Wintrue Holding(SZ:002539) Shenwan Hongyuan Securities·2025-08-28 07:49Investment Rating - The investment rating for the company is "Outperform" (maintained) [1] Core Views - The company's performance in the first half of 2025 met expectations, with total revenue of 11.4 billion yuan (up 3.6% year-on-year) and a net profit attributable to shareholders of 511 million yuan (up 12.6% year-on-year) [6] - The growth in compound fertilizer sales and profitability, along with improved profitability in yellow phosphorus, contributed to the increase in net profit [6] - The company is progressing well with its phosphate and synthetic ammonia projects, which are expected to enhance its growth potential [6] Financial Data and Profit Forecast - Total revenue projections for 2025 are 21.205 billion yuan, with a year-on-year growth rate of 4.0% [2] - The net profit attributable to shareholders is forecasted to be 1.013 billion yuan in 2025, reflecting a year-on-year increase of 25.9% [2] - Earnings per share (EPS) is expected to be 0.84 yuan in 2025, with a projected price-to-earnings (PE) ratio of 13 [2] Market Data - As of August 27, 2025, the closing price of the stock was 11.10 yuan, with a market capitalization of 9.781 billion yuan [3] - The stock has a price-to-book ratio of 1.5 and a dividend yield of 1.80% [3] Business Performance Insights - The company achieved a gross profit of 3.36 billion yuan from conventional compound fertilizers (up 12% year-on-year) and 7.46 billion yuan from new-type compound fertilizers and phosphate fertilizers (up 38% year-on-year) in the first half of 2025 [6] - The company is expanding its production capacity for compound fertilizers, with new projects in Hubei and Liaoning expected to enhance output significantly [6] - The company is also focusing on optimizing its industrial structure and enhancing its cost advantages through integrated production chains [6]