2024 年 11 月 04 日 中国心连心化肥(1866.HK) 业绩向好，成本优势明显 前三季度实现营业收入 174.2 亿元，同比下降 0.6%，归母净利润 15.3 亿元，同 比增长 80.7%。业绩符合预期。我们看好公司强大的成本优势，在尿素价格下行 周期中，仍然保持较强的盈利能力。维持目标价 6.5 港元，对应 25 年的 4.3 倍预 测市盈率，距离现价有 55%上涨空间，买入评级。 报告摘要 前三季度业绩增长符合预期。公司实现营业收入 174.2 亿元，同比下降 0.6%，归 母净利润 15.3 亿元，同比增长 80.7%。由于原材料价格下降及生产稳定运行，公 司毛利润同比增长 5%，管理费用和财务费用分别同比下降 2%和 13%。另外，公 司出售天欣煤业 100%股权，产生人民币 7.9 亿元投资收益，截至三季度，公司已 收到出售款项 8 亿元。在此基础上，公司完成对其附属非全资子公司增资，扩大 持股比例至 80.18%，归母净利润明显增长。 前三季度销量持续提升，价格下滑。1)尿素收入 56.2 亿，占收入比重 32%。尿素 销售均价 2029 元/吨，同比下降 14%，销售量 276.8 ...

我们的化工产品主要是利用循环经济来优化我们的产业链同时把在生产化肥过程中排出的废气将它们回收深加工后变成有价值的气体产品减少对环境的污染未来公司会持续依托河南新疆江西等地区资源 向下游化工新材料等产品链延伸向煤化工相关多元化方向发展致力于成为中国最受尊重的化肥企业目前拥有三大主要生产基地分别位于河南新乡新疆马纳斯以及江西九江每个基地都有自己独特的优势当前公司尿素总产能达390万吨 复合肥总产能415万吨未来我们还会在广西贵港新疆准东进行战略规划通过建设多个全国基地实现大基地套小基地的战略布局在产品规模和盈利能力方面七联新达到了行业领先我们是国内为数不多同时把尿素复合肥都做大的企业 也是国内尿素单体规模最大的企业我们的普通尿素高效尿素车用尿素产销量都处于行业龙头地位复合肥规模排名行业前五同时经过几十年的经验累积新联心形成独有的合成器生产管理优势2023年首次实现合成胺尿素甲醇 三种产品五项领跑连续13年保持合成安行业能效领跑行业前景介绍目前妙速行业里从原料端可以分为三大类以煤为原料占76%其中先进的水煤浆技术占40%粉煤气化技术占16% 落后的固定床工艺已下降为19%而这19%的产能也是未来公司可以去发展的空间 ...

研究报告 Research Report 31 Oct 2024 中国心连心化肥 China XLX Fertiliser (1866 HK) 前三季度归母净利润同比增长 80.7%，主要产品销量大幅增长 Recurring Net Profit +80.70% YOY in 2024Q1-Q3, the Prices of Main Products Increase [Table_yemei1] 观点聚焦 Investment Focus | --- | --- | --- | --- | --- | --- | |-------------------------------------------------------------|--------------------------|-------------|--------------------------------|-----------------|----------------------------------------------------------------------------------------------- ...

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責， 對其準確性或完整性亦不發表任何聲明，並明確表示，概不對因本公告全部或任何 部份內容而產生或因倚賴該等內容而引致的任何損失承擔任何責任。 CHINA XLX FERTILISER LTD. 中國心連心化肥有限公司 * （在新加坡註冊成立之有限公司） （香港股份代號：1866） 截至二零二四年九月三十日止九個月未經審核業務更新公告 中國心連心化肥有限公司（「本公司」）之董事會（「董事會」）謹此宣佈，本公司及其 附屬公司（「本集團」）截至二零二四年九月三十日止九個月（「二零二四年前三季度」 或「本報告期」）的未經審核業務更新。 一、主要財務數據 （一）主要會計數據和財務指標 項目 本報告期 較去年同期 | --- | --- | --- | |----------------------------|--------------|-----------------| | | | | | | | | | | （未經審核） | 變動幅度 | | | 人民幣千元 | (%) | | | | | | 營業收入 | 17,419,724 | -0.6 ...

