证券研究报告 | 2024年08月13日 核心观点 公司研究·财报点评 证券分析师：杨林 联系人：王新航 010-88005379 0755-81981222 yanglin6@guosen.com.cn wangxinhang@guosen.com.cn S0980520120002 收盘价 19.66 元 总市值/流通市值 36063/36063 百万元 52 周最高价/最低价 22.10/14.09 元 近 3 个月日均成交额 512.25 百万元 | --- | --- | |----------|----------------| | 基础数据 | | | 投资评级 | 优于大市(维持) | | 合理估值 | | | 市场走势 | | | --- | --- | --- | --- | --- | --- | |------------------------|---------|----------|----------|----------|------------| | 盈利预测和财务指标 | 2022 | 2023 | 2024E | 2025E | 2026E | | 营业收入(百万元) ...

证券研究报告 | 公司点评报告 2024 年 08 月 12 日 (%) 云天化 沪深300 -30 -20 -10 0 10 20 30 Aug/23 Dec/23 Mar/24 Jul/24 强烈推荐（维持） 云天化（600096.SH） 基础数据 总股本（百万股） 1834 已上市流通股（百万 股） 1834 总市值（十亿元） 36.1 流通市值（十亿元） 36.1 每股净资产（MRQ） 10.8 ROE（TTM） 23.6 资产负债率 56.5% 主要股东 云天化集团有限责任公司 主要股东持股比例 38.12% 股价表现 | --- | --- | --- | --- | |----------|-------|-------|-------| | % | 1m | 6m | 12m | | 绝对表现 | 2 | 19 | 14 | | 相对表现 | 5 | 20 | 30 | 核心产品销量稳步增长，继续保持磷化工行业龙头地 位 周期/化工 目标估值：NA 当前股价：19.66 元 事件：公司发布 2024 年半年报，公司上半年实现营收 319.93 亿元，同比下降 9.16%，归母净利润约 28.4 ...

Summary of Conference Call Transcript Company or Industry Involved - The discussion pertains to a specific company, focusing on its financial performance and cost management strategies. Core Points and Arguments - The company has achieved significant cost savings in financial expenses, with a reduction of 120 million in net interest expenses compared to the same period last year [1] - There has been an increase of 6 million in foreign exchange gains, contributing positively to the company's financial performance [1] Other Important but Possibly Overlooked Content - The continuous decline in financial expenses indicates effective cost management strategies implemented by the company [1]

