证券研究报告 公 2024年05月09日 司 报 告 亚钾国际(000893) │ 行 业： 基础化工/农化制品 公 投资评级： 买入（维持） 司 当前价格： 18.66元 24Q1 业绩低于预期，看好公司中长期成长路径 年 目标价格： 23.40元 报 点 事件： 评 基本数据 4月29日，公司发布2023年年报，2023年公司实现营业收入38.98亿元， 总股本/流通股本(百万股) 928.85/811.84 同比增长12%；实现归母净利润12.35亿元，同比下滑39%，扣非后归母净 流通A股市值(百万元) 15,148.90 利润12.74亿元，同比下滑37%；实现基本每股收益1.35元/股。 每股净资产(元) 12.15 同天，公司发布2024年一季报，2024年Q1公司实现营业收入6.33亿元， 资产负债率(%) 22.70 同比下滑26%，环比下滑37%；归母净利润0.81亿元，同比下滑76%，环比 一年内最高/最低(元) 30.80/16.99 下滑66%；销售净利率11.46%，同比下滑27.69pct，环比下滑10.84pct。  量价齐跌叠加费用率抬升，公司24Q1业绩低于预期 股价相对 ...

[Table_Header] 公司点评●化工行业 2024年 04 月30 日 [Table_Title] [Table_StockCode] 钾肥价格回落致盈利承压，静待产能释 亚钾国际(000893.SZ) 放下的业绩弹性 [Table_InvestRank] 推荐 (维持评级) 核心观点： 分析师 [T able事_S件u m公m司ary发] 布 2023年年度报告、2024年第一季度报告。2023年，公司实现 [任Ta文b坡le_ Authors] 营业总收入 38.98亿元，同比增长 12.45%；归母净利润 12.35亿元，同比下滑 ：010-80927675 39.12%。2024年第一季度，公司实现营业收入 6.33亿元，同比下滑 25.89%； ：renwenpo_yj@chinastock.com.cn 归母净利润 0.81亿元，同比下滑 75.82%。 分析师登记编码：S0130520080001  钾肥价格回落叠加税金和费用增加，公司盈利承压 2023年以来，随氯化钾 供需结构转向宽松、下游需求走弱，全球氯化钾价格呈震荡走低态势。2023年 孙思源 公司氯化钾销量为 160.6 ...

证券代码：000893 证券简称：亚钾国际 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：2024-001 □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 见附件 及人员姓名 时间 2024年4 月30日 地点 公司北京办公室、广州会议室及线上会议 代行董事长、副总经理、董事会秘书：刘冰燕女士 上市公司接待 证券事务代表：姜冠宇先生 人员姓名 投资者关系部副经理：张显婷女士 问题 1：公司 2024年一季度业绩下滑主要受什么因素影 响？ ...

