Wintrue Holding(SZ:002539) Guohai Securities·2025-09-08 09:31Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company has shown steady growth in revenue and profit margins in the first half of 2025, with a revenue of 11.4 billion yuan, a year-on-year increase of 3.59%, and a net profit of 511 million yuan, a year-on-year increase of 12.60% [4][14] - The company is enhancing its integrated advantages in the nitrogen and phosphorus industry chain, with significant progress in upstream resource projects [12][14] Financial Performance - In the first half of 2025, the company's conventional compound fertilizer revenue reached 3.241 billion yuan, up 10.36% year-on-year, while new compound fertilizers and phosphorus fertilizers saw revenue of 3.981 billion yuan, up 32.50% year-on-year [5] - The company's net cash flow from operating activities in the first half of 2025 was 859 million yuan, a decrease of 1.11% year-on-year [5] - In Q2 2025, the company achieved revenue of 5.689 billion yuan, a year-on-year decrease of 5.99%, but the net profit attributable to shareholders increased by 6.94% year-on-year to 257 million yuan [6][7] Market Performance - The company's stock has outperformed the CSI 300 index over various time frames, with a 1-month performance of 2.3%, 3-month performance of 33.4%, and a 12-month performance of 56.4% [8] Future Outlook - The company is expected to see revenue growth of 24.1 billion yuan in 2025, 26.3 billion yuan in 2026, and 28.2 billion yuan in 2027, with net profits projected at 1 billion yuan, 1.5 billion yuan, and 1.9 billion yuan respectively [14][16] - The company's integrated strategy in the nitrogen and phosphorus industry chain is expected to further enhance its competitive advantages as it completes its upstream projects [12][14]