安信国际：港股晨报-20240813

Investment Rating - The report assigns a "Buy" rating to Sinochem Fertilizer (297.HK) with a target price of HKD 1.40, corresponding to a forecasted PE multiple of 10.8 for the fiscal year 2024 [3][4]. Core Views - Sinochem Fertilizer is recognized as a significant player in the fertilizer industry, with a strong background as a state-owned enterprise, contributing to stable revenue and cash flow through its integrated operations in research, procurement, production, and sales [3][4]. - The company is focusing on the development of bio-fertilizers and soil health, aiming to become an innovator in this sector, which is expected to drive future growth [3][4]. Company Overview - Sinochem Fertilizer is a major importer and distributor of fertilizers in China, with over 30 years of international trade experience and a vast distribution network covering 95% of China's agricultural land [3][4]. - The company has established a comprehensive distribution and logistics network, with coverage in 2,200 agricultural counties and 18,000 agricultural towns, supported by over 40,000 township stores [3][4]. Financial Projections - The report forecasts Sinochem Fertilizer's revenue to reach CNY 228.8 billion, CNY 239.5 billion, and CNY 250.3 billion for the fiscal years 2024, 2025, and 2026, respectively, reflecting a year-on-year growth of 5% [4]. - The projected net profit attributable to the parent company is expected to be CNY 8.4 billion, CNY 9.2 billion, and CNY 10.1 billion for the same fiscal years, indicating a significant growth rate of 34% in 2024, followed by 10% in the subsequent years [4].