YYTH(SH:600096) EBSCN·2025-08-20 08:23Investment Rating - The report maintains a "Buy" rating for the company [6] Core Views - The company reported a stable profit in the first half of 2025, with a slight year-on-year decrease in net profit [1][2] - The phosphate chemical industry remains buoyant, with the company leveraging its resource and industrial chain advantages to maintain a gross profit margin of 39.2% in its phosphate fertilizer business [2][3] - The company is actively optimizing its industrial layout and enhancing its supply chain, which is expected to improve operational efficiency and quality [3] Summary by Sections Financial Performance - In H1 2025, the company achieved revenue of 24.992 billion yuan, a year-on-year decrease of 21.88%, and a net profit attributable to shareholders of 2.761 billion yuan, down 2.81% year-on-year [1] - The company’s phosphate fertilizer production was approximately 2.43 million tons, a decrease of 2.0% year-on-year, while sales volume was about 2.22 million tons, down 6.7% year-on-year [2] - The company’s overseas revenue dropped significantly by 57.4% to 4.77 billion yuan due to a reduction in trade business scale [2] Production and Capacity - The company has significant resource advantages, with phosphate rock reserves of nearly 800 million tons and an annual mining capacity of 14.5 million tons [3] - The total fertilizer production capacity is 10 million tons per year, including 5.55 million tons of phosphate fertilizer and 2.6 million tons of urea [3] Profit Forecast and Valuation - The report adjusts the profit forecast for 2025-2027, expecting net profits of 5.814 billion yuan, 6.035 billion yuan, and 6.244 billion yuan respectively [3] - The company’s earnings per share (EPS) is projected to be 3.19 yuan in 2025, with a price-to-earnings (P/E) ratio of 8 [5][12]