云天化：二季度利润同比增长，主要产品产销增加

Investment Rating - The report assigns a "Buy-B" rating for the company, indicating a positive outlook for its stock performance [3][4]. Core Views - The company has demonstrated strong performance in the first half of the year, with stable profitability from its main products, including fertilizers and polyformaldehyde. The "mineralization integration" and full industry chain operational advantages have contributed to this success [1][4]. - The company is well-positioned in the phosphate chemical industry, benefiting from tight supply conditions and strong resource security. Its phosphate reserves are nearly 800 million tons, with an annual mining capacity of 14.5 million tons, ranking among the top in the country [2][3]. - The company is expected to achieve stable growth in performance due to continuous improvements in operational efficiency, procurement integration, and optimized debt structure [2][3]. Financial Performance - In the second quarter, the company achieved revenue of 18.136 billion yuan, a year-on-year decrease of 6.19% but a quarter-on-quarter increase of 30.88%. The net profit attributable to shareholders was 1.382 billion yuan, a year-on-year increase of 25.01% [1][4]. - For the first half of 2024, the company reported total revenue of 31.993 billion yuan, a year-on-year decrease of 9.16%, while the net profit attributable to shareholders was 2.841 billion yuan, a year-on-year increase of 6.10% [4][5]. - The company’s earnings per share (EPS) for the first half of 2024 was 1.55 yuan, with a projected EPS of 2.57, 2.68, and 2.80 yuan for 2024, 2025, and 2026 respectively [2][7]. Market Data - As of August 13, 2024, the closing price of the company's stock was 20.00 yuan, with a year-to-date high of 22.10 yuan and a low of 14.09 yuan. The circulating A-shares market capitalization is 36.687 billion yuan [2][3]. - The company has a return on equity (ROE) of 15.29% and a price-to-earnings (P/E) ratio projected at 7.7, 7.3, and 7.0 for the years 2024, 2025, and 2026 respectively [2][7].