[Table_Author] 分析师：王强峰 [Table_Author] 分析师：王强峰 | 执业证书号：S0010522110002 执业证书号：S0010522110002 | | --- | | 电话：13621792701 电话：13621792701 | | 邮箱：wangqf@hazq.com 邮箱：wangqf@hazq.com | | 分析师：刘天其 分析师：刘天其 | | 执业证书号：S0010524080003 执业证书号：S0010524080003 | | 电话：17321190296 电话：17321190296 | | 邮箱：liutq@hazq.com 邮箱：liutq@hazq.com | | [Table_Author] | 公司点评 24 年业绩同比稳定增长，矿化一体打开增长空间 | 投资评级：增持（维持） [Table_Rank] | | | | --- | --- | --- | | 报告日期： | 2025-03-30 | | | [Table_BaseData] 收盘价（元） | | 23.24 | | 近 12 个月最高/最低（元） | | 24.89/18.2 ...

事件1：公司发布2024 年年报，2024 年实现营收615.37 亿元，yoy-10.89%；归母净利润53.33 亿元， yoy+17.93%,基本符合业绩预告，公司利润维持增长主要受益于综合毛利率的同比提升。公司Q4 单季实 现营收148.13 亿元，yoy-6.00%；归母净利润9.09 亿元，yoy+11.15%。 事件2：公司同时公布分红方案，每10 股派息14 元，分红比例达48.15%，较2023 年的40.56%进一步提 高, 也超出年初公告规划的45%比例，看好公司维持高分红比例。按照3 月26 日收盘价计，股息率达 5.95%，股息配置价值凸显。 结论与建议：2024 年磷化工景气持续，公司主要产销量增长，叠加原料成本下降，公司业绩同比增 长。另外公司聚焦主线，低毛利率的贸易业务占比持续下降，结构变化也带动公司毛利率抬升。公司是 国内磷矿和化肥产业龙头企业，依托自身的磷矿、煤矿资源、高度自给的大型合成氨装置优势，一体化 优势明显。看好公司长期发展和高分红比例，维持"买进"评级。 产销与成本双重驱动，毛利率水平持续提升：2024 年磷矿石价格同比高位持平，支撑磷化工产品价格 景气维持。公司 ...

北京德恒（昆明）律师事务所 关于云南云天化股份有限公司 关于云南云天化股份有限公司 2025年第三次临时股东会的 法律意见 云南云天化股份有限公司: 2025 年第三次临时股东会的 法律意见 北京德恒(昆明)律师事务所 Beijing DeHeng Law Offices (KunMing) 云南省昆明市西山区西园路 126 号"融城优郡"B5 幢 3、4 层 电话 (传真): 0871-63172192 邮编: 650032 北京德恒(昆明)律师事务所 关于云南云天化股份有限公司 2025 年第三次临时股东会的法律意见 北京德恒(昆明)律师事务所 北京德恒(昆明)律师事务所(下称"本所")作为贵公司的常年法律顾问, 本次指派杨杰群律师、杨敏律师出席贵公司 2025 年第三次临时股东会(以下简 称"本次股东会"),并按照律师行业公认的业务标准、道德规范及勤勉尽责精 神,对贵公司提供的与本次股东会有关的文件资料进行了审查,现根据《公司法》 《证券法》《上市公司股东大会规则》及贵公司《章程》的规定,就贵公司本次 股东会的相关事项出具如下法律意见: 一、关于本次股东会的召集和召开程序 根据贵公司提供的有关资料及公开 ...

证券代码：600096 证券简称：云天化 公告编号：临 2025-030 云南云天化股份有限公司 2025 年第三次临时股东大会决议公告 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： 本次会议是否有否决议案：无 一、 会议召开和出席情况 (一) 股东大会召开的时间：2025 年 3 月 28 日 (二) 股东大会召开的地点：公司总部会议室 (三) 出席会议的普通股股东和恢复表决权的优先股股东及其持 有股份情况： | 1. 出席会议的股东和代理人人数 | 2,051 | | --- | --- | | 2. 出席会议的股东所持有表决权的股份总数（股） | 317,320,470 | | 3. 出席会议的股东所持有表决权股份数占公司有表决权股份 | 27.9559 | | 总数的比例（%） | | (四) 表决方式是否符合《公司法》及《公司章程》的规定，大会 主持情况等。 本次股东大会由公司董事会召集，现场会议由董事长崔周全先生 主持，会议采取现场投票和网络投票相结合的方式。会议的召集、召 开、表决方式符合《公司 ...

