HBYH(SZ:000422) Huaan Securities·2025-05-18 02:00Investment Rating - Investment Rating: Buy (Maintain) [1] Core Views - The company achieved a revenue of 16.964 billion yuan in 2024, a slight decrease of 0.46% year-on-year, while the net profit attributable to shareholders increased by 44.32% to 653 million yuan [4] - The company is focusing on resource integration to drive performance, with significant improvements in profitability from its coal-phosphorus-fluorine integration strategy [1][6] - The company plans to enhance its competitive edge through capacity expansion and technological upgrades, particularly in the fields of phosphoric acid and fluorine chemicals [7][8] Financial Performance Summary - In Q4 2024, the company reported a revenue of 3.443 billion yuan, a year-on-year increase of 3.11%, but a quarter-on-quarter decrease of 22.78% [5] - For Q1 2025, the company achieved a revenue of 3.946 billion yuan, a year-on-year decrease of 6.00% but a quarter-on-quarter increase of 14.60% [5] - The company expects net profits for 2025-2027 to be 1.065 billion, 1.218 billion, and 1.309 billion yuan respectively, with year-on-year growth rates of 63.2%, 14.3%, and 7.5% [9] Strategic Developments - The company is set to complete the acquisition of 100% equity in Yichang Xinfatou, enhancing its coal and chemical industry chain integration [8] - The company is investing in high-value sectors such as fluorine chemicals, with a new project for anhydrous hydrogen fluoride expected to start in October 2024 [7] - The company is also focusing on expanding its production capacity in phosphoric acid and ammonium phosphate, which will strengthen its raw material supply capabilities [7][8]