农大科技（920159）：新型肥料全国制造业单项冠军示范企业，扩产能以发展有机肥料：农大科技（920159.BJ）

Investment Rating - The report suggests a "Focus" on the company, indicating a positive outlook for investment opportunities in the new fertilizer sector [2][4]. Core Insights - The company is recognized as a national-level "Manufacturing Single Champion Demonstration Enterprise" in the new fertilizer industry, with plans to expand production capacity for organic fertilizers [2][14]. - The company has a strong market position, ranking second in the production and sales of humic acid compound fertilizers in China, and has achieved significant innovation with 45 invention patents and 35 utility model patents [2][14]. - The company’s revenue from new fertilizers has shown a stable trend, with a projected revenue of CNY 2.363 billion in 2024, despite a slight decline in growth rates [2][19][30]. Summary by Sections Initial Offering - The company plans to issue 16 million shares at a price of CNY 25 per share, with an expected market capitalization of CNY 760 million post-issue [5][6]. - The funds raised will be allocated to projects including a 300,000-ton annual production of humic acid intelligent high tower compound fertilizer and a 150,000-ton biological fertilizer production line [12][13]. Business Overview - The company specializes in new fertilizers, including humic acid-enhanced fertilizers, controlled-release fertilizers, and water-soluble fertilizers, with a focus on innovation and technology [14][19]. - The revenue from new fertilizers for 2022 to the first half of 2025 was CNY 1.968 billion, CNY 1.939 billion, CNY 1.924 billion, and CNY 1.248 billion, respectively, with a significant contribution to the main business revenue [19][20]. Industry Analysis - The global fertilizer market is expected to grow, with a projected demand of 224 million tons by 2029, driven by increasing agricultural needs [2][38]. - The Chinese new fertilizer market has expanded from CNY 235.2 billion in 2015 to CNY 307.2 billion in 2023, with a forecasted growth rate of approximately 9% annually over the next five years [2][50]. Financial Performance - The company’s net profit is expected to rise from CNY 128 million in 2021 to CNY 145 million in 2024, reflecting a compound annual growth rate of 4.41% [30][33]. - The projected revenue for 2025 is between CNY 2.2 billion and CNY 2.4 billion, with a potential net profit of CNY 135 million to CNY 155 million [30][31].