Strategic Positioning and Development Principles - The company's strategic positioning includes adhering to the development strategy of "Fertiliser as foundation, fertiliser and chemical side by side" and the operating strategy of "low-cost and differentiation" [5] - The company aims to achieve high-efficiency, high-end, lean development in the Group as its core mission [5] - The company follows six development principles, including strategic positioning direction, customer orientation, pursuing excellence, pragmatic and highly efficient management, key capabilities enhancement, and preventing and controlling development risks [6][7] - The company is committed to becoming China's most respected fertiliser enterprise group [5] Company Overview and Governance - The company's headquarters is located in Xinxiang Economic Development Zone, Henan Province, PRC [10] - The company's stock code on the Hong Kong Stock Exchange is 1866 [10] - The company's corporate website is www.chinaxlx.com.hk [10] - The company's board includes executive directors and independent non-executive directors, with Liu Xingxu as the Chairman of the Board [8] - The company's auditor is Ernst & Young LLP, with Yong Kok Keong as the partner-in-charge [9] - The company's principal bankers include China Construction Bank, Agricultural Bank of China, Bank of China, Industrial & Commercial Bank of China, Bank of Communications, and HSBC [9] Financial Performance and Key Metrics - Total revenue increased by approximately RMB2 million or 0.02% from RMB12,059 million in 1H2023 to RMB12,061 million in 1H2024 [11] - Net profit increased by approximately RMB160 million or 21% from RMB778 million in 1H2023 to RMB938 million in 1H2024 [11] - Gross profit increased by 12% YoY due to declining raw material costs [11] - Revenue for 2024 remained stable at RMB 12,060,957 thousand, showing minimal growth compared to RMB 12,059,121 thousand in 2023 [101] - Gross profit increased to RMB 2,355,720 thousand in 2024, up from RMB 2,110,699 thousand in 2023, reflecting improved cost management [101] - Profit before tax rose to RMB 1,122,610 thousand in 2024, compared to RMB 925,758 thousand in 2023, indicating stronger operational performance [101] - Net profit attributable to owners of the parent increased to RMB 686,996 thousand in 2024 from RMB 546,194 thousand in 2023 [101] - Basic earnings per share grew to RMB 56.4 cents in 2024, up from RMB 44.8 cents in 2023 [101] - Total assets increased to RMB 31,283,035 thousand in 2024, compared to RMB 29,133,496 thousand in 2023, driven by growth in non-current assets [103] - Cash and cash equivalents significantly increased to RMB 2,014,075 thousand in 2024 from RMB 1,162,558 thousand in 2023, reflecting improved liquidity [103] - Total equity rose to RMB 11,676,254 thousand in 2024, up from RMB 10,510,998 thousand in 2023, indicating stronger financial health [105] - Non-current liabilities decreased slightly to RMB 8,131,009 thousand in 2024 from RMB 8,178,917 thousand in 2023, showing reduced long-term debt burden [105] - Retained profits grew to RMB 3,774,432 thousand in 2024, up from RMB 3,378,490 thousand in 2023, reflecting improved profitability [107] - Total equity increased to RMB 11,676,254,000 as of 30 June 2024, up from RMB 10,510,998,000 at the beginning of the year [109] - Profit for the period reached RMB 686,996,000, contributing to the overall equity growth [109] - Net cash flows generated from operating activities amounted to RMB 2,075,084,000 for the six months ended 30 June 2024 [111] - Cash and cash equivalents at the end of the year stood at RMB 2,014,075,000, a significant increase from RMB 1,162,558,000 at the beginning of the year [113] - The company received government grants totaling RMB 49,214,000 during the period [111] - Proceeds from disposal of property, plant, and equipment were RMB 814,550,000, a substantial increase from RMB 33,004,000 in the same period last year [111] - Dividends paid to non-controlling shareholders amounted to RMB 446,138,000 [111] - Loans and borrowings proceeds were RMB 4,892,178,000, slightly higher than the previous year's RMB 4,880,817,000 [111] - Repayments of loans and borrowings were RMB 4,029,744,000, a