Financial Performance - The company's revenue for Q1 2025 reached ¥1,111,680,815.14, representing a 69.37% increase compared to ¥656,367,561.57 in the same period last year[5] - Net profit attributable to shareholders was ¥170,681,380.12, a significant increase of 223.51% from ¥52,758,981.72 year-on-year[5] - Basic earnings per share increased to ¥0.1771, reflecting a growth of 198.65% compared to ¥0.0593 in the same period last year[5] - Total operating revenue for the current period reached ¥1,111,680,815.14, a significant increase of 69.2% compared to ¥656,367,561.57 in the previous period[16] - Net profit for the current period was ¥170,819,889.25, representing a 223.5% increase from ¥52,887,335.68 in the previous period[17] - Total comprehensive income for the current period was ¥170,819,889.25, compared to ¥52,887,335.68 in the previous period, showing strong overall performance[18] Cash Flow - The net cash flow from operating activities was ¥322,038,415.11, up 195.40% from ¥109,019,001.21 in the previous year[8] - Operating cash flow net amount was ¥322,038,415.11, compared to ¥109,019,001.21 in the previous period, indicating a substantial increase[19] - Investment activities generated a net cash flow of -51,140,339.16 in the current period, compared to -128,660,138.39 in the previous period[20] - Financing activities resulted in a net cash flow of -226,540,503.16, contrasting with a positive net cash flow of 251,876,082.47 in the prior period[20] - Total cash and cash equivalents at the end of the period amounted to 541,855,211.34, up from 341,467,466.61 at the end of the previous period[20] Assets and Liabilities - Total assets at the end of Q1 2025 were ¥6,440,447,521.49, a 5.80% increase from ¥6,087,383,506.70 at the end of the previous year[5] - Total current assets increased to CNY 2,506,782,486.81 from CNY 2,098,819,321.59, representing a growth of approximately 19.4%[13] - Total liabilities increased to CNY 2,476,359,039.32 from CNY 2,408,402,728.80, an increase of approximately 2.8%[13] - Long-term borrowings rose to CNY 446,780,000.00 from CNY 327,993,472.23, representing an increase of about 36.1%[13] - Total liabilities increased to ¥3,037,211,078.54 from ¥2,867,865,143.18, reflecting a growth of 5.9%[14] Shareholder Information - Total number of common shareholders at the end of the reporting period is 36,066[10] - The largest shareholder, Huang Peizhao, holds 24.68% of shares, totaling 237,927,851 shares[10] - The company has no preferred shareholders or significant changes in shareholder financing activities reported[11] Research and Development - Research and development expenses increased by 30.53% to ¥8,735,357.10, indicating a rise in investment in R&D projects[7] - Research and development expenses were ¥8,735,357.10, up from ¥6,692,370.11, indicating a focus on innovation[16] Other Financial Metrics - The company experienced a 502.64% increase in credit impairment losses, totaling ¥5,670,526.90, due to higher provisions for bad debts[7] - The company reported a significant increase in other income, totaling ¥1,444,575.04 compared to ¥2,076,878.15 in the previous period[17] - The impact of exchange rate changes on cash and cash equivalents was minimal, recorded at 19.22[20] Audit Status - The first quarter report for 2025 was not audited, indicating potential implications for financial transparency[21]

本报告导读： 公司2024 年扣非后净利润同比增长68.69%，小高寨磷矿二期扩能提升未来利润空间，高分红政策重视 股东回报。 投资要点： 盈利预测与投资评级。由于公司磷矿石产能扩张，我们上调对公司的盈利预测。我们预计公司2025- 2027 年归母净利润分别为12.47 亿元、15.19 亿元、17.92 亿元，对应EPS 为1.29、1.58、1.86 元。我们 给予公司2025 年10 倍PE，对应目标价为12.90 元，给予"增持"评级。 2024 年扣非后净利润同比增长68.69%。公司2024 年实现营业收入33.13亿元，同比增长2.15%，归母净 利润4.09 亿元，同比增长57.67%，扣非后净利润4.05 亿元，同比增长68.69%。2024Q4，公司实现营业 收入8.80 亿元，芭田股份 2024 年第四季度营业收入8.80 亿元，同比增长 20.71%，环比下降 0.31%；扣 非后净利润2.05 亿元，同比增长168.86%，环比增长292.39%。公司预计2025 年一季度实现归母净利润 1.6-2.3 亿元，同比增长203.27%-335.94% ， 扣非后净利润1.594-2. ...

