Investment Rating - The report maintains an "Outperform" rating for the company [2] Core Views - The company's Q3 2024 performance met expectations, with revenue of 15.697 billion yuan (down 3% YoY) and a net profit of 669 million yuan (down 6% YoY). The adjusted net profit was 584 million yuan (up 4% YoY) [2] - The decline in urea prices has pressured compound fertilizer sales, but the company is advancing its integrated supply chain strategy [2] - The company is expected to benefit from the gradual stabilization of fertilizer prices and the completion of new production projects [2] Summary by Sections Financial Performance - For the first three quarters of 2024, the company achieved a revenue of 15.697 billion yuan, with a net profit of 669 million yuan. The gross margin was 10.64% and the net margin was 4.34% [2][3] - In Q3 2024, revenue was 4.691 billion yuan (down 13% YoY, down 22% QoQ), with a net profit of 215 million yuan (up 6% YoY, down 10% QoQ) [2] Market Conditions - Urea prices fell by 13% in Q3 2024, impacting the purchasing enthusiasm of compound fertilizer distributors [2] - The prices of monoammonium phosphate, potassium chloride, and urea showed slight declines, indicating a potential stabilization in the market [2] Production and Capacity Expansion - The company has expanded its compound fertilizer production capacity to 7.2 million tons, with new projects in Jingzhou and Tieling [2] - The company is optimizing its industrial structure and enhancing its cost advantages through the development of high-value products [2] Future Outlook - The report projects a decrease in net profit forecasts for 2024-2026, with expected profits of 842 million yuan, 1.068 billion yuan, and 1.334 billion yuan respectively [2][3] - The company is positioned to leverage its integrated supply chain in the nitrogen and phosphorus sectors for future growth [2]

Investment Rating - The report maintains a "Buy" rating for the company [2][7][19] Core Views - The company experienced pressure on its performance in Q3 2024, with a revenue of 46.91 billion yuan, a year-on-year decrease of 13.02% and a quarter-on-quarter decrease of 22.47% [3] - The company has obtained a mining license for the Ajiu Luogai phosphate mine, which is expected to enhance its resource supply and production capacity [6] Summary by Sections Market Data - The 52-week price range for the company's stock is between 6.15 and 9.22 yuan [1] Financial Performance - For the first three quarters of 2024, the company reported a total revenue of 156.97 billion yuan, down 2.78% year-on-year, and a net profit attributable to shareholders of 6.69 billion yuan, down 6.36% year-on-year [3] - In Q3 2024, the company achieved a gross profit margin of 10.88%, a decrease of 0.07 percentage points year-on-year [3] Investment Highlights - The decline in performance is attributed to the impact of prices for compound fertilizers and soda ash, with cautious purchasing behavior from distributors affecting sales [3] - The average price of compound fertilizers in Q3 2024 was 2,470 yuan/ton, up 2.75% year-on-year [3] - The company is focused on enhancing its integrated advantages in the nitrogen and phosphorus industry chains, supported by its rich resources [6] Earnings Forecast - The company is projected to achieve revenues of 208 billion yuan, 219 billion yuan, and 227 billion yuan for 2024, 2025, and 2026 respectively, with net profits of 8.48 billion yuan, 10.56 billion yuan, and 13.52 billion yuan [7][16]

Investment Rating - The report maintains a "Recommended" rating for the company with a target price of 10.68 CNY, compared to the current price of 8.33 CNY [1][2]. Core Insights - The company reported a revenue of 15.697 billion CNY for the first three quarters of 2024, a year-on-year increase of 2.78%. The net profit attributable to shareholders was 669 million CNY, a decrease of 6.36% year-on-year, while the net profit excluding non-recurring items was 584 million CNY, an increase of 3.98% year-on-year [1]. - In Q3 2024, the company achieved a revenue of 4.691 billion CNY, with year-on-year and quarter-on-quarter changes of +13.02% and -22.47%, respectively. The net profit attributable to shareholders was 215 million CNY, with year-on-year and quarter-on-quarter changes of +5.93% and -10.40%, respectively [1]. - The report highlights a recovery in phosphate fertilizer prices, while the chemical products segment remains under pressure. The average market prices for various fertilizers showed mixed trends, with significant increases in diammonium phosphate prices driven by demand [1][2]. Financial Summary - The company’s operating cash flow for the first three quarters of 2024 was 834 million CNY, an increase of 319 million CNY compared to the same period last year. However, the operating cash flow for Q3 was negative, primarily due to a delay in revenue recognition linked to raw material price fluctuations [2]. - The company is actively enhancing its nitrogen and phosphate fertilizer supply chain, with ongoing projects including a 700,000-ton ammonia project and a 4 million-ton phosphate mining project [2]. - The financial forecasts for the company indicate a projected net profit of 912 million CNY for 2024, with expected growth rates of 2.3%, 17.7%, and 19.9% for the following years [3].