Financial Performance - The company's operating revenue for the first half of 2024 was approximately ¥31.99 billion, a decrease of 9.16% compared to ¥35.22 billion in the same period last year[16]. - The net profit attributable to shareholders of the listed company increased by 6.10% to approximately ¥2.84 billion, up from ¥2.68 billion in the previous year[16]. - The net cash flow from operating activities significantly improved, reaching approximately ¥4.62 billion, which is an increase of 40.56% compared to ¥3.29 billion in the same period last year[16]. - The total assets of the company decreased by 2.07% to approximately ¥51.48 billion, down from ¥52.57 billion at the end of the previous year[16]. - The net assets attributable to shareholders of the listed company increased by 6.03% to approximately ¥19.87 billion, compared to ¥18.74 billion at the end of the previous year[16]. - The company reported a net profit excluding non-recurring gains and losses of approximately ¥2.79 billion, reflecting an increase of 8.23% from ¥2.58 billion in the same period last year[16]. - Basic earnings per share for the reporting period (1-6 months) increased by 6.10% to CNY 1.5488 compared to the same period last year[17]. - Diluted earnings per share for the reporting period also rose by 6.10% to CNY 1.5488 year-on-year[17]. - The weighted average return on equity decreased by 1.05 percentage points to 14.28% compared to the previous year[17]. - The company achieved operating revenue of 31.993 billion CNY and a net profit attributable to shareholders of 2.841 billion CNY, representing a year-on-year growth of 6.10%[58]. - Operating costs decreased by 10.75% to approximately ¥26.68 billion from ¥29.89 billion year-on-year[63]. - The company reported a significant increase in investment income, rising by 50.39% to approximately ¥348.40 million compared to ¥231.66 million last year[63]. Market and Industry Overview - The company operates in the fertilizer, phosphate mining, phosphate chemicals, and new materials sectors, leveraging its advanced production facilities and resource advantages[20]. - The company has over 10 production bases in various provinces, making it one of the largest fertilizer producers in Asia, exporting to over 30 countries[24]. - The domestic phosphate fertilizer market demand remains stable, with the company producing 2.48 million tons of phosphate fertilizers during the reporting period[34]. - The phosphate rock industry is experiencing a high level of prosperity, with total demand maintaining stability and market prices remaining high[32]. - The overall phosphate market is expected to maintain a tight balance between supply and demand in the coming years, supporting stable pricing[32]. - The phosphate industry is expected to continue developing towards high-value and efficient production, with limited new supply due to regulatory constraints[34]. - The company has phosphate reserves of nearly 800 million tons, making it one of the largest phosphate mining enterprises in China[32]. Operational Highlights - The company produced 5.79 million tons of finished phosphate rock in the first half of 2024, with a raw ore production capacity of 14.5 million tons per year[32]. - The company produced 974,300 tons of various compound fertilizers during the reporting period, reflecting the growing demand for water-soluble compound fertilizers[39]. - The company produced a total of 292,700 tons of feed-grade calcium phosphate in the first half of 2024[42]. - The company’s phosphate mining operations are influenced by environmental regulations and the need for sustainable resource utilization, leading to a focus on high-value and efficient development[32]. - The company is expanding its phosphate chemical production chain, including deep processing of phosphoric acid and production of high-value fluorinated chemicals[27]. - The company is focusing on developing new fertilizer products and enhancing the quality of polyoxymethylene to replace imports[28]. Risk Management - The company faces significant risks including safety and environmental risks, as well as market risks[4]. - The company has implemented a comprehensive internal control management system to mitigate risks and enhance compliance management[61]. - The company aims to mitigate risks from fluctuations in raw material prices by focusing on self-supply and strategic procurement[79]. - The company’s hedging strategy successfully mitigated risks associated with raw material and product price fluctuations, stabilizing profit levels[73]. Environmental Compliance - The company has been recognized with 7 national-level green mines and 6 national-level green factories, emphasizing its commitment to safety and environmental protection[55]. - The company continues to focus on environmental responsibility, adhering to the standards set by the environmental protection department[89]. - The company has implemented strict compliance with pollution discharge standards, ensuring stable and compliant emissions[90]. - The company has achieved zero industrial wastewater discharge since July 2015, with total pollutant emissions within permitted limits[92]. - The company has implemented measures to ensure compliance with new safety and environmental regulations, enhancing its operational standards[77]. Corporate Governance - The board of directors confirmed that all members attended the board meeting and guaranteed the authenticity and completeness of the report[3]. - The report includes a forward-looking statement risk declaration, indicating that future plans and strategies do not constitute a substantive commitment to investors[3]. - The company held its first extraordinary general meeting on January 3, 2024, and approved the proposal regarding the external guarantee limit for 2024[83]. - The annual general meeting on April 16, 2024, reviewed and approved the 2023 financial settlement report and the 2024 financial budget plan[84]. - The company appointed Wang Zongyong as the deputy general manager on March 26, 2024, following several personnel changes in the management team[86]. Community Engagement - The company allocated a special assistance fund of 3.3 million yuan and donated materials worth over 2.4 million yuan for rural revitalization efforts[142]. - A total of 200 solar street lights were installed in 13 villages, improving safety and convenience for residents[142]. - The company supported a kiwi planting project covering 120 acres, generating over 70,000 yuan in annual land transfer income for local communities[142]. - The company donated 270 tons of potassium sulfate compound fertilizer worth over 900,000 yuan to support local agricultural development[142]. - The company actively participated in social welfare initiatives, encouraging employees to engage in community service[141]. Legal Matters - The company reported a significant lawsuit involving a dispute over a biofuel oil import contract, with a claim amount of CNY 222.26 million, and has fully provisioned for bad debts related to this case[152]. - The company is actively pursuing legal recourse in the ongoing lawsuit, which is currently under review by the Supreme People's Court[152]. - The company has initiated bankruptcy proceedings against its subsidiary Yingshan Chemical, which has been continuously losing money and lacks sufficient assets to cover its debts[156].

证券代码：600096 证券简称：云天化 公告编号：临 2024-055 云南云天化股份有限公司 2024 年半年度主要经营数据公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 根据上海证券交易所《上海证券交易所上市公司自律监管指引第 3号—行业信息披露》《上市公司行业信息披露指引第十三号—化工》 的要求，将公司 2024 年半年度主要经营数据披露如下： 备注：以上主要产品数据为公司自产产品数据，未包含本期商贸收入及其他 业务收入和其他零星产品收入。 二、主要产品和原材料的价格变动情况 （一）主要产品价格波动情况（不含税销售均价） 单位：元/吨 | 主要产品 | 本期价格 | 上年同期价格 | | --- | --- | --- | | 磷铵 | 3,436 | 3,518 | | 复合（混）肥 | 2,985 | 3,464 | | 尿素 | 2,176 | 2,408 | | 聚甲醛 | 11,577 | 11,785 | | 黄磷 | 20,460 | 22,771 | | 饲料级磷酸氢钙 | 3,381 | 3,3 ...

证券代码：600096 证券简称：云天化 公告编号：临 2024-056 云南云天化股份有限公司 关于召开 2024 年半年度业绩说明会的公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 重要内容提示： ●会议召开时间：2024 年 8 月 20 日（星期二）下午 15:00-16:00 ●会议召开地点：上海证券交易所上证路演中心（网址： https://roadshow.sseinfo.com/） ●会议召开方式：上证路演中心网络互动 ●投资者可于 2024 年 8 月 13 日（星期二）至 8 月 19 日（星期 一）16:00 前登录上证路演中心网站首页点击"提问预征集"栏目或 通过公司邮箱 zqb@yth.cn 进行提问。公司将在说明会上对投资者普 遍关注的问题进行回答。 云南云天化股份有限公司（以下简称"公司"）已于 2024 年 8 月 13 日发布公司 2024 年半年度报告，为便于广大投资者更全面深入地 了解公司 2024 年上半年经营成果、财务状况，公司计划于 2024 年 8 月 20 日下午 15:0 ...

