兴发集团：Q3业绩同环比大幅增长，兴福电子分拆上市注册获批

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company has shown significant year-on-year and quarter-on-quarter growth in performance, with the approval of the spin-off listing of Xingfu Electronics [1] - The company achieved total operating revenue of 22.05 billion yuan in the first three quarters of 2024, a year-on-year increase of 0.04%, and a net profit attributable to shareholders of 1.314 billion yuan, a year-on-year increase of 37.85% [1] - The third quarter of 2024 saw operating revenue of 8.646 billion yuan, a year-on-year increase of 3.95% and a quarter-on-quarter increase of 44.35% [1] - The company is transitioning towards a technology-driven green chemical new materials enterprise, with significant projects expected to contribute to profit growth [4] Summary by Sections Financial Performance - In Q3 2024, the company achieved a net profit attributable to shareholders of 509 million yuan, a year-on-year increase of 56.58% and a quarter-on-quarter increase of 20.26% [1] - The company’s financial indicators for 2024-2026 project net profits of 1.723 billion, 2.233 billion, and 2.669 billion yuan respectively, with corresponding P/E ratios of 15X, 11X, and 9X [4][6] Business Development - The company focuses on the fine phosphorus chemical development line and continues to improve its integrated industrial chain [3] - The company has approximately 403 million tons of phosphorus ore resources and a designed production capacity of 5.85 million tons per year [3] - The company has established a unique "mining and power integration" industrial chain, providing stable and low-cost electricity for production [3] Future Growth Potential - The successful registration of the spin-off listing of Xingfu Electronics is expected to provide new profit growth points [1][2] - The company is advancing multiple projects, including the construction of electronic-grade ammonia and other chemical products, which are anticipated to enhance its competitive edge in the green agriculture and new energy sectors [1][4]