证券代码：002539 证券简称：云图控股 公告编号：2024-049 成都云图控股股份有限公司 关于第二期员工持股计划存续期六个月后届满的提示性公告 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。 成都云图控股股份有限公司（以下简称"公司"）第二期员工持股计划（以 下简称"本员工持股计划"）存续期将于 2025 年 4 月 27 日届满，根据中国证监 会《关于上市公司实施员工持股计划试点的指导意见》《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，公司应当在员 工持股计划存续期限届满前六个月披露提示性公告，现将有关情况公告如下： 一、本员工持股计划的基本情况 1、公司于 2021 年 3 月 18 日召开第五届董事会第二十次会议、第五届监事 会第九次会议，并于 2021 年 4 月 9 日召开 2020 年年度股东大会，审议通过《关 于公司<第二期员工持股计划（草案）>及其摘要的议案》等相关议案，同意公 司实施第二期员工持股计划。 2、公司于 2021 年 4 月 28 日收到中国证券登记结算有限责任公司深圳分公 司出具的 ...

成都云图控股股份有限公司 2024 年第三季度报告 □是 否 证券代码：002539 证券简称：云图控股 公告编号：2024-048 成都云图控股股份有限公司 2024 年第三季度报告 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。 重要内容提示： 1、董事会、监事会及董事、监事、高级管理人员保证季度报告的真实、准确、完整， 不存在虚假记载、误导性陈述或重大遗漏，并承担个别和连带的法律责任。 2、公司负责人、主管会计工作负责人及会计机构负责人（会计主管人员）声明：保 证季度报告中财务信息的真实、准确、完整。 3、第三季度报告是否经过审计 □是 否 一、主要财务数据 （一） 主要会计数据和财务指标 公司是否需追溯调整或重述以前年度会计数据 | --- | --- | --- | --- | --- | |-----------------------------------------------------|-------------------|-------------------------|--------------------------|---- ...

证券代码：002539 证券简称：云图控股 公告编号：2024-050 成都云图控股股份有限公司 公司于 2024 年 3 月 7 日召开的第六届董事会第十九次会议和 2024 年 3 月 27 日召开的 2024 年第一次临时股东大会，审议通过了《关于 2024 年融资担保 额度预计的议案》，同意公司及子公司之间（包括公司与子公司之间、子公司与 子公司之间）提供不超过 150 亿元融资担保，担保方式包括但不限于保证担保 （含一般保证、连带责任保证等）、股权质押、资产抵押或其他符合法律法规要 求的担保。 在担保总额度范围内，由股东大会授权公司及子公司管理层实施担保事宜， 并签署具体的担保协议及相关法律文件，上述担保额度在 2024 年第一次临时股 东大会批准之日起 12 个月内可循环使用。公司董事会对上述担保事项发表了相 关意见，担保事项详情请见公司 2024 年 3 月 9 日刊登在巨潮 资 讯 网 （http://www.cninfo.com.cn）上的公告（公告编号：2024-005）。 （二）本次担保额度使用情况 1 关于公司提供担保的进展公告 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 ...