证券代码：600096 证券简称：云天化 公告编号：临 2024-053 云南云天化股份有限公司 关于增加 2024 年度日常关联交易的公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 重要内容提示： 该议案无需提交公司股东大会审议。 本次日常关联交易均属本公司与关联方日常生产经营中的必 要的、持续性业务，对本公司及下属子公司无不利影响，本次日常关 联交易不会导致公司对关联方形成依赖，不会影响上市公司的独立性。 2024 年 8 月 9 日，公司第九届董事会第三十次会议审议通过了 《关于增加公司 2024 年度日常关联交易事项的议案》，5 票同意、0 票反对、0 票弃权。关联董事段文瀚先生、潘明芳先生、郑谦先生、 谢华贵先生、钟德红先生回避了该项议案的表决。 该议案无需提交公司股东大会审议。 1 2024 年 8 月 7 日，公司召开独立董事专门会议，公司 4 名独立 董事参与会议，以 4 票同意，0 票反对，0 票弃权，审议通过《关于 增加公司 2024 年度日常关联交易事项的议案》；独立董事认为：公 司根据日常生产经营 ...

证券代码：600096 证券简称：云天化 公告编号：临 2024-051 云南云天化股份有限公司 第九届董事会第三十次会议决议公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 重要内容提示： 全体董事参与表决 一、董事会会议召开情况 云南云天化股份有限公司（以下简称"公司"）第九届董事会第 三十次会议通知于 2024 年 7 月 30 日以送达、邮件等方式通知全体董 事及相关人员。会议于 2024 年 8 月 9 日以现场会议与通讯表决相结 合的方式召开。应当参与表决董事 10 人，实际参加表决董事 10 人， 符合《公司法》和《公司章程》的有关规定。 二、董事会会议审议情况 （一）5 票同意、0 票反对、0 票弃权，审议通过了《关于增加 2024 年度日常关联交易事项的议案》。 关联董事段文瀚先生、潘明芳先生、郑谦先生、谢华贵先生、钟 德红先生对该议案回避表决。 2024 年 8 月 7 日，公司召开独立董事专门会议，公司 4 名独立 董事参与会议，以 4 票同意，0 票反对，0 票弃权，审议通过《关于 增加 2024 ...

证券代码：600096 证券简称：云天化 公告编号：临 2024-052 云南云天化股份有限公司 第九届监事会第二十九次会议决议公告 二、监事会会议审议情况 （一）7 票同意、0 票反对、0 票弃权，审议通过了《关于增加 2024 年度日常关联交易事项的议案》。 同意公司预计增加 2024 年日常关联交易事项共计 10,500 万元。 本公司监事会及全体监事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 一、监事会会议召开情况 云南云天化股份有限公司（以下简称"公司"）第九届监事会第 二十九次会议通知于 2024 年 7 月 30 日分别以送达、电子邮件等方式 通知全体监事及相关人员。会议于 2024 年 8 月 9 日以现场会议与通 讯表决相结合的方式召开。应当参与表决监事 7 人，实际参加表决监 事 7 人，符合《公司法》和《公司章程》的有关规定。 （二）7 票同意、0 票反对、0 票弃权，审议通过了《公司关于 云南云天化集团财务有限公司 2024 年半年度风险持续评估报告》。 监事会认为，云南云天化集团财务有限公司具有合法有效的《金 融许可证 ...

云南云天化股份有限公司 关于云南云天化集团财务有限公司 2024 年半年度 风险持续评估报告 根据《云南云天化股份有限公司关于在云南云天化集团财务有限 公司存款风险的应急处置预案》要求，云南云天化股份有限公司（以 下简称"本公司"或"上市公司"）通过查验云南云天化集团财务有 限公司（以下简称"财务公司"）《金融许可证》《企业法人营业执照》 等证件资料，并审阅财务公司出具的包括资产负债表、利润表、现金 流量表等在内的财务公司的 2024 年半年度报告（未经审计），公司对 财务公司的经营资质、业务和风险状况进行了评估，具体情况报告如 下： 一、财务公司基本情况 云南云天化集团财务有限公司（以下简称"财务公司"）于 2013 年 9 月 30 日取得《中国银监会关于云南云天化集团财务有限公司开 业的批复》（银监复〔2013〕516 号）,2013 年 10 月 10 日取得了国家 金融监督管理总局云南监管局核发的《金融许可证》（机构编码： L0182H253010001），2013 年 10 月 10 日经云南省工商行政管理局登 记注册（注册号：530000000040975）成立的非银行金融机构。财务公 司成立时 ...