446 | --- | --- | --- | --- | --- | |------------------------------------------------------------------------------------------------------------|--------------------|----------------------------------------|---------------------------------|----------------------------------------------| | 2024 年 10 月 22 日 \n云天化（ 600096.SH ） \n财务数据持续改善，24Q3 盈利同比高增 \n投资要点 | 投资评级 \n股价 | 基础化工 \n(2024-10-22) | 公司研究●证券研究报告 \n\| 买入 | 公司快报 \n磷肥及磷化工Ⅲ -B(维持) \n23.17 元 | | | | | | | | | 交易数据 | | | | | 事件：云天化发布 2024 三季报，2024 前三季度实现营收 ...

云南云天化股份有限公司 YUNNAN YUNTIANHUA CO.,LTD 2024 年第三次临时股东大会 会议资料 | 会议议程 3 | | | --- | --- | | 议案一 | 关于公司募投项目结项并将节余募集资金永久补充流动资金 | | 的议案 5 | | | 议案二 | 关于公司控股股东拟变更延期承诺事项的议案 11 | 2024 年第三次临时股东大会会议资料 会议议程 一、参会股东资格审查 公司登记在册的所有股东或其代理人，均有权出席股东大会。股 东应当持身份证或其他能够表明其身份的有效证件或证明出席股东 大会。代理人还应当提交股东授权委托书和本人有效身份证件。 二、会议签到 三、主持人宣布会议开始 （一）介绍参加会议的公司股东和股东代表及所代表的股份总数， 介绍参加会议的公司董事、监事、高管人员等。 （二）介绍会议议题、表决方式。 （三）推选表决结果统计的计票人、监票人。 四、宣读并审议以下议案 | 序号 | 议案名称 | | --- | --- | | 非累积投票议案 | | | 1 | 关于公司募投项目结项并将节余募集资金永久补充流动资金的议案 | | 2 | 关于公司控股股东拟变更延期 ...

[Table_Rank] 评级： 买入 [Table_Authors] 翟绪丽 首席分析师 SAC 执证编号：S0110522010001 zhaixuli@sczq.com.cn 电话：010- 81152683 甄理 行业分析师 SAC 执证编号：S0110524070001 zhenli@sczq.com.cn 电话：021-58820301 [Table_Chart] 市场指数走势（最近 1 年） -0.5 0 0.5 1 23-Oct 3-Jan15-Mar 26-May 6-Aug17-Oct 云天化 沪深300 资料来源：聚源数据 | --- | --- | |---------------------------------|-------------| | [Table_BaseData] 公司基本数据 | | | 最新收盘价（元） | 22.74 | | 一年内最高 / 最低价（元） | 24.89/13.10 | | 市盈率（当前） 市净率（当前） | 7.96 1.94 | | 总股本（亿股） | 18.34 | | 总市值（亿元） | 417.13 | | 资料来源：聚源数据 | | ...

Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected price increase of over 15% relative to the industry index within the next six months [12]. Core Insights - The company's performance in the first three quarters of 2024 shows significant improvement, driven by the integration of phosphate mining and chemical production, with a notable increase in net profit [1][5]. - The overall sales gross margin for the first three quarters of 2024 was 16.99%, an increase of 2.86 percentage points year-on-year, attributed to rising phosphate fertilizer prices and declining raw material costs [1][5]. - The company has completed multiple fundraising projects, which are expected to contribute to future growth [5]. Financial Performance Summary - For the first three quarters of 2024, the company reported operating revenue of 467.24 billion yuan, a year-on-year decrease of 12.34%, while net profit attributable to shareholders was 44.24 billion yuan, an increase of 19.42% [1]. - The company achieved a net profit margin of 10.92% in the first three quarters of 2024, up by 2.56 percentage points from the previous year [1]. - The company's cash flow from operating activities for the first three quarters of 2024 was 75.06 billion yuan, a year-on-year increase of 6.83% [2]. Product Performance Summary - The production and sales of several main products showed year-on-year growth, with phosphate prices increasing [2]. - The production volumes for key products in the first three quarters of 2024 were as follows: ammonium phosphate (372.93 thousand tons, +7.01%), compound fertilizer (136.40 thousand tons, +19.15%), and urea (203.53 thousand tons, +7.51%) [2]. Future Outlook - The company is expected to achieve operating revenues of 645.92 billion yuan, 676.68 billion yuan, and 696.70 billion yuan for 2024, 2025, and 2026, respectively, with corresponding net profits of 53.05 billion yuan, 56.69 billion yuan, and 58.10 billion yuan [6]. - The acquisition of a controlling stake in the phosphate group is anticipated to enhance the company's management efficiency and financial performance, contributing an estimated additional net profit of 2.10 billion yuan annually [5].

