Chanhen(SZ:002895) Guohai Securities·2025-09-08 09:05Investment Rating - The report maintains a "Buy" rating for the company [1][11]. Core Views - The company has experienced significant revenue growth in the first half of 2025, with a year-on-year increase of 35.28%, reaching 3.36 billion yuan, and a net profit increase of 51.54%, amounting to 536 million yuan [3][4]. - The growth in revenue and profit is primarily attributed to the sales of feed-grade dicalcium phosphate and monoammonium phosphate [4]. - The company is expected to continue its growth trajectory, with projected revenues of 7 billion yuan, 7.7 billion yuan, and 8.4 billion yuan for 2025, 2026, and 2027 respectively, alongside net profits of 1.26 billion yuan, 1.52 billion yuan, and 1.82 billion yuan for the same years [11][43]. Financial Performance - In Q2 2025, the company achieved revenue of 1.87 billion yuan, a year-on-year increase of 29.63% and a quarter-on-quarter increase of 25.06% [3][5]. - The gross profit margin for Q2 2025 was 33.08%, showing a year-on-year increase of 0.31 percentage points [3]. - The company’s average return on equity (ROE) for Q2 2025 was 5.08%, reflecting a year-on-year increase of 1.24 percentage points [3]. Product Performance - The revenue from phosphate rock reached 233 million yuan in the first half of 2025, with a gross margin of 81.21% [4]. - Feed-grade dicalcium phosphate generated revenue of 844 million yuan, with a gross margin of 32.60%, while monoammonium phosphate revenue was 715 million yuan, with a gross margin of 44.57% [4]. - The average price of phosphate rock in Q3 2025 was 1,020 yuan per ton, maintaining a high level compared to previous periods [9]. Market Position and Capacity Expansion - The company has a production capacity of over 3.2 million tons of phosphate rock per year and is expanding its capacity with ongoing projects [10]. - The company is expected to benefit from the stable operation of its phosphate projects and high phosphate rock prices, which will enhance its performance in the upcoming quarters [9][10].