YYTH(SH:600096) Huaan Securities·2025-08-26 01:32Investment Rating - The investment rating for the company is "Accumulate" (maintained) [1] Core Views - The company reported stable profits in H1 2025, with its phosphate chemical business remaining robust despite challenges [5][10] - In H1 2025, the company achieved total 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 [5] - The company is transitioning to a high-margin business structure, leveraging integrated resources and cost control advantages [5] Financial Performance - In Q2 2025, the company recorded revenue of 11.988 billion yuan, a year-on-year decline of 33.90% and a quarter-on-quarter decrease of 7.82% [5] - The net profit attributable to shareholders in Q2 2025 was 1.472 billion yuan, an increase of 6.52% year-on-year and 14.15% quarter-on-quarter [5] - The gross profit margin improved by 2.55 percentage points to 19.16% despite rising raw material prices and low product prices [5] Business Strategy - The company has implemented a low-cost inventory strategy and signed long-term agreements with suppliers to secure sulfur resources at a fixed price, reducing external dependency [5] - The company has a significant phosphate ore reserve of nearly 800 million tons, ensuring self-sufficiency in phosphate fertilizer and new energy material production [5] - The company is accelerating its transition to new energy, with increased R&D investment focusing on fluorine resource development and technology breakthroughs [9] Future Outlook - The company expects net profits attributable to shareholders for 2025, 2026, and 2027 to be 5.567 billion, 5.753 billion, and 5.880 billion yuan, respectively, corresponding to P/E ratios of 9, 9, and 8 times [10]