研报掘金丨国海证券：维持芭田股份“买入”评级，磷矿价格维持高位，分红水平高

Group 1 - The core viewpoint of the report indicates that Batian Co., Ltd. achieved a net profit attributable to shareholders of 456 million yuan in the first half of the year, representing a year-on-year increase of 203.71% [1] - In Q2, the net profit attributable to shareholders was 285 million yuan, an increase of 188 million yuan year-on-year and 114 million yuan quarter-on-quarter [1] - The gross profit for Q2 was 540 million yuan, which is an increase of 342 million yuan year-on-year and 193 million yuan quarter-on-quarter [1] Group 2 - The significant growth in Q2 performance is primarily attributed to the increase in the production and sales volume of phosphate rock [1] - The company plans to distribute cash dividends amounting to no less than 60% of the cumulative distributable profits over the years 2024 to 2026 [1] - The company is committed to a high level of cash dividends, actively fulfilling its obligation to return value to shareholders [1] Group 3 - The forecast for the company's operating revenue for 2025, 2026, and 2027 is 5.4 billion yuan, 6.3 billion yuan, and 7 billion yuan respectively [1] - The expected net profit attributable to shareholders for the same years is 1.2 billion yuan, 1.5 billion yuan, and 1.7 billion yuan respectively [1] - The corresponding price-to-earnings ratios (PE) are projected to be 8, 7, and 6 times [1] Group 4 - The company is expected to gradually increase its phosphate rock output, with phosphate prices remaining high [1] - The report maintains a "buy" rating for the company based on its strong performance and growth prospects [1]