decrease from RMB 5,292,047,000 in the same period last year [111] Product Performance and Segment Analysis - Urea sales revenue increased by approximately RMB316 million or 9% from RMB3,518 million in 1H2023 to RMB3,834 million in 1H2024 [12] - Urea sales volume increased by 25% YoY, while average selling price decreased by 13% YoY [12] - Urea gross profit margin increased by 2 percentage points from 29% in 1H2023 to 31% in 1H2024 [12] - Urea production output increased by 24% YoY due to released production capacity [12] - Urea solution for vehicle sales revenue decreased by approximately RMB59 million or 26% from RMB225 million in 1H2023 to RMB166 million in 1H2024 [12] - Urea solution for vehicle gross profit margin decreased by 6 percentage points to 18% in 1H2024 [12] - Compound fertilisers revenue increased by RMB 202 million or 6% to RMB 3,410 million in 1H2024, driven by a 13% YoY increase in sales volume, partially offset by a 6% YoY decrease in average selling price [13] - Compound fertilisers gross profit margin rose by 6 percentage points to 18% in 1H2024, due to an 18% YoY decrease in potash procurement price and a 23% YoY increase in high-efficiency compound fertiliser sales [13] - Methanol revenue increased by RMB 314 million or 32% to RMB 1,291 million in 1H2024, driven by a 31% YoY increase in sales volume and a 1% YoY increase in average selling price [13] - Methanol gross profit margin improved by 10 percentage points to 8% in 1H2024, due to a 9% YoY decrease in average cost of sales [13] - Melamine revenue decreased by RMB 15 million or 4% to RMB 397 million in 1H2024, mainly due to a 6% YoY decrease in average selling price [14] - Melamine gross profit margin decreased by 6 percentage points to 30% in 1H2024, due to a 6% YoY decrease in average selling price [14] - DMF revenue increased by RMB 72 million or 14% to RMB 595 million in 1H2024, driven by a 31% YoY increase in sales volume, despite a 13% YoY decrease in average selling price [14] - DMF gross profit margin increased by 2 percentage points to 13% in 1H2024, due to a 15% YoY reduction in average cost through production technology innovation and equipment improvement [14] - Revenue from the medical intermediate segment decreased by RMB65 million (22%) YoY to RMB234 million in 1H2024, driven by a 33% YoY decline in sales volume [15] - Gross profit margin of the medical intermediate segment dropped by 17 percentage points to -1% in 1H2024 due to a 38% YoY increase in average production costs [15] - Other income, net increased by RMB22 million (24%) YoY to RMB112 million in 1H2024, primarily due to a RMB31 million rise in subsidy income [15] - The company operates in seven reportable segments: urea, urea solution for vehicles, compound fertilizer, methanol, melamine, DMF, and medical intermediates [122] - Total revenue for the six months ended 30 June 2024 was RMB 12,060,957,000, with urea contributing the largest share at RMB 3,834,000,000 [126] - Segment profit for the period was RMB 2,355,720,000, with urea generating the highest segment profit of RMB 1,181,231,000 [126] - Other products, including liquid ammonia, organic amines, humic acid, and furfuryl alcohol, contributed sales revenue of RMB 668 million, RMB 275 million, RMB 201 million, and RMB 163 million respectively [127] - Profit before tax for the period was RMB 1,122,610,000, with income tax expense of RMB 184,124,000, resulting in a net profit of RMB 938,486,000 [126] - Unallocated expenses for the period amounted to RMB 980,827,000, primarily consisting of other income, other expenses, selling and distribution expenses, general and administrative expenses, finance costs, and income tax expense [126] - Interest income for the period was RMB 13,714,000, while finance costs were RMB 265,997,000 [126] Expenses and Costs - Selling and distribution expenses rose by RMB67 million (22%) YoY to RMB378 million in 1H2024, driven by increased advertising and sales performance commissions [16] - General and administrative expenses increased by RMB62 million (9.7%) YoY to RMB702 million in 1H2024, mainly due to higher management salaries and service fees [16] - Finance costs decreased by RMB58 million (18%) YoY to RMB266 million