2025 年 03 月 27 日 尿素与复合肥产品产销量同比增长，2024 年度 业绩稳中有升 买入(首次) 事件 分析师：张伟保 S1050523110001 zhangwb@cfsc.com.cn 联系人：覃前 S1050124070019 qinqian@cfsc.com.cn | 基本数据 | 2025-03-26 | | --- | --- | | 当前股价（元） | 23.52 | | 总市值（亿元） | 431 | | 总股本（百万股） | 1834 | | 流通股本（百万股） | 1834 | | 52 周价格范围（元） | 18.51-24 | | 日均成交额（百万元） | 621.19 | 市场表现 -20 -10 0 10 20 30 40 (%) 云天化 沪深300 资料来源：Wind，华鑫证券研究 相关研究 —云天化（600096.SH）公司事件点评报告 云天化发布 2024 年报：公司 2024 全年实现营业收入 615.37 亿元，同比-10.89%；实现归母净利润 53.33 亿元，同比 +17.93%。 分季度来看，2024Q4 公司实现营业收入 148.13 亿元，同比- ...

Investment Rating - The report assigns a "Buy" rating for the company, marking its first coverage [9]. Core Insights - The company has shown a year-on-year increase in the sales volume of urea and compound fertilizer products for 2024, despite a decline in overall revenue due to falling soybean prices [5][4]. - The company's net profit attributable to shareholders increased by 17.93% year-on-year, reaching 5.33 billion yuan in 2024 [4]. - The company aims to become a world-class provider of fertilizers, modern agriculture, and fine chemical products, focusing on cost leadership and resource advantages [8]. Financial Performance - In 2024, the company achieved an operating revenue of 61.54 billion yuan, a decrease of 10.89% year-on-year, while the net profit attributable to shareholders was 5.33 billion yuan, an increase of 17.93% [4]. - The company’s financial expenses decreased significantly by 30.52% due to a reduction in interest-bearing liabilities [6]. - The company forecasts net profits of 5.49 billion yuan, 5.78 billion yuan, and 6.17 billion yuan for 2025, 2026, and 2027 respectively, with corresponding P/E ratios of 7.9, 7.5, and 7.0 [9][11]. Product Performance - The company reported significant increases in the production and sales of urea and compound fertilizers, with urea production rising by 9.87% to 2.82 million tons and sales increasing by 10.57% to 2.75 million tons [5]. - The production of compound fertilizers reached 1.78 million tons, up 13.17%, while sales increased by 16.9% to 1.82 million tons [5]. Future Outlook - The company is expected to benefit from capacity enhancements, with ammonia production capacity increasing from 500,000 tons/year to 580,000 tons/year through technological upgrades [7]. - The company plans to expand its new energy battery materials sector, focusing on integrated projects for iron phosphate and new energy batteries [8].

农用化工 分析师：顾敏豪 登记编码：S0730512100001 gumh00@ccnew.com 021-50586308 ——云天化(600096)年报点评 证券研究报告-年报点评 买入(维持) 市场数据(2025-03-26) | 收盘价(元) | 23.52 | | --- | --- | | 一年内最高/最低(元) | 24.00/18.49 | | 沪深 300 指数 | 3,919.36 | | 市净率(倍) | 1.93 | | 流通市值(亿元) | 431.43 | | 基础数据(2024-12-31) | | | 每股净资产(元) | 12.19 | | 每股经营现金流(元) | 5.86 | | 毛利率(%) | 17.50 | | 净资产收益率_摊薄(%) | 23.85 | | 资产负债率(%) | 52.26 | | 总股本/流通股(万股) | 183,432.87/183,432.8 | B 股/H 股(万股) 0.00/0.00 个股相对沪深 300 指数表现 资料来源：中原证券研究所，聚源 -11% -5% 1% 8% 14% 20% 26% 32% 2024.03 2024 ...

