Xinyangfeng Agricultural(000902) 首创证券·2024-11-11 13:15Investment Rating - The investment rating for the company is "Buy" [2] Core Views - The report highlights stable demand for compound fertilizers, with a significant year-on-year profit increase in Q3 2024 [4] - The company achieved a revenue of 12.367 billion yuan in the first three quarters of 2024, a year-on-year increase of 4.05%, and a net profit attributable to shareholders of 1.113 billion yuan, up 12.37% year-on-year [4] - The average price of compound fertilizers in Q3 2024 was 2,925.38 yuan/ton, showing a year-on-year increase of 4.81% [4] - The company is expected to maintain steady performance due to its leading position in the industry and cost advantages [4][6] Summary by Sections Financial Performance - In Q3 2024, the company reported a revenue of 3.948 billion yuan, a year-on-year increase of 2.92%, and a net profit of 375 million yuan, up 24.88% year-on-year [4] - For the first nine months of 2024, the company maintained a gross margin of 16.10% and a net margin of 9.04%, both showing improvements compared to the previous year [5] Market Position and Projects - The company is expected to benefit from new projects, including a 150,000 tons/year water-soluble fertilizer project and a 300,000 tons/year acid fertilizer project, which began trial production at the end of 2023 [6] - The company’s phosphate rock capacity is projected to increase significantly, enhancing its self-sufficiency in raw materials [6] Profit Forecast - The forecasted net profits for 2024, 2025, and 2026 are 1.398 billion yuan, 1.575 billion yuan, and 1.734 billion yuan, respectively, with corresponding EPS of 1.11 yuan, 1.25 yuan, and 1.38 yuan [7]