Financial Performance - The total revenue for Q1 2024 was ¥3,334,772,187.16, a decrease of 24.52% compared to ¥4,418,261,498.82 in the same period last year[10] - The net profit attributable to shareholders was ¥343,921,552.52, down 15.83% from ¥408,606,670.23 year-on-year[10] - The net profit after deducting non-recurring gains and losses was ¥328,243,062.84, a decrease of 19.42% compared to ¥407,353,189.93 in the previous year[10] - The basic earnings per share were ¥0.274, down 15.95% from ¥0.326 year-on-year[10] - The diluted earnings per share were ¥0.269, a decrease of 15.41% compared to ¥0.318 in the previous year[10] - The net profit for Q1 2024 is approximately ¥342.63 million, a decrease of 17.0% compared to ¥412.64 million in Q1 2023[27] - The total revenue for Q1 2024 is not explicitly stated, but the operating profit is reported at ¥417.24 million, down from ¥495.25 million in the previous year, indicating a decline of 15.7%[27] Cash Flow - The net cash flow from operating activities was -¥1,151,119,031.62, a decline of 346.33% from -¥257,909,207.86 in the same period last year[10] - The cash flow from financing activities for Q1 2024 was ¥394.90 million, compared to ¥100.00 million in Q1 2023, showing a substantial increase of 294.9%[31] - The company's cash and cash equivalents at the end of Q1 2024 stood at ¥1.06 billion, down from ¥1.18 billion at the end of Q1 2023, a decrease of 10.3%[31] - The company's cash inflow from investment activities was CNY 1,195,243,187.85, compared to CNY 788,381,209.60 in the previous year[53] - The cash flow from other operating activities was CNY 239,434,802.67, compared to CNY 229,164,668.86 in the same period last year[52] Assets and Liabilities - The total assets at the end of the reporting period were ¥16,848,658,566.18, a slight decrease of 0.21% from ¥16,884,693,648.26 at the end of the previous year[10] - The total assets of Xinyangfeng Agricultural Technology Co., Ltd. as of March 31, 2024, amounted to CNY 16,848,658,566.18, a slight decrease from CNY 16,884,693,648.26 at the beginning of the period[44] - The total liabilities decreased to ¥6,483,627,772.72 from ¥6,871,810,101.61, reflecting a decline of about 5.6%[56] - Non-current liabilities totaled ¥2,142,085,389.56, an increase from ¥1,868,272,406.74, representing a growth of approximately 14.6%[56] - Deferred income tax liabilities rose to ¥142,942,915.88 from ¥141,461,916.38, indicating a slight increase of about 1.0%[56] Shareholder Equity - The equity attributable to shareholders increased by 3.63% to ¥9,931,613,557.67 from ¥9,583,499,437.26 at the end of the previous year[10] - The total equity attributable to shareholders of the parent company rose to ¥9,931,613,557.67 from ¥9,583,499,437.26, an increase of approximately 3.6%[56] Investment Activities - The company reported a significant increase in cash flow from investment activities, amounting to ¥947,238,432.30, up 149.44% from ¥379,749,469.36 in the previous year[15] - The company reported a significant increase in accounts receivable financing, which rose by 203.03% to ¥135.01 million from ¥44.55 million[38] - Cash outflow for investment activities was CNY 248,004,755.55, down from CNY 408,631,740.24 year-over-year[53] Operating Costs and Expenses - Total operating costs for the current period are ¥2,911,553,084.20, down from ¥3,902,005,806.17, reflecting a reduction of about 25.4%[57] - Research and development expenses for the current period were ¥17,802,047.48, up from ¥13,928,756.71, indicating an increase of approximately 27.5%[57] - Other income increased significantly to ¥15,311,760.98 from ¥2,480,813.50, marking a growth of about 517.5%[57] Inventory and Receivables - The company's inventory increased to CNY 3,191,023,225.02 from CNY 2,700,506,775.06 at the beginning of the period[44] - The company reported a significant increase in accounts payable, which rose to ¥1.73 billion, down from ¥2.10 billion, reflecting a decrease of 17.6%[27] - Contract liabilities decreased by 26.6% to ¥1.50 billion from ¥2.04 billion, indicating a reduction in pre-received sales revenue[38]

