川发龙蟒：Q2业绩高增，矿化一体保障长期成长

Investment Rating - The report assigns a "Buy" rating for the company, indicating a positive outlook compared to the market index [4][13]. Core Insights - In the first half of 2024, the company achieved a revenue of 4.03 billion yuan, a year-on-year increase of 10%, and a net profit attributable to shareholders of 290 million yuan, up 27% year-on-year. The second quarter saw even stronger performance with revenue of 2.35 billion yuan, a 42% year-on-year increase, and a net profit of 190 million yuan, up 133% year-on-year [2][6]. - The company's growth is attributed to the increase in both volume and price of its main products, alongside a strategic focus on mineral resource layout and integrated mining capabilities [2][6]. - The company is exploring a multi-resource green circular economy layout in Sichuan, which is expected to provide significant long-term growth potential [2][6]. Financial Performance Summary - For the first half of 2024, the company reported a phosphate ore production of 1.096 million tons, a 32% increase year-on-year, and a production of 1.014 million tons for its phosphate chemical main products, a 10% increase year-on-year [6]. - The gross profit margins for various product lines showed mixed results, with fertilizer series margins decreasing by 2.2 percentage points to 11.2%, while feed-grade calcium hydrogen phosphate margins increased by 4.6 percentage points to 19.8% [6]. - The average prices for key products such as monoammonium phosphate and calcium hydrogen phosphate increased by 8% and 16% year-on-year, respectively, contributing to the profit growth in Q2 [6]. Future Outlook - The company is expected to see revenue growth of 15%, 12%, and 13% for the years 2024, 2025, and 2026, respectively, with net profits projected to grow significantly [6][7]. - The company is positioned to benefit from the increasing demand for phosphate resources driven by the development of new energy industries, with a projected increase in phosphate ore production capacity to 4.1 million tons per year in the future [6][7].