深圳市芭田生态工程股份有限公司投资者关系活动记录表 证券代码：002170 证券简称： 芭田股份 深圳市芭田生态工程股份有限公司投资者关系活动记录表 编号：2025-01 | | □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 | □路演活动 新闻发布会 | | | □现场参观 | | | □其他 | | 参与单位名称 | 投资者 | | 及人员姓名 | | | 时间 | 年 月 日下午 2025 5 07 15:00-17:00 | | 地点 | "进门财经"网站 (https://s.comein.cn/ws7y8gpj) | | 上市公司接待 | 董事长、总裁黄培钊先生 | | | 常务副总裁吴益辉先生 | | 人员姓名 | 董事、董事会秘书郑宇先生 | | | 独立董事李伟相先生 | | | 财务总监胡茂灵先生 | | | 公司于 2025 年 5 月 7 日下午 15:00-17:00 在"进门财经"举 | | | 办 2024 年年度网上业绩说明会，本次说明会采用网络远程 | | | 的形式召开，就投资者关注的主要问 ...

# CGS 公司深度报告 · 化工行业 2025-04-25 相对沪深 300 表现图 芦田股份 120% 100% 80% 600% 400% 资料来源:iFind,中国银河证券研究院 芭田股份首次覆盖报告 2025 年 4 月 27 日 核心观点 主要财务指标预测 | | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | | 营业收入(百万元) | 3313.11 | 4941.22 | 5395.38 | 5926.05 | | 增长率% | 2.15 | 49.14 | 9.19 | 9.84 | | 归母净利润（百万元） | 409.14 | 1156.97 | 1408.35 | 1645.34 | | 增长率% | 57.67 | 182.78 | 21.73 | 16.83 | | 摊薄 EPS(元) | 0.42 | 1.20 | 1.46 | 1.71 | | PE | 23.50 | 8.31 | 6.83 | 5.84 | 资料来源：iFind，中国银河证券研究院 | 市场数据 | 2025-04-25 | ...

Investment Rating - The report gives a "Buy" rating for the company [4]. Core Views - The company has a solid performance in the compound fertilizer sector, with significant growth driven by the release of high-quality phosphate resources [4]. - The company is well-positioned in the market due to its integrated phosphate chemical industry chain and strong brand recognition [4]. - The report anticipates continued growth in revenue and profit due to the expansion of phosphate production capacity and the increasing demand for new types of compound fertilizers [4]. Financial Forecasts - Revenue is projected to reach 33.13 billion CNY in 2024, with a growth rate of 2.15%, and is expected to increase to 49.41 billion CNY by 2025, reflecting a growth rate of 49.14% [2]. - Net profit attributable to shareholders is forecasted to be 4.09 billion CNY in 2024, with a significant increase of 57.67%, and is expected to rise to 11.57 billion CNY in 2025, marking a growth of 182.78% [2]. - The diluted EPS is expected to be 0.42 CNY in 2024, increasing to 1.20 CNY in 2025, with corresponding PE ratios of 23.50 and 8.31 [2]. Company Overview - The company has over 30 years of experience in the compound fertilizer industry and has established a comprehensive phosphate chemical industry chain [6]. - It is the first listed compound fertilizer company in China, with a production capacity of 1.91 million tons per year, ranking among the top in the domestic market [45]. - The company has a strong focus on R&D, with a significant number of patents and innovative technologies that enhance its competitive edge [45]. Industry Analysis - The compound fertilizer industry is undergoing a consolidation phase, with leading companies expected to strengthen their market positions as weaker players exit [29]. - The demand for compound fertilizers is anticipated to grow due to the increasing recognition of their benefits over traditional fertilizers [36]. - The phosphate market remains robust, with a tight supply-demand balance expected to continue, benefiting companies with integrated phosphate resources [51].

