Investment Rating - The report maintains an "Outperform" rating for the company [3]. Core Views - The company reported its 2023 annual results, which met expectations, with operating revenue of 4.32 billion yuan (yoy +25.3%) and a net profit attributable to shareholders of 766 million yuan (yoy +1.0%) [3]. - The decline in overall sales gross margin by 5.89 percentage points to 39.04% is noted, alongside significant increases in sales, management, and financial expenses [3]. - The company announced a cash dividend of 10.00 yuan per 10 shares, totaling approximately 542 million yuan, which represents 71% of the net profit attributable to shareholders for 2023 [3]. - The increase in revenue and net profit is attributed to new production facilities coming online and increased sales of ammonium phosphate [3]. Summary by Relevant Sections Financial Performance - In Q4 2023, the company achieved revenue of 1.248 billion yuan (yoy +25.81%, QoQ +4.72%) and a net profit of 275 million yuan (yoy +62.76%, QoQ +25.98%) [3]. - The company’s phosphate rock production increased by 19.11% to 2.99 million tons, with external sales rising by 13.28% to 754,000 tons [3]. - The average price of phosphate rock increased by 14% to 752 yuan/ton, with external sales gross margin improving by 16.71 percentage points to 82.50% [3]. Future Growth Prospects - The company is focusing on a "mining integration" model to enhance resource utilization and is developing new phosphate chemical projects [3]. - The completion of various projects, including a 200,000-ton wet-process phosphoric acid project, is expected to provide new profit growth points [3]. - The company forecasts net profits of 1.126 billion yuan, 1.420 billion yuan, and 1.704 billion yuan for 2024, 2025, and 2026, respectively, with corresponding EPS of 2.08, 2.62, and 3.14 yuan [3][13].

市场数据 2024/03/29 2024 年 03 月 31 日 公司研究 评级：买入(维持) 2024 年 3 月 29 日，川恒股份发布 2023 年报：2023 年公司实现营业收 入 43.20 亿元，同比增长 25.30%；实现归属于上市公司股东的净利润 7.66 亿元，同比增长 1.02%；加权平均净资产收益率为 16.44%，同比下 降 2.70 个百分点。销售毛利率 39.04%，同比减少 5.89 个百分点；销售 净利率 18.26%，同比减少 4.61 个百分点。 52 周价格区间（元） 13.14-26.69 研究所： 证券分析师： 李永磊 S0350521080004 liyl03@ghzq.com.cn 证券分析师： 董伯骏 S0350521080009 dongbj@ghzq.com.cn 联系人 ： 李娟廷 S0350122090037 lijt03@ghzq.com.cn [Table_Title] 分红比例大幅提升，磷矿放量看好成长性 ——川恒股份（002895）2023 年报点评 最近一年走势 其中，公司 2023Q4 实现营收 12.48 亿元，同比+25.81%，环比+4 ...

| 证券代码：002895 | 证券简称：川恒股份 | 公告编号：2024-059 | | --- | --- | --- | | 转债代码：127043 | 转债简称：川恒转债 | | 贵州川恒化工股份有限公司 为广西鹏越提供担保的进展公告（二） 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。 一、为广西鹏越提供担保的情况概述 1、广西鹏越生态科技有限公司（以下简称"广西鹏越"）为本公司控股子 公司，该公司因日常经营需要，拟向银行申请流动资金借款，借款金额不超过 5.00 亿元，合作银行根据实际沟通情况确定，广西鹏越申请由本公司向债权人提 供连带责任保证，该事项已经公司第三届董事会第三十五次会议、公司 2024 年 第一次临时股东大会审议通过，具体内容详见本公司在信息披露媒体披露的相关 公告（公告编号：2024-002、2024-006、2024-019）。 2、2024 年 3 月 29 日，就广西鹏越与银行的借款业务，公司与中国银行股 份有限公司崇左分行签订了《最高额保证合同》，担保最高债权本金为 2.00 亿 元人民币。 二、《最高额保证合同》的主要内 ...

