Wintrue Holding(002539) Guoxin Securities·2024-10-15 12:40Investment Rating - The investment rating for the company is "Outperform the Market" [2][3][4] Core Views - The approval of the Ajiuluo phosphate mine will enhance the company's phosphate self-sufficiency and optimize its industrial chain configuration [4][5] - The company has a robust fertilizer market presence with nearly 30 years of experience, and its compound fertilizer production capacity is 7.2 million tons, which is leading in the industry [4][6] - The domestic phosphate rock prices are showing a steady upward trend, which is expected to further improve the company's profitability once the Ajiuluo phosphate mine is operational [5][6] Summary by Sections Company Overview - The company has received the mining license for the Ajiuluo phosphate mine, with a production scale of 2.9 million tons per year and a confirmed resource amount of 138.7 million tons [4][5] - The average P2O5 grade of the phosphate ore is 20.03%, and the company is actively working on environmental assessments and safety facility designs [4][5] Financial Performance - In the first half of 2024, the company achieved a revenue of 11.01 billion yuan, a year-on-year increase of 2%, and a net profit of 450 million yuan, a year-on-year decrease of 11% [6] - The second quarter of 2024 saw a revenue of 6.05 billion yuan, a year-on-year increase of 19%, and a net profit of 240 million yuan, a year-on-year increase of 53% [6] Market Outlook - The overall demand for compound fertilizers is expected to remain stable, supported by national policies encouraging increased grain planting [6] - The company forecasts net profits for 2024-2026 to be 910 million, 1.14 billion, and 1.5 billion yuan respectively, with corresponding EPS of 0.75, 0.94, and 1.24 yuan [6][10]