内容概况：农产品加工业是农业产业提质增效的最大空间，是统筹脱贫攻坚和乡村振兴的重要抓手，是 农业产业效益提升的重要途径。近年来，随着脱贫攻坚战取得全面胜利，贫困地区的交通条件、招商引 资、产业建设、民生保障等都发生了巨大变化。目前我国已经进入全面推进乡村振兴阶段，产业振兴是 乡村振兴的重要一环，乡村产业中农产品加工业是体量最大、产业关联度最高的产业。数据显示，2024 年全国规模以上农产品加工企业营业收入超18万亿元。农产品加工业的蓬勃发展，将成为推动乡村产业 振兴、促进农民增收致富的重要引擎，为乡村振兴战略的深入实施注入持久动力。 相关上市企业：苏垦农发（601952）、星光农机（603789）、敦煌种业（600354）、隆平高科 （000998）、梅安森（300275）、芭田股份（002170）、新洋丰（000902）、新希望（000876）、登海 种业（002041）、牧原股份（002714）等。 相关企业：浙江天顺控股集团有限公司、运鸿集团股份有限公司等。 关键词：乡村振兴战略、返乡入乡、国家农村产业融合发展示范园批准创建数量、国家现代农业产业 园、国家级农业产业强镇批准创建数量、规模以上农产品加工业 ...

深圳市芭田生态工程股份有限公司第八届监事会第十九次会议决议公告 证券代码:002170 证券简称:芭田股份 公告编号:25-29 表决结果：同意票 3 票，反对票 0 票，弃权票 0 票。 监事会认为：董事会编制和审核的公司 2025 年第一季度报告的程序符合法律、行 政法规和中国证监会的规定，报告内容真实、准确、完整地反映了公司的实际情况，不 存在任何虚假记载、误导性陈述或者重大遗漏。 三、备查文件 深圳市芭田生态工程股份有限公司 第八届监事会第十九次会议决议公告 本公司及监事会全体成员保证公告内容的真实、准确和完整，没有虚假记载、误 导性陈述或者重大遗漏。 一、监事会会议召开情况 深圳市芭田生态工程股份有限公司（以下简称"公司"）第八届监事会第十九次会 议于 2025 年 4 月 25 日（星期五）在公司本部 V1 会议室以现场方式和通讯方式结合召 开。本次会议的通知于 2025 年 4 月 14 日以电子邮件、微信、电话等方式送达。本届 监事会共有 3 名监事，应参加会议的监事 3 名，实际参加会议的监事 3 名。本次会议 的召开程序符合《公司法》《证券法》及《公司章程》等有关法律法规的规定。 二、监事 ...

深圳市芭田生态工程股份有限公司第八届董事会第十九次会议决议公告 一、董事会会议召开情况 深圳市芭田生态工程股份有限公司（以下简称"公司"）第八届董事会第十九次 会议于 2025 年 4 月 25 日（星期五）在公司本部 V1 会议室以现场方式和通讯方式结合 召开。本次会议的通知于 2025 年 4 月 14 日以电子邮件、电话、微信等方式送达。本 次会议由董事长黄培钊先生主持，应出席会议的董事 9 名，实际出席会议的董事 9 名， 公司全体监事、高级管理人员列席了会议。本次会议的召开程序符合《公司法》《证 券法》及《公司章程》等有关法律法规的规定。 二、董事会会议审议情况 （一）审议通过《关于 2025 年第一季度报告的议案》。 证券代码:002170 证券简称:芭田股份 公告编号:25-28 深圳市芭田生态工程股份有限公司 第八届董事会第十九次会议决议公告 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。 本议案已经董事会审计委员会和独立董事专门会议审议通过。 表决结果：同意票 9 票，反对票 0 票，弃权票 0 票。 三、报备文件 （一）第八届董事会第十九次 ...

芭田股份：一季度净利润同比增长223.51% 金十数据4月25日讯，芭田股份发布2025年第一季度报告，报告显示，公司实现营业收入11.12亿元，同 比增长69.37%；归属于上市公司股东的净利润为1.71亿元，同比增长223.51%。主要原因是磷矿石及其 加工产品和肥料产品销售同比增长。 ...

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].