Xingfa Chem(SH:600141) Shenwan Hongyuan Securities·2025-08-26 05:44Investment Rating - The report maintains an "Outperform" rating for the company [1] Core Views - The company's performance in H1 2025 met expectations, with revenue of 14.62 billion yuan (YoY +9%) and a net profit of 727 million yuan (YoY -10%) [6] - The acquisition of a 50% stake in Qiaogou Mining adds to the company's phosphate resource base, with a total resource of 18.5 million tons and an average grade of 22.8% [6] - The company is expected to benefit from phosphate fertilizer export premiums, which may help restore profitability in the fertilizer segment [6] - The report anticipates a recovery in the prices of glyphosate and organic silicon, with signs of improvement noted in Q3 2025 [6] - The company is focusing on expanding its phosphate, silicon, and sulfur-based materials, as well as new materials in the microelectronics sector [6] Financial Data and Profit Forecast - Total revenue is projected to reach 29.46 billion yuan in 2025, with a YoY growth rate of 3.7% [2] - The net profit attributable to the parent company is expected to be 2.11 billion yuan in 2025, reflecting a significant YoY increase of 31.6% [2] - The earnings per share (EPS) is forecasted to be 1.91 yuan in 2025, with a corresponding price-to-earnings (PE) ratio of 14 [2] Market Data - As of August 25, 2025, the company's closing price was 27.03 yuan, with a market capitalization of 29.82 billion yuan [3] - The company has a dividend yield of 3.70% based on the most recent dividend announcement [3]