Xingfa Chem(SH:600141) Xin Lang Cai Jing·2025-04-17 12:24Core Viewpoint - The company achieved steady growth in its 2024 performance, with significant profit increases in the phosphate and specialty chemicals sectors [1] Investment Highlights - The company maintains a "Buy" rating, demonstrating overall stable growth in 2024 despite pressure in cyclical sectors like glyphosate and organosilicon, highlighting the resilience of its growth and resource segments [2] - The 2024 annual report shows revenue of 28.396 billion yuan, a year-on-year increase of 0.41%, and a net profit attributable to shareholders of 1.601 billion yuan, up 14.33% year-on-year [2] - In Q4 alone, revenue was 6.346 billion yuan, a 1.70% year-on-year increase but a 26.60% quarter-on-quarter decline, with net profit of 287 million yuan, down 35.82% year-on-year and 43.63% quarter-on-quarter [2] - The company’s profit growth occurred despite low prices for glyphosate and organosilicon, with notable profit increases from phosphate and specialty chemicals, reflecting the benefits of deep industry chain engagement [2] Future Plans - The company plans to expand phosphate production and downstream fine products, aiming for the completion of projects like 40,000 tons/year ultra-pure electronic chemicals and electronic-grade hydrogen peroxide within the year [3] - There are initiatives to enhance the organosilicon supply chain, including the establishment of a 5,000 tons/year modified silicone oil project and a digital chemical plant [3] - The company is also focused on upgrading the phosphorus-sulfur industry, with several projects set to be completed within the year, including a 53,000 tons/year yellow phosphorus technology upgrade [3] Catalysts - Anticipated price increases for glyphosate and phosphate rock are seen as potential catalysts for future growth [4]