Wintrue Holding(002539) Guohai Securities·2024-10-27 08:12Investment Rating - The report maintains a "Buy" rating for the company [2][7][19] Core Views - The company experienced pressure on its performance in Q3 2024, with a revenue of 46.91 billion yuan, a year-on-year decrease of 13.02% and a quarter-on-quarter decrease of 22.47% [3] - The company has obtained a mining license for the Ajiu Luogai phosphate mine, which is expected to enhance its resource supply and production capacity [6] Summary by Sections Market Data - The 52-week price range for the company's stock is between 6.15 and 9.22 yuan [1] Financial Performance - For the first three quarters of 2024, the company reported a total revenue of 156.97 billion yuan, down 2.78% year-on-year, and a net profit attributable to shareholders of 6.69 billion yuan, down 6.36% year-on-year [3] - In Q3 2024, the company achieved a gross profit margin of 10.88%, a decrease of 0.07 percentage points year-on-year [3] Investment Highlights - The decline in performance is attributed to the impact of prices for compound fertilizers and soda ash, with cautious purchasing behavior from distributors affecting sales [3] - The average price of compound fertilizers in Q3 2024 was 2,470 yuan/ton, up 2.75% year-on-year [3] - The company is focused on enhancing its integrated advantages in the nitrogen and phosphorus industry chains, supported by its rich resources [6] Earnings Forecast - The company is projected to achieve revenues of 208 billion yuan, 219 billion yuan, and 227 billion yuan for 2024, 2025, and 2026 respectively, with net profits of 8.48 billion yuan, 10.56 billion yuan, and 13.52 billion yuan [7][16]