1）新洋丰 （睿璞投资参与公司分析师会议） 调研纪要：2024年新洋丰实现营收155.63亿元，同比增长3.07%，归母净利润13.15亿，同比增长 8.99%。复合肥销量435.71万吨，同比增长8.7%，其中新型复合肥销量138.00万吨，同比增长22.93%， 主要受益于消费升级和规模种植群体需求。磷矿石价格高位，毛利率受压制，未来磷矿产出增加将提升 毛利率。公司在西北大区投建三个基地，提升供应能力和知名度，降低运输成本。中小产能退出市场， 头部企业市占率提升。经营性现金流下降因销售节奏差异，2024年末存货增加8亿。未来资本开支项目 为夷陵项目和莲花山矿。 根据市场公开信息及4月18日披露的机构调研信息，知名私募睿璞投资近期对1家上市公司进行了调研， 相关名单如下： 机构简介： 广东睿璞投资管理有限公司是国内研究能力强、激励制度领先的私募基金管理公司，成立于2015年8月 11日，注册资本1000万人民币，创始人为国内著名基金经理蔡海洪先生。与资本市场上众多的资产管理 者相比，我们团队的独特之处在于热爱投资、践行纯粹的价值投资、专注于能力圈、坚持独立判断、保 持勤奋和专业精神、坚守诚信尽责理念。我们以 ...

新洋丰发布2024 年度业绩报告：2024 全年实现营业总收入155.63 亿元，同比+3.07%；实现归母净利润 13.15 亿元，同比+8.99%。其中2024Q4 单季度实现营业收入31.96 亿元，同比-0.56%、环比-19.04%，实 现归母净利润2.02 亿元，同比-6.52%、环比-46.11%。 投资要点 2024 年公司主要产品价格虽有下降，但销量增长仍助力公司营业收入增加。2024 年公司实现磷复肥销 量548.61 万吨，同比增长8.25%。分产品产销情况来看，复合肥2024 年产量为442.78 万吨，同比 +10.78%，销量为435.71 万吨，同比+8.70%；磷肥2024 年产量为197.89 万吨，同比+27.25%，销量为 112.90 万吨，同比+6.56%。 主要产品产销量上升助力公司营收增长 研发费用率上升，主因公司研发力度加大 期间费用方面，公司2024 年销售/管理/财务/研发费用率分别同比+0.19/-0.02/+0.10/+0.48pct，其中财务 费用率上升的主要原因为2024 年公司利息收入较上年减少；研发费用率上升的主要原因为公司研发投 入力度增大。 ...

Core Viewpoint - The company reported a revenue of 15.563 billion yuan for 2024, marking a year-on-year growth of 3.07%, and a net profit attributable to shareholders of 1.315 billion yuan, reflecting an 8.99% increase [2] Group 1: Financial Performance - In Q4 2024, the company achieved a revenue of 3.196 billion yuan, a year-on-year decrease of 0.56% and a quarter-on-quarter decrease of 19.04% [2] - The company's net profit for Q4 2024 was 202 million yuan, down 6.52% year-on-year and down 46.11% quarter-on-quarter [2] - The adjusted net profit after excluding non-recurring items was 1.241 billion yuan, representing a year-on-year growth of 6.75% [2] Group 2: Product Sales and Market Position - The company's phosphate and compound fertilizer business generated a revenue of 14.739 billion yuan in 2024, with an 8.3% increase in sales volume to approximately 5.49 million tons [3] - The sales revenue for phosphate, conventional compound fertilizer, and new-type compound fertilizer were 3.556 billion yuan, 6.913 billion yuan, and 4.269 billion yuan respectively, with year-on-year changes of +16.5%, -8.0%, and +16.5% [3] - The sales volume of new-type compound fertilizer reached 1.38 million tons, with a compound annual growth rate (CAGR) of 16.6% from 2018 to 2024 [3] - In 2024, new-type compound fertilizer accounted for 31.7% of total sales volume and 38.2% of sales revenue [3] Group 3: Cost and Profitability - The gross margin for the phosphate and compound fertilizer business improved by 1.6 percentage points to 16.7% due to the increased sales proportion of new-type compound fertilizers and stabilized upstream raw material prices [3] - The sales, research and development, and financial expense ratios increased by 0.19 percentage points, 0.48 percentage points, and 0.10 percentage points respectively, while the management expense ratio decreased by 0.02 percentage points [3] Group 4: Industry Integration and Capacity Expansion - As of the end of 2024, the company had a total production capacity of 10.28 million tons per year for various high-concentration phosphate and compound fertilizers, along with 900,000 tons per year for phosphate rock [4] - The company is constructing a new project with a total investment of approximately 9.6 billion yuan, which includes a capacity of 1.5 million tons per year for ore selection and various other phosphate-related products [4]

