2024年04月01日 公 司点评 公 买入 / 维持 司 云天化(600096) 研 究 产品价格下滑导致业绩承压，看好公司远期发展 ◼ 走势比较 事件：公司近日发布2023年年报，期内公司实现营收690.60亿 元，同比下滑8.30%；归母净利润45.22亿元，同比下滑24.90%。公 10% 司拟向全体股东每10股派发现金红利10元（含税），合计现金红利总 2% 太 (6%)13/3/32 11/6/32 22/8/32 2/11/32 31/1/42 52/3/42 额18.23亿元（含税），占2023年归母净利润的40.31%，不送红股， 平 (14%) 不以资本公积金转增股本。 洋 (22%) 产品市场价格同比下降导致盈利下滑，磷矿石价格维持高位。 证 (30%) 券 2023年，公司化肥、聚甲醛、饲钙、黄磷等主要产品实现稳定盈利， 云天化 沪深300 股 受市场价格同比下降影响，导致公司盈利水平同比下降。据公司公告， 份 ◼ 股票数据 2023 全年磷铵/复合肥/尿素/聚甲醛/黄磷/饲钙等周期性产品市场均 有 总股本/流通(亿股) 18.34/18.34 价分别为 3290/3077/2322/ ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [2][10] Core Views - The company's performance declined due to falling product prices, but its resource advantages suggest a promising long-term growth outlook [1][3] - In 2023, the company achieved operating revenue of 69.06 billion yuan, a year-on-year decrease of 8.30%, and a net profit attributable to shareholders of 4.522 billion yuan, down 24.90% year-on-year [2][4] - The company has significant phosphate resource reserves, with a production capacity of 14.5 million tons per year and phosphate rock reserves of nearly 800 million tons, making it the largest phosphate mining enterprise in China [3][4] Summary by Sections Financial Performance - In 2023, the company reported a gross profit margin of 15.18%, a decrease of 1.04 percentage points year-on-year [2][4] - The sales volume of key products such as ammonium phosphate, compound fertilizer, and urea saw changes of 4.05%, 52.82%, and 27.07% respectively, while their average selling prices dropped by 16.90%, 3.52%, and 9.81% [2][3] - The company’s earnings per share (EPS) for 2023 was 2.47 yuan, with forecasts of 2.62 yuan and 2.77 yuan for 2024 and 2025 respectively [3][4] Market Position and Resource Advantage - The company benefits from a strong phosphate resource advantage, with phosphate rock prices expected to remain high due to increasing scarcity and environmental regulations [3][4] - The company is actively transforming and upgrading its business, expanding into high-value fine chemical fields such as new energy and new materials [3][4] Future Outlook - The company is projected to have a PE ratio of 7.38 and 6.97 for 2024 and 2025 respectively, indicating a favorable valuation given its growth prospects [3][4] - The company’s strategic initiatives and resource advantages are expected to support its long-term growth trajectory despite short-term challenges [3][4]

[Tab云le_天Stoc化kN（am 6eR 0p 0tT 0yp 9e 6] ） 公司研究/公司点评 全年业绩符合预期，持续巩固资源优势 投资评级：增持（下调） 主要观点： [Table_Rank] 报告日期： 2024-03-29 ⚫[ T事ab件le描_S述um mary] 3月26日，公司发布2023年年报。2023年全年营业收入690.6 [收Ta盘bl价e_（Ba元se）D ata] 18.98 亿元，同比下降8.3%；归母净利润45.2亿元，同比下降24.9%； 近12个月最高/最低（元） 20.22/14.20 扣非净利润45.1亿元，同比下降23.54%。2023年四季度营业收 总股本（百万股） 1,834 入157.6亿元，同比下降16.4%；归母净利润81.8亿元，同比下 流通股本（百万股） 1,834 降8.2%；扣非净利润93.0亿元，同比上升1.6%。 流通股比例（%） 100.00 总市值（亿元） 348 ⚫ 主营产品销量大幅提升，产品价格有望回升 流通市值（亿元） 348 2023年公司主营产品产销量同比高增。全年磷肥、尿素、复合肥 [公Ta司ble价_C格ha与rt]沪 深 ...

