Investment Rating - The investment rating for the company is "Outperform the Market" [5][18] Core Views - The company experienced a decline in net profit by 8.83% in 2023, with a proposed cash dividend of 376 million yuan [4][17] - The company is focusing on expanding its composite fertilizer business and has made significant capital investments in recent years, including projects in the lithium iron phosphate sector and various upstream phosphate chemical projects [17][18] - The forecasted net profits for 2024, 2025, and 2026 are expected to be 1.406 billion yuan, 1.670 billion yuan, and 1.925 billion yuan respectively, with corresponding EPS of 1.12 yuan, 1.33 yuan, and 1.53 yuan [18][19] Financial Performance Summary - In 2023, the company achieved operating revenue of 15.1 billion yuan, a year-on-year decrease of 5.38%, and a net profit of 1.207 billion yuan, down 7.85% [4][19] - The company’s gross profit margin for 2023 was 14.9%, with expectations for gradual improvement to 15.8% by 2026 [19][26] - The sales volume of phosphate fertilizers increased by 6.30% year-on-year to 5.0678 million tons in 2023, with new-type compound fertilizers showing a significant sales increase of 23.60% [6][19] Business Segment Forecast - The total revenue forecast for 2024 is 15.86 billion yuan, with a projected increase to 18.60 billion yuan by 2026 [19][26] - The revenue from new-type compound fertilizers is expected to grow significantly, reaching approximately 5.8 billion yuan by 2026 [19][26] - The gross profit margin for new-type compound fertilizers is projected to stabilize at 20% from 2024 onwards [19][26] Cash Flow and Financial Ratios - The company’s cash flow from operating activities for 2023 was 2.131 billion yuan, with expectations for a decrease to 1.682 billion yuan in 2024 [19][26] - The current ratio is projected to improve from 1.27 in 2023 to 2.00 by 2026, indicating better liquidity [19][26] - The debt-to-asset ratio is expected to decrease from 40.7% in 2023 to 36.5% by 2026, reflecting improved financial stability [19][26]

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]

Investment Rating - The report maintains an "Outperform" rating for the company, indicating a positive outlook for its stock performance relative to the market [14]. Core Insights - The company reported a slight revenue increase in 2023, achieving 15.10 billion yuan, a year-over-year decline of 5.4%, while net profit was 1.20 billion yuan, down 7.9% year-over-year. The overall gross margin improved by 0.35 percentage points to 14.89% [14]. - The total sales volume of phosphate and compound fertilizers increased by 6.30% year-over-year to 5.0678 million tons, with new compound fertilizers showing a significant sales increase of 23.60% [14]. - The company is advancing its projects in phosphoric acid and iron phosphate, which are expected to enhance its integrated advantages in the fertilizer and new energy materials sectors [14]. Financial Summary - Total revenue for 2023 was 15,100 million yuan, with a projected revenue of 15,947 million yuan for 2024, reflecting a growth rate of 5.6% [8]. - The net profit for 2023 was 1,207 million yuan, with forecasts of 1,424 million yuan for 2024, indicating an 18.0% increase [8]. - The earnings per share (EPS) are projected to be 1.13 yuan for 2024, 1.40 yuan for 2025, and 1.61 yuan for 2026, with corresponding price-to-earnings (PE) ratios of 10, 8, and 7 [14]. Operational Highlights - The company has seen a significant increase in R&D expenses, which rose by 99.77% to 164 million yuan, indicating a focus on innovation and product development [14]. - The company is enhancing its resource reserves by acquiring mining rights and expanding its production capabilities, which is expected to support future growth [14]. - The integrated supply chain strategy is helping to mitigate raw material price fluctuations, contributing to improved gross margins for both conventional and new compound fertilizers [14].

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 ...

2023 年度 审计报告 | 蒙引 | 页码 | | --- | --- | | 审计报告 | 1-4 | | 公司财务报表 | | | 合并资产负债表 | 1-2 | | 母公司资产负债表 | 3-4 | | 合并利润表 | 5 | | 母公司利润表 | 6 | | 合并现金流量表 | 7 | | 母公司现金流量表 | 8 | | 合并股东权益变动表 | 9-10 | | 母公司股东权益变动表 | 11-12 | | 财务报表附注 | 13-114 | 新洋丰农业科技股份有限公司 北京市东城区朝阳门北大街 信永中和会计师事务所 8 号富华大厦 A 座 9 层 联系申话: +86 (010) 6554 2288 telephone: +86 (010) 6554 2288 No 8 Chaovangmen Donacheng District. 审计报告 XYZH/2024BJAA12B0088 新洋丰农业科技股份有限公司 新洋丰农业科技股份有限公司全体股东: 一、审计意见 我们审计了新洋丰农业科技股份有限公司(以下简称"新洋丰公司")财务报表,包 括 2023年 12月 31日的合并及母公司资产负债表,20 ...