Financial Performance - The company's operating revenue for 2023 reached ¥4,319,508,406.75, representing a 25.30% increase compared to ¥3,447,465,372.18 in 2022[12] - The net profit attributable to shareholders for 2023 was ¥766,403,884.94, a slight increase of 1.02% from ¥757,778,413.01 in 2022[12] - The net cash flow from operating activities was ¥528,373,661.06, showing a decrease of 2.81% from ¥543,668,563.86 in the previous year[12] - The total assets at the end of 2023 amounted to ¥12,024,494,607.70, an 18.46% increase from ¥10,138,442,979.05 at the end of 2022[12] - The net assets attributable to shareholders increased by 31.51% to ¥5,759,376,498.44 from ¥4,378,478,346.68 in 2022[12] - The weighted average return on equity for 2023 was 16.44%, down from 19.14% in 2022, indicating a need for strategic adjustments[12] - The company reported a non-operating loss of 4,198,432.96 yuan from the disposal of non-current assets in 2023[75] - The government subsidies recognized in the current period amounted to 21,216,982.18 yuan, an increase from 14,168,841.23 yuan in 2022[75] - The company’s financial report indicates uncertainty regarding its ability to continue as a going concern, with net profits being negative for the last three accounting years[75] Market and Product Development - The company plans to continue developing its semi-hydrate wet phosphoric acid production technology, which has shown significant cost advantages over traditional methods[20] - The market demand for feed-grade dicalcium phosphate is expected to grow due to increasing environmental regulations and the refinement of aquaculture practices[20] - The company is focusing on expanding its product offerings in the renewable materials market, which is anticipated to provide new growth opportunities[20] - The domestic feed-grade dicalcium phosphate market is expected to grow as it gradually replaces feed-grade monocalcium phosphate, driven by stable growth in total feed production[43] - The company is positioned to benefit from the increasing demand for fire extinguishing agents, as the national standard for dry powder extinguishing agents has raised the minimum content requirement from 50% to 75%[44] - The company is actively involved in the development of new technologies and products, focusing on sustainable practices and resource utilization in the phosphate chemical industry[48] - The company is focusing on the development of wet-process phosphoric acid as a key direction for the phosphoric acid industry in China[95] - The company anticipates that the demand for ammonium phosphate will continue to grow, particularly in the high-end compound fertilizer market[104] - The company is actively involved in the comprehensive utilization of phosphogypsum resources, which has become a key focus for sustainable development in the industry[101] Production and Operations - The shipment volume of lithium iron phosphate cathode materials reached 165,000 tons in 2023, representing a year-on-year growth of 48.3%[46] - The company operates in a market where China's phosphate rock production accounts for over 40% of global output, highlighting its significant role in the industry[51] - The average grade of phosphate rock in China is 16.85%, significantly lower than Morocco (33%) and the USA (30%) [52] - Approximately 90.8% of China's phosphate rock is of medium to low grade, with only 22% of total reserves being economically viable [52] - The scarcity of phosphate rock in China is increasing, leading to an overall upward trend in prices due to continuous mining, environmental factors, and new production capacity [54] - The production of aquatic feed in China has shown a declining trend, with a production volume of 2,600,000 tons in 2023, down from 2,526,000 tons in 2022 [56] Cash Flow and Financial Management - The company reported a decrease in cash flow from operating activities in Q1 2023, with a net outflow of CNY 80,471,733.29, indicating initial challenges in cash management[34] - The net cash flow from operating activities for Q2 2023 was CNY 253,541,322.54, indicating a recovery in cash generation capabilities[34] - As of the end of the reporting period, the company’s cash and cash equivalents totaled CNY 2,249,123,098.04, an increase from CNY 1,520,725,792.25 at the beginning of the period[190] Shareholder and Equity Information - The company has implemented a cash dividend distribution plan, proposing a cash dividend of ¥10.00 per 10 shares[2] - The company has not experienced any changes in its controlling shareholders since its listing [72] - The company issued 40,250,000 shares at a price of CNY 16.40 per share, with the issuance starting in December 2023[161] - The company did not exercise the redemption right for its convertible bonds during the reporting period[161] Accounting and Taxation - The company implemented changes in accounting policies effective January 1, 2023, resulting in a deferred tax asset increase of ¥12,260,168.95 and a deferred tax liability increase of ¥11,278,539.84[171] - The company's total liabilities as of January 1, 2023, adjusted to ¥5,187,998,507.63, reflecting the impact of accounting changes[173] - The company's total equity increased to ¥4,962,704,640.37 after adjustments, with retained earnings rising to ¥1,788,057,329.04[173] - The company continues to benefit from a reduced corporate income tax rate of 15% under the Western Development tax incentive policy, applicable until December 31, 2030[182] - The company is recognized as a high-tech enterprise, allowing it to apply a 15% corporate income tax rate from 2023 to 2025[183] Related Party Transactions and Guarantees - The expected amount of related party transactions for sales to Xinjiang Boshuosi Ecological Technology Co., Ltd. is estimated at CNY 120 million, with actual transactions amounting to CNY 79.06 million[145] - The expected amount of related party transactions for purchasing raw materials from Tianyi Mining is estimated at CNY 80 million, with actual transactions amounting to CNY 0.9316 million[145] - The total approved guarantee amount for subsidiaries during the reporting period was CNY 295,600,000, with actual guarantees amounting to CNY 245,352,240[155] - The total approved guarantee amount for subsidiaries at the end of the reporting period was CNY 522,000,000, with actual guarantee balance of CNY 157,719,390[156] - The total actual guarantee amount accounted for 27.38% of the company's net assets[156] - The company provided guarantees totaling CNY 84,592,190 for entities with a debt-to-asset ratio exceeding 70%[156] - The company did not provide guarantees for shareholders, actual controllers, or their related parties[156]