in 1H2024, supported by lower interest rates and early repayment of high-interest borrowings [18] - Employee benefit expenses, including salaries and bonuses, rose to RMB 1,221,372 thousand in 2024 from RMB 1,076,976 thousand in 2023 [145] Market and Industry Outlook - The company expects compound fertilizers to perform better in 2H2024, with industrial demand for urea significantly increasing due to national policy requirements [24] - Domestic economic recovery is expected to improve in the second half of the year, with stable coal prices and balanced supply and demand in the fertilizer industry [27] - Urea demand is projected to increase significantly due to government-mandated urea denitrification upgrades in the power sector [27] - The company is leveraging big data and transforming its sales structure to focus on large-scale farmers, enhancing brand influence through differentiated products and precision services [27] - The company is strengthening technical upgrades and investing in advanced technologies to maximize investment returns [27] - Domestic policy adjustments have led to a significant increase in volume, impacting overall cash flow [27] Shareholder and Equity Information - Ms. Yan Yunhua holds 21.18% of the company's issued shares, with 257,166,000 shares in total [31] - Pioneer Top Holdings Limited holds 35.11% of the company's issued shares, with 426,344,999 shares [35] - Mirth Power Limited holds 17.45% of the company's issued shares, with 211,939,848 shares [35] - The Share Award Plan is valid for 10 years from 17 May 2024, with a grant price of HK$1.5 per share [61][64] - 70,790,000 awards were granted under the Share Award Plan during the reporting period, representing approximately 5.83% of the company's issued share capital [69] - The maximum number of shares subject to awards in a 12-month period shall not exceed 1% of the relevant class of shares in issue [69] - The aggregate maximum number of shares under the Share Award Plan and other share schemes shall not exceed 10% of the total issued shares as of the adoption date (121,768,000 shares) [67][68] - The first vesting period allows 50% of the awarded shares to be vested, while the second vesting period allows the remaining 50% [66] - The minimum holding period for an award before vesting is 12 months, but the board may determine a shorter period at its discretion [66] - The number of share awards available for grant under the Share Award Plan at the end of the reporting period was 50,978,000 [70][71] - During the reporting period, 70,790,000 share awards were granted under the Share Award Plan, representing approximately 5.83% of the company's issued share capital [70] - The ratio of shares issued for options and awards granted during the reporting period to the weighted average number of shares (excluding treasury shares) was 5.81% [70][71] - On 7 June 2024, 15,540,000 shares were awarded to connected persons of the company (excluding directors, chief executives, or substantial shareholders) [74] - A total of 51,140,000 shares were awarded to other selected participants on 7 June 2024 [75] - The share closing price on the date of grant (7 June 2024) was HK$3.86 per share [74][75] - The company repurchased 4,336,000 issued shares through the SEHK spot market at a total consideration of approximately HK$17,316,000, representing 0.36% of the issued shares as of 30 June 2024 [84][85] - The repurchased shares were canceled on 18 June 2024, with the purchase price per share ranging from HK$3.795 to HK$4.15 [84][86] - The share repurchase was based on the company's confidence in its long-term business prospects and potential growth, aiming to optimize the capital structure and improve earnings per share, net assets per share, and overall shareholder returns [84][85] - No equity-linked agreements were entered into by the company during the reporting period, except for the disclosed Share Award Plan [77][79] - The company confirmed compliance with the Model Code for Securities Transactions by Directors of Listed Issuers during the six months ended 30 June 2024 [81][83] - No incidents of non-compliance with the Employees Written Guidelines for securities transactions were noted during