Investment Rating - The investment rating for Sinofert Holdings is "Outperform" with an expected relative return exceeding 10% over the next 12-18 months [15]. Core Views - The profit attributable to shareholders for 2024 is projected to be between RMB 1.01 billion and RMB 1.11 billion, with a solid growth forecast when excluding certain impairments [2][4]. - The company is steadily advancing its "Bio+" strategy, focusing on technological innovation and enhancing operational management, which has led to significant growth in bio-fertilizer production and sales [2][5][6]. - Sinofert aims to be a leader in bio-fertilizer and soil health innovation, with a strong emphasis on brand development and product differentiation [5][6][7]. Summary by Sections Financial Performance - The expected profit attributable to shareholders for 2024 is RMB 1.01-1.11 billion, with a potential adjusted profit of RMB 11.8-12.8 billion when excluding impairments [2][4]. - The growth in operating results is attributed to the successful implementation of the "Bio+" strategy and improvements in operational efficiency [2][4]. Business Strategy - The "Bio+" strategy is central to the company's growth, focusing on becoming a leader in bio-fertilizers and soil health [5][6]. - The company has launched new products under this strategy, which have contributed to significant revenue growth [5][6]. Research and Development - Sinofert is enhancing its R&D capabilities, tackling key technologies and promoting the transformation of new products [6]. - In the first half of 2024, the company achieved a transformation of 886,000 tonnes of R&D results, indicating strong progress in product development [6]. Synergies and Collaborations - As a subsidiary of Syngenta Group, Sinofert leverages synergies in plant protection and production, enhancing its product competitiveness [7]. - Collaborative projects with Syngenta have led to the development of advanced technologies and increased revenue from synergistic activities [7].
中化化肥：2024年股东应占溢利为10.1-11.1亿元，公司稳步推进“生物+”战略-20250213