证券代码：000902 证券简称：新洋丰 编号：2024-022 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 关于全资子公司投资项目变更的公告 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、 误导性陈述或者重大遗漏。 一、本次变更前项目概述 公司分别于 2022 年 1 月 4 日、2022 年 1 月 21 日召开第八届董事会第十三次会议、 第八届监事会第十一次会议及 2022 年第二次临时股东大会审议通过了《关于全资子公 司洋丰楚元新能源科技有限公司对外投资暨与宜都市人民政府签署项目投资协议的议 案》，公司决定以全资子公司洋丰楚源新能源科技有限公司（以下简称"洋丰楚元"）为 实施主体进行项目投资，并由洋丰楚元与宜都市人民政府签署项目投资协议，项目具体 情况如下： （一）项目名称：年产 10 万吨磷酸铁、5 万吨磷酸铁锂、10 万吨磷酸精制项目（具 体以发改部门备案的项目名称为准）。 （二）投资主体：洋丰楚元新能源科技有限公司。洋丰楚元根据投资协议的相关约 定，在宜都注册成立新的独立法人项目公司，项目公司成立后，投资协议项下的所有权 利义务均由项目公司承 ...

| 证券代码：000902 | 证券简称：新洋丰 | 编号：2024-019 | | --- | --- | --- | | 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 第九届董事会第三次会议决议公告 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"）第九届董事会第三次会议通知于 2024 年 4 月 21 日以书面和电子邮件方式发出，会议于 2024 年 4 月 24 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。应出席本次会议的董事 9 名，实际出席 本次会议的董事 9 名，董事长杨才学先生，副董事长杨华锋先生，董事杨小红女士、宋帆 先生、王险峰先生现场出席了本次会议，副董事长杨磊先生，独立董事张永冀先生、高永 峰先生、赵彦彬先生以通讯方式参加了本次会议，公司监事及部分高级管理人员列席了本 次会议，会议由董事长杨才学先生主持。会议的通知、召集、召开和表决程序符合《公司 法》和《公司章程》的规定，所作决议合法有效。 二、董事会会议审议 ...

Investment Rating - The report maintains an "Outperform" rating for the company, with a target price of RMB 15.68 based on a 14x PE for 2024 [8][14]. Core Insights - In 2023, the company's net profit excluding non-recurring items fell by 8.83% year-on-year, with total revenue of RMB 15.10 billion, down 5.38% year-on-year. The net profit attributable to shareholders was RMB 1.21 billion, a decrease of 7.85% [39]. - The decline in profit was primarily attributed to fluctuations in raw material prices and market factors affecting downstream inventory levels, leading to price drops in phosphate compound fertilizers [39]. - The company plans to distribute a cash dividend of RMB 3 per 10 shares, totaling RMB 376 million, which represents approximately 31.15% of the 2023 net profit attributable to shareholders [39]. Financial Performance Summary - In 2023, the company achieved phosphate fertilizer sales of 5.07 million tons, an increase of 6.30% year-on-year. The breakdown by product includes: - Phosphate fertilizers: 1.06 million tons sold, up 13.97% year-on-year, with revenue of RMB 3.05 billion, down 8.03%, and a gross profit margin of 19.52%, up 1.16 percentage points [7][13]. - Conventional compound fertilizers: 2.89 million tons sold, down 1.49%, with revenue of RMB 7.51 billion, down 13.12%, and a gross profit margin of 11.03%, up 1.02 percentage points [7][13]. - New compound fertilizers: 1.12 million tons sold, up 23.60%, with revenue of RMB 3.67 billion, up 12.50%, and a gross profit margin of 19.47%, up 1.10 percentage points [7][13]. Earnings Forecast - The forecast for net profit attributable to shareholders for 2024-2026 is RMB 1.41 billion, RMB 1.67 billion, and RMB 1.93 billion, respectively, with corresponding EPS of RMB 1.12, RMB 1.33, and RMB 1.53 [8][14]. - The company expects revenue growth to resume in 2024, with projected revenues of RMB 15.86 billion, RMB 17.15 billion, and RMB 18.60 billion for 2024, 2025, and 2026, respectively [11][36].

