Chanhen(SZ:002895) ZHESHANG SECURITIES·2025-08-27 14:42Investment Rating - The investment rating for the company is "Buy" (maintained) [6] Core Views - The company reported a total revenue of 3.36 billion yuan for the first half of 2025, representing a year-on-year growth of 35.28%, and a net profit attributable to shareholders of 513 million yuan, up 46.50% year-on-year [1] - The phosphochemical product prices have increased, leading to continuous improvement in the company's performance [2] - The company is advancing share repurchase plans to optimize its capital structure [3] - A stock incentive plan has been proposed to demonstrate the company's confidence in its development [4] - The company has approved a mid-term dividend plan, actively returning profits to investors [5] - The company is expected to see strong growth with revenue projections of 6.93 billion yuan, 8.07 billion yuan, and 8.36 billion yuan for 2025, 2026, and 2027 respectively [10] Summary by Sections Financial Performance - In Q2 2025, the company achieved a revenue of 1.87 billion yuan, a year-on-year increase of 29.63% and a quarter-on-quarter increase of 25.06% [1] - The net profit for Q2 was 334 million yuan, up 52.48% year-on-year and 65.34% quarter-on-quarter [1] Business Segments - The phosphochemical segment generated 3.13 billion yuan in revenue, accounting for 93.07% of total revenue, with a year-on-year growth of 37.50% [2] - The revenue from ammonium phosphate and iron phosphate increased by 38.91% and 103.99% respectively [2] Shareholder Returns - The mid-term dividend plan includes a distribution of 3 yuan per 10 shares, totaling approximately 182.3 million yuan [5] Future Outlook - The company is expected to maintain a strong growth trajectory with significant revenue and profit increases projected for the next three years [10]