Chanhen(002895) Huaan Securities·2024-10-29 03:30Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company reported a significant increase in Q3 performance, with a year-on-year revenue growth of 29.36% to 39.73 billion yuan and a net profit increase of 36.75% to 6.72 billion yuan for the first three quarters of 2024 [1] - The increase in net profit is attributed to rising product prices and increased revenue, with the average price of dicalcium phosphate reaching 3,702.52 yuan per ton, a year-on-year increase of 5.71% [1] - The company is expanding its development space by increasing capital in subsidiaries to enhance international trade and optimize resource allocation [1] - The company has adjusted the use of convertible bond funds to gradually release project capacity, which is expected to improve profitability [1] Financial Performance Summary - For 2024, the company expects net profits of 9.43 billion yuan, 11.31 billion yuan in 2025, and 13.69 billion yuan in 2026, with year-on-year growth rates of 23.0%, 20.0%, and 21.0% respectively [2] - The projected P/E ratios for the years 2024, 2025, and 2026 are 13, 11, and 9 times respectively [2] - The company’s revenue is forecasted to reach 4,320 million yuan in 2024, 5,479 million yuan in 2025, and 6,730 million yuan in 2026, with corresponding year-on-year growth rates of 26.9% and 22.8% [4][7] - The gross profit margin is expected to be 31.2% in 2024 and 33.8% in 2026 [4][7] - The company’s total assets are projected to grow from 12,024 million yuan in 2023 to 21,345 million yuan in 2026 [6]