YYTH(SH:600096) Shenwan Hongyuan Securities·2025-05-05 06:44Investment Rating - The investment rating for the company is "Outperform" (maintained) [1] Core Views - The report highlights that the price of phosphate rock remains stable at a high level, while the volume of phosphate fertilizer and urea has increased but prices have declined. The company's debt-to-asset ratio continues to improve [1][8] - The company's Q1 2025 performance met expectations, with total revenue of 13,004 million yuan (YoY -6%, QoQ -12%) and net profit attributable to shareholders of 1,289 million yuan (YoY -12%, QoQ +42%) [8] - The report emphasizes the integrated advantages of the phosphate chemical enterprise and the ongoing optimization of its debt structure, alongside a strategic shift towards fine phosphate chemical business and efficient development of phosphate resources [8] Financial Data and Profit Forecast - Total revenue forecast for 2025 is 61,336 million yuan, with a projected net profit of 5,518 million yuan, corresponding to an EPS of 3.01 yuan [7] - The company's gross margin is expected to improve slightly to 18.2% in 2025, with a return on equity (ROE) of 21.5% [7] - The debt-to-asset ratio is reported at 49.96%, down 2.30 percentage points from the end of 2024, indicating ongoing financial stability [8]