Investment Rating - The investment rating for the company is "Accumulate" (maintained) [1] Core Views - The company reported a revenue of 2.483 billion yuan for the first three quarters of 2024, a year-on-year decrease of 14.13%, with a net profit attributable to shareholders of 518 million yuan, down 47.89% year-on-year [1] - In Q3 2024, the company achieved a revenue of 785 million yuan, a year-on-year decrease of 9.71%, but a quarter-on-quarter increase of 31.46% in net profit [1] - The price of the main product, potassium chloride, showed signs of recovery, contributing to improved performance in Q3 [1] - Long-term demand for potassium fertilizer is expected to support price increases, with global demand projected to rise to 73.1 million tons in 2024, a year-on-year increase of 6.5% [1][3] - The company is enhancing its sales capabilities and expanding production capacity, which is expected to strengthen its market competitiveness [1][2] Financial Performance Summary - For 2024, the company is projected to have a net profit of 742 million yuan, with a year-on-year decrease of 39.9%, followed by increases of 44.7% and 30.3% in 2025 and 2026 respectively [3][5] - The gross profit margin is expected to decline from 58.7% in 2023 to 48.9% in 2024, before stabilizing around 51.0% in 2025 [5][7] - The company's total assets are projected to grow from 15.698 billion yuan in 2024 to 26.543 billion yuan by 2026 [6][7] - The company’s cash flow from operating activities is expected to improve significantly, reaching 3.976 billion yuan by 2026 [6]

Investment Rating - The report upgrades the investment rating of the company to "Strong Buy" with a target price of 25.60 CNY, compared to the current price of 19.20 CNY [1][5]. Core Insights - The company has shown effective cost reduction and efficiency improvement, indicating a positive outlook for its medium to long-term growth [1][5]. - In the first three quarters of 2024, the company achieved a revenue of 2.483 billion CNY, a year-on-year increase of 14.13%, while the net profit attributable to the parent company was 518 million CNY, a year-on-year decrease of 47.89% [1]. - The production of potassium chloride increased by 12.5% year-on-year to 1.3237 million tons, while sales rose by 4.3% to 1.2414 million tons [2]. - The gross margin improved to 49.26% and the net profit margin increased to 30.67% in Q3 2024, driven by higher sales prices and reduced management expenses [3]. - The company is progressing steadily with its construction projects in Laos, aiming for a total planned annual production capacity of 5 million tons of potassium fertilizer [4]. Financial Performance Summary - For Q3 2024, the company reported a revenue of 785 million CNY, with a year-on-year decline of 9.71% and a quarter-on-quarter decline of 26.27% [1]. - The gross margin for Q3 2024 was 49.26%, up by 2.60 percentage points from the previous quarter, while the net profit margin increased by 13.58 percentage points [3]. - The company’s total assets as of Q3 2024 were 17.459 billion CNY, with a debt-to-asset ratio of 25.14% [7][9]. Future Projections - The earnings forecast for 2024-2026 has been adjusted to 713 million CNY, 1.186 billion CNY, and 1.904 billion CNY respectively, reflecting a corresponding PE ratio of 25.0x, 15.0x, and 9.4x [5][6]. - The company is expected to experience significant growth in revenue, with projections of 3.536 billion CNY in 2024, 5.296 billion CNY in 2025, and 7.176 billion CNY in 2026, indicating a year-on-year growth rate of 49.8% in 2025 [6][9].

Investment Rating - The report maintains a "Recommended" rating for the company [4][6]. Core Views - The company reported a Q3 2024 revenue of 2.483 billion yuan, a year-on-year decline of 14.13%, and a net profit attributable to shareholders of 518 million yuan, down 47.89% year-on-year. However, Q3 net profit showed a quarter-on-quarter increase of 31.46% [2]. - Cost reduction and a slight rebound in potassium chloride prices contributed to improved profitability in Q3. The company’s potassium chloride production and sales volumes for the first three quarters of 2024 were 1.3237 million tons and 1.2414 million tons, respectively, representing year-on-year growth of 12.49% and 4.31% [2][3]. - The construction of the 2 and 3 main shaft projects is progressing steadily, with the company aiming for an annual production target of 1.8 to 2 million tons. The company expects to achieve a daily production capacity of 8,000 to 9,000 tons once either of the two projects is operational [3]. - The company has received a strategic investment from Huineng Group, which acquired 9.01% of the company’s shares, indicating confidence in the company’s long-term development prospects [3]. Financial Summary - The company’s revenue for 2023 is projected at 3.898 billion yuan, with a forecasted decline to 3.707 billion yuan in 2024, followed by significant growth to 5.716 billion yuan in 2025 and 7.755 billion yuan in 2026 [5]. - The net profit attributable to shareholders is expected to decrease to 779 million yuan in 2024, with a recovery to 1.135 billion yuan in 2025 and 1.579 billion yuan in 2026 [5]. - The earnings per share (EPS) are projected to be 0.84 yuan in 2024, 1.22 yuan in 2025, and 1.70 yuan in 2026, with corresponding price-to-earnings (PE) ratios of 22.90, 15.71, and 11.30 [4][5].

