Investment Rating - The report maintains a "Buy" rating for the company [1] Core Views - The company has achieved a breakthrough in compound fertilizer sales, with a year-on-year revenue growth of 2.71% in 2024, reaching 10.263 billion yuan, and a net profit growth of 17.89%, totaling 826 million yuan [6][8] - The company is expected to continue its growth trajectory, with projected revenues of 13 billion yuan, 14.4 billion yuan, and 15.7 billion yuan for 2025, 2026, and 2027 respectively, alongside net profits of 998 million yuan, 1.202 billion yuan, and 1.407 billion yuan [14][41] Sales Performance - In 2024, the company sold 3.5128 million tons of phosphate fertilizers, a 12.18% increase year-on-year, with compound fertilizer sales reaching 3.3464 million tons, up 12.68% [8] - The company reported a revenue of 2.384 billion yuan in Q4 2024, a slight decrease of 0.24% year-on-year, but a 8.06% increase quarter-on-quarter [7] Financial Metrics - The company achieved a return on equity (ROE) of 13% in 2024, with a sales gross margin of 18.18%, reflecting a 0.70 percentage point increase year-on-year [6][8] - For Q1 2025, the company reported a revenue of 3.405 billion yuan, a 29.56% increase year-on-year, and a net profit of 288 million yuan, up 20.84% [11][29] Production Capacity - The company has a total production capacity of 7.2 million tons per year, with 5.9 million tons dedicated to compound fertilizers, and has established production bases across multiple provinces in China [12] Shareholder Returns - The company plans to distribute a cash dividend of 2.60 yuan per 10 shares, totaling approximately 299.49 million yuan, which represents 39.91% of the net profit attributable to shareholders for 2024 [13] Competitive Advantages - The company has established significant competitive advantages in brand strength, marketing channel development, new product research, and agricultural services, while actively advancing its phosphate chemical project to create a complete industrial chain [14][41]

[Table_Rating] 增持（维持） [◼Table_Summary] 市场行情走势 | [行业Table_Industry] : | 基础化工 | | --- | --- | | 日期: | shzqdatemark 2025年03月08日 | | [Table_Author] 分析师: | 于庭泽 | | --- | --- | | SAC 编号: | S0870523040001 | | 联系人: | 王哲 | | SAC 编号: | S0870123040029 | [Table_QuotePic] 最近一年行业指数与沪深 300 比较 基础化工 沪深300 《有机硅、石脑油价格上行，关注春季涨 价行情 ——基础化工行业周报》 ——2025 年 02 月 20 日 《新一轮钾肥涨价潮或将到来，TDI 价格上 行 ——基础化工行业周报》 ——2025 年 02 月 12 日 《国际油价回落，欧盟钛白粉反倾销终裁 落地 ——基础化工行业周报》 ——2025 年 01 月 22 日 基本面向好，钾肥、钛白粉价格上行 ——基础化工行业周报 过去一周（2.28-3.7），基础化工指数涨跌幅为1.06%，沪 ...