Financial Performance - The company's operating revenue for 2023 was ¥3,897,597,332.18, representing a 12.45% increase compared to ¥3,466,116,843.79 in 2022[26]. - The net profit attributable to shareholders for 2023 was ¥1,235,153,163.73, a decrease of 39.12% from ¥2,028,673,070.02 in 2022[26]. - The net profit after deducting non-recurring gains and losses was ¥1,274,035,309.92, down 37.17% from ¥2,027,562,144.03 in the previous year[26]. - The net cash flow from operating activities was ¥1,860,277,546.68, showing a 2.78% increase from ¥1,809,956,943.78 in 2022[26]. - Basic earnings per share for 2023 were ¥1.3486, a decline of 45.14% compared to ¥2.4580 in 2022[26]. - Total assets at the end of 2023 reached ¥15,698,292,082.93, reflecting a 22.20% increase from ¥12,846,371,183.15 at the end of 2022[26]. - The net assets attributable to shareholders were ¥11,227,145,888.03, an increase of 11.00% from ¥10,114,234,651.77 in 2022[26]. - The total non-recurring gains and losses for 2023 amounted to approximately -¥38.88 million, significantly lower than the previous year's gains[32]. - The company reported a significant decrease in financing cash inflow by 44.41% to ¥1,037,906,206.18 in 2023 from ¥1,867,193,657.05 in 2022[107]. - The net increase in cash and cash equivalents was negative at -¥954,438,215.85 in 2023, a decline of 212.76% from a positive increase of ¥846,437,374.22 in 2022[107]. Market Dynamics - The company reported a significant risk of price fluctuations in potash due to geopolitical factors, agricultural product prices, and overall demand for compound fertilizers[6]. - The geopolitical situation has impacted the supply chain, particularly in Canada and Belarus, affecting the overall potassium fertilizer market dynamics[39]. - The global potassium fertilizer demand is projected to increase from 68.2 million tons in 2023 to 73.1 million tons in 2024, driven by rising agricultural needs[42]. - In 2023, the potassium fertilizer demand in Asia is expected to maintain a growth rate of 4-5%, driven by population growth and economic development[47]. - The import dependency of potassium fertilizer in China rose to 63% in 2023, with total imports amounting to 11.57 million tons[53]. - The ongoing El Niño phenomenon in 2023 is expected to boost rice production, thereby increasing the demand for potassium fertilizer[48]. - The strategic significance of potassium fertilizer in China's agricultural policies is underscored by the focus on enhancing soybean and oilseed production[57]. Production and Capacity - The company primarily produces potassium chloride, which is used directly in agriculture or as a raw material for compound fertilizers[60]. - The company aims to enhance its profitability by increasing potassium fertilizer production capacity and optimizing costs through process improvements[62]. - The company has achieved a production capacity of nearly 900,000 tons/year for granular potassium, with the third phase of production reaching 500,000 tons/year in November 2023[64]. - The company is focusing on expanding its potassium fertilizer production capacity by adding 1 million tons annually to meet the growing demand in Southeast Asia and China[89]. - The company plans to achieve a production capacity of 5 million tons of potash fertilizer by 2024, with plans to advance the construction of two additional 1 million tons/year projects[136]. Governance and Management - The company has built a robust governance structure with a focus on maximizing shareholder interests and implementing clear development strategies[86]. - The board of directors consists of 9 members, including 4 independent directors, ensuring compliance with governance standards[151]. - The company maintains a transparent information disclosure system, ensuring all shareholders have equal access to information[152]. - The company has established an independent financial management system, with dedicated financial personnel and no shared bank accounts with the controlling shareholder[160]. - The company has implemented an employee stock option and restricted stock incentive plan, approved by the board on September 7, 2022[198]. Strategic Partnerships and Expansion - The company has established supply cooperation with global enterprises such as KC Group and Samsung Group, enhancing its market share in surrounding regions[89]. - The company is actively recruiting strategic partners to enhance product competitiveness and share the development benefits of Laotian potassium fertilizer[65]. - The company is focused on developing high-quality strategic customers while adjusting payment methods based on operational needs[63]. - The company has established a dual circulation sales system, enhancing market diversification and focusing on Southeast Asia, with products sold to countries including Vietnam, Malaysia, and Japan[65]. Research and Development - The company is investing heavily in R&D, with a budget increase of 25% to enhance product innovation[172]. - Research and development expenses reached 18.53 million yuan, marking a significant investment in new projects[103]. - The number of R&D personnel increased to 13 in 2023 from 0 in 2022, representing a 100% change[105]. - R&D investment amounted to ¥18,530,692.13 in 2023, a 100% increase from ¥0 in 2022, with R&D investment accounting for 0.48% of operating revenue[105]. Risks and Challenges - The price volatility of potassium chloride products poses a risk to the company's performance, as it is closely linked to economic cycles and supply-demand dynamics[142]. - Approximately 30% of the company's revenue comes from overseas sales, exposing it to exchange rate fluctuations between the US dollar and the Chinese yuan[143]. - The company is addressing potential risks related to capacity expansion projects, particularly in Laos, by collaborating with water management institutions to mitigate water inflow issues[145]. - The company has established a comprehensive safety management system at its Laos production base to prevent accidents and ensure operational safety[146]. Shareholder Engagement - The company held its first temporary shareholders' meeting in 2023 with a participation rate of 29.84% on January 3, 2023[162]. - The second temporary shareholders' meeting in 2023 had a participation rate of 42.46% on January 31, 2023[162]. - The annual shareholders' meeting for 2022 saw a participation rate of 32.82% on April 26, 2023[162]. - The company reported a total shareholding of 8,000,000 shares at the end of the period, with a decrease of 150,000 shares due to personnel changes[164].

