HBYH(000422) 华鑫证券·2025-04-23 14:23Investment Rating - The report assigns a "Buy" investment rating for the company [10] Core Insights - The company achieved a year-on-year profit growth, with a focus on continuous industrial transformation and upgrading [5][6] - The company's fertilizer and chemical product sales increased, contributing to profit growth [6] - Management expenses increased primarily due to higher salary and stock incentive costs [7] - Key projects have been launched to reduce raw material costs and promote industrial chain transformation [8] - Earnings forecasts indicate significant profit growth potential, with projected net profits of 936 million, 1.099 billion, and 1.284 billion yuan for 2025, 2026, and 2027 respectively [9][12] Summary by Sections Financial Performance - In 2024, the company reported total revenue of 16.964 billion yuan, a slight decrease of 0.48% year-on-year, while net profit reached 653 million yuan, an increase of 44.32% [5][12] - The company’s fertilizer production was 2.879 million tons, up 2.32%, and sales were 2.8412 million tons, up 2.50% [6] - Chemical product production was 2.4208 million tons, up 14.54%, and sales were 2.4159 million tons, up 13.84% [6] Cost Management - The company successfully launched projects aimed at reducing raw material costs, including a clean coal gasification project and several upgrades in the phosphate chemical industry [8] Profit Forecast - The company is expected to see net profits of 9.36 billion, 10.99 billion, and 12.84 billion yuan from 2025 to 2027, with corresponding price-to-earnings ratios of 13.9, 11.8, and 10.1 times [9][12]