证券代码：600096 证券简称：云天化 公告编号：临 2024-070 一、说明会基本情况 2024 年 10 月 22 日，公司董事长段文瀚先生，党委书记、董事、 总经理崔周全先生，董事、副总经理、财务总监钟德红先生，副总经 理、董事会秘书苏云先生，独立董事吴昊旻先生出席了本次业绩说明 会。公司就 2024 年前三季度经营成果、财务状况等问题与投资者进 行互动交流和沟通，在信息披露允许的范围内就投资者普遍关注的问 题进行了问答。 二、本次说明会投资者提出的主要问题及公司回复情况 （一）预征集问题回复 公司前期通过邮件等多种渠道收集到了投资者相关问题，本次说 明会先集中回复了预征集问题，具体问题及回复整理如下： 问题 1：公司前三季度实现净利润同比增长超 19.42%，主要驱动 因素是什么？ 云南云天化股份有限公司 关于 2024 年第三季度业绩说明会召开情况的公告 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。 云南云天化股份有限公司（以下简称"公司"）于 2024 年 10 月 22 日（星期二）16:00-17:00 ...

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 ...

Investment Rating - The investment rating for the company is "Buy" [1] Core Views - The company reported a revenue of 467.24 billion yuan for the first three quarters of 2024, a year-on-year decrease of 12.34%, while the net profit attributable to shareholders was 44.24 billion yuan, an increase of 19.42% year-on-year [4] - In Q3 2024, the company achieved a revenue of 147.31 billion yuan, down 18.54% year-on-year and 18.77% quarter-on-quarter, but the net profit attributable to shareholders was 15.83 billion yuan, up 54.16% year-on-year and 14.56% quarter-on-quarter [4] - The prices of ammonium phosphate increased year-on-year, and the sales of compound fertilizers showed significant growth [5] - The company has optimized its financial rates, with a decrease in the financial expense ratio and an improvement in the asset-liability ratio, which now stands at 52.51% [6] - The company repurchased minority stakes in its subsidiary, enhancing its main profit [7] - The company is expected to achieve net profits attributable to shareholders of 53.52 billion yuan, 56.61 billion yuan, and 59.18 billion yuan for 2024, 2025, and 2026 respectively, with corresponding EPS of 2.92 yuan, 3.09 yuan, and 3.23 yuan [7] Summary by Sections Financial Performance - For the first three quarters of 2024, the company reported a revenue of 467.24 billion yuan, down 12.34% year-on-year, and a net profit of 44.24 billion yuan, up 19.42% year-on-year [4] - In Q3 2024, the revenue was 147.31 billion yuan, down 18.54% year-on-year, while the net profit was 15.83 billion yuan, up 54.16% year-on-year [4] Product Pricing and Sales - The average prices for the company's main products in the first three quarters of 2024 were as follows: ammonium phosphate at 3370 yuan/ton (+4.08% YoY), compound fertilizer at 2936 yuan/ton (-3.52% YoY), and urea at 2118 yuan/ton (-7.83% YoY) [5] - The production and sales volumes for ammonium phosphate were 372.93 million tons and 359.22 million tons respectively, with production up 7.01% YoY and sales down 2.54% YoY [5] Financial Management - The company has reduced its financial expense ratio to 0.83%, down 0.21 percentage points year-on-year, and improved its asset-liability ratio to 52.51% [6] - The repurchase of minority stakes in its subsidiary is expected to enhance resource synergy and increase net profit attributable to shareholders [7] Future Projections - The company forecasts net profits attributable to shareholders of 53.52 billion yuan in 2024, 56.61 billion yuan in 2025, and 59.18 billion yuan in 2026, with corresponding EPS of 2.92 yuan, 3.09 yuan, and 3.23 yuan [7]

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].

Investment Rating - The investment rating for the company is "Accumulate" (maintained) [1] Core Views - The company reported stable year-on-year growth in Q3 2024, with significant advantages from its integrated phosphate chemical operations [4] - In Q3 2024, the company achieved operating revenue of 14.731 billion yuan, a year-on-year decrease of 18.54%, but a net profit attributable to shareholders of 1.583 billion yuan, a year-on-year increase of 54.16% [4][9] - The increase in the prices of main products, such as monoammonium phosphate and diammonium phosphate, contributed to the performance improvement in Q3 [4][5] - The company’s gross profit margin improved due to the decrease in raw material prices, including sulfur and coal [4][6] Summary by Sections Financial Performance - For the first three quarters of 2024, the company achieved operating revenue of 46.724 billion yuan, a year-on-year decrease of 12.34%, and a net profit of 4.424 billion yuan, a year-on-year increase of 19.42% [4] - In Q3 2024, the company’s operating revenue was 14.731 billion yuan, with a net profit of 1.583 billion yuan, reflecting a strong recovery in profitability [4][9] Product Pricing - The average market prices for key products in Q3 2024 were as follows: monoammonium phosphate at 3,281.03 yuan/ton (up 18.09% YoY), diammonium phosphate at 3,645.89 yuan/ton (up 5.79% YoY), and calcium hydrogen phosphate at 2,559.90 yuan/ton (up 19.19% YoY) [5] - The increase in product prices, combined with a decrease in raw material costs, significantly boosted the company's profitability [4][6] Cost Control - The company’s asset-liability ratio decreased to 52.51%, indicating improved financial stability [8] - Financial expenses were reduced by 47.62% year-on-year, reflecting effective cost control measures [8] Market Outlook - The phosphate rock market remains robust, with prices maintaining a high level due to stable demand [7] - The company’s integrated operations continue to support stable profitability across its product lines [7] Profit Forecast - The projected net profits for 2024-2026 are 5.236 billion, 5.288 billion, and 5.453 billion yuan, respectively, with a corresponding PE ratio of 8 times [9]

