Xinyangfeng Agricultural(SZ:000902) Huachuang Securities·2024-08-09 07:31Investment Rating - The report maintains a "Strong Buy" rating for the company, with a target price of 15.75 CNY, compared to the current price of 11.65 CNY [1][2]. Core Insights - The company reported a revenue of 8.419 billion CNY for the first half of 2024, reflecting a year-on-year increase of 4.59%. The net profit attributable to shareholders was 738 million CNY, up 6.93% year-on-year [1]. - In Q2 2024, the company achieved a revenue of 5.084 billion CNY, with year-on-year and quarter-on-quarter growth of 40.02% and 52.45%, respectively [1]. - The recovery in revenue and gross margin across major products indicates that the compound fertilizer industry is emerging from difficulties [1]. - The company has a strong cash flow, with a net operating cash flow of 1.019 billion CNY in the first half of 2024, contributing to its capital expenditure and integrated industrial layout [2]. Financial Summary - For 2024, the company is projected to achieve a total revenue of 16.187 billion CNY, with a year-on-year growth rate of 7.2%. The net profit is expected to be 1.313 billion CNY, reflecting an 8.8% increase [3]. - The earnings per share (EPS) for 2024 is estimated at 1.05 CNY, with a price-to-earnings (P/E) ratio of 11.1 [3]. - The company’s total assets are projected to reach 18.24 billion CNY by 2024, with a debt-to-asset ratio of 39.8% [6].