BATIAN(SZ:002170) Guohai Securities·2025-09-08 09:31Investment Rating - The report maintains a "Buy" rating for the company [1][11][50] Core Views - The company has experienced significant revenue growth, with a 63.93% year-on-year increase in revenue for the first half of 2025, reaching 2.543 billion yuan, and a 203.71% increase in net profit, amounting to 456 million yuan [3][4] - The growth in profitability is primarily attributed to a substantial increase in phosphate rock sales, which saw a revenue increase of 455.79% year-on-year [4] - The company is expected to continue its growth trajectory, with projected revenues of 5.4 billion yuan, 6.3 billion yuan, and 7.0 billion yuan for 2025, 2026, and 2027 respectively, alongside net profits of 1.2 billion yuan, 1.5 billion yuan, and 1.7 billion yuan for the same years [11][48] Financial Performance - In Q2 2025, the company achieved revenue of 1.431 billion yuan, a year-on-year increase of 59.94%, and a net profit of 285 million yuan, reflecting a year-on-year growth of 192.98% [3][5] - The gross profit margin for Q2 2025 was reported at 37.72%, an increase of 15.61 percentage points year-on-year [3][5] - The company’s operating cash flow for the first half of 2025 was 754 million yuan, a significant increase of 224.05% year-on-year, driven by increased sales collections [4] Product Performance - Phosphate rock sales generated 998 million yuan in revenue in the first half of 2025, with a gross margin of 70.81% [4] - The compound fertilizer segment generated 1.497 billion yuan in revenue, with a gross margin of 14.53% [4] - The average price of phosphate rock in Q2 2025 was 1,020 yuan per ton, showing a slight increase of 1% year-on-year [5][19] Shareholder Returns - The company plans to distribute a cash dividend of 1.60 yuan per 10 shares, amounting to approximately 154.74 million yuan, which represents 33.92% of the net profit attributable to shareholders for the first half of 2025 [10]