公司治理结构完善，内部控制体系基本覆盖了公司生产经营管理的各个方面和环节， 符合相关法律法规及监管部门要求，建立健全并有效实施了内部控制，降低了企业的经营 风险，符合公司现阶段经营管理发展需求，保障了公司各项业务正常进行。 报告期内，未发现违反《企业内部控制基本规范》《深圳证券交易所上市公司自律监管 指引第 1 号——主板上市公司规范运作》及公司内部控制制度的情形。《2023 年度内部控 制评价报告》真实、完整地反映了公司内部控制制度建立、健全和执行的现状，符合公司 内部控制的需要，对内部控制的总体评价是客观、准确的。公司内部控制总体有效，不存 在重大缺陷。 新洋丰农业科技股份有限公司 监事会对公司内部控制评价报告的意见 根据《公司法》、《上市公司治理准则》、《深圳证券交易所股票上市规则》、《企业内部 控制基本规范》（财会【2008】7 号）、《深圳证券交易所上市公司自律监管指引第 1 号—— 主板上市公司规范运作》等相关规定，公司监事会对公司内部控制评价报告发表意见如下： 新洋丰农业科技股份有限公司监事会 2024 年 4 月 18 日 监事会对《2023 年度内部控制评价报告》无异议。 ...

新洋丰农业科技股份有限公司 独立董事 2023 年度述职报告 作为新洋丰农业科技股份有限公司（以下简称"公司"）的独立董事，本人严格按 照《公司法》《证券法》《上市公司独立董事管理办法》《深圳证券交易所上市公司自 律监管指引第1号——主板上市公司规范运作》等法律法规及《公司章程》的规定，本 着勤勉、诚信、守法及对全体股东负责的原则，认真履行职责，充分发挥独立董事作用， 维护公司和全体股东尤其是广大中小股东的合法权益。现将履行职责情况报告如下： 一、独立董事的基本情况 （一）个人基本情况 赵彦彬：男，1972 年 1 月出生，本科学历，现任北京市君致律师事务所律师、合 伙人；北京北摩高科摩擦材料股份有限公司（002985）、焦作科瑞森重装股份有限公司、 新洋丰农业科技股份有限公司独立董事。 （二）是否存在影响独立性的情况说明 作为公司的独立董事，经自查，本人符合《上市公司独立董事管理办法》《深圳证 券交易所上市公司自律监管指引第1号——主板上市公司规范运作》等相关法律法规中 对独立董事独立性的相关要求，不存在影响独立性的情况。 注：2023年12月22日，公司召开第三次临时股东大会进行董事会换届选举，王佐林先生 ...

新洋丰农业科技股份有限公司 会计师事务所选聘制度 第一章 总则 第一条 为规范新洋丰农业科技股份有限公司（以下简称"公司"）选聘（含续聘、 改聘）会计师事务所的行为，提高财务信息质量，切实维护公司和股东利益，根据《中 华人民共和国公司法》《国有企业、上市公司选聘会计师事务所管理办法》和《公司章 程》等有关规定，特制定本制度。 第二条 本制度所称选聘会计师事务所，是指公司根据相关法律法规的要求，聘任 会计师事务所对财务会计报告发表审计意见、出具审计报告的行为。公司聘任会计师事 务所对财务会计报告审计之外的其他法定审计业务的，可以比照本制度执行。 （二）具有固定的工作场所、健全的组织机构和完善的内部管理和控制制度； （三）熟悉国家有关财务会计方面的法律、法规、规章和政策； （四）具有完成审计任务和确保审计质量的注册会计师； （五）认真执行有关财务审计的法律、法规、规章和政策规定，具有良好的社会声 誉和执业质量记录； （六）中国证监会规定的其他条件。 第三章 选聘会计师事务所程序 第三条 公司聘用或解聘会计师事务所应当由董事会审计委员会审议同意后，提交 董事会审议，并由股东大会决定。公司不得在董事会、股东大会审议前 ...