[Table_MainInfo] 公司研究/化工/基础化工材料制品 证券研究报告 云天化（600096）公司年报点评 2024年03月28日 [Table_InvestInfo] 拟派发现金红利总额 18.23 亿元，参股公 投资评级 优于大市 维持 司获磷矿探矿权 股票数据 0[3Ta月b2le8_日S收to盘ck价（In元fo）] 18.53 [Table_Summary] 52周股价波动（元） 14.09-21.48 投资要点： 总股本/流通A股（百万股） 1834/1834 总市值/流通市值（百万元） 33990/33990 2023年扣非后净利润同比下降23.54%，拟派发现金红利总额18.23亿元。 相关研究  [《Ta 20b 2le 2_年R扣e非po后rt净In利fo润] 同比增长67.95%，拟 公司 2023 年实现营业收入 690.60 亿元，同比下降 8.30%，扣非后净利润 45.08 亿元，同比下降 23.54%。公司第四季度实现营业收入 157.58 亿元， 收购青海云天化98.5067%股权》2023.04.20 环比下降 12.86%，同比下降 16.42%；扣非后净利润 ...

[Table_Title] 主营产品价格下滑拖累业绩，分红率提高保障股东利 益 [Table_ReportDate] 云天化(600096)公司简评报告 | 2024.03.28 [评Ta级ble：_R an买k]入 核心观点 [ Table_Authors] [⚫T abl事e_件Su：mm ary] 翟绪丽 公司发布2023年年度报告，报告期内实现营业收入690.60亿元，同比 首席分析师 减少8.30 %；实现归母净利润45.22亿元，同比减少24.90 %；2023Q4 SAC执证编号：S0110522010001 实现营业收入157.58亿元，同比减少16.42 %，环比减少12.86 %；实 zhaixuli@sczq.com.cn 电话：010-81152683 现归母净利润8.18亿元，同比减少8.20 %，环比减少20.36 %。 ⚫ 主营产品价格同比下降，多数产品销量保持增长。 甄理 根据经营数据公告，2023 年公司主营产品磷铵、复合肥、尿素、聚甲 化工行业研究助理 醛、黄磷以及磷酸钙盐均价分别为3290元/吨、3077元/吨、2322元/吨、 zhenli@sczq.com.cn 11 ...

2024 年 03 月 29 日 公司研究 评级：买入 (维持 ) 研究所： [Table_Title] 化肥价格下降影响利润，镇雄磷矿进一步提升公 证券分析师： 李永磊 S0350521080004 liyl03@ghzq.com.cn 证券分析师： 董伯骏 S0350521080009 司资源保障能力 dongbj@ghzq.com.cn 联系人 ： 李娟廷 S0350122090037 ——云天化（ ） 年报点评 lijt03@ghzq.com.cn 600096 2023 最近一年走势 事件 : 2024年3月26日，云天化发布2023年报：2023年公司实现营业收入 690.60亿元，同比下降8.30%；实现归属于上市公司股东的净利润45.22 亿元，同比减少24.90%；加权平均净资产收益率为25.89%，同比下降 19.41个百分点。销售毛利率15.18%，同比减少1.04个百分点；销售净 利率7.95%，同比减少1.41个百分点。 其中，公司2023Q4实现营收157.58亿元，同比-16.42%，环比-12.86%； 实现归母净利润8.18亿元，同比-8.20%，环比-20.36%；ROE为 ...

