研报掘金丨国海证券：维持云图控股“买入”评级，一体化优势将进一步增强

Core Insights - The report from Guohai Securities indicates that Yuntu Holdings achieved a net profit attributable to shareholders of 511 million yuan in the first half of the year, representing a year-on-year increase of 12.60% [1] - In Q2, the net profit attributable to shareholders was 257 million yuan, showing a year-on-year growth of 6.94% and a quarter-on-quarter increase of 1.32% [1] Company Strategy - The company adheres to a "resources + industrial chain" strategic layout, developing along the upstream nitrogen and phosphorus industrial chains [1] - Yuntu Holdings is expanding its upstream resource end to ensure stable raw material supply while optimizing product structure downstream [1] Competitive Advantage - The company has established a complete industrial chain for nitrogen and phosphorus fertilizers, excluding urea, which forms a core competitive advantage of low-cost and stable supply of nitrogen and phosphorus nutrients [1] Financial Projections - Based on the price differential of the company's main products, the profit forecast has been adjusted, with expected revenues of 24.1 billion, 26.3 billion, and 28.2 billion yuan for 2025, 2026, and 2027 respectively [1] - The projected net profits attributable to shareholders for the same years are 1 billion, 1.5 billion, and 1.9 billion yuan, corresponding to price-earnings ratios of 13, 9, and 7 times [1] Future Outlook - The company is focused on its core business of compound fertilizers and has built a complete upstream and downstream industrial chain [1] - With the construction of phosphorus ore and synthetic ammonia production capacity, the company's integrated advantages are expected to further enhance [1] - The rating for the company is maintained as "Buy" [1]