[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 ...

[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 ...

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 ...

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]

Investment Rating - The report maintains a "Buy" rating for the company [2][6]. Core Views - In 2023, the company achieved a revenue of 69.06 billion yuan, a decrease of 8.30% year-on-year, and a net profit attributable to shareholders of 4.52 billion yuan, down 24.90% year-on-year. The decline in revenue was attributed to a drop in prices of key products despite significant growth in fertilizer sales [2][3]. - The company has optimized its capital structure, with a notable reduction in interest-bearing liabilities by 3.5 billion yuan, leading to a decrease in the asset-liability ratio to 58.13%, down 5.40 percentage points from the beginning of the year [2][3]. - The company is expanding its phosphate and fluorine industry chain advantages, leveraging its substantial phosphate ore reserves and production capacity to drive transformation and upgrades in the industry [3]. Summary by Sections Financial Performance - In 2023, the company reported a revenue of 69.06 billion yuan, a decrease of 8.30% from the previous year. The net profit attributable to shareholders was 4.52 billion yuan, down 24.90% year-on-year. The fourth quarter of 2023 saw a revenue of 15.76 billion yuan, a year-on-year decrease of 16.42% [2][4]. - Fertilizer sales showed significant growth, with phosphate, urea, and compound fertilizer sales increasing by 4.05%, 27.07%, and 52.82% respectively, primarily due to the acquisition of a majority stake in Qinghai Yuntianhua [2][3]. Market Position and Strategy - The company holds nearly 800 million tons of phosphate ore reserves and is one of the largest phosphate mining enterprises in China. It is focusing on the deep development and utilization of fluorine resources associated with phosphate mining [3]. - The company has completed multiple rounds of technical upgrades for its 100,000 tons/year iron phosphate facility to meet differentiated customer needs and new standards [3]. Profit Forecast and Valuation - The profit forecast for 2024-2026 has been adjusted downward, with expected net profits of 4.94 billion yuan (down 18.9%), 5.26 billion yuan (down 19.3%), and 5.51 billion yuan respectively. Despite the price decline of key products, the company remains a leader in the phosphate and phosphate chemical industry with strong resource advantages [3][4].

Investment Rating - The report maintains a "Buy" rating for the company [1][20][21] Core Views - The company is focused on enhancing its phosphate resource security and advancing green, high-quality development. Despite a decline in revenue and net profit due to external market fluctuations, the company has demonstrated operational resilience through integrated operations and cost control [1][5][20]. - The company aims to become a world-class provider of fertilizers, modern agriculture, and fine chemical products, leveraging its resource advantages and expanding its industrial chain [2][19]. Summary by Relevant Sections Financial Performance - In 2023, the company achieved revenue of 69.06 billion yuan, a decrease of 8.3% year-on-year, and a net profit of 4.522 billion yuan, down 24.9% year-on-year. The company plans to distribute a cash dividend of 10 yuan per 10 shares [1][5]. - The company’s financial expenses decreased year-on-year, and its asset-liability ratio improved to 58.13% [1][6]. Resource and Market Position - The company is one of the largest phosphate mining enterprises in China, with an annual production capacity of 14.5 million tons. It has secured exploration rights for a significant phosphate mine in Yunnan, enhancing its resource security [1][10][11]. - The company’s phosphate fertilizer exports accounted for over 20% of the domestic export volume, with significant increases in export volumes for monoammonium phosphate and diammonium phosphate in 2023 [1][13]. Product and Pricing Trends - The company reported increased sales volumes for several products, including compound fertilizers and urea, while prices for major products declined [5][12]. - The average prices for key products such as urea and phosphate fertilizers saw year-on-year decreases, reflecting market conditions [5][12]. Future Outlook - The company expects to continue benefiting from its competitive advantages in phosphate resources and technology, with a focus on high-end fine phosphate chemical products [2][19]. - Profit forecasts for 2024-2026 are adjusted to 4.550 billion, 4.622 billion, and 4.753 billion yuan, respectively, with expected growth rates of 0.6%, 1.6%, and 2.8% [21].

云南云天化股份有限公司 2023 年度 募集资金年度存放与使用情况鉴证报告 | 索引 | | 页码 | | --- | --- | --- | | 鉴证报告 | | 1-2 | | 关于募集资金 2023 | 年度存放与使用情况的专项报告 | 1-8 | 北京市东城区朝阳门北大街 联系申话: +86 (010) 6554 2288 《永中和会计师事务所 telephone: +86 (010) 6554 2288 8号富华大厦 A 座 9 层 9/F Block A Fu Hua Mansic No 8 Chaovangmen Beig 募集资金年度存放与使用情况鉴证报告 XYZH/2024KMAA1F0027 云南云天化股份有限公司 云南云天化股份有限公司全体股东: 我们对后附的云南云天化股份有限公司(以下简称云天化股份)关于募集资金 2023 年度存放与使用情况的专项报告(以下简称募集资金年度存放与使用情况专项报告)执 行了鉴证工作。 云天化股份管理层的责任是按照上海证券交易所相关规定编制募集资金年度存放 与使用情况专项报告。这种责任包括设计、实施和维护与募集资金年度存放与使用情况 专项报告编制相关的内部 ...

云南云天化股份有限公司 2023年度独立董事述职报告 （吴昊旻） 2023年，本人作为云南云天化股份有限公司（以下简称"公司"） 第九届董事会独立董事，严格按照《中华人民共和国公司法》《上市 公司独立董事管理办法》《公司章程》等相关规定，忠实勤勉地履行 职责，及时了解公司生产经营情况，积极出席公司股东大会和董事会， 对公司的生产经营和业务发展提出合理的建议，充分发挥了独立董事 作用，切实维护上市公司股东尤其是中小股东的合法权益，对董事会 科学决策、规范运作发挥了积极作用。现将本人2023年度履职情况汇 报如下： 一、独立董事的基本情况 本人吴昊旻，1977年9月生，会计学博士，财政部"全国会计领 军人才"，云南省会计学会理事。2011年至2015年任石河子大学会计 学系副主任、副教授、硕士生导师；2015年至2021年任石河子大学会 计学系主任、教授、博士生导师；2021年8月至今任云南财经大学会 计学院教授、博士生导师；2023年5月至今，任云南财经大学会计学 院副院长；2022年9月至2023年6月任贵州益佰制药股份有限公司独立 董事；2022年8月至今任公司独立董事；2024年3月至今任云南省贵金 属新 ...

证券代码：600096 证券简称：云天化 公告编号：临 2024-018 云南云天化股份有限公司 关于 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： 该议案尚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。 一、2024 年度日常关联交易的基本情况 （一）2024 年度日常关联交易履行的审议程序 2024 年 3 月 22 日，公司第九届董事会第二十六次会议审议通过 了《关于公司 2024 年度日常关联交易事项的议案》，6 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。 该议案尚需提交公司股东大会审议，关联股东云天化集团有限责 任公司将对该议案回避表决。 2024 年 3 月 14 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 ...