Financial Performance - For Q1 2024, China XLX Fertiliser Ltd. reported unaudited consolidated revenue of approximately RMB 5.75 billion, a decrease of about RMB 529 million or 8% compared to Q1 2023's revenue of approximately RMB 6.279 billion[1]. - The unaudited net profit for Q1 2024 was approximately RMB 383 million, down about RMB 79 million or 17% from approximately RMB 462 million in Q1 2023[1]. Sales Revenue Analysis - Urea sales revenue increased by approximately RMB 41 million or 2% to about RMB 1.994 billion, driven by a 26% increase in sales volume, although this was offset by a 19% decline in average selling price[2]. - The sales revenue of compound fertilizers decreased by approximately RMB 126 million or 8% to about RMB 1.434 billion, primarily due to an 8% drop in average selling price[4]. - Methanol sales revenue rose by approximately RMB 104 million or 20% to about RMB 632 million, attributed to a 26% increase in sales volume[5]. - The sales revenue of automotive urea solution decreased by approximately RMB 30 million or 29% to about RMB 75 million, with sales volume and average price dropping by 11% and 20%, respectively[3]. - The sales revenue of pharmaceutical intermediates fell by approximately RMB 33 million or 23% to about RMB 111 million, primarily due to a 35% decrease in sales volume[9]. Profit Margins - The gross profit margin for DMF improved from 7% in Q1 2023 to 12% in Q1 2024, due to a 22% decrease in average production costs[8]. - The gross profit margin for compound fertilizers increased from approximately 11.7% to 14.7%, supported by a decline in raw material costs[4]. Market Dynamics and Strategy - The raw material coal supply and demand dynamics are changing, leading to a stable increase in prices, which will support the prices of coal chemical products[10]. - Agricultural demand is expected to boost sales of high-nitrogen fertilizers during the peak seasons, supporting the group's increased sales of efficient compound fertilizers[10]. - The fertilizer export window will alleviate domestic supply pressure and enhance market sentiment, further optimizing the supply-demand structure of fertilizers[10]. - The chemical products market is anticipated to have significant growth potential due to the steady recovery of the domestic economy and the rebound in key industries such as real estate and new energy[10]. - The company is committed to a "low-cost + differentiation" strategy, focusing on high-quality development through refined management and flexible production[11]. - The company plans to enhance market share by capitalizing on the fertilizer industry's consolidation and transformation cycle while ensuring stable cash flow[11]. - The Guangxi base's compound fertilizer phase one project is expected to be completed and put into operation by the end of this year, establishing a competitive benchmark base in South China[11]. - The company is accelerating the transformation of its marketing model, leveraging big data to enhance integrated service capabilities for large agricultural households[11].
中国心连心化肥(01866) - 2024 Q1 - 季度业绩