C o m p a n y U p d a t e 2024 年 08 月 13 日 费倩然 H70507@capital.com.tw 目标价(元) 25.5 公司基本资讯 | --- | --- | |---------------------|----------------| | 产业别 | 化工 | | A 股价(2024/8/12) | 19.66 | | 上证指数(2024/8/12) | 2858.20 | | 股价 12 个月高/低 | 22/13.44 | | 总发行股数(百万) | 1834.33 | | A 股数(百万) | 1834.33 | | A 市值(亿元) | 360.63 | | 主要股东 | 云天化集团有 | | | 限责任公司 | | | (38.12%) | | 每股净值(元) | 10.83 | | 股价/账面净值 | 1.81 | | | 三个月 一年 | | 股价涨跌(%) | -6.5 -3.8 13.3 | 近期评等 | --- | --- | --- | |------------|----------|-------| | 出刊日期 | 前日收盘 | 评 ...

C o m p a n y U p d a t e 2024 年 08 月 13 日 费倩然 H70507@capital.com.tw 目标价(元) 25.5 公司基本资讯 | --- | --- | |---------------------|----------------| | 产业别 | 化工 | | A 股价(2024/8/12) | 19.66 | | 上证指数(2024/8/12) | 2858.20 | | 股价 12 个月高/低 | 22/13.44 | | 总发行股数(百万) | 1834.33 | | A 股数(百万) | 1834.33 | | A 市值(亿元) | 360.63 | | 主要股东 | 云天化集团有 | | | 限责任公司 | | | (38.12%) | | 每股净值(元) | 10.83 | | 股价/账面净值 | 1.81 | | | 三个月 一年 | | 股价涨跌(%) | -6.5 -3.8 13.3 | 近期评等 | --- | --- | --- | |------------|----------|-------| | 出刊日期 | 前日收盘 | 评 ...

上 市 公 司 基础化工 2024 年 08 月 13 日 云天化 (600096) ——肥料放量致 Q2 业绩同比高增，下半年或可延续 报告原因：有业绩公布需要点评 增持（维持）投资要点： ⚫ 公司发布 2024 年半年报，业绩符合预期。24H1 公司实现营业收入 319.93 亿元（yoy-9%），归母 净利润为 28.41 亿元（yoy+6%），扣非后归母净利润为 27.90 亿元（yoy+8%），财务费用率同比 下滑 0.13pct 至 0.87%，业绩符合预期。其中 24Q2 公司实现营业收入为 181.36 亿元（yoy-6%， QoQ+31%），归母净利润为 13.82 亿元（yoy+25%，QoQ-5%），扣非后归母净利润为 13.55 亿 元（yoy+28%，QoQ-6%），财务费用率环比下滑 0.31pct 至 0.74%。2024 年上半年公司业绩同比 增长的主要原因为：1.主营业务特别是复合肥及尿素销量同比高增；2.主要原材料采购成本同比下降， 使得主要产品毛利水平保持平稳；3.投资净收益同比增加 1.16 亿元至 3.48 亿元。24Q2 公司环比增 收不增利的主要原因为：1.复合肥 ...

Investment Rating - The investment rating for the company is "Outperform the Market" [5][12][17] Core Views - The company demonstrated operational resilience with a year-on-year increase of 6.1% in net profit attributable to shareholders in the first half of 2024, despite a 9.16% decline in revenue to 31.993 billion yuan [1][6] - The company has strengthened its phosphate resource security and achieved stable profitability in key products such as fertilizers, polyoxymethylene, and feed-grade calcium phosphate [2][10] - The company is focusing on expanding its industrial chain advantages and promoting transformation and upgrading, with a commitment to green and high-quality development [2][12] Summary by Relevant Sections Financial Performance - In the first half of 2024, the company achieved operating revenue of 31.993 billion yuan, a decrease of 9.16% year-on-year, while net profit attributable to shareholders was 2.841 billion yuan, an increase of 6.1% [1][6] - The company reported a net cash flow from operating activities of 4.62 billion yuan, a year-on-year increase of 40.56% [1][11] - The company’s financial metrics show a significant reduction in financial expenses and a decrease in the debt-to-asset ratio from 92.48% in 2016 to 56.49% currently [2][11] Product and Market Position - The company is one of the largest phosphate mining enterprises in China, with a phosphate fertilizer capacity of 5.55 million tons per year, ranking second in the country and fourth globally [2][10] - The company has secured additional phosphate mining rights and increased its production capacity through strategic acquisitions [2][10] Future Outlook - The company has slightly raised its profit forecast for 2024-2026, expecting net profits of 4.877 billion yuan, 4.936 billion yuan, and 5.052 billion yuan respectively, with corresponding diluted EPS of 2.66 yuan, 2.69 yuan, and 2.75 yuan [2][12] - The company aims to enhance its research and development efforts and deepen reforms to drive sustainable growth [2][12]

Investment Rating - The report maintains a "Strong Buy" investment rating for the company [1][2] Core Views - The company's core product sales continue to grow steadily, maintaining its leadership in the phosphate chemical industry [1] - The company reported a revenue of 31.993 billion yuan for the first half of 2024, a year-on-year decrease of 9.16%, while the net profit attributable to shareholders was approximately 2.841 billion yuan, a year-on-year increase of about 6.1% [1] - The profitability of products such as phosphate fertilizer and urea exceeded expectations, contributing to stable profit growth [1] - The company has significant production capacities, including urea at 2.6 million tons/year and phosphate fertilizer at 5.55 million tons/year, making it one of the largest fertilizer producers in China [1] - The company possesses rich phosphate and coal resources, with phosphate reserves nearing 800 million tons [1] Financial Data Summary - The company is expected to achieve revenues of 69.705 billion yuan, 70.503 billion yuan, and 70.561 billion yuan for 2024, 2025, and 2026 respectively, with net profits of 4.645 billion yuan, 4.795 billion yuan, and 4.949 billion yuan [2][3] - The earnings per share (EPS) are projected to be 2.53 yuan, 2.61 yuan, and 2.70 yuan for the same years, with corresponding price-to-earnings (PE) ratios of 7.8, 7.5, and 7.3 [2][3] - The company's total revenue for 2022 was 75.313 billion yuan, which decreased to 69.060 billion yuan in 2023, reflecting an 8% year-on-year decline [3][6] - The company's net profit for 2022 was 6.021 billion yuan, which fell to 4.522 billion yuan in 2023, a decrease of 25% [3][6] - The company's total assets are projected to be 53.526 billion yuan in 2024, with total liabilities of 27.708 billion yuan [5]

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]

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 ...

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 2024-053 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 ...