证券代码：000893 证券简称：亚钾国际 1 亚钾国际投资（广州）股份有限公司 投资者关系活动记录表 编号：2024-004 | --- | --- | --- | --- | --- | |-------------------------|----------------------------------------------------------------|------------------------------------------------------------------------|------------|-------------| | | | | | | | | □ 特定对象调研 | ☑ 分析师会议 | | | | | □ 媒体采访 □ | 业绩说明会 | | | | 投资者关系活动 | □ 新闻发布会 □ | 路演活动 | | | | 类别 | □ 现场参观 | | | | | | □ 其他 | | | | | 参与单位名称 及人员姓名 | 见附件 | | | | | 时间 | 2024 年 10 月 31 日 | | | | | 地点 | 线上会议 | | | | ...

Investment Rating - The report maintains a "Buy" rating for the company [1]. Core Views - The company is expected to achieve significant growth in the coming year due to efficient production management and cost control [1][2]. - The company reported a revenue of 2.483 billion yuan for the first three quarters of 2024, a year-on-year decrease of 14.13%, and a net profit attributable to shareholders of 518 million yuan, down 47.89% year-on-year [1]. - The production efficiency has improved, with a production of approximately 478,600 tons of potassium fertilizer in the third quarter, reflecting a sequential increase of 6,300 tons [2]. - The company is advancing its second 1 million ton production line and expects the third line to be operational in the first half of next year, which will significantly boost production capacity [2]. Summary by Sections Performance Review - In Q3 2024, the company achieved a revenue of 785 million yuan, a year-on-year decrease of 9.71%, and a net profit of 248 million yuan, down 10.71% year-on-year [1]. - The sales volume in Q3 was 380,400 tons, reflecting a sequential decline of 180,000 tons due to adjustments in sales strategy and delivery timing [1][2]. Operational Analysis - The company maintained high-load production on existing lines, leading to improved production efficiency [2]. - The average selling price of potassium fertilizer increased significantly in Q3 due to domestic price rises and slight fluctuations in overseas prices [2]. Profit Forecast and Valuation - The profit forecast for 2024 has been revised down by 66%, with projected revenues of 3.762 billion yuan, 6.252 billion yuan, and 7.922 billion yuan for 2024, 2025, and 2026 respectively [3]. - The net profit attributable to shareholders is projected to be 780 million yuan, 1.175 billion yuan, and 1.461 billion yuan for the same years [3]. - The current stock price corresponds to a PE valuation of 21, 14, and 11 times for the years 2024, 2025, and 2026 respectively [3].

Investment Rating - The report maintains a rating of "Accumulate" for the company [2][4]. Core Views - The company's third-quarter performance showed a slight improvement in gross margin and a significant increase in net margin, indicating substantial cost reduction and efficiency enhancement potential [4]. - The geopolitical situation has eased, and potash prices remain low, prompting a downward revision of profit forecasts for 2024-2026, with expected EPS of 0.76, 0.99, and 1.27 yuan respectively [4]. - The target price has been raised to 23.22 yuan from the previous 18.85 yuan, reflecting a PE ratio of 29.1 times for the company, which is considered favorable given the expected production capacity elasticity [4]. Financial Summary - For the first three quarters of 2024, the company reported revenue of 2.483 billion yuan, a year-on-year decrease of 14.13%, and a net profit of 518 million yuan, down 47.89% year-on-year [4]. - In Q3 alone, revenue was 785 million yuan, down 9.71% year-on-year and 26.27% quarter-on-quarter, with a net profit of 248 million yuan, down 10.71% year-on-year but up 31.46% quarter-on-quarter [4]. - The gross margin for Q3 was 49.26%, up 2.60 percentage points quarter-on-quarter, while the net margin was 30.67%, up 13.58 percentage points quarter-on-quarter [4]. Production and Capacity - The company’s potash production and sales in Q3 were 478,600 tons and 380,400 tons respectively, with a quarter-on-quarter increase in production but a decrease in sales [4]. - The entry of Huineng Group as a shareholder is expected to invigorate the company's mineral resource development, with potential daily production capacity reaching 8,000 to 9,000 tons upon the operation of new shafts [4].

