Wintrue Holding(SZ:002539)2025-05-28 02:26Sales Performance - The sales volume of compound fertilizers reached 4.1797 million tons in 2024, representing a year-on-year increase of 10.59% [1] - The company is experiencing a continuous growth trend in sales during the spring fertilization season of Q1 2025 [1] Market Outlook - The market for monoammonium phosphate (MAP) is broad due to its applications in agriculture, fire safety, and new energy sectors [2] - The demand for industrial-grade MAP is increasing, supported by national policies and rising needs for new energy materials [2] Phosphate Mining Progress - The company’s phosphate mining project in Leibo County, Sichuan, commenced construction in March 2025, with a planned capacity of 2.9 million tons per year [3] - The mining development is influenced by geographical and geological conditions, and the company is working to accelerate project completion [3] Nitrogen Fertilizer Raw Material Layout - The company is enhancing its nitrogen fertilizer supply chain by establishing ammonia projects in Hubei and Guangxi [4] - The Hubei base has a 700,000-ton ammonia project that is progressing as planned, while the Guangxi base aims to fill the production gap in southern China [4] Future Growth Drivers - The core growth drivers stem from the company's "industry chain + resources" strategic layout, which enhances internal growth potential [4] - The integration of nitrogen and phosphate supply chains will significantly improve raw material self-sufficiency and cost advantages, boosting market competitiveness [4]