[Table_StockNameRptType] 云天化（600096） 公司点评 三季度业绩同比稳定增长，磷化工一体化优势显著 | --- | --- | |---------------------------------------|-------------| | | | | [Table_Rank] 投资评级：增持（维持） | | | 报告日期： 2024-10-16 | | | [Table_BaseData] 收盘价（元） | 22.95 | | 近 12 个月最高 / 最低（元） | 24.89/14.09 | | 总股本（百万股） | 1,834 | | 流通股本（百万股） | 1,834 | | 流通股比例（ % ） | 100.00 | | 总市值（亿元） | 421 | | 流通市值（亿元） | 421 | | | | [公司价格与沪深 Table_Chart] 300 走势比较 -25% -5% 15% 35% 55% 10/23 1/24 4/24 7/24 云天化 沪深300 [Table_Author] 分析师：王强峰 执业证书号：S0010522110002 电话：13621 ...

公司点评报告:化工行业 24Q3 盈利显著改善,看好磷化工景气延续 2024年10月14日 核心观点 ● 事件 公司发布 2024年第三季度报告,报告期内,公司实现营业收入 467.24 亿元,同比下滑 12.34%;归母净利润 44.24亿元,同比增长 19.42%。分季度 来看,公司 24Q3 实现营业收入 147.31 亿元,同比下滑 18.54%、环比下滑 18.77%;归母净利润 15.83亿元,同比增长 54.16%、环比增长 14.56%。 ● 经营韧性尽显, 24Q3 盈利能力显著增强。2024年前三季度, 公司主营产品 产销稳健、费用管控能力有所增强,盈利能力同比改善,销售毛利率、销售净 利率分别为 16.99%、10.92%,分别同比增长 2.86、2.55个百分点。分季度 来看,24Q3公司磷铵、复合(混)肥、尿素、聚甲醛、黄磷、饲料级磷酸氢 钙销量分别同比变化-9.96%、-16.21%、-3.00%、-4.17%、1.64%、0.45%; 销售均价分别同比变化 17.71%、16.29%、-4.45%、7.04%、-4.20%、29.99%。 24Q3公司销售毛利率、销售净利率分别为 ...

研究报告 Research Report 15 Oct 2024 云天化 Yunnan Yuntianhua (600096 CH) 2024 年前三季度扣非后净利润同比增长 21.42%，公司收购磷化集团少数股东股权 Recurring Net Profit up 21.42% YOY During First Three Quarters; the Company Acquires Minority Shareholding of Linhua Group | --- | --- | --- | --- | --- | --- | |-----------------------------------------------------------------------|----------------|--------------------|--------------------------------|---------------------|--------------------------------------------------------------------------- ...

%% %% 丨证券研究报告丨 公司研究丨点评报告丨云天化（600096.SH） [Table_Title] 磷化工景气维持，季度业绩同比高增 | --- | --- | |--------------------------------------------------------------------------------------------------------------------|-------| | | | | 报告要点 | | | [Table_Summary] 公司发布 2024 三季报，前三季度实现收入 467.2 亿元（同比 -12.3% ），实现归属净利润 44.2 | | 分析师及联系人 [Table_Author] 马太 SAC：S0490516100002 SFC：BUT911 | --- | --- | |--------|----------------| | | | | | | | | | | | | | SAC ： | S0490521030001 | | | | | SFC ： | BVA881 | 请阅读最后评级说明和重要声明 云天化（600096.SH） ...