Investment Rating - The investment rating for the company is "Buy" and is maintained [9]. Core Views - The company reported a revenue of 61.54 billion yuan for 2024, a year-on-year decrease of 10.9%, while the net profit attributable to shareholders was 5.33 billion yuan, an increase of 17.9% year-on-year [6][10]. - The company plans to distribute a cash dividend of 14 yuan per 10 shares, which accounts for 47.86% of the net profit attributable to shareholders for 2024 [6][10]. - The company has a strong position in the phosphate resource and fertilizer industry, with significant production capacities and a focus on internal reforms and capacity expansion [6][12]. Financial Performance Summary - For 2024, the company achieved a gross profit margin of 17.5%, an increase of 2.3 percentage points year-on-year, and a net profit margin of 9.8%, an increase of 1.9 percentage points year-on-year [12]. - The company’s sales volume for various products showed mixed results, with phosphate fertilizer sales down by 5.6% and compound fertilizer sales up by 16.9% [12]. - The company’s financial expenses decreased, and it has been actively optimizing its cost structure [12]. Future Outlook - The company expects net profits for 2025, 2026, and 2027 to be 5.31 billion, 5.39 billion, and 5.50 billion yuan respectively, indicating a stable growth trajectory [12].

Investment Rating - The investment rating for the company is "Buy" (maintained) [4][17]. Core Views - The company reported a revenue of 61.537 billion yuan for 2024, a year-on-year decline of 10.89%, while the net profit attributable to shareholders increased by 17.93% to 5.333 billion yuan [4]. - The recovery in the phosphate chemical industry has driven the company's performance growth, with the company being a leading player in the phosphate chemical sector in China [4][5]. - The company plans to distribute a cash dividend of 14 yuan for every 10 shares, amounting to a total of 2.552 billion yuan [4]. Summary by Sections Financial Performance - In 2024, the company achieved a revenue of 61.537 billion yuan, down 10.89% year-on-year, while the net profit was 5.333 billion yuan, up 17.93% [4]. - The basic earnings per share (EPS) for the year was 2.91 yuan [4]. - The gross profit margin for the year was 17.50%, an increase of 2.32 percentage points year-on-year, with a net profit margin of 9.82%, up 1.87 percentage points [4]. Product Performance - The company sold 4.6425 million tons of phosphate fertilizer in 2024, a decrease of 3.15% year-on-year, with an average selling price of 3,388 yuan per ton, an increase of 4.28% [4]. - The sales volumes and average prices for other products such as compound fertilizer, urea, and polyoxymethylene showed varied changes, with compound fertilizer sales increasing by 16.91% [4]. Industry Outlook - The phosphate chemical industry is expected to continue its upward trend, supported by high phosphate rock prices and the company's strong resource advantages [5][6]. - The company has a phosphate rock production capacity of 14.5 million tons per year and reserves of nearly 800 million tons, making it the largest phosphate mining enterprise in China [6]. Dividend Policy - The company plans to distribute cash dividends amounting to 25.52 billion yuan over the next three years, with a commitment to distribute at least 45% of the cumulative distributable profits during this period [7].

Core Insights - BYD reported a net profit of 40.254 billion yuan for 2024, representing a 34% year-on-year increase, with R&D investment reaching 54.2 billion yuan [1][2] - Guangzhou Development plans to invest 5.612 billion yuan in the construction of the Guangzhou Pearl River Power Plant, a 2×600MW coal power environmental replacement project [1][2] - Cloud Tianhua's net profit for 2024 is 5.333 billion yuan, a year-on-year growth of 17.93%, with a proposed dividend of 1.4 yuan per share [1][2] Company Announcements - Ocean King currently has no business or products related to "deep-sea technology" [1] - Youfu Co., Ltd. reported that sales revenue from seawater polyester industrial yarn accounts for approximately 1% of the company's total revenue, indicating a low proportion [1] - Yida Co., Ltd. achieved production and sales of epoxy propylene products but did not achieve profitability [1] Project Investments - Chuangwei Digital plans to invest no more than 932 million yuan in the second phase of the Huizhou Industrial Park project [2] - Oriental Electric plans to establish a subsidiary and build a production base in Thailand [2] Contract Awards - Yonggui Electric's subsidiary won a project worth 23.218 million yuan [2] - Jinpu Garden signed a construction project general contracting contract worth approximately 215 million yuan [2] - Huaxi Energy signed a contract for a 1,800MW clean energy project in southern Laos, with a corresponding contract amount of 10.385 billion yuan [2] Share Buybacks and Transfers - Jian Sheng Group plans to repurchase shares with an investment of 50 to 100 million yuan [3] - Longshen Rongfa intends to purchase 70% equity of a research institute for 8.58494 million yuan [3] Other Developments - Rui Ge Mould plans to issue convertible bonds to raise no more than 880 million yuan for investment in intelligent manufacturing projects for new energy vehicles [1][3] - Yiwei Lithium Energy's subsidiary received a supplier designation notification from Changan Automobile [1][3]