Xingfa Chem(600141) 长江证券·2025-04-02 09:42Investment Rating - The investment rating for the company is "Buy" and is maintained [6]. Core Views - The company reported a revenue of 28.4 billion yuan for 2024, a year-on-year increase of 0.4%, and a net profit attributable to shareholders of 1.6 billion yuan, up 14.3% year-on-year [1][3]. - The company plans to distribute a cash dividend of 10 yuan per 10 shares, totaling 1.1 billion yuan, which accounts for 68.9% of the net profit attributable to shareholders, representing a significant increase of 66.7% year-on-year [3][8]. - The company is a leading player in the phosphate chemical industry, with a complete industrial chain and strong R&D capabilities, currently facing short-term pressure due to product market downturns but is expected to recover as new projects are implemented [8]. Financial Performance - In Q4, the company achieved a revenue of 6.35 billion yuan, a year-on-year increase of 2.7% but a quarter-on-quarter decrease of 26.6%. The net profit attributable to shareholders for Q4 was 290 million yuan, down 35.5% year-on-year and 43.6% quarter-on-quarter [1][3]. - The gross margin for the company was 24.9%, a year-on-year decrease of 2.0 percentage points but an increase of 6.1 percentage points quarter-on-quarter [8]. - The company’s main products, including phosphate rock and glyphosate, showed stable pricing trends, with minor fluctuations in market prices [8]. Product Outlook - The company has a production capacity of 230,000 tons per year for glyphosate and 600,000 tons per year for organosilicon monomers. The current market conditions for these products are at historical lows, but there are signs of potential recovery due to improving demand and reduced competition [8]. - The company is advancing key projects, including a 1 million tons per year optical mining project and a 2 million tons per year phosphate mining project, which are expected to enhance its overall strength [8].