Xinyangfeng Agricultural(000902) 东兴证券·2025-04-21 10:43Investment Rating - The report maintains a "Strong Buy" rating for the company [2][5]. Core Insights - The company achieved a revenue of 15.563 billion yuan in 2024, representing a year-over-year growth of 3.07%, and a net profit of 1.315 billion yuan, with an increase of 8.99% [3]. - The growth in revenue is driven by an increase in fertilizer product sales and an improvement in gross margin [3]. - The sales volume of phosphate compound fertilizers reached 5.4861 million tons in 2024, marking an 8.25% increase year-over-year [3]. - The company has focused on expanding its new fertilizer market and enhancing product innovation, leading to a significant increase in new fertilizer sales from 548,500 tons in 2018 to 1.38 million tons in 2024, a growth of 151.60% over six years [4]. - The proportion of new fertilizers in the overall compound fertilizer sales increased from 16.56% in 2018 to 31.67% in 2024, contributing to the overall improvement in compound fertilizer gross margin [4]. Financial Performance Summary - The company is projected to achieve net profits of 1.470 billion yuan, 1.681 billion yuan, and 1.908 billion yuan for the years 2025, 2026, and 2027, respectively, with corresponding EPS of 1.15 yuan, 1.31 yuan, and 1.49 yuan [5][6]. - The current P/E ratios for the years 2025, 2026, and 2027 are estimated to be 12, 11, and 9 times, respectively [5][10]. - The company has a stable cash flow from its compound fertilizer business, which supports its capital expenditure on upstream phosphate projects and enhances its integrated supply chain [4][5].