Core Viewpoint - Yuntu Holdings has clarified that it does not directly participate in lithium mining but holds approximately 9.42% stake in the Jiangsu Cangqing New Energy Industry Development Fund, which primarily invests in salt lake lithium mining [1] Investment Details - The Cangqing Fund holds a 51% stake in Tibet Ali Mami Cuo Mining Development Co., which owns the Mami Cuo salt lake mine, with lithium carbonate reserves estimated at approximately 2.1774 million tons [1] - The Cangqing Fund also holds about 86.25% stake in Tibet Cangqing New Energy Industry Development Fund, which owns 39% of Tibet Guoneng Mining Development Co., that has two salt lake mines, Longmu Cuo and Jiezhe Chaka, with lithium carbonate reserves estimated at approximately 3.9 million tons [1]

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：2024-014 | --- | --- | --- | |-----------------------|-----------------------------------------------------------------------------------------------|------------------------------------------------------| | 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 | | | 中金公司：贾雄伟 吴頔 侯一林 | 华福证券：黄珅 | | 活动参与人 | 财通资管：毛鼎 | 易方达基金：杨协和 | | 员 | 华安基金：王晨 | 泽安私募基金：何红军 | | | 幂加和私募基金：陈晨 | 华能贵诚信托：田佳瑞 | | 上市公司接 待人员姓名 | 证券事务代表 陈银 | | | | | | | 时间 | 2024 年 1 ...

Investment Rating - The report maintains a "Buy" rating for the company [6]. Core Views - The company's performance in Q3 2024 declined due to delayed autumn fertilizer sales and fluctuations in raw material prices, particularly urea and potassium chloride [2][4]. - Despite the overall sales delay, the company achieved stable growth in phosphate fertilizer sales due to its optimized channel, brand, and supply chain strategies [2]. - The company is advancing upstream capacity construction for phosphate rock and synthetic ammonia, which will enhance its fertilizer production chain and improve efficiency [3][4]. Summary by Sections Financial Performance - In the first three quarters of 2024, the company reported revenue of 15.697 billion yuan, a year-on-year decrease of 2.78%, and a net profit attributable to shareholders of 669 million yuan, down 6.36% year-on-year [1]. - For Q3 2024, the company achieved revenue of 4.691 billion yuan, a year-on-year decrease of 13.02% and a quarter-on-quarter decrease of 22.47%, while net profit attributable to shareholders was 215 million yuan, up 5.93% year-on-year but down 10.40% quarter-on-quarter [1][2]. Product Pricing and Costs - The average price of domestic urea fell by 7.2% quarter-on-quarter, while potassium chloride rose by 5.5% [2]. - The average prices of the company's main products, including compound fertilizer and monoammonium phosphate, increased by 0.8% and 8.6% respectively in Q3 2024 [2]. Upstream Capacity Development - The company owns phosphate rock resources with a total reserve of approximately 549 million tons and is progressing with mining projects to enhance production capacity [3]. - The synthetic ammonia project at the company's base in Echeng is in substantial construction stages, which will help the company achieve self-sufficiency in nitrogen resources [3]. Profit Forecast and Valuation - The profit forecasts for 2024-2026 have been adjusted downward, with expected net profits of 853 million yuan (down 16.5%), 1.059 billion yuan (down 15.3%), and 1.278 billion yuan (down 10.5%) respectively [4].

Investment Rating - The investment rating for the company is "Outperform the Market" [4][12]. Core Views - The company has shown resilient performance in its main business, with a slight decrease in revenue and net profit for the first three quarters of 2024. Revenue was 15.697 billion yuan, down 2.78% year-on-year, and net profit was 669 million yuan, down 6.36% year-on-year. However, cash flow from operating activities increased significantly by 61.97% to 834 million yuan [1][6]. - The company is enhancing its integrated layout in the phosphate and nitrogen industry chain, which is expected to reduce product costs and improve profitability in the future. The recovery of raw material prices and improved downstream demand are anticipated to support profit margins [1][12]. - The company is actively expanding its production capacity and has a leading position in the compound fertilizer market with an annual capacity of 7.2 million tons. The overall demand for compound fertilizers is expected to stabilize and potentially increase due to national policies encouraging food production [2][12]. Summary by Sections Financial Performance - For the first three quarters of 2024, the company achieved a revenue of 15.697 billion yuan, a decrease of 2.78% year-on-year, and a net profit of 669 million yuan, down 6.36% year-on-year. In Q3 2024, revenue was 4.691 billion yuan, down 13.02% year-on-year, while net profit increased by 5.93% to 215 million yuan [1][6]. - The company’s cash flow from operating activities showed a significant increase, reaching 834 million yuan, up 61.97% year-on-year [1][6]. Business Operations - The company’s main products, phosphate fertilizers, saw an increase in both production and sales, while the alkali business faced challenges due to increased upstream supply and weak downstream demand, leading to declines in both gross margin and sales volume [1][6]. - The yellow phosphorus business, which was impacted by weak demand in the first half of the year, has returned to normal operational levels since Q3 [1][6]. Market Outlook - The company is expected to benefit from a recovery in raw material prices and improved downstream demand, which will enhance profit margins. The cost pressure on compound fertilizers is easing, and theoretical gross margins are expected to recover [2][12]. - The company is also working on increasing its self-sufficiency in nitrogen and phosphorus fertilizers, which is anticipated to further improve profitability [1][11]. Earnings Forecast - The projected net profits for the company from 2024 to 2026 are 910 million yuan, 1.136 billion yuan, and 1.498 billion yuan, respectively, with corresponding EPS of 0.75 yuan, 0.94 yuan, and 1.24 yuan. The current PE ratios are 10.76, 8.59, and 6.51 for the respective years [2][12].