Financial Performance - The company's revenue for Q1 2024 was CNY 633,276,084.88, a decrease of 25.89% compared to CNY 854,482,275.61 in the same period last year[5] - Net profit attributable to shareholders was CNY 81,184,002.51, down 75.82% from CNY 335,762,713.10 year-on-year[5] - Basic earnings per share decreased by 75.73% to CNY 0.0877 from CNY 0.3614 in the same period last year[5] - The net profit for Q1 2024 was approximately CNY 72.57 million, a decrease of 78.3% compared to CNY 334.54 million in the same period last year[20] - The total profit for Q1 2024 was CNY 80.62 million, down 80.2% from CNY 408.01 million in Q1 2023[20] - Operating profit for Q1 2024 was CNY 79.92 million, a decline of 80.5% from CNY 408.39 million in the previous year[20] Cash Flow - The net cash flow from operating activities was negative CNY 78,855,787.51, a decline of 117.24% compared to CNY 457,421,832.31 in the previous year[5] - Cash flow from operating activities for Q1 2024 was negative CNY 78.86 million, compared to positive CNY 457.42 million in the same period last year[22] - Cash flow from investing activities was negative CNY 823.36 million, an increase from negative CNY 487.89 million in Q1 2023[23] - Cash flow from financing activities was positive CNY 715.82 million, compared to negative CNY 19.43 million in the previous year[23] - The company reported cash and cash equivalents of CNY 564.36 million at the end of Q1 2024, down from CNY 1.66 billion at the end of Q1 2023[23] Assets and Liabilities - The total assets at the end of the reporting period were CNY 16,420,040,098.89, an increase of 4.60% from CNY 15,698,292,082.93 at the end of the previous year[5] - Non-current assets totaled CNY 15,012,344,908.83, an increase of 5.2% from CNY 14,265,439,552.81[18] - Total liabilities increased to CNY 3,727,893,378.48, compared to CNY 3,060,238,902.21 in the previous year, reflecting a growth of 21.8%[18] - Owner's equity totaled CNY 12,692,146,720.41, an increase from CNY 12,638,053,180.72 in the previous year[18] Shareholder Information - Total number of common shareholders at the end of the reporting period was 32,572[10] - The largest shareholder, China Agricultural Production Materials Group Co., held 15.60% of shares, totaling 144,913,793 shares[10] Operational Metrics - The company reported a production volume of 430,000 tons and sales volume of 298,500 tons for potassium chloride[13] - Total operating costs increased to CNY 554,283,761.84, up 24.1% from CNY 446,759,649.33 in the previous year[19] - Research and development expenses decreased to CNY 3,218,110.57, down 46.1% from CNY 5,972,770.60 in the prior year[19] Tax and Charges - The company incurred a tax and additional charges of CNY 77,708,128.27, a rise of 206.90% compared to CNY 25,320,556.94 in the previous year, mainly due to increased export taxes and resource taxes[8] - The company reported a tax expense of CNY 77,708,128.27, which is significantly higher than CNY 25,320,556.94 from the previous year[19] Accounts Receivable and Inventory - The company reported a significant increase in accounts receivable, which rose by 494.72% to CNY 114,305,479.17 due to increased receivables during the reporting period[8] - Accounts receivable increased significantly to ¥114,305,479.17 from ¥19,220,120.61[16] - Inventory, including data resources, rose to ¥494,629,191.00 from ¥417,060,104.56[16] Borrowings and Investments - Long-term borrowings increased by 144.11% to CNY 1,367,000,000.00, primarily due to increased project loans[8] - Long-term borrowings rose significantly to CNY 1,367,000,000.00, compared to CNY 560,000,000.00 in the previous year[18] - The company’s long-term equity investments increased to ¥97,622,629.85 from ¥80,391,459.52[16] Other Information - The company completed the repurchase of shares, reaching a total of 1% of the company's total share capital[15] - The company plans to disclose expected related party transactions for 2024 on January 17, 2024[14] - The company has accumulated export tariffs of CNY 91,725,100.00 and shareholder dividend taxes of CNY 11,000,000.00, pending potential exemption from the Lao government[9] - The company has not disclosed any significant changes in the relationships among major shareholders[12] - The company did not undergo an audit for the Q1 2024 report[24] - The report indicates that the company will implement new accounting standards starting in 2024[24]

亚钾国际投资（广州）股份有限公司（以下简称"公司"）于2024年4月19日收 到《宁夏回族自治区监察委员会留置通知书》，总经理马英军先生因涉嫌严重职 务违法，目前被宁夏回族自治区监察委员会立案调查并实施留置。 截至本公告披露日，公司尚未知悉立案调查的进展及结论。公司其他高级管 理人员均正常履职，公司董事会、监事会运作正常，公司控制权未发生变化。经 公司总经理办公会决定，由公司副总经理刘冰燕女士暂时主持日常经营管理工作， 目前公司及下属子公司生产经营情况正常。 公司将持续关注上述事项的后续情况，对相关工作进行妥善安排，尽可能减 少上述事件对公司经营的影响，并严格按照有关法律、法规的规定和要求，及时 履行信息披露义务并提示相关风险。 公司指定的信息披露媒体为《中国证券报》《证券时报》《上海证券报》《证 券日报》及巨潮资讯网，公司发布的信息均以在上述媒体披露的信息为准。敬请 广大投资者理性投资，并注意投资风险。 特此公告。 亚钾国际投资（广州）股份有限公司董事会 2024 年 4 月 19 日 证券代码：000893 证券简称：亚钾国际 公告编号：2024-012 亚钾国际投资（广州）股份有限公司 关于公司总经理被 ...