公司研究 事件：公司发布 2023 年年报。2023 年，公司实现营收 43.20 亿元，同比增长 25.30%；实现归母净利润 7.66 亿元，同比增长 1.02%。2023Q4，公司单季度 实现营收 12.48 亿元，同比增长 25.81%，环比增长 4.72%；实现归母净利润 2.75 亿元，同比增长 62.76%，环比增长 25.98%。 重视股东回报进行股份回购，23 年公司现金分红比例超预期。基于对公司未来 持续稳定发展的信心和公司价值的认可，同时为了推动公司的长远健康发展并为 公司股东创造价值，24 年 2 月公司发布回购公司股份方案。公司拟用自有资金 回购 8000 万元至 1.5 亿元公司股份，回购价格不超过 19.71 元/股。根据公司 2023 年年度利润分配方案，公司拟每 10 股派发现金红利 10 元，预计现金分红 总额不超过 5.95 亿元，占当期归母净利润比例约为 77.6%。2023 年公司现金分 红总额同比增长 69.4%。 盈利预测、估值与评级：公司 2023 年业绩符合预期，现金分红总额超预期。我 们维持公司 24-25 年盈利预测，新增 26 年盈利预测。预计 24-2 ...

贵州川恒化工股份有限公司 北京市东城区朝阳门北大 2023 年度 内部控制审计报告 索引 页码 内部控制审计报告 1-2 内部控制审计报告 XYZH/2024CDAA1B0048 贵州川恒化工股份有限公司 贵州川恒化工股份有限公司全体股东: 按照《企业内部控制审计指引》及中国注册会计师执业准则的相关要求,我们审计 了贵州川恒化工股份有限公司(以下简称川恒股份公司)2023年12月31日财务报告内 部控制的有效性。 一、企业对内部控制的责任 按照《企业内部控制基本规范》、《企业内部控制应用指引》、《企业内部控制评 价指引》的规定,建立健全和有效实施内部控制,并评价其有效性是川恒股份公司董事 会的责任。 二、注册会计师的责任 我们的责任是在实施审计工作的基础上,对财务报告内部控制的有效性发表审计意 见,并对注意到的非财务报告内部控制的重大缺陷进行披露。 三、内部控制的固有局限性 审计报告(续) XYZH/2024CDAA1B0048 贵州川恒化工股份有限公司 (本页无正文) 信永中和会 中国注册会计师: k) (项目合伙人) 中国注册会计师: 中国 北京 二〇二四年三月二十八日 内部控制具有固有局限性,存在不能防 ...