Investment Rating - The report assigns an "Outperform" rating to the company, with a target price of RMB 12.90, representing a potential upside of 69% from the current price [4][7]. Core Insights - The company's net profit attributable to shareholders is expected to reach RMB 1.25 billion, 1.52 billion, and 1.79 billion for the years 2025-2027, with corresponding EPS of RMB 1.29, 1.58, and 1.86 [4][7]. - In 2024, the company is projected to achieve a revenue of RMB 3.31 billion, a year-on-year increase of 2.15%, with a net profit of RMB 409 million, up 57.67% year-on-year [4][7]. - The expansion of phosphate rock capacity is anticipated to enhance profit margins significantly, with a gross profit margin of 83.67% expected from phosphate rock sales [8]. Financial Data and Forecast - The company's revenue is forecasted to grow from RMB 3,244 million in 2023 to RMB 8,651 million by 2027, reflecting a compound annual growth rate (CAGR) of approximately 33% [3][6]. - Net profit is projected to increase from RMB 259 million in 2023 to RMB 1,792 million in 2027, indicating a substantial growth trajectory [3][6]. - The company plans to maintain a dividend payout ratio of approximately 65.94% in 2025, with a proposed cash dividend of RMB 2.80 per 10 shares [4][7]. Expansion Plans - The company is investing RMB 280 million in the expansion of the Xiaogaozhai phosphate mine, which will increase its capacity to 2.9 million tons per year [8]. - The expansion includes the second phase of physical ore dressing, which will add an additional 600,000 tons per year, bringing the total to 1.2 million tons per year [8]. - The introduction of 5G technology for smart mine upgrades is also part of the expansion strategy, aimed at improving operational efficiency [8].

关于举办2024年年度网上业绩说明会的公告 证券代码:002170 证券简称:芭田股份 公告编号:25-27 深圳市芭田生态工程股份有限公司 关于举办 2024 年年度网上业绩说明会的公告 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。 深圳市芭田生态工程股份有限公司（以下简称"公司"）已于 2025 年 4 月 15 日在 巨潮资讯网（http://www.cninfo.com.cn）披露公司 2024 年年度报告。为加强上市公司投 资者关系管理，同时便于广大投资者更全面深入地了解公司 2024 年年度业绩和经营情 况，公司将于 2025 年 5 月 7 日（星期三）15:00-17:00 举办 2024 年年度网上业绩说明 会，现将有关事项公告如下： 一、业绩说明会类型 业绩说明会通过进门财经线上文字会议方式召开，本公司将针对 2024 年年度业绩 和经营情况与投资者进行交流，并对投资者普遍关注的问题进行回答。 二、业绩说明会召开的时间、方式 （一）会议召开时间：2025 年 5 月 7 日（星期三）15:00-17:00 （二）会议召开方式：线上文字会议 ...