证券代码：000893 证券简称：亚钾国际 公告编号：2024-010 亚钾国际投资（广州）股份有限公司 关于对深圳证券交易所关注函的回复公告 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"）于2024年3月30日 收到深圳证券交易所上市公司管理二部发来的《关于对亚钾国际投资（广州）股 份有限公司的关注函》（公司部关注函〔2024〕第51号），现公司对关注函中关 注的相关问题回复如下： 我部关注到，你公司披露了《关于公司董事长被留置的公告》，同时有媒 体质疑你公司未就董事长被立案调查事项及时履行信息披露义务，请你公司进 一步核实并说明有关情况： 1.媒体公开信息显示，2024年1月，宁夏回族自治区监委对郭柏春立案调查， 近日，郭柏春被遣返回国并被留置。你公司前期公告显示，郭柏春于2024年1月 15日主持召开了董事会，于2月1日主持召开了临时股东大会。请进一步核实郭 柏春被立案调查过程，你公司是否接受过协助调查事项，是否存在重大事项未 及时履行信息披露义务的情形，有关信息是否存在提前泄露情形，进而对你公 司股 ...

【亚钾国际收关注函：要求说明是否接受过协助调查事项 有关信息是否存在提前泄露情形】财联社3月 30日电，亚钾国际收到深交所关注函，深交所要求公司进一步核实公司董事长郭柏春被立案调查过程， 公司是否接受过协助调查事项，是否存在重大事项未及时履行信息披露义务的情形，有关信息是否存在 提前泄露情形，进而对公司股票近期交易造成相关影响，公司前期相关公告是否真实、准确、完整。公 司董事长被立案调查事项是否涉及公司有关事项，是否会对公司生产经营管理造成重大影响，公司是否 已针对相关经营管理决策事项进行妥善安排，并请及时、充分提示有关风险。 ...

深 圳 证 券 交 易 所 关于对亚钾国际投资（广州）股份有限公司的 关注函 公司部关注函〔2024〕第 51 号 亚钾国际投资（广州）股份有限公司董事会： 我部关注到，你公司披露了《关于公司董事长被留置的公告》， 同时有媒体质疑你公司未就董事长被立案调查事项及时履行信 息披露义务，请你公司进一步核实并说明有关情况： 1.媒体公开信息显示，2024 年 1 月，宁夏回族自治区监委 对郭柏春立案调查，近日，郭柏春被遣返回国并被留置。你公司 前期公告显示，郭柏春于 2024 年 1 月 15 日主持召开了董事会， 于 2 月 1 日主持召开了临时股东大会。请进一步核实郭柏春被立 案调查过程，你公司是否接受过协助调查事项，是否存在重大事 项未及时履行信息披露义务的情形，有关信息是否存在提前泄露 情形，进而对你公司股票近期交易造成相关影响，你公司前期相 关公告是否真实、准确、完整。 2.你公司董事长被立案调查事项是否涉及公司有关事项，是 1 否会对公司生产经营管理造成重大影响，公司是否已针对相关经 营管理决策事项进行妥善安排，并请及时、充分提示有关风险。 请你公司就上述问题做出书面说明，在 2024 年 4 月 1 ...

【亚钾国际回应董事长被留置：立案调查事项与公司无关 公司生产经营一切正常】财联社3月30日电， 针对董事长郭柏春被留置一事，亚钾国际发布公告称，公司于2024年3月29日收到《宁夏回族自治区监 察委员会留置通知书》，郭柏春在其任职宁夏回族自治区银川市副市长期间，因涉嫌渎职犯罪，目前被 宁夏回族自治区监察委员会立案调查并实施留置。亚钾国际表示，本次立案调查事项系针对董事长郭柏 春个人的调查，与公司无关。目前公司的生产经营一切正常，公司拥有完善的治理结构及内部控制机 制，公司按照相应法律法规和相关制度规范运作。截至本公告披露日，公司控制权未发生变化，公司董 事会运作正常，日常经营管理由高管团队负责，公司及下属子公司生产经营稳步推进。亚钾国际补充 道，截至本公告披露日，公司尚未知悉立案调查的进展及结论，公司将持续关注上述事项的后续情况， 并严格按照有关法律、法规的规定和要求，及时履行信息披露义务并提示相关风险。 ...