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]

4月14日晚间，芭田股份（002170）发布2024年年度报告，公司报告期内实现营业收入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%；经营活动产生的现金流量净额5.48亿元，同比增 长120.31%；基本每股收益0.4564元，同比增长56.52%。报告期末公司总资产60.87亿元，较上年末增长 了14.40%。 根据2024年度利润分配预案，公司拟向全体股东每10股派发现金红利2.80元(含税)，预计本次现金分红 总额为人民币2.70亿元，占年度归母净利润的65.94%。公司此前已公告提高分红比例，明确2024—2026 年以现金分红金额不少于此三年度累计实现可供分配利润总额的60%。公司在业绩大幅增长的同时，加 大对于投资者的回报，分红率在行业中保持领先状态。 值得一提的是，公司同日还发布了2025年第一季度业绩预告，公司一季度磷矿石及其加工的产品销售产 生毛利额较多，且肥料产品销售同比增长较多，因而预计实现盈利1.6亿元—2.3亿元，同比增长 203.27%—335.94%。结合2024年第四季度数据来看，该季度营业收入8.8亿元，同比增长20.71%；归属 于母公 ...

Group 1 - The A-share transgenic sector has experienced a short-term decline, with Batian Co., Ltd. falling over 9% [1] - Other companies such as Qiule Seed Industry, Yingtai Biological, ChuanYin High-Tech, and Dabeinong also saw declines [1]

Group 1 - The US government has temporarily exempted certain electronic products from tariffs, but this exemption is not permanent and will last only until a new tariff plan for the semiconductor industry is established [2][21] - China's foreign trade in the first quarter of this year reached 10.3 trillion yuan, a year-on-year increase of 1.3%, with exports growing by 6.9% and imports declining by 6% [3] - The State Administration for Market Regulation in China has introduced 37 key measures to support the development of private enterprises, focusing on breaking down barriers and promoting fair competition [4][5] Group 2 - Hong Kong is preparing to attract Chinese concept stocks back to its market, emphasizing its stability and attractiveness amid global financial market volatility [6][7] - The China Securities Regulatory Commission has emphasized the importance of functionality in the fund industry, aiming for a balance between quality and scale [8] - Insurance funds are accelerating their entry into the stock market, with the scale of long-term stock investment trials increasing from 50 billion yuan to 162 billion yuan [9] Group 3 - The US is experiencing a significant drop in import orders, with a 64% decrease in overall import volume, indicating potential disruptions in trade due to tariff policies [10][11] - The total share of stock ETFs in A-shares has surpassed 2 trillion shares, marking a historical high, with substantial inflows of capital observed in April [12] - Global pension funds are pausing investments in US assets due to uncertainties stemming from aggressive tariff policies, indicating a shift in investment strategies [13] Group 4 - The AI industry is facing scrutiny over its energy consumption, with Elon Musk's AI company xAI being investigated for violating environmental regulations related to its power generation [14] - The UK government plans to take over the British Steel Company from a Chinese firm, raising concerns about foreign investments in critical industries [15] - The consumer electronics sector is seeing increased research interest, driven by strong domestic demand policies and a surge in M&A activities in the technology field [17]

Financial Performance Expectations - The company expects a net profit attributable to shareholders of between 16,000 and 23,000 million yuan for Q1 2025, representing a year-on-year increase of 203.27% to 335.94%[3] - The net profit after deducting non-recurring losses is projected to be between 15,940 and 22,940 million yuan, with a year-on-year growth of 205.62% to 339.83%[3] - Basic earnings per share are estimated to be between 0.1660 and 0.2386 yuan, compared to 0.0593 yuan in the same period last year[3] Factors Contributing to Profit Increase - The increase in profit is attributed to higher gross margins from the sales of phosphate ore and related products, as well as significant growth in fertilizer product sales[5] Financial Reporting and Investor Guidance - The financial data presented is preliminary and will be confirmed in the official Q1 2025 report[6] - The company emphasizes the importance of timely information disclosure and advises investors to make cautious decisions[6]

中天国富证券有限公司 关于深圳市芭田生态工程股份有限公司 4、投资期限 使用闲置自有资金购买理财产品的核查意见 中天国富证券有限公司（以下简称"中天国富"或"保荐人"）作为深圳市芭田 生态工程股份有限公司（以下简称"芭田股份"或"公司"）向特定对象发行股票的 保荐人，根据《证券发行上市保荐业务管理办法》《上市公司监管指引第 2 号— —上市公司募集资金管理和使用的监管要求》《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》等有关规定，对芭田股份使用闲置自 有资金购买理财产品进行了审慎的核查，具体核查情况如下： 一、主要内容 1、投资目的 为提高资金使用效率和收益水平，在不影响公司正常生产经营的情况下，将 部分闲置自有资金用于购买理财产品，为公司和股东创造更好的收益。 2、投资额度 总额不超过人民币 6 亿元，上述额度在期限内，资金可以滚动使用，允许公 司按实际情况进行额度分配。其中，单项理财产品额度不超过人民币 3 亿元。 3、投资品种 安全性高、流动性好的理财产品。公司购买的投资理财产品不得违反《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》等有关规 定。 ...