2025 年 4 月 18 日 公司研究 磷复肥销量稳步增长，产业链一体化持续完善 ——新洋丰（000902.SZ）2024 年报点评 要点 事件：公司发布 2024 年年报。2024 年，公司实现营收 155.63 亿元，同比增长 3.07%；实现归母净利润 13.15 亿元，同比增长 8.99%；实现扣非后归母净利润 12.41 亿元，同比增长 6.75%。2024Q4，公司单季度实现营收 31.96 亿元，同 比减少 0.56%，环比减少 19.04%；实现归母净利润 2.02 亿元，同比减少 6.52%， 环比减少 46.11%。 磷复肥销量持续增长，新型复合肥销售占比持续提升。2024 年，公司磷复肥业 务实现营收 147.39 亿元，同比增长 3.6%；实现销量约 549 万吨，同比增长 8.3%。 分产品来看，2024 年公司磷肥、常规复合肥、新型复合肥分别实现营收 35.56 亿元、69.13 亿元、42.69 亿元，同比分别变动+16.5%、-8.0%、+16.5%。在国 家绿色发展战略的要求下，公司凭借持续的研发、技术推广和市场营销持续开拓 新型肥料市场。2024 年，公司新型复合肥实现销 ...

登录新浪财经APP 搜索【信披】查看更多考评等级 1. 投票代码为"360902" 2. 投票简称为"洋丰投票" 3.填报表决意见：同意、反对、弃权。 对于非累积投票议案，填报表决意见：同意、反对、弃权。 4.股东对总提案进行投票，视为对所有提案表达相同意见。 股东对总提案与具体提案重复投票时，以第一次有效投票为准。如股东对具体提案投票表决，再对总提 案投票表决，则以已投票表决的具体提案的表决意见为准，其他未表决的提案以总提案的表决意见为 准；如先对总提案投票表决，再对具体提案投票表决，则以总提案的表决意见为准。 二、通过深交所交易系统投票的程序 1.投票时间：2025年5月9日的交易时间，即9:15-9:25、9:30-11:30和13:00-15:00； 2.股东可以登录证券公司交易客户端通过交易系统投票。 三、通过深交所互联网投票系统投票的程序 1．互联网投票系统开始投票的时间为2025年5月9日（现场股东会召开当日）09:15-15:00。 2. 股东通过互联网投票系统进行网络投票，需按照《深圳证券交易所投资者网络服务身份认证业务指引 （2016年修订）》的规定办理身份认证，取得"深交所数字证书"或" ...

登录新浪财经APP 搜索【信披】查看更多考评等级 证券代码：000902 证券简称：新洋丰 编号：2025-014 债券代码：127031 债券简称：洋丰转债 一、重要提示 本年度报告摘要来自年度报告全文，为全面了解本公司的经营成果、财务状况及未来发展规划，投资者 应当到证监会指定媒体仔细阅读年度报告全文。 所有董事均已出席了审议本报告的董事会会议。 非标准审计意见提示 □适用 √不适用 董事会审议的报告期利润分配预案或公积金转增股本预案 √适用 □不适用 是否以公积金转增股本 □是 √否 2、报告期主要业务或产品简介 公司自成立以来一直专注于磷肥、复合肥的生产和销售，40余年来坚持以工匠精神夯实产品体系，通过 资源整合、强化产业链一体化战略布局等多种举措，现已形成复合肥（常规复合肥和新型复合肥）、磷 肥（主要是磷酸一铵）、新能源材料、精细化工、磷石膏建材等产品的研发、生产和销售。其中，复合 肥主要用于农作物的种植；磷酸一铵主要用于复合肥的生产；磷酸铁主要用于磷酸铁锂电池的生产；磷 石膏是湿法磷酸工艺中产生的固体废弃物，主要应用于建材领域。所处行业情况如下: （一）复合肥与磷酸一铵行业 公司所处的行业为化肥行 ...

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][19]. Core Insights - The company achieved a revenue of 15.563 billion yuan in 2024, a year-on-year increase of 3.07%, with a net profit attributable to shareholders of 1.315 billion yuan, up 8.99% year-on-year [2]. - The report highlights the steady increase in sales of phosphate compound fertilizers and the rising proportion of new-type fertilizers, which have contributed to improved gross margins [3]. - The company plans to distribute a cash dividend of 3 yuan per 10 shares, amounting to a total of 376 million yuan, which represents 28.63% of the annual net profit [2]. Financial Performance Summary - In 2024, the phosphate compound fertilizer segment generated a revenue of 14.74 billion yuan, with production and sales volumes of 6.407 million tons and 5.486 million tons, respectively, reflecting year-on-year increases of 15.4% and 8.3% [9]. - The gross margin for the phosphate compound fertilizer segment was recorded at 16.66%, an increase of 1.64 percentage points year-on-year, with new-type fertilizers achieving a gross margin of 21.22% [9]. - The company has invested in new projects, including a 150,000-ton water-soluble fertilizer and a 300,000-ton acid residue fertilizer project, enhancing its integrated supply chain advantages [9]. Financial Forecasts - The company is projected to achieve total revenue of 17.037 billion yuan in 2025, with a year-on-year growth rate of 9.5% [5]. - The net profit attributable to shareholders is expected to reach 1.643 billion yuan in 2025, reflecting a growth rate of 24.9% [5]. - The report provides a target price of 18.34 yuan for 2025, based on a price-to-earnings ratio of 14 times [5].