上 市 公 司 基础化工 2024 年03月 26 日 云天化 (600096) 公 司 研 ——磷肥、尿素等价格下跌导致业绩下滑，23 年延续高 究 / 公 分红，资产负债表持续优化，业绩符合预期 司 点 评 报告原因：有业绩公布需要点评 投资要点： 增持 （维持）  公司发布 2023 年年报，业绩符合预期。公司 2023 年实现营业收入 690.60 亿元 （yoy-8.3%），归母净利润为45.22亿元（yoy-24.90%），扣非后归母净利润为45.08 亿元（yoy-23.54%），2023年销售毛利率同比下滑1.04个百分点至15.18%，管理费用、 证 财务费用同比分别下降4.22%、34.06%至9.89、7.03亿元，带息负债较年初下降 35 亿 元，其中长期负债占比由年初的约1/3优化至1/2以上，研发费用同比增加49.41%至5.50 券 市场数据： 2024年03月25日 亿元，加大了精细化工的研发投入。2023年末公司的资产负债率同比2022年末继续下降 研 收盘价（元） 18.69 5.4pct至58.13%，业绩符合预期。其中4Q23单季实现营收157.58亿元（yoy-16 ...

[Table_Header] 公司点评●农化制品 2024年 03 月26 日 [Table_StockCode] 全年业绩符合预期，看好公司可持续发 云天化 (600096.SH) 展 [Table_InvestRank] 推荐 (维持评级) 核心观点： 分析师 [T able事_S件um 公ma司ry发] 布 2023年年度报告。报告期内，公司实现营业收入 690.60亿元， [任Ta文b坡le_ Authors] 同比下滑 8.30%；归母净利润 45.22亿元，同比下滑 24.90%。其中，四季度公 ：010-80927675 司实现营业收入 157.58亿元，同比下滑 16.42%、环比下滑 12.86%；归母净利 ：renwenpo_yj@chinastock.com.cn 润 8.18亿元，同比下滑 8.20%、环比下滑 20.35%。 分析师登记编码：S0130520080001  化肥等主营产品量增价跌，致全年业绩回落 报告期内，公司主营业务经营 平稳，磷铵、复合肥、尿素、聚甲醛、黄磷、饲料级磷酸氢钙销量分别同比变 孙思源 化 4.05%、52.82%、27.07%、6.97%、-1 ...

证券代码：600096 证券简称：云天化 云南云天化股份有限公司 投资者关系活动记录表 编号：2024-001 □特定对象调研 □分析师会议 投资者关 □媒体采访 □业绩说明会 系活动类 □新闻发布会 □路演活动 别 □现场参观 R其他-线上电话会 参与单位 申万宏源、国信证券、中金公司、上海留仁资产、明世伙伴基 名称及人 金、华泰资产、富兰克林华美投信、海富通基金、红思客资产、 员姓名 上海峰境私募基金、建信信托、光大保德信基金、歌斐资产、上 海正心谷投资、上海丹羿投资、东方证券、淳厚基金、宁波幻方 量化投资、万家基金、中银基金、华夏基金、上海原泽私募基 金、国泰君安（资管）、南京证券、嘉实基金、广发基金、平安 ...