[Table_MainInfo] 公司研究/化工/农药与化肥 证券研究报告 新洋丰（000902）公司年报点评 2024 年 04 月 22 日 请务必阅读正文之后的信息披露和法律声明 | --- | --- | --- | --- | |-------------------------------------------------|-------------|-------|-------| | 2023/4 2023/7 2023/10 \n沪深 300 对比 | 2024/1 \n1M | 2M | 3M | | 绝对涨幅（ % ） | | | | | | 8.5 | 9.3 | 6.1 | | 相对涨幅（ % ） 资料来源：海通证券研究所 | 9.5 | 5.2 | -2.3 | 2023 年扣非后净利润同比下降 8.83%，公司拟派发现金红利总额 3.76 亿元。 公司 2023 年实现营业收入 151 亿元，同比下降 5.38%，归母净利润 12.07 亿元，同比下降 7.85%，扣非后净利润 11.62 亿元，同比下降 8.83%，公司 利润下滑主要由于受上游原材料价格波动、下游客户备货积极 ...

Investment Rating - The investment rating for the company is "Buy" [38] Core Views - The company reported a significant increase in Q4 2023 net profit, driven by improved price differentials for key products, despite a decline in overall revenue [49][51] - The company is expected to see a recovery in revenue and profit growth in the coming years, with projected revenue growth of 5% in 2024 and 7% in 2025 [28][38] Financial Performance Summary - In 2023, the company achieved operating revenue of 15.1 billion yuan, a decrease of 5.38% year-on-year, and a net profit attributable to shareholders of 1.207 billion yuan, down 7.85% year-on-year [1][28] - The weighted average return on equity (ROE) was 13.33%, a decline of 2.19 percentage points year-on-year [1] - The gross profit margin was 14.89%, an increase of 0.35 percentage points year-on-year, while the net profit margin was 7.96%, a decrease of 0.52 percentage points year-on-year [1] Product Performance Summary - The company sold 5.0678 million tons of phosphate compound fertilizers in 2023, an increase of 6.30% year-on-year [1] - The sales volume of phosphate fertilizers reached 1.0595 million tons, up 13.97% year-on-year, while the sales volume of conventional compound fertilizers decreased by 1.49% year-on-year [1] - New-type compound fertilizers saw a sales volume increase of 23.60% year-on-year, with revenue growth of 12.50% [1] Cost and Expense Summary - The company maintained a cost advantage through integrated operations, which helped mitigate the impact of raw material price fluctuations [1] - In 2023, the company's selling, administrative, research and development, and financial expense ratios were 2.17%, 1.64%, 1.09%, and 0.15%, respectively, with slight increases in most categories [1] Future Outlook - The company is expected to continue its project advancements, creating new profit growth points [41] - Forecasts indicate a net profit growth rate of 21% in 2024 and 23% in 2025, with a projected EPS of 1.17 yuan in 2024 [28][38]

上 市 公 司 基础化工 2024 年 04 月 19 日 新洋丰 (000902) ——磷复肥销量和盈利同比增长，在建工程奠定未来增 | --- | --- | |---------------------------|-------------------------------| | 市场数据： | 2024 年 04 月 18 日 | | 收盘价（元） | 11.58 | | 一年内最高 / 最低（元） | 11.79/9.2 | | 市净率 | 1.5 | | 息率（分红 / 股价） | | | 流 通 A 股市值（百万 | 13151 | | 元） 上证指数/深证成指 | 3074.23/9376.81 | 相关研究 马昕晔 A0230511090002 maxy@swsresearch.com 宋涛 A0230516070001 songtao@swsresearch.com 研究支持 马昕晔 A0230511090002 maxy@swsresearch.com 联系人 马昕晔 (8621)23297818× maxy@swsresearch.com 请务必仔细阅读正文之后的各项信息披露与声明 ...