Investment Rating - The report maintains a "Buy" rating for Yuntianhua (600096) [1] Core Views - Yuntianhua's Q3 2024 performance showed significant year-on-year growth, with net profit attributable to shareholders increasing by 19.42% YoY to 4.424 billion yuan [2] - The company's gross profit margin improved by 2.86 percentage points YoY to 16.99%, and net profit margin increased by 2.56 percentage points to 10.92% [2] - Yuntianhua's Q3 2024 revenue was 14.731 billion yuan, a decrease of 18.54% YoY, but net profit surged by 54.16% YoY to 1.583 billion yuan [2] - The company's ROE in Q3 2024 was 7.66%, up 1.87 percentage points YoY [2] Financial Performance - Yuntianhua achieved revenue of 46.724 billion yuan in the first three quarters of 2024, a decrease of 12.34% YoY [2] - The company's net profit in Q3 2024 was 1.583 billion yuan, up 556 million yuan YoY [4] - Gross profit in Q3 2024 was 2.623 billion yuan, an increase of 416 million yuan YoY [4] - The company's operating cash flow in Q3 2024 was 2.886 billion yuan, a decrease of 22.82% YoY but an increase of 35.59% QoQ [5] Industry and Market Data - The average price of DAP (diammonium phosphate) in Q3 2024 was 3,916 yuan/ton, up 5.93% YoY [4] - Urea prices in Q3 2024 averaged 2,059 yuan/ton, down 17.32% YoY [4] - Compound fertilizer prices in Q3 2024 averaged 2,470 yuan/ton, up 2.74% YoY [4] - Phosphate rock prices as of October 14, 2024, were 1,018 yuan/ton, up 3.34% YoY [5] Resource Advantages - Yuntianhua has phosphate rock reserves of nearly 800 million tons, with an annual raw ore production capacity of 14.5 million tons [6] - The company's synthetic ammonia production capacity is 2.4 million tons/year, with a self-sufficiency rate of around 95% [6] - Yuntianhua's subsidiary acquired the exploration rights for the Wancang phosphate mine in Zhenxiong County for 800.08 million yuan, further enhancing its resource security [6] Future Projections - The report forecasts Yuntianhua's revenue for 2024-2026 to be 61.1 billion, 62.1 billion, and 62.7 billion yuan, respectively [7] - Net profit attributable to shareholders is projected to be 5.6 billion, 5.9 billion, and 6.2 billion yuan for 2024-2026 [7] - The company's PE ratio is expected to be 7.41x, 7.03x, and 6.71x for 2024-2026 [7] Operational Data - Yuntianhua produced 579.27 million tons of finished ore in the first half of 2024 [6] - The company's phosphate rock production capacity includes 6.18 million tons/year of scrubbing and 7.5 million tons/year of flotation [6]

Investment Rating - The investment rating for the company is "Outperform the Market" [4][12][17] Core Views - The company demonstrated strong operational resilience with a 19.42% year-on-year increase in net profit attributable to shareholders for the first three quarters of 2024, despite a 12.34% decline in revenue [1][6] - The increase in net profit is attributed to rising phosphate fertilizer prices, decreasing raw material costs, and improved gross margins [1][6] - The company has successfully reduced its debt-to-asset ratio from a peak of 92.48% in 2016 to 52.51% currently, indicating improved financial health [11][12] Summary by Relevant Sections Financial Performance - For the first three quarters of 2024, the company achieved revenue of 467.24 billion yuan, down 12.34% year-on-year, while net profit reached 44.24 billion yuan, up 19.42% [1][6] - In Q3 2024, revenue was 147.31 billion yuan, a decrease of 18.54% year-on-year, but net profit surged by 54.16% to 15.83 billion yuan [1][6] Product and Market Dynamics - The company is a leading phosphate mining enterprise in China, with stable profitability in its main products, including fertilizers and polyoxymethylene [2][10] - The company’s phosphate fertilizer production capacity is 5.55 million tons per year, ranking second in China and fourth globally, benefiting from integrated operations that enhance cost advantages [2][10] Strategic Developments - The acquisition of a minority stake in Yunnan Phosphate Group has increased the company's phosphate mining capacity, with the group achieving a net profit of 9.19 billion yuan in H1 2024, a 99.26% increase year-on-year [10][12] - The company is focused on expanding its resource base and enhancing its competitive advantages in the phosphate chemical industry [10][12] Financial Projections - The company’s net profit forecasts for 2024-2026 are adjusted to 53.74 billion yuan, 55.23 billion yuan, and 55.74 billion yuan, reflecting year-on-year growth rates of 18.8%, 2.8%, and 0.9% respectively [2][12] - The diluted EPS for the same period is projected to be 2.93 yuan, 3.01 yuan, and 3.04 yuan, with corresponding P/E ratios of 7.7, 7.5, and 7.5 [2][12]