新洋丰：业绩稳健增长，一体化布局持续完善

Investment Rating - The report maintains a "Strong Buy" rating for the company [3]. Core Views - The company has demonstrated steady revenue growth, with a reported revenue of 12.367 billion yuan for the first three quarters of 2024, representing a year-over-year increase of 4.05%. The net profit attributable to shareholders reached 1.113 billion yuan, up 12.37% year-over-year [3]. - The growth in revenue is attributed to an increase in sales volume of compound fertilizers and an improvement in gross margin, which rose by 1.41 percentage points to 16.10% in the first three quarters [3]. - The stabilization of raw material prices for single fertilizers is expected to restore profitability in the compound fertilizer industry, which will further drive the company's profit growth [3]. - The company is enhancing its integrated industrial layout by increasing capital expenditures in projects related to iron phosphate and upstream phosphate chemicals, which will strengthen its competitive advantage and expand its product offerings [3]. Summary by Sections Financial Performance - For Q3 2024, the company achieved a revenue of 3.948 billion yuan, a year-over-year increase of 2.92%, and a net profit of 375 million yuan, up 24.88% year-over-year [3]. - The total revenue for the first three quarters of 2024 was 12.367 billion yuan, with a net profit of 1.113 billion yuan [3]. Sales and Profitability - The sales volume of compound fertilizers increased by 8.8% in the first three quarters of 2024, contributing to revenue growth [3]. - The gross margin for the first three quarters improved to 16.10%, indicating better profitability [3]. Industry Outlook - The report anticipates that the stabilization of single fertilizer prices will lead to a recovery in the profitability of the compound fertilizer industry, positively impacting the company's earnings [3]. - The company is focusing on expanding its integrated industrial layout, which includes investments in new production capacities and related projects [3]. Earnings Forecast - The company is projected to achieve net profits of 1.368 billion yuan, 1.617 billion yuan, and 1.893 billion yuan for the years 2024, 2025, and 2026, respectively, with corresponding EPS of 1.07 yuan, 1.26 yuan, and 1.47 yuan [3].