YYTH(SH:600096) Shenwan Hongyuan Securities·2025-08-20 05:45Investment Rating - The report maintains an "Outperform" rating for the company [2] Core Views - The company's performance in the first half of 2025 met expectations, with a proposed interim dividend of 2 CNY per 10 shares, totaling 365 million CNY [7] - The increase in phosphate fertilizer and urea prices, along with the significant premium from phosphate exports, is expected to enhance profitability [7] - The company is focusing on optimizing its debt structure while continuing to develop its core phosphate chemical business [7] Financial Data and Profit Forecast - Total revenue for 2025 is projected at 61,800 million CNY, with a year-on-year growth rate of 0.4% [6] - The net profit attributable to the parent company is expected to be 6,023 million CNY in 2025, reflecting a 12.9% year-on-year increase [6] - The earnings per share (EPS) for 2025 is forecasted to be 3.30 CNY [6] Performance Highlights - In the first half of 2025, the company achieved a total revenue of 24,992 million CNY, a decrease of 22% year-on-year, while the net profit was 2,761 million CNY, down 3% year-on-year [7] - The gross profit margin improved to 19.16%, up 2.55 percentage points year-on-year [7] - The company’s phosphate sales volume in Q2 2025 was 941,800 tons, with an average selling price of 3,261 CNY per ton [7] Market Position and Strategy - The company benefits from a stable phosphate rock price, which supports profitability, and is expected to see continued improvement in earnings due to rising export premiums [7] - The company is reducing its trading business scale while focusing on its core operations, leading to a decline in trading revenue [7] - The asset-liability ratio at the end of Q2 2025 was 51.58%, reflecting a slight increase but still at a low point historically [7]