YYTH(SH:600096) CMS·2024-08-13 01:17Investment Rating - The report maintains a "Strong Buy" investment rating for the company [1][2] Core Views - The company's core product sales continue to grow steadily, maintaining its leadership in the phosphate chemical industry [1] - The company reported a revenue of 31.993 billion yuan for the first half of 2024, a year-on-year decrease of 9.16%, while the net profit attributable to shareholders was approximately 2.841 billion yuan, a year-on-year increase of about 6.1% [1] - The profitability of products such as phosphate fertilizer and urea exceeded expectations, contributing to stable profit growth [1] - The company has significant production capacities, including urea at 2.6 million tons/year and phosphate fertilizer at 5.55 million tons/year, making it one of the largest fertilizer producers in China [1] - The company possesses rich phosphate and coal resources, with phosphate reserves nearing 800 million tons [1] Financial Data Summary - The company is expected to achieve revenues of 69.705 billion yuan, 70.503 billion yuan, and 70.561 billion yuan for 2024, 2025, and 2026 respectively, with net profits of 4.645 billion yuan, 4.795 billion yuan, and 4.949 billion yuan [2][3] - The earnings per share (EPS) are projected to be 2.53 yuan, 2.61 yuan, and 2.70 yuan for the same years, with corresponding price-to-earnings (PE) ratios of 7.8, 7.5, and 7.3 [2][3] - The company's total revenue for 2022 was 75.313 billion yuan, which decreased to 69.060 billion yuan in 2023, reflecting an 8% year-on-year decline [3][6] - The company's net profit for 2022 was 6.021 billion yuan, which fell to 4.522 billion yuan in 2023, a decrease of 25% [3][6] - The company's total assets are projected to be 53.526 billion yuan in 2024, with total liabilities of 27.708 billion yuan [5]