Chanhen(002895) 浙商证券·2025-04-10 13:43Investment Rating - The investment rating for the company is "Buy" (maintained) [7] Core Views - The company reported a total revenue of 5.9065 billion yuan for 2024, representing a year-on-year growth of 36.72%, and a net profit attributable to shareholders of 956.48 million yuan, up 24.80% year-on-year [1][6] - The phosphate chemical products segment continues to grow, with revenue from phosphate chemicals and phosphate rock mining reaching 4.988 billion yuan and 543 million yuan, accounting for 84.47% and 9.19% of total revenue, respectively [2][3] - The company has abundant phosphate resources, with total reserves of 35 million tons, ensuring stable future development [3] - The company announced a cash dividend of 12.00 yuan per 10 shares for 2024, amounting to approximately 646.4 million yuan, which is 67% of the net profit for the year [4] - A stock incentive plan is proposed for 2025, granting 9.309 million restricted shares to key personnel, aiming for revenue growth of at least 20% in 2025 and 30% in 2026 [5] - Revenue forecasts for 2025-2027 are 6.936 billion yuan, 8.344 billion yuan, and 8.603 billion yuan, with net profits of 1.292 billion yuan, 1.503 billion yuan, and 1.600 billion yuan, respectively [6][12]