Investment Rating - The report maintains a "Buy" rating for the company [1][18][48] Core Views - The company achieved a revenue of 28.396 billion yuan in 2024, a year-on-year increase of 0.41%, and a net profit attributable to shareholders of 1.601 billion yuan, up 14.33% year-on-year [6][8][18] - The company is transitioning towards new chemical materials, with special chemicals and fertilizers showing profit growth in 2024 [8][14][18] - The company has significant phosphate resource advantages and is expected to see new profit growth from new material projects [18][16] Financial Performance - In 2024, the company reported a gross profit margin of 19.52%, an increase of 3.35 percentage points year-on-year, and a net profit margin of 5.70%, up 0.77 percentage points year-on-year [6][8] - The company’s operating cash flow for 2024 was 1.589 billion yuan, a year-on-year increase of 18.90% [10][18] - The company plans to distribute a cash dividend of 10 yuan per 10 shares, amounting to approximately 1.103 billion yuan, which represents 68.89% of the net profit attributable to shareholders for 2024 [17][18] Product Segmentation - The special chemicals segment generated revenue of 5.278 billion yuan in 2024, a year-on-year increase of 4.97%, with a gross profit margin of 26.99% [8][21] - Fertilizer revenue reached 4.049 billion yuan, up 12.26% year-on-year, with a gross profit margin of 10.91% [8][21] - The pesticide segment saw revenue of 5.204 billion yuan, a 21.50% increase year-on-year, although the gross profit margin decreased by 17.78% [8][21] Future Outlook - The company forecasts revenues of 29.7 billion yuan, 31.9 billion yuan, and 33.8 billion yuan for 2025, 2026, and 2027 respectively, with net profits of 2 billion yuan, 2.6 billion yuan, and 3.1 billion yuan [18][48] - The company is expected to benefit from the ongoing construction of key projects, enhancing its comprehensive strength in microelectronics new materials and green pesticides [14][15][18]

行业景气度升温，兴发集团（600141.SH）经营业绩稳步增长。 长江商报消息 ●长江商报记者 李璟 3月31日晚间，兴发集团发布2024年年报，报告期，公司实现营业收入283.96亿元，同比增长0.41%；实 现归母净利润16.01亿元，同比增长14.33%。 按照利润分配方案内容，公司拟向全体股东每10股派发现金红利10元（含税）。截至2025年3月29日， 公司总股本为11.03亿股，依此计算拟派发现金红利11.03亿元（含税），占2024年归属于上市公司股东 的净利润比例为68.89%。 值得关注的是，公司拟每10股派发现金红利10元（含税），预计分配现金红利11.03亿元（含税），占 当年归母净利润比率为68.89%。 兴发集团在年报中指出，2024年，化工行业走势疲软，盈利水平不及预期，公司坚守安全环保质量底 线，优化管理提质增效，全力推动创新发展，积极谋划全球布局，总体保持了稳中向好发展态势，经营 业绩逆势上扬。 全年研发投入11.88亿 作为国内磷化工行业龙头企业，兴发集团始终专注于精细磷化工发展主线，积极探索磷、硅、硫、盐、 氟融合发展，不断完善上下游一体化产业链条，经过多年发展，已形成"资 ...

Investment Rating - The investment rating for the company is "Outperform" (maintained) [1] Core Views - The company continues to enhance its dividend payout ratio, with profits from phosphate rock and specialty chemicals showing sustained growth, while glyphosate and organic silicon face pressure [1] - The company reported a revenue of 28,396 million yuan for 2024, a slight increase of 0.4% year-on-year, and a net profit of 1,601 million yuan, up 14.3% year-on-year [5] - The company plans to distribute a cash dividend of 10 yuan per 10 shares, totaling 11.03 billion yuan, which represents 68.89% of the net profit for 2024 [5] Financial Data and Profit Forecast - Total revenue forecast for 2025 is 29,364 million yuan, with a year-on-year growth of 3.4% [2] - Net profit for 2025 is projected to be 1,823 million yuan, reflecting a year-on-year increase of 13.8% [2] - Earnings per share (EPS) for 2025 is estimated at 1.65 yuan, with a price-to-earnings (PE) ratio of 13 [2] Market Data - The closing price of the company's stock is 21.87 yuan, with a market capitalization of 24,128 million yuan [3] - The company has a dividend yield of 2.74%, based on the most recent dividend announcement [3] Business Performance Insights - The phosphate chemical sector is experiencing high profitability, supported by abundant phosphate reserves [5] - The glyphosate and organic silicon segments are under short-term pressure, but sales growth is expected to provide long-term resilience [5] - The specialty chemicals segment has shown a 14% increase in sales volume, contributing positively to the company's overall performance [5]

