Wintrue Holding(SZ:002539)2025-10-23 03:17Investment Rating - The report gives a "Buy" rating for the company, with a target price of RMB 12.30 based on a 11.5x PE for FY26 [3][12]. Core Insights - The phosphate mine project at Leibo Base is expected to enhance the company's self-sufficiency rate and reduce dependence on external procurement [4][14]. - The Yingcheng project in Hubei is progressing well, laying a solid foundation for future production capacity release [4][14]. - Phosphate ore prices are anticipated to remain firm due to tight supply and increasing demand from agricultural and new energy sectors [4][14]. - The company's new energy materials business is an extension of its phosphoric acid utilization chain, providing cost and product advantages [4][14]. Financial Forecasts - The company is projected to achieve net profits of RMB 987 million, RMB 1.294 billion, and RMB 1.442 billion for 2025-2027, respectively [3][12]. - Total revenue is expected to grow from RMB 20.381 billion in 2024 to RMB 27.148 billion in 2027, reflecting a compound annual growth rate [5][8]. - The net profit margin is projected to improve from 4.0% in 2024 to 5.4% in 2027 [8]. Project Developments - The Leibo phosphate mine project includes significant infrastructure developments, with ongoing construction of essential facilities [4][14]. - The Yingcheng project encompasses multiple production lines, including synthetic ammonia and various fertilizers, with construction progressing smoothly [4][14]. Market Dynamics - The supply of phosphate ore is constrained by long construction cycles and stricter environmental regulations, supporting price stability [4][14]. - Demand for phosphate ore is driven by its applications in fertilizers and the growing new energy sector, particularly for lithium battery materials [4][14].