证券代码：000893 证券简称：亚钾国际 公告编号：2024-050 亚钾国际投资（广州）股份有限公司（以下简称"公司"或"本公司"）第八届 董事会第十六次会议的会议通知于 2024 年 10 月 25 日以邮件方式发出，会议于 2024 年 10 月 29 日上午以通讯方式召开。会议由公司董事长郭柏春先生召集并 主持。本次会议应出席董事 8 人，实际出席董事 8 人，公司监事及高级管理人员 列席了本次会议。本次会议的召开符合《公司法》、《公司章程》的有关规定。 经全体与会董事认真审议和表决，审议通过了下列议案： 一、关于《2024 年第三季度报告》的议案 具体内容详见公司于同日刊载在《证券时报》、《中国证券报》、《上海证 券报》、《证券日报》及巨潮资讯网（www.cninfo.com.cn）的《亚钾国际投资（广 州）股份有限公司 2024 年第三季度报告》。 表决结果：8 票同意、0 票反对、0 票弃权。 亚钾国际投资（广州）股份有限公司 第八届董事会第十六次会议决议公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚 假记载、误导性陈述或重大遗漏。 特此公告。 亚钾国际投资（广州）股份 ...

经审核，监事会认为：董事会编制和审议《2024年第三季度报告》的程序符 合法律、行政法规和中国证监会的规定，报告内容真实、准确、完整地反映了公 司的实际情况，不存在任何虚假记载、误导性陈述或者重大遗漏。 证券代码：000893 证券简称：亚钾国际 公告编号：2024-051 亚钾国际投资（广州）股份有限公司 第八届监事会第十一次会议决议公告 本公司及监事会全体成员保证信息披露的内容真实、准确、完整，没有虚 假记载、误导性陈述或重大遗漏。 亚钾国际投资（广州）股份有限公司（以下简称"公司"）第八届监事会第 十一次会议的会议通知于2024年10月25日以邮件方式发出，会议于2024年10月29 日上午以通讯方式召开。会议由监事会主席柳金宏先生主持。本次会议应出席监 事3人，实际出席监事3人。会议的召开和表决程序符合《公司法》《公司章程》 的有关规定。 经全体与会监事认真审议和表决，审议通过下列议案： 一、关于《2024 年第三季度报告》的议案 具体内容详见公司于同日刊载在《证券时报》、《中国证券报》、《上海证 券报》、《证券日报》及巨潮资讯网（www.cninfo.com.cn）的《亚钾国际投资（广 州）股份有限 ...

