兴发集团：2024年中报点评：2024Q2业绩大增，在建项目有序推进

Investment Rating - The report maintains a "Buy" rating for the company [2] Core Insights - The company achieved significant growth in its net profit for the first half of 2024, with a net profit of 8.05 billion yuan, representing a year-on-year increase of 29.85% [3] - The company's revenue for the first half of 2024 was 134.04 billion yuan, a slight decline of 2.09% year-on-year, while the gross profit margin improved to 17.38%, up by 3.91 percentage points [3] - The company is progressing well with its ongoing projects, which are expected to enhance its profitability in the future [8] Financial Performance Summary - In Q2 2024, the company reported revenue of 65.16 billion yuan, a decrease of 8.48% year-on-year, but a net profit of 4.23 billion yuan, which is an increase of 148.13% year-on-year [3][5] - The gross profit margin for Q2 2024 was 20.48%, an increase of 9.40 percentage points year-on-year, while the net profit margin rose to 6.54%, up by 4.22 percentage points [3] - The company’s cash flow from operating activities for the first half of 2024 was 4.43 billion yuan, reflecting a year-on-year increase of 7.09% [4] Product and Market Insights - The company’s main products, including fertilizers and pesticides, saw significant sales growth, with pesticide sales increasing by 28.38% year-on-year and fertilizer sales by 44.48% [6] - The average price of phosphate rock in Q2 2024 was 1009 yuan/ton, showing a slight decrease of 1.99% year-on-year, while the price of monoammonium phosphate increased by 12.23% year-on-year [6][7] - The company has a strong resource advantage with phosphate rock reserves of approximately 403 million tons, which supports its phosphate chemical industry development [9][10] Future Outlook - The company is expected to see continued revenue growth, with projected revenues of 313 billion yuan, 342 billion yuan, and 364 billion yuan for 2024, 2025, and 2026 respectively [11] - The new materials projects are anticipated to provide additional profit growth points, reinforcing the company's competitive position in the market [8][11]