Wintrue Holding(002539) 申万宏源证券·2025-04-28 01:42Investment Rating - The investment rating for the company is "Outperform" (maintained) [1] Core Views - The company's Q1 2025 performance met expectations, with a significant year-on-year increase in revenue and net profit driven by rising compound fertilizer sales [5] - The company is enhancing its integrated layout, with new production capacities coming online and a strong focus on overseas market expansion [5] - The pricing of raw materials is stabilizing, which may improve profitability in the future [5] Financial Data and Profit Forecast - Total revenue for 2024 is projected at 20,381 million, with a slight decline of 6.4% year-on-year, while Q1 2025 revenue is expected to be 5,712 million, reflecting a 15.3% increase [2] - The net profit attributable to the parent company is forecasted to be 804 million in 2024, with a year-on-year growth of 19% in Q1 2025, reaching 254 million [2] - Earnings per share (EPS) is expected to grow from 0.67 in 2024 to 0.77 in 2025 [2] Market Data - The closing price of the stock is 7.90 yuan, with a market capitalization of 6,977 million [3] - The price-to-earnings (P/E) ratio is projected to decrease from 12 in 2024 to 10 in 2025, indicating potential value [2][3] Company Performance Insights - The company achieved a gross margin of 11.69% in Q1 2025, an increase of 2.10 percentage points year-on-year [5] - The company is expected to benefit from the completion of several production projects, increasing its annual capacity to over 7.8 million tons of phosphate fertilizers [5] - The company is also investing in new projects, including a significant investment in green chemical materials, which will enhance its production capabilities [5]