the reporting period [82][83] - The company did not hold any treasury shares as of 30 June 2024, and no other listed securities were purchased, sold, or redeemed during the period [87] Debt and Liquidity Management - The Group's debt maturing in less than one year as of 30 June 2024 is approximately RMB 5,020,000,000, representing 41.10% of total debts, compared to RMB 4,468,625,000 (38.41%) as of 31 December 2023 [50] - The gearing ratio (total debt divided by total assets) as of 30 June 2024 is 62.7%, a decrease of 1.3 percentage points compared to 31 December 2023 [52] - The Group's revenue and costs are primarily denominated in RMB, with some costs in HKD, USD, or SGD [45] - The consumer price index in China increased by 0.1% YoY for the six months ended 30 June 2024, with no significant impact on the Group's operating results [46] - The Group has no material contingent liabilities or significant litigation/arbitration as of 30 June 2024 [53][54] - No significant investments were made during the six months ended 30 June 2024 [56] - The Group is exposed to market risks including changes in product selling prices, raw material costs (mainly coal), and fluctuations in interest and exchange rates [42] - Commodity price risk arises from fluctuations in product sale prices and raw material costs [43] - Interest rate risk is primarily related to the Group's long-term debt obligations subject to floating rates [44] - The Group monitors liquidity risk by balancing funding continuity and flexibility through bank overdrafts and loans [50] - The Group's debt-to-asset ratio decreased to 62.7% as of the first half of 2024, down by 1.3 percentage points from 64% at the end of 2023 [174][176] - Total interest-bearing bank and other borrowings amounted to RMB 12,213,223,000 as of 30 June 2024, compared to RMB 11,633,132,000 at the end of 2023 [171] - Secured bank loans totaled RMB 1,528,279,000, secured by the Group's property, plant, and equipment [172] - Interest expenses capitalized to property, plant, and equipment during the period were RMB 4,070,000, a significant decrease from RMB 13,322,000 in the same period of 2023 [175][176] - Bank loans repayable within one year or on demand increased to RMB 4,731,317,000 as of 30 June 2024, up from RMB 4,088,482,000 at the end of 2023 [171] Investments and Disposals - Xinjiang XLX Energy Chemicals Co., Ltd. disposed of 100% equity interests in Manas Tianxin Coal CO., LTD for a total consideration of approximately RMB1,374 million [88][90] - No significant investments were made during the six months ended 30 June 2024 [56] - The company has no plans for material investments or capital assets as of 30 June 2024 [60] Employee and Training Information - The Group had 10,781 employees as of 30 June 2024, an increase from 10,390 employees as of 31 December 2023 [92][95] - Marketing personnel's performance commissions and bonuses decreased due to the decline in performance this year [92][95] - The Group provides ongoing training for all employees, including Directors and senior management, tailored to their specific fields of operation [92][95] - No significant events affecting the Group have occurred since the end of the reporting period [93][96] Dividend and Shareholder Returns - The company proposed a final dividend of RMB 0.24 per ordinary share for the year ended 31 December 2023, totaling approximately RMB 292,503 thousand, but did not declare any interim dividend for 2024 [150] - The final dividend for the year ended December 31, 2023, is RMB 0.24 per ordinary share, totaling approximately RMB 292,503,000, compared to RMB 307,030,000 for the year ended December 31, 2022 [152] Financial Reporting and Standards - The

报告摘要 Table_BaseInfo | --- | --- | |----------------------|--------------| | | 公司动态分析 | | | 证券研究报告 | | | 化肥行业 | | 投资评级：目标价格： | 买入6.5港元 | | 现价(2024-08-27）： | 3.6港元 | 年 3.9 倍和 4.4 倍预测市盈率，距离现价有 83%上涨空间，买入评级。 | --- | --- | |-------------------------------------------------|----------------------------| | 总市值(百万港元) | 4,601.08 | | 流通市值(百万港元) | 4,601.08 | | 总股本(百万股)流通股本(百万股)12个月低/高(港元) | 1,285.22 1,285.22 2.9/4.3 | | 平均成交(百万港元) | 3.73 | 等提质降本增效的措施，以及在原材料成本下降的影响下，盈利能力稳步提升，业 绩超预期。 | --- | --- | |------------|-------| ...

