Wintrue Holding(002539) 国信证券·2025-04-27 07:40Investment Rating - The investment rating for the company is "Outperform the Market" [5][27]. Core Views - The company reported significant growth in revenue and net profit for Q1 2025, with revenue reaching 5.712 billion yuan (up 15.28% year-on-year) and net profit of 254 million yuan (up 18.99 year-on-year) [1][8]. - The company plans to invest in a green chemical new energy materials project in Guigang, Guangxi, to fill the capacity gap in South China, which is expected to enhance profitability and risk resistance [2][26]. Summary by Sections Financial Performance - In Q1 2025, the company's gross margin and net margin were 11.69% and 4.56%, respectively, both showing year-on-year increases of 2.1 percentage points and 0.23 percentage points [1][8]. - The company's non-recurring net profit was 250 million yuan, a substantial increase of 61.44% year-on-year [1][8]. Market Trends - Prices for compound fertilizers, monoammonium phosphate, and yellow phosphorus increased in Q1 2025, contributing to the company's performance [2][19]. - The average market price for chloride-based compound fertilizers was 2394 yuan/ton, up 2.48% month-on-month, while the price for sulfur-based compound fertilizers was 2813 yuan/ton, up 2.89% month-on-month [2][19]. Future Outlook - The company has a compound fertilizer capacity of 7.45 million tons and is actively building an integrated nitrogen fertilizer supply chain, which is expected to support continuous growth in production and sales [3][27]. - Profit forecasts for 2025-2027 are 853 million yuan, 972 million yuan, and 1.119 billion yuan, respectively, with expected year-on-year growth rates of 6.0%, 14.0%, and 15.1% [3][27].