Investment Rating - The report maintains a "Strong Buy" rating for the company, expecting it to outperform the benchmark index by over 20% in the next six months [2][20]. Core Views - The company's main products are gradually seeing a recovery in demand, leading to a steady increase in profitability [2]. - In 2024, the company achieved a revenue of 28.396 billion yuan, a year-on-year increase of 0.41%, and a net profit attributable to shareholders of 1.601 billion yuan, up 14.33% year-on-year [2][5]. - The company plans to distribute a cash dividend of 10 yuan per 10 shares, totaling 1.103 billion yuan, which accounts for 68.9% of the net profit attributable to shareholders, resulting in a current dividend yield of approximately 4.5% [2][5]. Financial Performance Summary - The company reported a total revenue of 28.396 billion yuan for 2024, with a projected revenue of 31.7 billion yuan for 2025, reflecting a growth rate of 11.6% [5]. - The net profit attributable to shareholders is expected to grow from 1.602 billion yuan in 2024 to 2.334 billion yuan in 2025, representing a growth rate of 45.8% [5]. - The earnings per share (EPS) is projected to increase from 1.45 yuan in 2024 to 2.12 yuan in 2025, with a price-to-earnings (P/E) ratio of 15 times for 2025 [5][10]. Business Segment Performance - In 2024, the company generated revenue from various segments: pesticides (5.204 billion yuan), fertilizers (4.049 billion yuan), specialty chemicals (5.278 billion yuan), and organic silicon (2.647 billion yuan), with year-on-year growth rates of 21.5%, 12.3%, 5.0%, and 23.5% respectively [9]. - The company’s gross margin for 2024 was 19.52%, an increase of 3.35 percentage points year-on-year, indicating improved profitability driven by recovering product demand and operational efficiency [9]. Future Outlook - The company is focusing on optimizing capital expenditures and dividend policies, with expectations for more aggressive shareholder returns through buybacks and employee stock ownership plans [9]. - The report adjusts the net profit forecasts for 2025 and 2026 to 2.334 billion yuan and 2.595 billion yuan respectively, with a new target price of 31.80 yuan based on a 15 times P/E ratio for 2025 [9][10].

证券代码：600141 证券简称：兴发集团 公告编号：临 2025-019 转债代码：110089 转债简称：兴发转债 湖北兴发化工集团股份有限公司 关于召开 2024 年度网上业绩说明会的公告 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个别及连带责任。 ●会议形式：上证路演中心视频直播和网络互动 ●会议地点：上证路演中心（http://roadshow.sseinfo.com） ●投资者可于 2025 年 4 月 3 日至 2025 年 4 月 10 日 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 （dmb@xingfagroup.com）进行提问。公司将于 2024 年度网上业绩说明会（以 下简称"业绩说明会"）上在信息披露允许的范围内对投资者普遍关注的问题 进行回答。 一、说明会主题 公司 2024 年度报告已对外公告（详见 2025 年 4 月 1 日《上海证券报》《中 国证券报》《证券时报》《证券日报》及上海证券交易所网站 www.sse.com.cn）， 为便于广大投资者更加全面深入了 ...

转债代码：110089 转债简称：兴发转债 证券代码：600141 证券简称：兴发集团 公告编号：临2025-018 湖北兴发化工集团股份有限公司 关于2025年第一季度可转债转股结果暨股份变动的 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个别及连带责任。 重要内容提示： ●累计转股情况：兴发转债于2023 年3 月28 日起开始转股，截至2025 年3 月31 日，累计217,000 元兴发转债已转换成公司股票，累计转股数为5,863 股， 占该可转债转股前公司已发行股份总额的0.00053%。 ●未转股可转债情况：截至2025 年3 月31 日，尚未转股的兴发转债金额为 2,799,783,000 元，占可转债发行总量的99.9923%。 ●本季度转股情况：自2025年1月1 日至2025 年3月31 日累计转股金额为 3,000 元，转股股数为102 股。 根据中国证券监督管理委员会《关于核准湖北兴发化工集团股份有限公司公 开发行可转换公司债券的批复》（证监许可【2022】1904 号），湖北兴发化工集 团股份有限公司 ...