研究报告 Research Report 26 Aug 2024 中国心连心化肥 China XLX Fertiliser (1866 HK) 2024H1 母公司拥有人应占溢利同比增长 25.78%，公司出售天欣矿业 100%股权 NPAtS up 25.78% in2024H1; the company sold 100% stake of Tianxin Mining. [Table_yemei1] 观点聚焦 Investment Focus | --- | --- | |-----------------------------------------------|---------------------| | [Table_Info] 维持优于大市 Maintain OUTPERFORM | | | 评级 | 优于大市 OUTPERFORM | | 现价 | HK$3.44 | | 目标价 | HK$5.16 | | HTI ESG | 4.0-4.3-5.0 | E-S-G: 0-5, (Please refer to the Appendix for ESG comments) | --- | ...

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責， 對其準確性或完整性亦不發表任何聲明，並明確表示概不會就本公告全部或任何部 分內容而產生或因倚賴該等內容而引致的任何損失承擔任何責任。 CHINA XLX FERTILISER LTD. 中國心連心化肥有限公司 * （在新加坡註冊成立之有限公司） （香港股份代號：1866） 截至二零二四年六月三十日止六個月 未經審核中期業績公告 中國心連心化肥有限公司（「本公司」）之董事會（「董事會」）欣然公佈本公司及其附 屬公司（統稱「本集團」）截至二零二四年六月三十日止六個月（「二零二四年上半年」 或「期內」）之未經審核綜合中期業績，連同去年同期之比較數字如下： – 1 – 簡明綜合全面收入表 截至二零二四年六月三十日止六個月 期內已付股息詳情披露於財務報表附註8。 | --- | --- | --- | --- | |------------------------------------|-------|------------------------------------------------------|----------------- ...

Company Report: China XLX Fertiliser (01866 HK) 中文版 Gary Wong 黄家玮 (852) 2509 2616 公司报告:中国心连心化肥 (01866 HK) Chinese version gary.wong@gtjas.com.hk 21 June 2024 中国领先的复合肥生产商, 首予"买入" 告 评级及目标价:我们首予"买入"评级,目标价为 5.70 港元,对应 2024/2025/2026 年市盈率分别为 5.2 倍/4.9 倍/4.3 倍。 我们的观点:1)高端复合肥市场的竞争不如预期激烈。2)低估了海外市场的增 长潜力。 投资主题:受环保法规和煤基行业生产成本上升的影响,中国化肥市场正向高品 质复合肥转型。尽管 2022 年农用化肥总施用量有所减少,但复合肥施用量增加 了 8.9%。中国心连心化肥凭借其技术和成本优势,在把握这一转变方面处于独 特的地位,这将使其在行业整合中扩大市场份额,实现高于同业的收入和净利润 增长。 催化剂:1)2024-2026 年扩建规划将驱动增长。 风险因素:1)原材料价格波动可能会损害毛利率;2)化肥行业内的竞争 ...

Table_BaseInfo Table_Title 公司动态分析 2024 年 04 月 30 日 中国心连心化肥（1866.HK） 证券研究报告 化肥行业 尿素出口政策放松，提振市场情绪 投资评级： 买入 一季度归母净利润下降15%，符合预期。展望二季度随着夏季备肥及春耕用肥旺季来临， 农业需求释放助推高氮肥等肥料的销量阶段性提升，心连心高效肥销量与占比会进一步 目标价格： 6.5 港元 增加。另外，自4月12日起至8月31日，海关对尿素法检放松，这将缓解国内供应压 力，提振市场情绪，有利于化肥价格稳中向好发展。我们看好未来心连心高效肥的发展， 现价 (2024-04-29）： 3.6港元 不断优化销量结构，提升利润率。维持目标价6.5港元，对应24年5.7倍预测市盈率， 距离现价有83%上涨空间，买入评级。 总市值(百万港元) 4,338.80 流通市值(百万港元) 4,338.80 报告摘要 总股本(百万股) 1,218.76 流通股本(百万股) 1,218.76 一季度归母净利润下降15%，符合预期。2024年一季度中国心连心化肥的收入达 12个月低/高(港元) 2.9/4 到57.5亿，同比下降8 ...