Investment Rating - The report maintains an "Outperform" rating for the company, indicating a positive outlook compared to the market [5]. Core Views - The company reported better-than-expected Q3 results, with a revenue of 39.48 billion yuan, a year-on-year increase of 3%, and a net profit of 3.75 billion yuan, reflecting a 25% year-on-year growth [5]. - The increase in profitability is attributed to higher sales of compound fertilizers and improved pricing for monoammonium phosphate [5]. - The company is expected to benefit from new projects coming online, contributing to revenue growth [5]. - The report highlights a favorable market environment for phosphate fertilizers, with domestic prices increasing significantly [5]. - The company is well-positioned in the market due to its resource advantages and cost structure, with a focus on expanding its phosphate mining reserves [5]. Summary by Sections Market Data - Closing price: 13.18 yuan - One-year high/low: 14.80/9.20 yuan - Price-to-book ratio: 1.7 - Dividend yield: 2.28% - Market capitalization: 15,062 million yuan [2]. Financial Data - Net asset value per share: 8.17 yuan - Debt-to-asset ratio: 38.91% - Total shares: 1,255 million, circulating A shares: 1,143 million [3]. Performance Comparison - The company's stock price has shown a relative performance against the market index, indicating a potential for growth [4]. Earnings Forecast - Projected revenues for 2024-2026 are 15.947 billion, 16.716 billion, and 18.127 billion yuan, respectively, with corresponding net profits of 1.424 billion, 1.753 billion, and 2.016 billion yuan [6][7]. - The report anticipates a steady increase in earnings per share, reaching 1.61 yuan by 2026 [6][7].

1 证券代码：000902 证券简称：新洋丰 编号：2024-06 新洋丰农业科技股份有限公司 2024 年 10 月 17 日投资者关系活动记录表 | --- | --- | --- | --- | |-------------------------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|-----------|---------------------------------------------------------------------------------------------------------------- ...

| 证券代码：000902 | 证券简称：新洋丰 | 编号：2024-040 | | --- | --- | --- | | 债券代码：127031 | 债券简称：洋丰转债 | | 新洋丰农业科技股份有限公司 经全体董事审议，会议形成如下决议： （一）审议通过了《公司 2024 年第三季度报告》 具体内容详见 2024 年 10 月 18 日登载于《中国证券报》、《证券时报》、《证券日报》、 《上海证券报》和巨潮资讯网（www.cninfo.com.cn）的《公司 2024 年第三季度报告》。 表决结果：同意 9 票，反对 0 票，弃权 0 票。 三、备查文件 （一）公司第九届董事会第六次会议决议。 特此公告。 第九届董事会第六次会议决议公告 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 导性陈述或者重大遗漏。 一、董事会会议召开情况 新洋丰农业科技股份有限公司（以下简称"公司"）第九届董事会第六次会议通知于 2024 年 10 月 11 日以书面和电子邮件方式发出，会议于 2024 年 10 月 17 日在湖北省荆门 市月亮湖北路附七号洋丰培训中心七楼会议室召开。应出席本次会议 ...

| 证券代码：000902 | 证券简称：新洋丰 | 公告编号：2024－041 | | --- | --- | --- | | 债券代码：127031 | 债券简称：洋丰转债 | | （一）第九届监事会第五次会议决议。 特此公告。 新洋丰农业科技股份有限公司 第九届监事会第五次会议决议公告 本公司及监事会全体成员保证信息披露内容的真实、准确、完整，没有虚假记载、 误导性陈述或者重大遗漏。 （一）审议通过了《公司 2024 年第三季度报告》 具体内容详见 2024 年 10 月 18 日登载于《中国证券报》、《证券时报》、《证券日报》、 《上海证券报》和巨潮资讯网（www.cninfo.com.cn）的《公司 2024 年第三季度报告》。 表决结果：同意 3 票，反对 0 票，弃权 0 票。 三、备查文件 一、监事会会议召开情况 新洋丰农业科技股份有限公司第九届监事会第五次会议通知于 2024 年 10 月 11 日 以书面和电子邮件方式发出，会议于 2024 年 10 月 17 日在湖北省荆门市月亮湖北路附 七号洋丰培训中心七楼会议室召开。应参会监事 3 名，实际参会监事 3 名，会议由监事 会主席王苹女士 ...

