BATIAN(SZ:002170) HUAXI Securities·2025-04-15 13:33Investment Rating - The investment rating for the company is "Accumulate" [1] Core Views - The company's composite fertilizer business remains stable, and the release of phosphate rock production capacity is promising [2][3] - In 2024, the company achieved operating revenue of 3.313 billion yuan, a year-on-year increase of 2.15%, and a net profit attributable to shareholders of 409 million yuan, a year-on-year increase of 57.67% [2][3] - The profit distribution plan includes a cash dividend of 2.80 yuan per 10 shares (tax included) [2] Summary by Sections Revenue and Profitability - The company reported operating revenue of 3.313 billion yuan in 2024, with a gross profit margin of 27.66%, an increase of 4.69 percentage points year-on-year [3] - The revenue breakdown shows that composite fertilizers accounted for 76.60% of total revenue, while phosphate rock contributed 21.30% with a gross margin of 83.67% [3][5] Product Structure and Sales - The company has a designed production capacity of 1.91 million tons for composite fertilizers, with a production of 730,900 tons in 2024, a decrease of 12.11% year-on-year [4] - The average selling price of composite fertilizers was 3,498.16 yuan per ton, a year-on-year increase of 5% [4] Phosphate Rock Development - The company’s phosphate rock project, with a phase one capacity of 2 million tons per year, has been completed, and phase two with a capacity of 900,000 tons per year is under construction [5] - The phosphate rock revenue reached 706 million yuan in 2024, a year-on-year increase of 81.62% [5] Investment Recommendations - The analysis suggests that the main product sales revenue will drive revenue growth, but rising average costs may impact gross margins [6] - The forecast for 2025 revenue is adjusted to between 4.401 billion yuan and 5.580 billion yuan, with net profit estimates for 2025 adjusted to between 615 million yuan and 950 million yuan [6][8]