BATIAN(002170) 华龙证券·2025-01-23 12:33Investment Rating - The investment rating for the company is "Buy" (maintained) [2] Core Views - The company is expected to achieve a significant increase in performance due to the ramp-up of phosphate rock production, with a projected net profit attributable to shareholders of 400 million to 500 million yuan for 2024, representing a year-on-year growth of 54.15% to 92.69% [3][6] - The company is leveraging its high-quality phosphate resources in Guizhou to enhance its industry chain advantages, focusing on the production of phosphate concentrate, nitric phosphate fertilizer, and other agricultural fertilizers [6] Financial Forecast Summary - Revenue projections for 2024, 2025, and 2026 are 4,162 million yuan, 4,818 million yuan, and 5,406 million yuan respectively, with growth rates of 28.33%, 15.75%, and 12.20% [5][10] - The net profit attributable to shareholders is forecasted to be 493 million yuan in 2024, 856 million yuan in 2025, and 926 million yuan in 2026, with corresponding growth rates of 89.89%, 73.76%, and 8.21% [5][10] - The company’s earnings per share (EPS) are expected to be 0.51 yuan for 2024, 0.89 yuan for 2025, and 0.96 yuan for 2026, with price-to-earnings (P/E) ratios of 17.7X, 10.2X, and 9.4X respectively [7][10] Market Data - The current stock price is 9.09 yuan, with a market capitalization of approximately 8,744.48 million yuan [3] - The stock has shown a significant trading volume, with a turnover rate of 71.66% over the past month [3]