YYTH(600096) Xin Lang Cai Jing·2025-05-01 10:29Core Viewpoint - The company reported a decline in revenue and net profit for Q1 2025, but maintained stable sales volumes for its main products, indicating overall performance in line with expectations [1][2]. Financial Performance - The company achieved operating revenue of 13.004 billion yuan, a year-on-year decrease of 6.16% and a quarter-on-quarter decrease of 12.21% [1]. - The net profit attributable to shareholders was 1.289 billion yuan, down 11.65% year-on-year but up 41.85% quarter-on-quarter [1]. - The net profit excluding non-recurring items was 1.270 billion yuan, a year-on-year decrease of 11.50% and a quarter-on-quarter increase of 50.25% [1]. - The gross profit margin for Q1 2025 was 17.23%, down 1.89 percentage points year-on-year and quarter-on-quarter [1]. Product Sales and Pricing - Sales volumes for key products showed positive year-on-year growth: - Phosphate: +8.22% - Compound (mixed) fertilizer: +23.17% - Urea: +17.00% - Polyoxymethylene: -4.60% - Yellow phosphorus: +1.64% - Feed-grade dicalcium phosphate: +9.40% [1]. - Sales prices for these products varied, with notable changes including: - Urea: +21.06% year-on-year - Feed-grade dicalcium phosphate: +20.55% year-on-year [1]. Resource and Competitive Advantage - The company has a strong resource advantage with phosphate rock prices expected to remain high due to supply-demand balance, supporting phosphate chemical product prices [2]. - The company ranks among the top in the country for phosphate reserves and annual mining capacity, achieving full self-sufficiency [2]. - A subsidiary has secured exploration rights for a significant phosphate mine, which is expected to enhance the company's resource security and integrated advantages in the phosphate chemical industry [2]. Investor Returns - The company plans to distribute a cash dividend of 14 yuan per 10 shares for the 2024 fiscal year, totaling 2.552 billion yuan, with a dividend payout ratio of 47.86%, an increase of 7.54 percentage points year-on-year [2]. - The company aims to maintain a high level of cash dividends and dividend yield in the future due to stable operations and improved debt structure [2]. Investment Outlook - Projected net profits for 2025-2027 are 5.315 billion, 5.636 billion, and 5.875 billion yuan, with year-on-year changes of -0.34%, +6.04%, and +4.25% respectively [3]. - Earnings per share (EPS) are expected to be 2.90, 3.07, and 3.20 yuan, with corresponding price-to-earnings (PE) ratios of 7.69, 7.25, and 6.96 [3]. - The company is viewed positively due to the sustained high demand for phosphate and its competitive edge as a leading integrated phosphate chemical enterprise, maintaining a "recommended" rating [3].