景气触底有望提升，拟开展员工持股计划

Investment Rating - The investment rating for the company is "Buy" and is maintained [5][6]. Core Views - The company reported a Q1 2024 revenue of 6.89 billion yuan, representing a year-on-year increase of 4.8% and a quarter-on-quarter increase of 11.5%. However, the net profit attributable to shareholders was 380 million yuan, down 15.1% year-on-year and 14.3% quarter-on-quarter [5][6]. - The company's core products, including glyphosate, organic silicon, yellow phosphorus, and phosphate ammonium, continue to experience low prices, impacting operational efficiency. Recent price increases in glyphosate indicate a potential recovery in demand [6][7]. - The company plans to implement an employee stock ownership plan, aiming to raise up to 360 million yuan, which reflects its commitment to long-term development [6][7]. - The company is focusing on both organic growth and acquisitions, with several key projects underway that are expected to create new profit growth points [7]. - The company maintains a strong R&D capability, with an annual investment of 1.12 billion yuan, which is expected to drive future growth [7]. Summary by Sections Financial Performance - In Q1 2024, the company achieved a revenue of 6.89 billion yuan, with a year-on-year increase of 4.8% and a quarter-on-quarter increase of 11.5%. The net profit attributable to shareholders was 380 million yuan, down 15.1% year-on-year and 14.3% quarter-on-quarter [5][6]. - The average prices for key products in Q1 2024 were as follows: glyphosate at 25,612 yuan/ton (down 40.8% year-on-year), organic silicon DMC at 15,453 yuan/ton (down 9.1% year-on-year), and yellow phosphorus at 23,053 yuan/ton (down 20.9% year-on-year) [6]. Strategic Initiatives - The company is launching an employee stock ownership plan involving up to 1,681,500 shares, which is 1.5% of the total share capital, to bind core employees and demonstrate its long-term ambitions [6][7]. - Key projects include the production of electronic-grade phosphoric acid and etching liquids, which are expected to contribute to new profit growth [7]. Market Outlook - The company is positioned as a leader in the phosphorus chemical industry with a complete industrial chain and strong R&D capabilities. Despite short-term pressures from low product prices, the company is expected to benefit from demand recovery and new project implementations [7]. - The projected net profits for 2024-2026 are estimated at 1.84 billion yuan, 2.28 billion yuan, and 2.73 billion yuan, respectively [7].