Financial Performance - The company's revenue for Q3 2024 was ¥784,796,271.05, representing a decrease of 9.71% compared to the same period last year[3]. - Net profit attributable to shareholders for Q3 2024 was ¥248,210,736.14, down 10.71% year-on-year[3]. - The net profit after deducting non-recurring gains and losses was ¥247,033,778.03, a decrease of 12.41% compared to the previous year[3]. - Total operating revenue for the third quarter was CNY 2,482,559,437.56, a decrease of 14.14% compared to CNY 2,891,098,359.76 in the same period last year[16]. - Net profit for Q3 2024 was CNY 495.14 million, a decrease of 49.9% compared to CNY 985.43 million in Q3 2023[17]. - Operating profit for Q3 2024 was CNY 559.27 million, down 50.3% from CNY 1.13 billion in the same period last year[17]. - Total revenue from sales for Q3 2024 was CNY 2.69 billion, a decline of 20.1% compared to CNY 3.36 billion in Q3 2023[19]. - Basic earnings per share for Q3 2024 were CNY 0.5642, down from CNY 1.0849 in Q3 2023[18]. - Cash flow from operating activities for Q3 2024 was CNY 714.68 million, a decrease of 53.3% from CNY 1.53 billion in Q3 2023[19]. - The company reported a tax expense of CNY 64.34 million for Q3 2024, down from CNY 123.19 million in Q3 2023[17]. - The company experienced a credit impairment loss of CNY 554,757.54 in Q3 2024, compared to a gain of CNY 1.70 million in Q3 2023[17]. Assets and Liabilities - The total assets at the end of the reporting period were ¥17,440,611,633.86, an increase of 11.10% from the end of the previous year[3]. - Total liabilities increased to CNY 4,383,975,622.84, up from CNY 3,060,238,902.21, reflecting a significant rise in financial obligations[15]. - The company's cash and cash equivalents at the end of the period were CNY 700,123,874.55, down from CNY 755,333,715.81 at the beginning of the period, representing a decrease of 7.3%[14]. - Accounts receivable rose significantly to CNY 35,090,930.12, an increase of 82.73% from CNY 19,220,120.61 at the beginning of the period[14]. - Inventory decreased to CNY 392,146,362.64, down 5.97% from CNY 417,060,104.56 at the beginning of the period[14]. - Non-current assets totaled CNY 16,012,147,836.86, an increase of 12.24% from CNY 14,265,439,552.81 year-on-year[15]. - The company reported a significant increase in long-term borrowings to CNY 1,514,000,000.00, up from CNY 560,000,000.00, indicating a strategy to leverage for growth[14]. - Deferred tax assets rose to CNY 215,775,970.73, an increase of 32.76% from CNY 162,532,969.74, suggesting improved future tax benefits[14]. Shareholder Information - The total number of common shareholders at the end of the reporting period is 31,842[8]. - The largest shareholder, China Agricultural Production Materials Group Co., Ltd., holds 15.60% of shares, totaling 144,913,793 shares[8]. - The second-largest shareholder, Huineng Holdings Group Co., Ltd., holds 9.01% of shares, totaling 83,649,277 shares[8]. - The third-largest shareholder, Shanghai Jinbang Jinde Equity Investment Partnership, holds 8.31% of shares, totaling 77,210,328 shares[8]. - The fourth-largest shareholder, Xinjiang Jiangzhiyuan Equity Investment Partnership, holds 5.63% of shares, totaling 52,273,542 shares[8]. - The company repurchased 10,544,029 shares, accounting for 1.14% of the total share capital[10]. - The company has not disclosed any related party transactions for the reporting period[11]. - The company has not identified any relationships or concerted actions among the top shareholders[9]. Operational Highlights - The company produced 1,323,700 tons of potassium chloride and sold 1,241,400 tons in the first three quarters[11]. - The company reported a significant increase in short-term borrowings, which rose by 47.18% to ¥469,066,881.19[6]. - The company has incurred export taxes totaling ¥190 million since October 1, 2023, due to new regulations in Laos[7]. - The company is actively negotiating with the Laotian government regarding potential tax reductions on potassium chloride exports and shareholder dividend taxes[7]. - The company plans to apply for comprehensive credit limits from financial institutions in 2024[11]. Cost and Cash Flow Analysis - Total operating costs increased to CNY 1,930,900,180.52, up 9.37% from CNY 1,765,253,634.43 year-on-year[16]. - The company's net cash flow from operating activities for the year-to-date was ¥714,682,045.71, a decline of 53.28% compared to the same period last year[3]. - Cash and cash equivalents at the end of Q3 2024 were CNY 700.12 million, down from CNY 755.63 million at the end of Q3 2023[20]. - Investment activities resulted in a net cash outflow of CNY 1.66 billion in Q3 2024, compared to CNY 2.66 billion in Q3 2023[20]. - Financing activities generated a net cash inflow of CNY 896.02 million in Q3 2024, an increase from CNY 180.80 million in Q3 2023[20].

证券代码：000893 证券简称：亚钾国际 公告编号：2024-048 亚钾国际投资（广州）股份有限公司 第八届董事会第十五次会议决议公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚 假记载、误导性陈述或重大遗漏。 亚钾国际投资（广州）股份有限公司（以下简称"公司"或"本公司"）第八届 董事会第十五次会议的会议通知于 2024 年 10 月 11 日以邮件方式发出，会议于 2024 年 10 月 15 日下午以通讯方式召开。公司董事长郭柏春先生近日已可以正 常履职，会议由公司董事长郭柏春先生召集并主持。本次会议应出席董事 8 人， 实际出席董事 8 人，公司监事及高级管理人员列席了本次会议。本次会议的召开 符合《公司法》、《公司章程》的有关规定。 具体内容详见公司于同日刊载在《证券时报》、《中国证券报》、《上海证 券报》、《证券日报》及巨潮资讯网（www.cninfo.com.cn）的《亚钾国际投资（广 州）股份有限公司关于更换公司总经理的公告》。 表决结果：8 票同意、0 票反对、0 票弃权。 特此公告。 亚钾国际投资（广州）股份有限公司董事会 2024 年 10 月 15 日 1 一 ...