Xinyangfeng Agricultural(000902) 华创证券·2024-10-20 06:23Investment Rating - The report maintains a "Strong Buy" rating for the company, with a target price of 17.92 CNY, compared to the current price of 13.06 CNY [1]. Core Views - The company reported a year-on-year revenue growth of 4.05% for the first three quarters of 2024, reaching 12.367 billion CNY, and a net profit attributable to shareholders of 1.113 billion CNY, up 12.37% year-on-year [1]. - The increase in ammonium phosphate prices and a decrease in raw material costs have led to a marginal increase in profit margins, with the gross margin and net profit margin for Q3 2024 recorded at 16.19% and 9.58%, respectively, both showing year-on-year improvements [1]. - The company has a strong cash flow, with a net operating cash flow of 421 million CNY for the first three quarters, indicating stable and robust cash generation from its compound fertilizer business [2]. - The company is actively enhancing its integrated industrial chain layout, having made significant capital expenditures to strengthen its upstream phosphate resource capabilities [2]. Financial Summary - For 2024, the company is projected to achieve total revenue of 16.187 billion CNY, with a year-on-year growth rate of 7.2%. The net profit attributable to shareholders is expected to be 1.363 billion CNY, reflecting a growth rate of 13.0% [3]. - The earnings per share (EPS) for 2024 is estimated at 1.09 CNY, with a price-to-earnings (P/E) ratio of 12 times [3]. - The company’s total assets are projected to reach 18.285 billion CNY by 2024, with a debt-to-asset ratio of 39.7% [6].