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].

Group 1: Financial Performance - In the first three quarters of 2024, the company achieved operating revenue of 15.697 billion CNY, a year-on-year decrease of 2.78% [2] - The net profit attributable to shareholders was 669 million CNY, down 6.36% year-on-year [2] - Basic earnings per share were 0.55 CNY, a decline of 6.78% compared to the previous year [2] - In Q3 2024, the company reported operating revenue of 4.691 billion CNY, a year-on-year decrease of 13.02% [2] - The net profit attributable to shareholders in Q3 was 215 million CNY, an increase of 5.93% year-on-year [2] - Basic earnings per share for Q3 were 0.18 CNY, reflecting a year-on-year growth of 5.88% [2] Group 2: Industry Chain and Strategic Development - The company focuses on the compound fertilizer business, strategically positioning itself along the nitrogen and phosphorus industry chains [2] - The nitrogen industry chain includes the construction of a 700,000-ton ammonia project at the Yicheng base, aimed at enhancing the nitrogen fertilizer supply chain [2][3] - The phosphorus industry chain is supported by mining resources, with a designed mining capacity of 6.9 million tons/year, including ongoing projects at the Niuniuzhai East section and the Ajuoluo phosphate mine [3] - The company is implementing a tiered utilization strategy for phosphoric acid, enhancing its product offerings in the phosphorus sector [3] Group 3: Sales and Market Position - The company has seen stable growth in compound fertilizer sales, despite fluctuations in raw material prices affecting demand [3] - The marketing network includes nearly 6,000 primary distributors and over 100,000 retail outlets nationwide, establishing a strong market presence [4] - Core brands such as "Jia Shili," "Guihu," and "Shiple" have received positive feedback from distributors and customers, reinforcing the company's leading position in the compound fertilizer industry [4] Group 4: Future Projects and Capital Expenditure - The company plans to focus on the successful implementation of the ammonia and phosphate mining projects over the next two years [4] - Upon completion of these projects, the company aims to enhance its market competitiveness and profitability, while also improving shareholder returns [4]

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]

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]