Investment Rating - The report maintains a "Buy" rating for the company [1] Core Views - The company has shown steady growth in sales of specialty chemicals and other products, with a notable increase in the sales volume of specialty chemicals, pesticides, fertilizers, and silicone products [6][9] - The company has announced a new employee stock ownership plan for 2025, aiming to raise a maximum of 297 million yuan, which is expected to enhance employee cohesion and promote long-term development [7][9] Summary by Relevant Sections Financial Performance - In 2024, the company achieved revenue of 28.396 billion yuan, a year-on-year increase of 0.41%, and a net profit attributable to shareholders of 1.601 billion yuan, up 14.33% year-on-year [5] - The sales volumes for key products in 2024 were 514,000 tons for specialty chemicals (up 14.4%), 245,000 tons for pesticides (up 42.8%), 1.28 million tons for fertilizers (up 3.4%), and 250,000 tons for silicone products (up 33.5%) [6] Employee Stock Ownership Plan - The new employee stock ownership plan is expected to involve up to 1,516 participants, representing approximately 10.7% of the company's total workforce of 14,100 employees [7] Market Position and Growth - The company is expected to maintain its growth trajectory, with projected net profits of 2.092 billion yuan, 2.441 billion yuan, and 2.878 billion yuan for 2025, 2026, and 2027 respectively [9][10] - The company has a robust pipeline of projects that will enhance its capabilities in various sectors, including microelectronics and agricultural chemicals [8]

证券研究报告 兴发集团 (600141 CH) 24 年净利增加，新项目稳步推进 | 华泰研究 | | | 年报点评 | | --- | --- | --- | --- | | 2025 年 | 4 月 | 01 日│中国内地 | 化学原料 | 兴发集团 3 月 31 日发布 24 年年报：2024 年实现营收 283.96 亿元 （yoy+0.4%），归母净利 16.0 亿元（yoy+14.3%），扣非净利 16.0 亿元 （yoy+21.8%）。其中 Q4 实现营收 63.5 亿元（yoy+1.7%，qoq-26.6%）， 归母净利 2.9 亿元（yoy-35.8%，qoq-43.6%）。24 年公司拟每股派发现金 红利 1 元（含税）。24Q4 归母净利低于我们前瞻预期（4.0 亿元），主要系 24Q4 计提 3.6 亿资产减值损失。考虑新项目有序推进，维持"增持"评级。 磷肥量价同比回升，综合毛利率 yoy+3.4pct 至 19.5% 24 年农药营收 52.0 亿元，销量 24.5 万吨，下游需求较疲软，均价 yoy-15% 至 2.1 万元/吨；肥料需求端有所支撑，板块营收 yoy+12%至 4 ...

证券研究报告 | 2025年04月01日 兴发集团（600141.SH） 优于大市 磷矿景气助力公司业绩增长，有机硅有望迎来盈利修复 磷化工全产业链平稳运行，营收增长，毛/净利率回升。兴发集团于 3 月 31 日 晚发布 2024 年年报，公司 2024 年实现营业收入 283.96 亿元，同比增长 1.04%；归母净利润为 16.01 亿元，同比增长 16.13%；公司毛利率为 19.52%， 同比上升 3.30 pcts；净利率为 5.70%，同比上升 0.72 pcts。分业务来看， 2024 年，公司矿山采选业务实现营业收入 35.57 亿元，同比增长 65.28%， 毛利率 74.28%，同比提升 5.40 pcts；特种化学品业务实现营业收入 52.78 亿元，同比增长 4.97%，毛利率 26.99%，同比下降 3.30 pcts；农药业务实 现营业收入 52.04 亿元，同比增长 21.50%，毛利率 13.23%，同比下降 17.78 pcts；有机硅业务实现营业收入 26.47 亿元，同比增长 23.48%，毛利率 -3.77%，同比下降 8.10 pcts。公司的利润增长主要来自磷矿石、 ...

重要内容提示： 召开地点：湖北省宜昌市伍家岗区沿江大道 188-9 号兴发大厦会议室 网络投票起止时间：自 2025 年 4 月 24 日 至 2025 年 4 月 24 日 关于召开 2024 年年度股东会的通知 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。 采用上海证券交易所网络投票系统，通过交易系统投票平台的投票时间为股 东会召开当日的交易时间段，即 9:15-9:25,9:30-11:30，13:00-15:00；通过互 联网投票平台的投票时间为股东会召开当日的 9:15-15:00。 本次股东会审议议案及投票股东类型 投票股东类型 序号 议案名称 A 股股东 非累积投票议案 计划相关事宜的议案 上述议案经公司第十一届董事会第七次会议、第十一届监事会第七次会议审 议通过，相关公告于 2025 年 4 月 1 日刊登在《中国证券报》《上海证券报》《证 券时报》《证券日报》及上海证券交易所网站（www.sse.com.cn）。 议案 12 应回避表决的关联股东名称：参加本次员工持股计划的股东或者与本次员工 持股计划参加者 ...