Financial Performance - The company's revenue for Q3 2024 reached ¥3,948,200,838.07, an increase of 2.92% compared to the same period last year[3]. - Net profit attributable to shareholders was ¥375,192,304.47, reflecting a growth of 24.88% year-over-year[3]. - The net profit after deducting non-recurring gains and losses was ¥359,515,383.68, up by 22.13% from the previous year[3]. - Total operating revenue for the current period reached ¥12,366,966,289.94, an increase of 4.06% compared to ¥11,885,355,145.37 in the previous period[19]. - Net profit for the current period was ¥1,118,383,032.75, representing a growth of 11.78% from ¥1,000,367,023.40 in the previous period[21]. - Total profit for the current period was ¥1,360,073,673.40, an increase of 16.88% from ¥1,163,912,969.96 in the previous period[21]. Assets and Liabilities - Total assets at the end of the reporting period amounted to ¥17,629,039,644.54, representing a 4.41% increase from the end of the previous year[3]. - Current assets totaled CNY 6,866,481,798.01, up from CNY 6,334,119,684.86, indicating a growth of approximately 8.4%[15]. - Total liabilities decreased slightly to CNY 6,860,338,324.30 from CNY 6,871,810,101.61, showing a reduction of about 0.2%[17]. - The total non-current assets amounted to CNY 10,762,557,846.53, up from CNY 10,550,573,963.40, indicating a growth of about 2.0%[16]. Shareholder Information - The company's equity attributable to shareholders increased to ¥10,334,504,373.51, a rise of 7.84% compared to the previous year[3]. - The number of ordinary shareholders at the end of the reporting period was 33,070, with the largest shareholder holding 49.42% of the shares[10]. - The company's retained earnings increased to CNY 8,206,506,913.40 from CNY 7,470,149,491.13, representing a growth of approximately 9.8%[18]. Cash Flow - The cash flow from operating activities showed a significant decline, with a net amount of ¥421,010,150.55, down 79.48% year-over-year[9]. - Cash flow from operating activities generated a net amount of ¥421,010,150.55, a decrease of 79.5% compared to ¥2,051,404,972.45 in the previous period[25]. - Net cash flow from financing activities was -35,418,583.18, compared to -120,936,715.16 in the previous period[26]. - The company reported a net increase in cash and cash equivalents of 83,056,538.38, compared to 733,017,314.13 previously[26]. Expenses - Total operating costs increased to ¥11,057,729,185.30, up 2.96% from ¥10,739,060,571.47 in the previous period[19]. - Research and development expenses increased by 53.04% to ¥96,429,530.89 compared to the same period last year[9]. - Tax expenses for the current period amounted to ¥241,690,640.65, up 47.73% from ¥163,545,946.56 in the previous period[21]. Other Financial Activities - Investment activities resulted in a net cash outflow of ¥306,863,078.60, an improvement from a net outflow of ¥1,201,937,600.04 in the previous period[25]. - The company distributed dividends and interest payments totaling 410,367,941.18, compared to 269,936,013.57 in the previous period[26]. - The company received 510,000,000.00 in cash from borrowings, an increase from 168,000,000.00[26]. - The company’s subsidiary received minority shareholder investments totaling 4,949,358.00, up from 999,298.41[26]. Miscellaneous - The third quarter report was not audited[27].

| 证券代码：000902 | 证券简称：新洋丰 | 编号：2024-039 | | --- | --- | --- | | 债券代码：127031 | 债券简称：洋丰转债 | | 一、可转债发行上市概况 经中国证券监督管理委员会"证监许可[2021]20号"文核准，新洋丰农业科技股份 有限公司（以下简称"公司"）于2021年3月25日公开发行了10,000,000张可转换公司 债券，每张面值100元，发行总额10.00亿元。 经深圳证券交易所（以下简称"深交所"）"深证上[2021]414号"文同意，公司 本次公开发行的10.00亿元可转换公司债券于2021年4月23日起在深交所挂牌交易，债券 简称"洋丰转债"，债券代码"127031"。 新洋丰农业科技股份有限公司 2024 年第三季度可转换公司债券转股情况公告 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。 特别提示： | 1.股票代码：000902 | 股票简称：新洋丰 | | --- | --- | | 2.债券代码：127031 | 债券简称：洋丰转债 | | 3.转股价格：人民币17.39元/股 ...

| 证券代码：000902 | 证券简称：新洋丰 | 编号：2024-038 | | --- | --- | --- | | 债券代码：127031 | 债券简称：洋丰转债 | | 新洋丰农业科技股份有限公司 关于控股股东质押股份全部解除质押的公告 本公司及董事会全体成员保证信息披露内容的真实、准确和完整，没有虚假记载、误导 性陈述或重大遗漏。 二、股东股份累计质押情况 截至本公告披露日，上述股东及其一致行动人所持质押股份情况如下： 单位：万股 股东名称 持股数量 持股比 例 累计 质押 数量 占其 所持 股份 比例 占公司 总股本 比例 已质押股份情况 未质押股份情况 已质押股 份限售和 冻结数量 占已 质押 股份 比例 未质押股份 限售和冻结 数量 占未质 押股份 比例 洋丰集团 股份有限 公司 62,007.6476 49.42% 0 0.00% 0.00% 0 0% 5,806.2998 9.36% 杨才学 5,930.447 4.73% 0 0.00% 0.00% 0 0% 0 0.00% 合计 67,938.0946 54.15% 0 0.00% 0.00% 0 0% 5,806.2998 8.5 ...