Financial Performance - The company reported a net profit of CNY 4,522,198,165.85 for 2023, representing a profit margin of approximately 40.31% of the total revenue of CNY 5,493,344,954.89[2] - The company's operating revenue for 2023 was CNY 69.06 billion, a decrease of 8.30% compared to CNY 75.31 billion in 2022[11] - The net profit attributable to shareholders for 2023 was CNY 4.52 billion, down 24.90% from CNY 6.02 billion in 2022[11] - The net cash flow from operating activities for 2023 was CNY 9.44 billion, a decline of 10.55% from CNY 10.55 billion in 2022[11] - The total profit amounted to 6.579 billion RMB, a decline of 19.44% compared to the previous year[51] - The company reported a total revenue of ¥33.54 billion from trade logistics, reflecting a year-over-year decrease of 12.71%[56] - The total revenue from the fertilizer segment reached ¥26.53 billion, with a year-over-year decrease of 0.42% in revenue and a decrease of 0.13 percentage points in gross margin[55] - The company reported a total revenue of 3,877,102,251.08 CNY from direct sales of self-produced products, representing a year-on-year increase of 7.23%[101] Dividend and Earnings Distribution - The company plans to distribute a cash dividend of CNY 10 per 10 shares to all shareholders, amounting to a total cash dividend of CNY 1,822,990,731[2] - The company did not plan to issue bonus shares or convert capital reserves into share capital for this profit distribution[2] - The total cash dividend amount, including share repurchases, was 2,034,300,485.67 RMB, accounting for 33.78% of the net profit attributable to ordinary shareholders[167] - The company revised its dividend policy to distribute no less than 30% of the distributable profit each year after covering losses and allocating statutory reserves[166] Assets and Liabilities - The total assets at the end of 2023 were CNY 52.57 billion, a slight decrease of 1.23% from CNY 53.22 billion at the end of 2022[11] - The company’s total liabilities at the end of 2023 were not disclosed, but total assets were reported at CNY 52.57 billion[11] - The company’s asset-liability ratio at the end of 2023 was 58.13%, a decrease of 5.40 percentage points from the beginning of the year, with interest-bearing liabilities down by 3.5 billion yuan[18] Production and Operations - The company completed the production of 1.29 million tons of finished phosphate rock in 2023, maintaining its position as one of the largest phosphate mining enterprises in China[22] - The company produced 4.72 million tons of various phosphate fertilizers, including monoammonium phosphate (MAP) and diammonium phosphate (DAP), which account for over 80% of the phosphate fertilizer market[24] - The company produced 2.57 million tons of urea, maintaining its position as the world's largest urea producer and exporter[28] - The company produced 1.57 million tons of compound fertilizers, with prices showing significant volatility, reflecting a "V" shaped trend[29] - The company produced 0.56 million tons of feed-grade calcium phosphate, with prices declining due to high upstream phosphate rock prices and weak demand in the livestock industry[31] - The company produced 29,900 tons of yellow phosphorus, with prices experiencing fluctuations due to market oversupply and seasonal power restrictions[34] Research and Development - The company’s research and development expenses increased by 49.41% year-on-year, reaching approximately 549.51 million RMB[52] - The company has developed 6 new pharmaceutical intermediates in fine fluorochemical products, forming 6 ton-level process technology packages[85] - The company is actively pursuing the development of high-value-added fluorinated chemicals and new materials to extend its fluorochemical industry chain[79] - The company is focusing on the integration of upstream and downstream operations in the lithium iron phosphate and lithium iron phosphate lithium battery supply chain[79] Governance and Compliance - The company has a comprehensive governance structure in place, with all board members present at the board meeting[2] - The audit report for the financial statements was issued by Xinyong Zhonghe Accounting Firm, confirming the accuracy and completeness of the financial report[2] - The company has established a comprehensive ESG management framework, enhancing the quality of ESG disclosures and achieving a Wind A rating for its 2022 ESG performance[131] - The company has implemented a systematic governance structure, clarifying responsibilities and enhancing decision-making efficiency across its governance bodies[129] Environmental and Safety Measures - The company invested ¥45,362,000 in environmental protection during the reporting period[175] - The actual emissions of COD, ammonia nitrogen, SO2, NOx, and particulate matter from Yunnan Shuifu Yuntianhua Co., Ltd. were 16.07 tons, 0.328 tons, 319.49 tons, 584.44 tons, and 42.07 tons respectively, all within the permitted limits[178] - Yunnan Tianan Chemical Co., Ltd. achieved zero discharge of industrial wastewater since July 2015, with all wastewater being reused[179] - The company has implemented a hazardous waste disposal strategy, with a portion of hazardous waste being entrusted to qualified units for treatment[195] Market Expansion and Strategic Initiatives - The company is focusing on enhancing shareholder returns through specific proposals and commitments from major stakeholders[134] - The company plans to expand its market presence in Southeast Asia, targeting a 25% increase in market share within the next two years[143] - The company is actively pursuing acquisitions, including the acquisition of a stake in Qinghai Yuntianhua International Fertilizer Co., Ltd.[157] - The company aims to improve operational efficiency, targeting a 10% reduction in costs through process optimization[143] Risk Management - The company faced significant risks including safety and environmental risks, as well as market risks, which are detailed in the report[2] - The company’s future plans and development strategies are subject to investment risks, as stated in the forward-looking statements section[2] - The company faces risks from market price fluctuations due to international uncertainties and will implement strategies to mitigate these risks[125]