证券代码：000893 证券简称：亚钾国际 公告编号：2024-054 亚钾国际投资（广州）股份有限公司 关于变更公司注册地址、增加经营范围 并修改《公司章程》的公告 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 11 月 7 日召开第八届董事会第十七次会议审议通过了《关于变更公司注册地址、增加经 营范围并修改<公司章程>的议案》。该议案尚需提交公司股东大会审议。具体情 况如下： 一、本次修改《公司章程》的原因 根据《财政部税务总局关于广州南沙企业所得税优惠政策的通知》（财税 【2022】40 号）的有关规定，对设在南沙先行启动区符合条件的鼓励类产业企 业，减按 15%的税率征收企业所得税。 目前，公司适用的企业所得税税率是 25%，为切实做好公司整体税收筹划工 作，根据税收优惠政策所需的实质性运营要求，拟变更公司注册地址、增加经营 范围并对《公司章程》进行修改，为后期税收优惠政策申报做好准备。该事项尚 存在不确定性，还需税务部门最终审核确定，公司的企业所得税税率情况请以后 续披露的相关公 ...

Investment Rating - The report maintains an "OUTPERFORM" rating for the company [1][4]. Core Insights - The company's recurring net profit increased by 31.88% quarter-on-quarter in Q3 2024, while total operating revenue for the first three quarters of 2024 was RMB 2.483 billion, a year-on-year decrease of 14.13% [2][9]. - The company is the largest potash resource enterprise in Asia, with significant reserves and production capabilities, having successfully launched multiple potash projects [3][11]. - The company has established a diversified sales system, enhancing its market presence both domestically and internationally [12]. Financial Performance Summary - In Q3 2024, the company achieved total operating revenue of RMB 785 million, a year-on-year decrease of 9.71%, but net profit after deductions increased by 31.88% [2][10]. - The gross margin for sales in Q3 2024 was 49.26%, up 2.6 percentage points from the previous quarter, while the net margin was 30.67%, an increase of 13.58 percentage points [10]. - The company’s projected net profits for 2024-2026 are RMB 764 million, RMB 1.242 billion, and RMB 1.692 billion, respectively, reflecting a significant decline due to falling potassium chloride prices [4][13]. Production and Market Position - The company has a total potassium chloride production capacity of 1 million tonnes per year, with successful operations of multiple projects [3][11]. - The company has expanded its market reach, establishing partnerships with global firms and entering new markets in Africa, the Middle East, and Europe [12].

Investment Rating - The report maintains an "Outperform" rating for the company, indicating a positive outlook compared to the market [5]. Core Insights - 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 of 518 million yuan, down 47.89% year-on-year. The Q3 revenue was 785 million yuan, reflecting a year-on-year decline of 9.71% and a quarter-on-quarter decline of 26.27% [5]. - The report highlights that the overseas potash fertilizer prices are stabilizing at low levels, while domestic market conditions are showing signs of recovery. The average domestic potash fertilizer price in Q3 2024 was approximately 2,496 yuan/ton, up 4.15% quarter-on-quarter [5]. - The company has significant growth potential with ongoing projects, including a successful trial run of a 1 million tons/year potash fertilizer project, and plans to expand production capacity to 5 million tons/year, with further potential to reach 7-10 million tons/year based on market demand [5]. Financial Summary - For 2024, the company is projected to achieve total revenue of 3.523 billion yuan, with a net profit of 743 million yuan, reflecting a year-on-year decrease of 39.9%. The earnings per share (EPS) is expected to be 0.80 yuan [6]. - The gross margin is forecasted to be 52.3% for 2024, with a return on equity (ROE) of 6.2% [6]. - The company's current price-to-book (PB) ratio is 1.542X, which is below the three-year average of 2.472X, indicating a favorable valuation [5].

Company and Industry Summary Company Overview - The company reported a production volume of 1.3237 million tons of potassium chloride in the first three quarters of the year, representing a year-on-year increase of 12.5% [1] - Sales volume reached 1.2414 million tons, with a year-on-year growth of 4.3% [1] - The company aims to achieve a production target of 1.8 million tons of potassium chloride for the year 2024 [1] Financial Performance - Revenue for the first three quarters was 2.48 billion yuan, with a net profit of 510 million yuan [1] - In Q3 alone, the net profit was 250 million yuan, showing a quarter-on-quarter increase of 32% [2] Production Capacity Expansion - The company is progressing with its second million-ton project (井二号 and 井三号) and has completed construction on two wells for the small eastern project [1] - Future targets include expanding production capacity to 3 million tons and 5 million tons [1] Cost Management - Management expenses decreased significantly in Q3 compared to Q1 and Q2, attributed to the reversal of previous share-based payment expenses and ongoing cost control measures [4][9] - The company is focused on reducing production costs and optimizing human resources [4] Tax and Regulatory Environment - The company has incurred 149 million yuan in tariffs from January to September and is negotiating with the Laotian government for potential tax exemptions [4] - The tax rate has fluctuated, with an average rate between 1% to 14% over the past year [14] Market Outlook - The company remains optimistic about the fertilizer market, citing strong demand driven by global population growth and food security concerns [5][6] - Short-term fluctuations in fertilizer prices are expected, but the long-term outlook remains positive due to supply-demand dynamics [5][6] Challenges and Risks - The company faces challenges in managing costs and production timelines, particularly with ongoing construction projects [11][28] - There are concerns regarding the impact of geopolitical factors on supply chains and production costs [6][19] Investor Relations - The management team is stable, and there are no immediate plans for significant changes in leadership [29] - The company is committed to transparent communication with investors and addressing any concerns regarding operational performance and market conditions [37] Conclusion - The company is on track to meet its production goals while managing costs effectively. The outlook for the fertilizer market remains positive, although external factors may pose risks. The management is focused on maintaining stability and transparency with investors.

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company's Q3 performance improved sequentially due to a slight recovery in potash prices and ongoing cost reduction and efficiency enhancement efforts [4] - The company aims to achieve a production target of 1.8 to 2 million tons of potash in 2024, despite some delays in project construction and changes in tax policies in Laos [4][5] - The report anticipates a gradual increase in net profit from 736 million yuan in 2024 to 1.638 billion yuan in 2026, with corresponding EPS of 0.79, 1.26, and 1.76 yuan per share [4] Financial Summary - For Q3, the company reported revenue of 785 million yuan, a year-on-year decrease of 9.71% and a quarter-on-quarter decrease of 26.27% [4] - The net profit for Q3 was 248 million yuan, down 10.71% year-on-year but up 31.46% quarter-on-quarter [4] - The average market price of potassium chloride in Q3 2024 was 2,498 yuan per ton, reflecting a quarter-on-quarter increase of 4.05% [5] - The company's Q3 gross margin and net margin were 49.26% and 30.67%, respectively, showing improvements from Q2 [5] Production and Cost Management - The company produced 479,000 tons of potash in Q3, with sales of 380,000 tons, reflecting a production increase of 15.3% but a sales decrease of 32.4% due to shipping constraints caused by typhoons in Southeast Asia [5] - Management expenses decreased by 95.14 million yuan in Q3 due to the reversal of previously accrued stock incentive costs [5] - The company is actively working on the construction of its 2 and 3 main shafts, with ongoing efforts to enhance production capacity and optimize costs [5]

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].