HBYH(000422) 国信证券·2025-04-03 01:15Investment Rating - The investment rating for Hubei Yihua is "Outperform the Market" [4][9][28] Core Views - The company is expected to achieve a net profit attributable to shareholders of 653 million yuan in 2024, representing a year-on-year increase of 44.32% [1][11] - The company is actively progressing with asset restructuring, which is anticipated to enhance profitability [3][4] - The demand for high-end products, such as dipentaerythritol, is increasing, leading to a rapid rise in product prices, which the company is well-positioned to benefit from as an industry leader [2][22] Financial Performance - In 2024, the company is projected to generate operating revenue of 16.964 billion yuan, a slight decrease of 0.48% year-on-year [1][10] - By the end of 2024, total assets are expected to reach 26.713 billion yuan, an increase of 4.40% year-on-year, while equity attributable to shareholders is projected to grow by 11.88% to 7.362 billion yuan [1][11] - The weighted average return on equity (ROE) is forecasted to be 9.18%, up by 0.96% year-on-year [1][11] Business Segments - The company has a urea production capacity of 1.56 million tons, ranking among the industry leaders, and a diammonium phosphate capacity of 1.26 million tons, holding the fourth position in market share nationally [1][11] - The company has recently completed a 460,000 tons/year synthetic ammonia project, which is expected to further secure raw material supply for diammonium phosphate and TMP, enhancing profitability [3][24] - The company is also involved in the construction of a 2×30,000 tons/year anhydrous hydrofluoric acid project, which will promote the transformation and upgrading of the phosphorus-fluorine chemical industry [3][24] Market Outlook - The acquisition of Xinjiang Yihua is expected to be completed by 2025, which will strengthen the company's advantages in the coal and coal chemical sectors [4][27] - The company plans to integrate coal resources into its operations, which is anticipated to contribute to profit growth [9][28] - The market for dipentaerythritol is expected to see significant price elasticity due to increased demand in high-end PCB ink materials, which the company is well-positioned to capitalize on [2][23]