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：2024-013 | --- | --- | --- | |-----------------------|-------------------------------------------------------------------------------------------------------------|-----------------------------------------| | 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 □业绩说明会 \n□新闻发布会 □路演活动 \n□现场参观 \n 其他（电话会议） | | | | 中信证券：孙臣兴 | 申万宏源：马昕晔 李绍程 | | | 华创证券：郑轶 | 国海证券：李永磊 李娟廷 | | | 广发证券：章奕文 | 国信证券：杨林 王新航 董丙 | | | 旭 | | | | 华夏基金：李弘晔 | 海富通基金：陈华鑫 | | | | | | 活动参与人 员 | 西部利得基金：温震宇 文华先锋：杜炜 | ...

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 ...

Revenue and Profitability - Revenue for Q3 2024 was CNY 4,691,311,615.23, a decrease of 13.02% compared to the same period last year[2] - Net profit attributable to shareholders was CNY 215,431,102.74, an increase of 5.93% year-on-year[2] - Net profit excluding non-recurring items was CNY 142,841,558.14, down 22.74% from the previous year[2] - Total operating revenue for the third quarter was CNY 15,696,624,559.92, a decrease of 2.77% from CNY 16,145,913,515.19 in the same period last year[16] - The net profit for Q3 2024 was approximately ¥681.88 million, a slight decrease from ¥699.37 million in Q3 2023, representing a decline of about 2.1%[17] - Operating profit for the period was ¥777.48 million, down from ¥822.74 million in the previous year, indicating a decrease of approximately 5.5%[17] - The total comprehensive income for the period was approximately ¥676.45 million, compared to ¥698.94 million in Q3 2023, indicating a decrease of about 3.2%[17] Assets and Liabilities - Total assets increased to CNY 22,656,685,549.42, representing a growth of 10.53% compared to the end of the previous year[2] - Non-current assets totaled CNY 13,401,476,035.67, up from CNY 12,297,794,315.91, showing growth in long-term investments[15] - Total liabilities increased to CNY 13,862,174,057.63 from CNY 12,154,987,345.34, indicating higher leverage[14] - The company's equity attributable to shareholders rose to CNY 8,689,778,616.97, compared to CNY 8,276,461,976.43, showing improved shareholder value[15] Cash Flow - Cash flow from operating activities for the year-to-date was CNY 834,395,173.84, up 61.97% year-on-year[2] - Operating cash flow for the current period was ¥834,395,173.84, an increase of 61.97% compared to ¥515,146,026.10 in the previous period[8] - Net cash flow from investment activities improved by 50.85%, from -¥3,090,638,011.41 to -¥1,518,929,691.94, primarily due to reduced cash payments for fixed assets and long-term assets[8] - Net cash flow from financing activities decreased by 45.96%, from ¥1,514,050,584.21 to ¥818,163,940.16, mainly due to increased cash payments for debt repayment[8] - Cash and cash equivalents at the end of the period totaled ¥1.38 billion, a decrease from ¥1.47 billion at the end of Q3 2023[19] Shareholder Information - The company has a total of 59,681 common shareholders at the end of the reporting period[9] - The largest shareholder, Song Rui, holds 25.55% of the shares, amounting to 308,532,949 shares, with 125,620,000 shares pledged[9] Operational Highlights - The company is focused on the production of new energy materials and slow-release compound fertilizers, which are linked to the completion of phosphate resource utilization projects[8] - The company has not disclosed any new product launches or technological developments in this reporting period[10] - There is no indication of market expansion or mergers and acquisitions in the current report[10] Cost Management and Expenses - Total operating costs amounted to CNY 15,088,824,581.51, down from CNY 15,475,406,133.37, reflecting a cost reduction strategy[16] - Research and development expenses increased to CNY 238,992,909.52, compared to CNY 224,568,644.47 in the previous year, indicating a focus on innovation[16] - Financial expenses rose by 45.07% to CNY 125,377,484.54, primarily due to exchange losses from normal export operations[7] - The company reported a decrease in tax expenses to CNY 65,237,610.40 from CNY 70,939,618.20, reflecting effective tax management[16] Fair Value and Other Income - The company recorded a fair value loss of CNY 8,203,669.54, a significant increase compared to the previous year[7] - Other income increased by 119.28% to CNY 159,166,415.82, attributed to VAT reductions for advanced manufacturing enterprises[7]