国信证券股份有限公司 关于贵州川恒化工股份有限公司 2023 年度募集资金存放与使用情况的核查意见 根据《深圳证券交易所股票上市规则》《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》《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》等有关规定，作为贵州川恒化工股份有限公 司（以下简称"川恒股份"或"公司"）向特定对象发行股票的保荐机构，国信 证券股份有限公司（以下简称"国信证券"或"保荐机构"）对川恒股份 2023 年 度募集资金存放与使用情况进行了审慎核查。具体情况如下： 一、募集资金基本情况 （一）公开发行可转换公司债券募集资金基本情况 1、募集资金金额及到位时间 经中国证券监督管理委员会证监许可[2021]2337 号文核准，公司公开发行可 转换公司债券 1,160.00 万张，发行价格为 100.00 元/张，募集资金总额为 11.60 亿 元，扣除各项发行费用合计不含税金额 15,274,659.44 元，实际募集资金净额为 人民币 1,144,725,340.56 元（因发行费用中增值税进项税额 842,381.69 元未做进 项税抵扣，实际可使用募集 ...

| 证券代码：002895 | 证券简称：川恒股份 | 公告编号：2024-052 | | --- | --- | --- | | 转债代码：127043 | 转债简称：川恒转债 | | 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。 一、对外投资概述 1、广西鹏越生态科技有限公司（以下简称"广西鹏越"）为本公司控股子 公司，本公司持股比例为 90%，广西鹏越另一股东广西南国铜业有限责任公司（以 下简称"南国铜业"）持股为比例 10%，为解决广西鹏越项目投资建设所需的部 分资金缺口，本公司及南国铜业拟按持股比例向广西鹏越合计增资 10,000.00 万 元，本公司拟以自有资金认缴增资 9,000.00 万元，南国铜业拟认缴增资 1,000.00 万元，增资完成后，双方持股比例不变。 2、本次增资事项已经公司第三届董事会第三十九次会议审议通过，无需提 交股东大会审议。 3、本次增资不构成《上市公司重大资产重组管理办法》规定的重大资产重 组，不属于关联交易，也无需经过有关部门批准。 二、标的公司基本情况 1、广西鹏越基本情况 公司名称：广西鹏越生态科技有限公司 贵 ...

贵州川恒化工股份有限公司 2023 年度 审计报告 | 索引 | | 页码 | | --- | --- | --- | | 审计报告 | | 1-5 | | 公司财务报表 | | | | — | 合并资产负债表 | 1-2 | | — | 母公司资产负债表 | 3-4 | | — | 合并利润表 | 5 | | — | 母公司利润表 | 6 | | — | 合并现金流量表 | 7 | | — | 母公司现金流量表 | 8 | | — | 合并股东权益变动表 | 9-10 | | — | 母公司股东权益变动表 | 11-12 | | — | 财务报表附注 | 13-110 | 北京市东城区期阳门北大街 联系申话: 信永中和会计师事务所 8 号宫 张 大 厦 A 麻 9 房 ShineW AIF Block A FII H No 8 Chaovandmen Belo Donachena District, Beijir 100027 P.R.China 审计报告 XYZH/2024CDAA1B0047 贵州川恒化工股份有限公司 贵州川恒化工股份有限公司全体股东: 一、审计意见 我们审计了贵州川恒化工股份有限公司( ...

关于贵州福麟矿业有限公司取得的 新桥磷矿、鸡公岭磷矿采矿权及相关资产 2023 年度业绩承诺实现情况的 专项审核报告 | 索引 | 页码 | | --- | --- | | 审核报告 | 1-2 | | 关于新桥磷矿、鸡公岭磷矿采矿权及相关资产 2023 | 年 | | 度业绩承诺实现情况的说明 | 1-4 | 言永中和会计师事务所|北京市东城区朝阳门北大街 8 号宣华大厦 A 应 9 certified public accountants 关于贵州福麟矿业有限公司取得的 新桥磷矿、鸡公岭磷矿采矿权及相关资产 2023 年度业绩承诺实现情况的 专项审核报告 XYZH/2024CDAA1B0052 贵州川恒化工股份有限公司 贵州川恒化工股份有限公司全体股东: 我们接受委托,对贵州川恒化工股份有限公司(以下简称"川恒股份公司")编制的 《关于贵州福麟矿业有限公司取得的新桥磷矿、鸡公岭磷矿采矿权及相关资产 2023 年 度业绩承诺实现情况的说明》实施了专项审核。 一、管理层的责任 川恒股份公司管理层负责按照相关承诺及规定编制《关于贵州福麟矿业有限公司取 得的新桥磷矿、鸡公岭磷矿采矿权及相关资产 2023 年度业绩 ...