Xinyangfeng Agricultural(SZ:000902) Huachuang Securities·2025-04-18 07:37Investment Rating - The report maintains a "Strong Buy" rating for the company, expecting it to outperform the benchmark index by over 20% in the next six months [2][19]. Core Insights - The company achieved a revenue of 15.563 billion yuan in 2024, a year-on-year increase of 3.07%, with a net profit attributable to shareholders of 1.315 billion yuan, up 8.99% year-on-year [2]. - The report highlights the steady increase in sales of phosphate compound fertilizers and the rising proportion of new-type fertilizers, which have contributed to improved gross margins [3]. - The company plans to distribute a cash dividend of 3 yuan per 10 shares, amounting to a total of 376 million yuan, which represents 28.63% of the annual net profit [2]. Financial Performance Summary - In 2024, the phosphate compound fertilizer segment generated a revenue of 14.74 billion yuan, with production and sales volumes of 6.407 million tons and 5.486 million tons, respectively, reflecting year-on-year increases of 15.4% and 8.3% [9]. - The gross margin for the phosphate compound fertilizer segment was recorded at 16.66%, an increase of 1.64 percentage points year-on-year, with new-type fertilizers achieving a gross margin of 21.22% [9]. - The company has invested in new projects, including a 150,000-ton water-soluble fertilizer and a 300,000-ton acid residue fertilizer project, enhancing its integrated supply chain advantages [9]. Financial Forecasts - The company is projected to achieve total revenue of 17.037 billion yuan in 2025, with a year-on-year growth rate of 9.5% [5]. - The net profit attributable to shareholders is expected to reach 1.643 billion yuan in 2025, reflecting a growth rate of 24.9% [5]. - The report provides a target price of 18.34 yuan for 2025, based on a price-to-earnings ratio of 14 times [5].