Investment Rating - The report maintains a "Buy" rating for the company [10][17]. Core Views - The company reported a revenue of 15.10 billion yuan in 2023, a decrease of 5.38% year-on-year, and a net profit of 12.07 billion yuan, down 7.85% year-on-year. The fourth quarter of 2023 saw a revenue of 32.15 billion yuan, a year-on-year decrease of 12.57% but a significant increase in net profit by 99.64% year-on-year [11][12]. - The sales and gross margin of compound fertilizers improved due to reduced price volatility of raw materials like potassium chloride and monoammonium phosphate, leading to a recovery in production and sales [11][12]. - The company is set to launch new production capacities for anhydrous hydrofluoric acid and purified phosphoric acid, which are expected to contribute to performance starting in the second half of 2024 [11][12]. Financial Summary - Revenue (in million yuan): 15,958 (2022), 15,100 (2023), 17,106 (2024E), 18,832 (2025E), 21,020 (2026E) [9]. - Net Profit (in million yuan): 1,309 (2022), 1,207 (2023), 1,454 (2024E), 1,686 (2025E), 1,890 (2026E) [9]. - Gross Margin: 14.5% (2022), 14.9% (2023), 14.9% (2024E), 15.5% (2025E), 15.6% (2026E) [9]. - EPS (in yuan): 1.00 (2022), 0.96 (2023), 1.16 (2024E), 1.34 (2025E), 1.51 (2026E) [9]. Market Data - Total shares: 1.255 billion [15]. - Total market value: 14.103 billion yuan [15]. - Current price: 11.24 yuan [17].

Investment Rating - The report maintains a "Strong Buy" rating for the company [1] Core Views - The company has achieved rapid growth in the sales of new fertilizers, with a continuous improvement in its integrated industrial chain layout [1] - In 2023, the company reported a revenue of 15.1 billion yuan, a year-on-year increase of 5.38%, while the net profit attributable to shareholders was 1.207 billion yuan, a decrease of 7.85% year-on-year [1][2] - The company plans to distribute a cash dividend of 3.0 yuan per 10 shares, totaling approximately 376 million yuan, which accounts for 31% of the net profit attributable to shareholders for 2023 [1] Financial Performance - In 2023, the sales volumes for phosphate fertilizers, conventional compound fertilizers, and new compound fertilizers were 1.0595 million tons, 2.8857 million tons, and 1.1226 million tons, respectively, showing year-on-year changes of +13.97%, -1.49%, and +23.60% [2] - The gross profit margins for phosphate fertilizers, conventional compound fertilizers, and new compound fertilizers were 19.52%, 11.03%, and 19.47%, respectively, with year-on-year increases of 1.16, 1.02, and 1.10 percentage points [2] - The overall gross profit margin for the year was 14.89%, an increase of 0.35 percentage points year-on-year [2] Capital Expenditure and R&D - The company has increased its capital expenditure to enhance its integrated industrial chain layout, with several upstream phosphate chemical projects entering trial production [3] - The operating cash flow for 2023 was 2.131 billion yuan, a year-on-year increase of 1.38%, indicating strong cash flow performance [3] - The company invested approximately 164 million yuan in R&D in 2023, achieving a year-on-year increase of about 100% [3] Profit Forecast and Valuation - The profit forecasts for 2024 and 2025 have been adjusted to 1.401 billion yuan and 1.679 billion yuan, respectively, with a new forecast for 2026 at 1.977 billion yuan [4] - The target price is set at 15.68 yuan, based on a target PE of 14 times for 2024 [4]

行业评级体系 强烈推荐：相对强于市场基准指数收益率 15％以上； 看好：相对强于市场基准指数收益率 5％以上； 东兴证券研究所 敬请参阅报告结尾处的免责声明 东方财智 兴盛之源 公 司 研 究 新洋丰（000902.SZ）：复合肥盈利 水平有望恢复，项目建设强化产业 链一体化布局 新洋丰发布 2023 年年报：公司全年实现营业收入 151.00 亿元，YoY-5.38%， 归母净利润为 12.07 亿元，YoY-7.85%。公司拟每 10 股派发现金红利 3 元（含 税）。 配套资源项目建设持续推进，有望丰富产品布局，增强产业链一体化优势。凭 我们预测公司 2024~2026 年净利润分别为 13.68、16.17 和 18.93 亿元，对应 EPS 分别为 1.07、1.26 和 1.47 元，当前股价对应 P/E 值分别为 11、9 和 8 倍。维持"强烈推荐"评级。 风险提示：原料单质肥价格大幅波动；下游农产品价格大幅波动；新建产能投 放进度不及预期。 2024 年 4 月 18 日 强烈推荐/维持 新洋丰 公司报告 从收入端看，化肥产品价格下滑，但销量有所增长。①磷肥：2023 年公司磷 肥产品销量同 ...