新洋丰农业科技股份有限公司 2024 年 8 月 29 日投资者关系活动记录表 | --- | --- | --- | |-----------------|----------------------------------------|----------------------------------------------------------------| | | ☑ 特定对象调研 | 分析师会议 | | 投资者关系活 | □媒体采访 | 业绩说明会 | | 动类别 | □新闻发布会 | □路演活动 | | | □现场参观 | | | | □其他 （ | ） | | 参与单位名称 | 长江证券：孙国铭 源乐晟资产：林浩 | | | 及人员姓名 | | | | 时间 | 2024 年 8 月 29 日上午 | 10 ： 00-12 ： 00 | | 地点 | 新洋丰北京总部四楼会议室 | | | 上市公司接待 | 投资者关系负责人 | 李晓鸽 | | 人员姓名 | | | | | 1. 请介绍一下公司 | 2024 年的经营情况。 | | | 答：磷复肥行业从 | 2023 年三季度起基本结束了长达 ...

公 司 研 究 新洋丰（000902.SZ）：业绩同比增 长，产业链一体化优势有望增强 2024 年 8 月 13 日 强烈推荐/维持 新洋丰 公司报告 东 兴 证 券 股 份 有 限 公 司 证 券 研 究 报 告 新洋丰发布 2024 年半年报：公司上半年实现营业收入 84.19 亿元， YoY+4.59%，归母净利润为 7.38 亿元，YoY+6.93%。 从收入端看，化肥产品销量增长带动营收提升。上半年，公司复合肥整体销量 已由 1 季度的下滑转向正增长，同比增长了 12.38%，其中常规复合肥销量同 比增长 10.16%、新型复合肥销量同比增长 19.45%。从利润端看，受益于原料 单质肥价格企稳后下游需求恢复，公司综合毛利率同比提升 1.17 个百分点至 16.06%，带动净利润增长。其中，磷肥毛利率同比提升 1.99%至 15.53%，常 规复合肥毛利率同比提升 0.86%至 12.42%，新型复合肥毛利率同比提升 1.89%至 21.90%。 公司新型复合肥占比不断提升，产品结构持续优化升级。公司近几年加大了在 新型复合肥产品方面的投入力度，从产品力、渠道力、服务力出发把握市场， 大力发展新型 ...

Investment Rating - The report maintains a "Buy" rating for the company, with a target price of 11.64 [2][4] Core Views - The company achieved revenue of 8.419 billion in 24H1, a year-on-year increase of 5%, and net profit attributable to the parent company of 738 million, a year-on-year increase of 7% [1] - In 24Q2, the company achieved revenue of 5.084 billion, a year-on-year increase of 40%, and net profit attributable to the parent company of 394 million, a year-on-year increase of 40% [1] - The company's compound fertilizer sales volume increased by 12.38% year-on-year in 24H1, with ordinary compound fertilizer sales up 10.16% and new compound fertilizer sales up 19.45% [1] - The company's gross profit margin and net profit margin in 24H1 were 16.06% and 8.79%, respectively, up 1.17 and 0.14 percentage points year-on-year [1] - The company has formed an integrated industrial chain advantage, with an annual production capacity of 9.83 million tons of high-concentration phosphate compound fertilizers, 900,000 tons of phosphate rock, and 50,000 tons of lithium iron phosphate [1] Financial Projections - The report forecasts the company's net profit attributable to the parent company for 24-26 to be 1.392 billion, 1.594 billion, and 1.907 billion, respectively, with corresponding P/E ratios of 10.5x, 9.2x, and 7.7x [2] - The company's revenue is expected to grow by 6.6%, 4.5%, and 5.1% in 24-26, respectively [2] - The company's net profit attributable to the parent company is expected to grow by 15.4%, 14.5%, and 19.7% in 24-26, respectively [2] Industry Outlook - The compound fertilizer industry is expected to recover in 24H1, with the company's volume and profit expected to rebound [1] - The company's upstream phosphate rock layout is expected to further expand, enhancing its integrated industrial chain advantage [1]