable growth in its compound fertilizer sales and production capacity [1][2]. Financial Performance - In 2024, the company achieved a revenue of 20.381 billion yuan, a decrease of 6.37% year-on-year; net profit attributable to shareholders was 804 million yuan, down 9.80% year-on-year; and the basic earnings per share was 0.67 yuan, a decline of 9.46% year-on-year [1]. Industry Chain Development - The company is advancing its "resource + industry chain" strategy, with significant progress in both nitrogen and phosphorus chains: - Nitrogen Chain: The 700,000-ton synthetic ammonia project at the Yicheng base is progressing as planned, with the main structure completed and core equipment installation underway [2]. - Phosphorus Chain: The company has confirmed phosphorus ore reserves of 549 million tons and has obtained mining licenses for significant projects, ensuring self-sufficiency in phosphorus ore supply [2]. Production Capacity and Sales - The company has an annual production capacity of over 7.8 million tons for compound fertilizers, with a sales volume of 4.1797 million tons in 2024, reflecting a year-on-year increase of 10.59% [2]. - Revenue from compound fertilizers reached 11.43 billion yuan, up 13.24% year-on-year, with a gross margin of 14.12%, an increase of 1.14 percentage points [2]. Product Structure and Profitability - The product structure includes conventional compound fertilizers and new types, with the latter showing a significant revenue increase of 22.77% year-on-year [2]. - The company is focusing on diversifying its product offerings to enhance profitability and meet market demands [2]. Future Outlook - The company is optimistic about the future of compound fertilizers, driven by national policies supporting food security and the increasing demand for fertilizers due to agricultural modernization [2]. - The company plans to innovate in the new fertilizer sector, focusing on efficiency-enhancing and specialty fertilizers [2]. International Expansion - The company is actively pursuing internationalization, with significant growth in overseas sales, particularly in Southeast Asia, and has expanded trade operations in various countries [3]. Phosphorus Chemical Business - The phosphorus chemical segment, primarily producing yellow phosphorus, has maintained stable sales, with future growth expected from nearby mining operations [3].