Xinyangfeng Agricultural(SZ:000902) 光大证券研究·2025-04-19 13:17Core Viewpoint - The company reported a revenue of 15.563 billion yuan for 2024, marking a year-on-year growth of 3.07%, and a net profit attributable to shareholders of 1.315 billion yuan, reflecting an 8.99% increase [2] Group 1: Financial Performance - In Q4 2024, the company achieved a revenue of 3.196 billion yuan, a year-on-year decrease of 0.56% and a quarter-on-quarter decrease of 19.04% [2] - The company's net profit for Q4 2024 was 202 million yuan, down 6.52% year-on-year and down 46.11% quarter-on-quarter [2] - The adjusted net profit after excluding non-recurring items was 1.241 billion yuan, representing a year-on-year growth of 6.75% [2] Group 2: Product Sales and Market Position - The company's phosphate and compound fertilizer business generated a revenue of 14.739 billion yuan in 2024, with an 8.3% increase in sales volume to approximately 5.49 million tons [3] - The sales revenue for phosphate, conventional compound fertilizer, and new-type compound fertilizer were 3.556 billion yuan, 6.913 billion yuan, and 4.269 billion yuan respectively, with year-on-year changes of +16.5%, -8.0%, and +16.5% [3] - The sales volume of new-type compound fertilizer reached 1.38 million tons, with a compound annual growth rate (CAGR) of 16.6% from 2018 to 2024 [3] - In 2024, new-type compound fertilizer accounted for 31.7% of total sales volume and 38.2% of sales revenue [3] Group 3: Cost and Profitability - The gross margin for the phosphate and compound fertilizer business improved by 1.6 percentage points to 16.7% due to the increased sales proportion of new-type compound fertilizers and stabilized upstream raw material prices [3] - The sales, research and development, and financial expense ratios increased by 0.19 percentage points, 0.48 percentage points, and 0.10 percentage points respectively, while the management expense ratio decreased by 0.02 percentage points [3] Group 4: Industry Integration and Capacity Expansion - As of the end of 2024, the company had a total production capacity of 10.28 million tons per year for various high-concentration phosphate and compound fertilizers, along with 900,000 tons per year for phosphate rock [4] - The company is constructing a new project with a total investment of approximately 9.6 billion yuan, which includes a capacity of 1.5 million tons per year for ore selection and various other phosphate-related products [4]