Financial Performance - In 2024, the company achieved a revenue of CNY 15.563 billion, a year-on-year increase of 3.07% [2] - The net profit attributable to shareholders was CNY 1.315 billion, reflecting a growth of 8.99% [2] - Total sales volume of compound fertilizers reached 4.3571 million tons, a significant increase from 4.0083 million tons in 2023, marking the fastest growth in four years [2] Product Sales - Sales of new compound fertilizers reached 1.38 million tons, with a year-on-year growth of 22.93% [2] - Conventional compound fertilizers sold 2.9771 million tons, showing a growth of 3.17% [2] - The gross margin for conventional and new compound fertilizers increased by 1.31 and 1.74 percentage points, respectively [2] Market Dynamics - The company has established three production bases in the Northwest region, enhancing local supply capabilities and brand recognition [3] - The Northwest market is expected to become a significant growth source due to the concentration of economic crop planting [3] - The market has seen the exit of smaller compound fertilizer companies due to raw material volatility and increasing environmental regulations, benefiting larger firms [3] Cash Flow and Capital Expenditure - The operating cash flow decreased, primarily due to differences in sales rhythm rather than collection difficulties [3] - The company plans future capital expenditures on the Yiling project and the Lianhua Mountain mine, with no additional projects currently planned [3]

证券研究报告 | 公司点评报告 2025 年 04 月 18 日 新洋丰（000902.SZ） 全年业绩稳步增长，复合肥迎来量利齐升 事件：公司发布 2024 年年报，报告期内实现收入 155.6 亿元，同比增长 3.07%， 归母净利润 13.15 亿元，同比增长 8.99%，扣非净利润 12.41 亿元，同比增长 6.75%；其中四季度单季实现收入 31.96 亿元，环比下降 19.04%，归母净利润 2.02 亿元，环比下降 46.11%，四季度为复合肥传统淡季，业绩符合预期。 ❑ 风险提示：原材料价格大幅波动、产品放量不及预期、新项目投产不及预期。 财务数据与估值 | 会计年度 | 2023 | 2024 | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业总收入(百万元) | 15100 | 15563 | 17250 | 18615 | 19956 | | 同比增长 | -5% | 3% | 11% | 8% | 7% | | 营业利润(百万元) | 1422 | 1590 | 1975 | 2213 | 2428 ...

Core Insights - The report primarily addresses two questions: 1) The commercial model of e-commerce express delivery and the underlying logic of express pricing indicate that price wars will continue, promoting industry consolidation; 2) How YTO Express can leverage advantages in the new round of price wars to find strategic positioning [2][10] - YTO Express is expected to achieve net profits of 4.21 billion, 3.70 billion, and 4.06 billion for 2024E-2026E, corresponding to PE ratios of 11x, 12x, and 11x, maintaining a "Buy" rating [10] - The report highlights that the company has achieved a total revenue of 12.678 billion in 2024, a year-on-year increase of 11%, and a net profit of 1.045 billion, a year-on-year increase of 42% [9][10] Company Summaries YTO Express (600233) - The report emphasizes the ongoing price war in the express delivery industry, driven by the commercial model and pricing logic, which is expected to lead to further industry consolidation [2][10] - YTO Express is positioned to benefit from this environment, with a clear strategy that includes optimizing logistics costs and enhancing digital transformation [10] - The company is projected to achieve net profits of 4.21 billion, 3.70 billion, and 4.06 billion for 2024E-2026E, with a "Buy" rating maintained [10] Shield Environment (002011) - The company reported a total revenue of 12.678 billion in 2024, a year-on-year increase of 11%, and a net profit of 1.045 billion, a year-on-year increase of 42% [9][10] - The report indicates that the company has exceeded expectations in its performance, particularly in the fourth quarter, where net profit doubled year-on-year [9][10] Jinhe Industrial (002597) - Jinhe Industrial is a major global producer of sucralose and acesulfame, with projected net profits of 1.213 billion, 1.476 billion, and 1.703 billion for 2025-2027, reflecting a strong growth trajectory [12][18] - The company has improved its profit margins through cost optimization and product price increases, with a significant rise in dividend payout rates [12][18] Hengli Petrochemical (600346) - The report notes a decline in refining profitability but a significant recovery in the chemical sector, with net profits from the chemical business increasing by 81.67% year-on-year [19][20] - The company is expected to maintain a high dividend level as capital expenditures taper off, with a projected PE ratio of 14x for 2025 [21][22] New Yangfeng (000902) - The company has seen an increase in both volume and profit margins in its phosphate fertilizer business, with a focus on high-value chemical development [21][24] - The report highlights the company's strong resource reserves and ongoing projects aimed at enhancing its competitive position in the market [21][24]