Investment Rating - The investment rating for the company is "Outperform the Market" [2][3][4] Core Views - The approval of the Ajiuluo phosphate mine will enhance the company's phosphate self-sufficiency and optimize its industrial chain configuration [4][5] - The company has a robust fertilizer market presence with nearly 30 years of experience, and its compound fertilizer production capacity is 7.2 million tons, which is leading in the industry [4][6] - The domestic phosphate rock prices are showing a steady upward trend, which is expected to further improve the company's profitability once the Ajiuluo phosphate mine is operational [5][6] Summary by Sections Company Overview - The company has received the mining license for the Ajiuluo phosphate mine, with a production scale of 2.9 million tons per year and a confirmed resource amount of 138.7 million tons [4][5] - The average P2O5 grade of the phosphate ore is 20.03%, and the company is actively working on environmental assessments and safety facility designs [4][5] Financial Performance - In the first half of 2024, the company achieved a revenue of 11.01 billion yuan, a year-on-year increase of 2%, and a net profit of 450 million yuan, a year-on-year decrease of 11% [6] - The second quarter of 2024 saw a revenue of 6.05 billion yuan, a year-on-year increase of 19%, and a net profit of 240 million yuan, a year-on-year increase of 53% [6] Market Outlook - The overall demand for compound fertilizers is expected to remain stable, supported by national policies encouraging increased grain planting [6] - The company forecasts net profits for 2024-2026 to be 910 million, 1.14 billion, and 1.5 billion yuan respectively, with corresponding EPS of 0.75, 0.94, and 1.24 yuan [6][10]

证券代码：002539 证券简称：云图控股 公告编号：2024-047 成都云图控股股份有限公司 关于全资子公司取得阿居洛呷磷矿采矿许可证的公告 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。 近日，成都云图控股股份有限公司（以下简称"公司"）接到全资子公司雷 波凯瑞磷化工有限责任公司（以下简称"雷波凯瑞公司"）通知，雷波凯瑞公司 已办理完毕四川省雷波县阿居洛呷磷矿（以下简称"阿居洛呷磷矿"）探矿权转 采矿权相关手续，并取得了四川省自然资源厅核发的《中华人民共和国采矿许可 证》（证号：C5100002024096140157483），现将相关事项公告如下： 一、采矿许可证主要内容 采矿权人：雷波凯瑞磷化工有限责任公司 证号：C5100002024096140157483 地址：四川省雷波县汶水镇马道子工业园 矿山名称：四川省雷波县阿居洛呷磷矿 矿区面积：3.2485 平方公里 有效期限：叁拾年，自 2024 年 9 月 30 日至 2054 年 9 月 30 日 取得方式：探矿权转采矿权，阿居洛呷磷矿原探矿权证书（证号： T510000202311603005 ...

预计上述事项将继续对公司 2024 年度至 2027 年度损益产生积极影响，增值 税加计抵减金额取决于未来期间增值税可抵扣进项税额，具体金额以税务管理部 门最终核定抵扣为准，最终的会计处理及其对公司财务报表的影响以会计师事务 所审计确认后的结果为准。敬请广大投资者注意投资风险。 特此公告。 成都云图控股股份有限公司董事会 2024 年 10 月 12 日 证券代码：002539 证券简称：云图控股 公告编号：2024-046 成都云图控股股份有限公司 关于 2024 年度享受先进制造业企业增值税加计抵减政策的公告 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、误导性陈述或者重大遗漏。 根据国家财政部、税务总局于 2023 年 9 月 3 日发布的《关于先进制造业企 业增值税加计抵减政策的公告》（财政部税务总局公告 2023 年第 43 号），自 2023 年 1 月 1 日至 2027 年 12 月 31 日，允许先进制造业企业按照当期可抵扣进 项税额加计 5%抵减应纳增值税税额，上述先进制造业企业是指高新技术企业（含 所属的非法人分支机构）中的制造业一般纳税人。 成都云图控股股份 ...

1 证券代码：002539 证券简称：云图控股 成都云图控股股份有限公司 投资者关系活动记录表 编号：2024-012 | --- | --- | --- | |-----------------------|------------------------------------------------------------------------------------|----------------------------------------------------------| | 投资者关系 \n活动类别 | 特定对象调研 □分析师会议 \n□媒体采访 \n□新闻发布会 □路演活动 \n□现场参观 \n□其他 | □业绩说明会 | | 活动参与人 | 东方证券：万里扬 | 天风证券：唐婕 | | 员 | 嘉实基金：陈景诚 | 国泰基金：钱晓杰 | | | 泰康基金：刘少军 | 人保资产：王云骢 | | 上市公司接 待人员姓名 | 证券事务代表 陈银 | | | 时间 | 2024 年 9 月 20 日 下午 | 13:30—15:00 | | 地点 | 云图控股会议室 | | | 形式 | ...