Group 1 - The report highlights that in Q4 2024, the company achieved a record high revenue of 7.79 billion yuan, marking a year-on-year increase of 5.43% and a quarter-on-quarter increase of 17.99% [4][5] - The company reported a net profit attributable to shareholders of 0.14 billion yuan in Q4 2024, which represents a significant year-on-year decrease of 82.53% and a quarter-on-quarter decrease of 53.21% [5][6] - The company is focusing on accelerating project construction as a key strategy for growth, with the TianTai intelligent manufacturing production base project expected to enhance production capacity significantly [9][10] Group 2 - The report indicates that Zhongfu Industrial's revenue for 2024 reached 22.76 billion yuan, reflecting a year-on-year increase of 21.12%, while the net profit attributable to shareholders was 0.7 billion yuan, down 39.3% [12][13] - In Q4 2024, Zhongfu Industrial's revenue was 6.03 billion yuan, up 17.05% year-on-year, but the net profit was negative at -0.24 billion yuan, a drastic decline of 106.46% [12][13] - The report notes that the decline in aluminum oxide prices is expected to significantly reduce production costs for Zhongfu Industrial, enhancing profit margins in the future [13][14] Group 3 - The report states that Meinian Health achieved a revenue of 10.7 billion yuan in 2024, a decrease of 1.76% year-on-year, with a net profit of 2.82 billion yuan, down 44.18% [17][18] - The company reported that its health check service revenue was 10.3 billion yuan, with a total of 15.38 million visits, indicating a 12% decline in customer visits [18][19] - The integration of AI technology is expected to enhance revenue generation and operational efficiency, with AI-related income reaching 220 million yuan in 2024 [18][20] Group 4 - The report discusses the global first humanoid robot marathon held in Beijing, indicating a growing interest and investment in humanoid robotics [21][22] - The establishment of the K-Humanoid Robot Alliance in South Korea, with a budget of 200 billion won (approximately 10.24 billion yuan), signifies a national commitment to advancing humanoid robotics [23][24] - The report emphasizes that the humanoid robot industry is poised for significant investment opportunities, likening its potential to the "ChatGPT moment" in technology [31][32] Group 5 - The report indicates that Electric Science Digital achieved a revenue of 10.7 billion yuan in 2024, reflecting a year-on-year increase of 7.05%, with a net profit of 5.51 billion yuan, up 10.77% [33][34] - The company is focusing on digital products and industry digitalization, with significant growth in its digital finance and smart manufacturing sectors [34][35] - The report projects that the company's revenue will continue to grow, with estimates of 11.84 billion yuan, 13.17 billion yuan, and 14.98 billion yuan for 2025-2027 [39][40] Group 6 - The report highlights that Huading Co. achieved a revenue of 1.156 billion yuan in Q1 2025, a year-on-year decrease of 44.53%, while the net profit increased by 17.26% to 0.94 billion yuan [41][42] - The company’s nylon segment reported a revenue of 1.133 billion yuan, with a production increase of 3.99% year-on-year [44][45] - The report notes ongoing project investments aimed at enhancing production capacity and market share in the high-end nylon segment [46]

证券研究报告| 公司动态点评 2025 年 04 月 18 日 芭田股份（002170.SZ） 2024 年公司盈利大幅改善，小高寨磷矿投产助推业绩增长 | 财务指标 | 2023A | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业收入（百万元） | 3,244 | 3,313 | 4,530 | 5,397 | 5,845 | | 增长率 yoy（%） | 13.6 | 2.1 | 36.7 | 19.1 | 8.3 | | 归母净利润（百万元） | 259 | 409 | 1,016 | 1,292 | 1,408 | | 增长率 yoy（%） | 114.1 | 57.7 | 148.4 | 27.2 | 9.0 | | ROE（%） | 10.7 | 12.7 | 25.6 | 25.1 | 21.9 | | EPS 最新摊薄（元） | 0.27 | 0.42 | 1.05 | 1.34 | 1.46 | | P/E（倍） | 36.6 | 23.2 | 9.4 | 7.4 | 6.7 | | P/ ...

Core Viewpoint - The company reported a stable performance in 2024, with total revenue of 3.313 billion yuan, a year-on-year increase of 2.15%, and a net profit attributable to shareholders of 409 million yuan, a significant increase of 57.67% [1] Group 1: Business Performance - The company maintained robust performance across its business lines, with fertilizer manufacturing, phosphate mining, and new energy materials producing 771,500 tons, 1,400,300 tons, and 3,200 tons respectively, and generating revenues of 2.602 billion yuan, 706 million yuan, and 50 million yuan [2] - The compound fertilizer, accounting for 76.60% of revenue, experienced a revenue decline of 7.41%, yet maintained market share due to technological innovation and market positioning [2] - The phosphate mining business saw a revenue increase of 81.62%, becoming a core driver of the company's growth, supported by strategic investments in scarce phosphate resources [2] Group 2: Financial Metrics - The company reported a net cash flow from operating activities of 548 million yuan, a year-on-year increase of 120.31%, attributed to increased sales collections and reduced payments to suppliers [3][4] - The financial expenses increased due to changes in financing methods, while sales, management, and R&D expense ratios saw slight declines [3] Group 3: Strategic Initiatives - The company is transitioning from a traditional fertilizer supplier to a planting service operator, leveraging a "product + data + service" model to create a new agricultural service ecosystem [4] - The core platform, the Agricultural Finance APP, integrates various digital functions and has seen user growth, indicating a successful digital transformation [4] - The company aims to enhance user engagement through a nationwide service network and value-added services, positioning itself for growth in the smart agriculture sector [4] Group 4: Profit Forecast - The company anticipates continued growth in net profit, projecting 838 million yuan, 972 million yuan, and 1.093 billion yuan for 2025-2027, with corresponding price-to-earnings ratios of 11.0, 9.5, and 8.4 times [5]

