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]

上 市 公 司 证 券 研 究 报 告 基础化工 2024 年 08 月 12 日 新洋丰 (000902) ——Q2 业绩符合预期，复合肥进入量利修复期 | --- | --- | |-----------------------------------------------|-------------------------------| | 市场数据： | 2024 年 08 月 09 日 | | 收盘价（元） | 11.64 | | 一年内最高/最低（元） | 13.18/9.20 | | 市净率 | 1.5 2.58 | | 息率（分红/股价） | | | 流通 A 股市值（百万元） 上证指数/深证成指 | 13,302 2,862.19/8,393.70 | | 注："息率"以最近一年已公布分红计算 | | | --- | --- | |-------------------------------|-------------------------------| | | | | 基础数据 : | 2024 年 06 月 30 日 | | | | | 每股净资产（元） | 7.87 | | 资产 ...

Investment Rating - The report maintains a "Buy" rating for the company [2][8][46] Core Insights - The company achieved a revenue of 8.419 billion yuan in the first half of 2024, representing a year-on-year increase of 4.59%, and a net profit attributable to shareholders of 738 million yuan, up 6.93% year-on-year [2][8] - The second quarter of 2024 saw a significant revenue increase of 40.02% year-on-year, reaching 5.084 billion yuan, with a net profit of 394 million yuan, also up 40% year-on-year [2][8] - The company is enhancing its market position in the new fertilizer segment, with new fertilizers accounting for 30.43% of total compound fertilizer sales volume and 35.41% of total revenue [2][8] Financial Performance - The company reported a weighted average return on equity (ROE) of 7.45% for the first half of 2024, a slight decrease of 0.32 percentage points year-on-year [2] - The gross profit margin for the first half of 2024 was 16.06%, an increase of 1.17 percentage points year-on-year, while the net profit margin was 8.79%, up 0.14 percentage points year-on-year [2] - The net cash flow from operating activities for the first half of 2024 was 1.019 billion yuan, a substantial increase of 10,126.89% year-on-year [2][8] Market Position and Future Outlook - The company is expected to achieve revenues of 15.9 billion yuan, 17 billion yuan, and 17.8 billion yuan for 2024, 2025, and 2026 respectively, with net profits projected at 1.346 billion yuan, 1.704 billion yuan, and 2.013 billion yuan [8][46] - The report highlights the company's integrated advantages as it expands its phosphate mining capacity, which is anticipated to further strengthen its market position [8][46]

Financial Performance - In the first half of 2024, the company achieved a net profit attributable to shareholders of 738 million CNY, a year-on-year increase of 6.93% despite a 15.83% decline in Q1 performance [3] - The operating cash flow for the first half of 2024 was 1.019 billion CNY, with total assets at 17.457 billion CNY and a debt-to-asset ratio of 40.50% [3] - If convertible bonds are converted, the adjusted debt-to-asset ratio would be 22.37%, with a net cash position of 430 million CNY [3] Sales and Market Trends - Overall sales of compound fertilizers increased by 12.38% year-on-year in the first half of 2024, with ordinary compound fertilizers up by 10.16% and new-type compound fertilizers up by 19.45% [3] - The overall sales volume of compound fertilizers declined by 5.62% in Q1 due to a drop in raw material prices and lower temperatures in Northeast China [3] - The company expects to continue improving sales volume and profitability in Q3 2024, following a recovery from previous industry challenges [4] Raw Material and Cost Management - The company has maintained a cautious approach to raw material procurement, avoiding speculative inventory practices that could lead to significant losses [5] - The gross profit margins for ordinary and new-type fertilizers have shown signs of recovery, although they remain below pre-raw material price volatility levels [6] - The company anticipates further recovery in gross margins as the industry stabilizes, with ordinary fertilizers historically achieving around 20% and new-type fertilizers around 25% gross margins [6] Industry Dynamics - The deepening land transfer policy has led to the emergence of large-scale farming households, enhancing production efficiency and purchasing power for quality agricultural inputs [5] - The company operates 11 production bases nationwide, allowing for direct supply to large-scale farmers and a more efficient distribution model [5] - The company is confident in its ability to navigate industry challenges and maintain steady operations, supported by strong cash flow and management efficiency [6]

Investment Rating - The report maintains a "Strong Buy" rating for the company, with a target price of 15.75 CNY, compared to the current price of 11.65 CNY [1][2]. Core Insights - The company reported a revenue of 8.419 billion CNY for the first half of 2024, reflecting a year-on-year increase of 4.59%. The net profit attributable to shareholders was 738 million CNY, up 6.93% year-on-year [1]. - In Q2 2024, the company achieved a revenue of 5.084 billion CNY, with year-on-year and quarter-on-quarter growth of 40.02% and 52.45%, respectively [1]. - The recovery in revenue and gross margin across major products indicates that the compound fertilizer industry is emerging from difficulties [1]. - The company has a strong cash flow, with a net operating cash flow of 1.019 billion CNY in the first half of 2024, contributing to its capital expenditure and integrated industrial layout [2]. Financial Summary - For 2024, the company is projected to achieve a total revenue of 16.187 billion CNY, with a year-on-year growth rate of 7.2%. The net profit is expected to be 1.313 billion CNY, reflecting an 8.8% increase [3]. - The earnings per share (EPS) for 2024 is estimated at 1.05 CNY, with a price-to-earnings (P/E) ratio of 11.1 [3]. - The company’s total assets are projected to reach 18.24 billion CNY by 2024, with a debt-to-asset ratio of 39.8% [6].