Investment Rating - The report maintains a "Recommended" rating for the company Yuntianhua (stock code: 600096.SH) [2] Core Views - The company reported significant improvement in profitability for Q3 2024, with a revenue of 467.24 billion yuan, a year-on-year decline of 12.34%, and a net profit attributable to shareholders of 44.24 billion yuan, a year-on-year increase of 19.42% [1] - The company's operational resilience is evident, with enhanced profitability in Q3 2024, driven by stable sales of main products and improved cost control, resulting in a gross profit margin of 17.81% and a net profit margin of 11.37%, both showing year-on-year increases [1] - The high price of phosphate rock is expected to sustain the high prosperity of the phosphate chemical industry, with the average market price of phosphate rock remaining high at 1037.50 yuan/ton as of October 14, 2024 [1] Summary by Sections Financial Performance - For Q3 2024, the company achieved a revenue of 147.31 billion yuan, a year-on-year decline of 18.54% and a quarter-on-quarter decline of 18.77%, while the net profit attributable to shareholders was 15.83 billion yuan, reflecting a year-on-year increase of 54.16% and a quarter-on-quarter increase of 14.56% [1] - The sales volume of key products such as ammonium phosphate and compound fertilizers showed varying year-on-year changes, with ammonium phosphate down by 9.96% and compound fertilizers down by 16.21% [1] Industry Outlook - The phosphate rock market is expected to maintain a tight supply-demand balance over the next 2-3 years, supporting high prices and benefiting downstream phosphate chemical products [1] - The company possesses a strong integrated layout in the phosphate chemical industry, with leading phosphate rock reserves and mining scale, which is expected to highlight its cost advantages and profitability resilience amid sustained high prices [1] Earnings Forecast - The company’s revenue is projected to be 631.08 billion yuan in 2024, with a year-on-year decline of 8.62%, and net profit attributable to shareholders is expected to be 52.27 billion yuan, reflecting a year-on-year increase of 15.59% [5][7] - The earnings per share (EPS) is forecasted to be 2.85 yuan in 2024, with a corresponding price-to-earnings (PE) ratio of 7.96 [5][7]

Investment Rating - The report maintains an "Outperform" rating for Yunnan Yuntianhua [3][4][12] Core Views - The recurring net profit increased by 21.42% year-on-year during the first three quarters of 2024, with total operating revenue of RMB 46.724 billion, down 12.34% year-on-year [2][8] - The company acquired minority shareholding in Phosphate Group, enhancing its control over the subsidiary [10][12] - The profit growth is attributed to rising phosphate fertilizer prices, decreased bulk raw material prices, and improved financial management [8][11] Financial Performance Summary - For the first three quarters of 2024, the company achieved a net profit of RMB 4.345 billion, with a significant increase in Q3 net profit of RMB 1.555 billion, up 55.40% year-on-year [2][8] - The company’s Q3 operating income was RMB 14.731 billion, reflecting a decline of 18.54% year-on-year [8] - The company expects net profits for 2024-2026 to be RMB 5.109 billion, RMB 5.253 billion, and RMB 5.323 billion respectively, with corresponding EPS of RMB 2.79, RMB 2.86, and RMB 2.90 [12][6] Product Performance - Ammonium phosphate production was 3.729 million tonnes with sales of 3.592 million tonnes, generating RMB 12.106 billion in revenue, a 1.43% increase year-on-year [9] - Compound fertilizer production was 1.364 million tonnes with sales of 1.372 million tonnes, resulting in RMB 4.029 billion in revenue, a 15.20% increase year-on-year [9] - Urea production was 2.035 million tonnes with sales of 2.048 million tonnes, leading to RMB 4.339 billion in revenue, a decrease of 1.36% year-on-year [9] Strategic Developments - The company is focusing on developing high-value-added inorganic fluoride and fluoropolymers, with established production capacities for iron phosphate and hydrofluoric acid [11][4] - The company plans to enhance its phosphate resource utilization, particularly in Zhenxiong phosphate resources, expecting to gain mining rights in the next two to three years [11][4]

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]