2025 年 04 月 17 日 投资要点 ▌核心主业韧性凸显，磷矿业务成长为第二曲线 作为国内首家复合肥行业上市公司，2024 年公司各业务条线 表现稳健。全年化肥制造/磷矿采选/新能源材料板块产量分 别为 77.15/140.03/0.32 万吨，销量分别为 76.63/99.82/ 0.07 万吨，营业收入分别达 26.02/7.06/0.05 亿元。复合肥 作为营收占比 76.60% 的支柱产品，虽营收同比下滑 7.41%， 但依托技术创新与市场布局维持了稳定的市场份额，彰显传 统业务强劲韧性。磷矿采选业务营收同比增长 81.62%，逐步 成长为公司业绩增长第二核心。主要得益于公司前瞻性布局 上游稀缺磷矿资产，公司依托贵州小高寨优质磷矿资源打通 上下游产业链，有望逐步实现磷矿石自给。年内公司磷矿石 产 量 同 比 增 长 46.88% ， 磷 精 矿 产 量 / 销 量 同 比 增 长 325.47%/338.03%。磷矿产销量的爆发式增长不仅直接拉动营 收，更通过上下游协同优化公司整体毛利率，强化公司护城 河。目前公司持有的小高寨磷矿储量共计 6392 万吨，小高寨 磷矿 200 万吨扩建项目已于 ...

2025 年 04 月 17 日 磷矿构筑第二曲线，智慧农业转型开拓新空间 —芭田股份（002170.SZ）公司事件点评报告 买入(首次) 事件 芭田股份发布年度业绩报告：2024 年全年实现营业总收入 33.13 亿元，同比增长 2.15%；实现归母净利润 4.09 亿元，同 比增长57.67%。其中2024Q4单季度实现营业收入8.80亿元， 同比增长 20.71%，环比下滑 0.31%，实现归母净利润 2.05 亿 元，同比增长 199.92%，环比增长 278.12%。 投资要点 ▌核心主业韧性凸显，磷矿业务成长为第二曲线 作为国内首家复合肥行业上市公司，2024 年公司各业务条线 表现稳健。全年化肥制造/磷矿采选/新能源材料板块产量分 别为 77.15/140.03/0.32 万吨，销量分别为 76.63/99.82/ 0.07 万吨，营业收入分别达 26.02/7.06/0.05 亿元。复合肥 作为营收占比 76.60% 的支柱产品，虽营收同比下滑 7.41%， 但依托技术创新与市场布局维持了稳定的市场份额，彰显传 统业务强劲韧性。磷矿采选业务营收同比增长 81.62%，逐步 成长为公司业绩增长第 ...

Investment Rating - The investment rating for the company is "Accumulate" [1] Core Views - The company's composite fertilizer business remains stable, and the release of phosphate rock production capacity is promising [2][3] - In 2024, the company achieved operating revenue of 3.313 billion yuan, a year-on-year increase of 2.15%, and a net profit attributable to shareholders of 409 million yuan, a year-on-year increase of 57.67% [2][3] - The profit distribution plan includes a cash dividend of 2.80 yuan per 10 shares (tax included) [2] Summary by Sections Revenue and Profitability - The company reported operating revenue of 3.313 billion yuan in 2024, with a gross profit margin of 27.66%, an increase of 4.69 percentage points year-on-year [3] - The revenue breakdown shows that composite fertilizers accounted for 76.60% of total revenue, while phosphate rock contributed 21.30% with a gross margin of 83.67% [3][5] Product Structure and Sales - The company has a designed production capacity of 1.91 million tons for composite fertilizers, with a production of 730,900 tons in 2024, a decrease of 12.11% year-on-year [4] - The average selling price of composite fertilizers was 3,498.16 yuan per ton, a year-on-year increase of 5% [4] Phosphate Rock Development - The company’s phosphate rock project, with a phase one capacity of 2 million tons per year, has been completed, and phase two with a capacity of 900,000 tons per year is under construction [5] - The phosphate rock revenue reached 706 million yuan in 2024, a year-on-year increase of 81.62% [5] Investment Recommendations - The analysis suggests that the main product sales revenue will drive revenue growth, but rising average costs may impact gross margins [6] - The forecast for 2025 revenue is adjusted to between 4.401 billion yuan and 5.580 billion yuan, with net profit estimates for 2025 adjusted to between 615 million yuan and 950 million yuan [6][8]