注册制新股纵览：红四方：国内知名的化肥生产企业，募投补齐产品布局

Investment Rating - The investment rating for the company is positioned at a mid-to-low level with an AHP score of 1.66, placing it in the 22.3% percentile of the non-technology innovation system AHP model, and a mid-to-high level at 2.28 when considering liquidity premium factors, placing it in the 39.6% percentile [2][10]. Core Insights - The company, Hong Sifang, is a well-known domestic fertilizer producer backed by China Salt Group, focusing on compound fertilizers and nitrogen fertilizers, with a comprehensive product range and production capacity that meets the needs of major grain-producing areas in China [3][11]. - The company ranks among the top in the industry for compound fertilizer production and sales, benefiting from industry consolidation trends that favor leading enterprises with brand, production scale, and marketing channel advantages [4][14]. - The company has shown steady growth in net profit from 2021 to 2023, with compound annual growth rates of 13.00% in revenue and 19.55% in net profit, which are higher than the average of comparable companies [5][17]. Summary by Sections AHP Score and Expected Allocation Ratio - The AHP score for Hong Sifang, excluding liquidity premium factors, is 1.66, indicating a mid-to-low level position, while considering liquidity premium factors, the score is 2.28, indicating a mid-to-high level position [2][10]. Company Fundamentals and Highlights - Hong Sifang is a subsidiary of China Salt Group, specializing in the research, production, and sales of compound and nitrogen fertilizers, with a product range exceeding 500 specifications [3][11]. - The company has established production bases in several provinces, with an annual production capacity of 300,000 tons of urea and 2.3 million tons of various compound fertilizers [3][12]. - The company has a strong brand presence, recognized as a famous trademark in China, and has implemented a multi-brand strategy to enhance market competitiveness [4][14]. Financial Comparison with Peers - From 2021 to 2023, Hong Sifang's revenue and net profit growth rates were higher than the average of comparable companies, although its gross margin and R&D expenditure ratio were below the average [5][19]. - The company’s revenue for 2021, 2022, and 2023 was 3.054 billion, 4.170 billion, and 3.899 billion CNY respectively, with net profits of 111 million, 119 million, and 158 million CNY [17][18]. Fundraising Projects and Development Vision - The company plans to raise funds for expanding its production capacity, including a new 200,000 tons/year specialized fertilizer project and a 50,000 tons/year high-quality potassium fertilizer project [22][23]. - The investment projects are closely related to the company's main business and are expected to enhance production capacity and market share [22][23].