Investment Rating - The report maintains a "Buy-A" rating for the company [2][7] Core Views - The company has shown a steady growth in bio-composite fertilizers, benefiting from the continuous rise in potash prices. In 2024, the company achieved a revenue of 21.265 billion yuan, a year-on-year decrease of 2.1%, while the net profit attributable to the parent company increased by 69.7% to 1.061 billion yuan [3][4] - The company is focusing on a "Bio+" strategy, enhancing its profitability through product differentiation and improved production efficiency. The gross profit margin and net profit margin for 2024 were 11.96% and 5.06%, respectively, reflecting an increase of 1.56 percentage points and 1.91 percentage points year-on-year [5][7] Financial Performance Summary - In 2024, the company reported revenues from various fertilizer products: bio-composite fertilizers (6.75 billion yuan, +2.5%), phosphate fertilizers (6.66 billion yuan, +18.1%), potash fertilizers (3.94 billion yuan, -25.0%), and specialty fertilizers (0.68 billion yuan, +16.6%) [4] - The total sales volume of fertilizers in 2024 was 7.21 million tons, remaining stable compared to the previous year, with bio-composite fertilizer sales increasing by 10% [4] - The company expects net profits for 2025, 2026, and 2027 to be 1.35 billion yuan, 1.48 billion yuan, and 1.60 billion yuan, respectively, corresponding to P/E ratios of 5.6, 5.1, and 4.8 [7][9] Market Data - As of May 12, 2025, the closing price of the company's stock was 1.170 HKD, with a market capitalization of 8.219 billion HKD [2]
中化化肥（00297）：生物复合肥稳步增长，钾肥上涨持续受益