YYTH(SH:600096) Changjiang Securities·2025-05-06 23:30Investment Rating - The investment rating for the company is "Buy" and is maintained [10] Core Views - The company reported a revenue of 13 billion yuan in Q1 2025, a year-on-year decrease of 6.2% and a quarter-on-quarter decrease of 12.2%. The net profit attributable to shareholders was 1.29 billion yuan, down 11.6% year-on-year but up 41.9% quarter-on-quarter. The net profit after deducting non-recurring items was 1.27 billion yuan, down 11.5% year-on-year but up 50.2% quarter-on-quarter [2][7] Summary by Sections Company Overview - The company is a leader in phosphate resources, fertilizers, and new materials, with phosphate reserves of nearly 800 million tons and an annual production capacity of 14.5 million tons of raw ore. It also has a coal mining capacity of 4 million tons per year and various production capacities for synthetic ammonia, phosphate fertilizers, urea, and compound fertilizers [11] Q1 2025 Performance - In Q1 2025, the company experienced a decrease in revenue and profit due to price declines in key products. The sales volume for phosphate fertilizers increased by 8.2%, compound fertilizers by 23.2%, and urea by 21.8%. However, prices for phosphate fertilizers, compound fertilizers, and urea decreased by 8.4%, 7.0%, and 21.1% respectively [12][13] Future Outlook - For Q2 2025, product prices are expected to show differentiation, with potential recovery in fertilizer prices as the market transitions from domestic demand to export markets. The company is also focused on internal optimization to reduce expense ratios and improve financial performance [12][13] Financial Projections - The company is projected to achieve net profits of 5.46 billion yuan, 5.54 billion yuan, and 5.65 billion yuan for the years 2025, 2026, and 2027 respectively, indicating a stable growth outlook [12][13]