YYTH(600096) 首创证券·2024-08-29 02:11Investment Rating - The investment rating for the company is "Buy" [2] Core Views - The company reported a revenue of 31.993 billion yuan for the first half of 2024, a year-on-year decrease of 9.16%, while the net profit attributable to shareholders was 2.841 billion yuan, an increase of 6.1% year-on-year. In Q2 2024, revenue was 18.136 billion yuan, down 6.19% year-on-year but up 30.88% quarter-on-quarter, with a net profit of 1.382 billion yuan, up 25.01% year-on-year but down 5.32% quarter-on-quarter [2][4] - The main products, including ammonium phosphate, compound fertilizer, urea, and others, showed stable production and sales, with ammonium phosphate prices remaining at a high level. The average prices for the main products were 3,436 yuan/ton for ammonium phosphate, 2,985 yuan/ton for compound fertilizer, and 2,176 yuan/ton for urea, with sales volumes showing growth for most products [2][4] - The company has good financial control, maintaining low rates for sales, management, and finance at 1.14%, 1.89%, and 0.87% respectively, with a decrease in financial costs and optimized debt structure [3][4] - The phosphate rock market remains strong, with an average price of 1,011 yuan/ton for 30% grade phosphate rock. The company has significant phosphate reserves of nearly 800 million tons and a self-sufficiency rate in phosphate rock production, benefiting from its integrated mining and fertilizer operations [4] - The company is expected to achieve net profits of 4.966 billion yuan, 5.249 billion yuan, and 5.563 billion yuan for 2024, 2025, and 2026 respectively, with corresponding EPS of 2.71 yuan, 2.86 yuan, and 3.03 yuan, indicating a favorable outlook for the company as a leading player in the domestic phosphate chemical industry [4][5] Summary by Sections Financial Performance - In the first half of 2024, the company achieved a revenue of 31.993 billion yuan, a decrease of 9.16% year-on-year, and a net profit of 2.841 billion yuan, an increase of 6.1% year-on-year. Q2 2024 saw a revenue of 18.136 billion yuan, down 6.19% year-on-year but up 30.88% quarter-on-quarter, with a net profit of 1.382 billion yuan, up 25.01% year-on-year [2][4] Product Pricing and Sales - The average prices for the main products were 3,436 yuan/ton for ammonium phosphate, 2,985 yuan/ton for compound fertilizer, and 2,176 yuan/ton for urea, with sales volumes showing growth for most products. The company’s core product, ammonium phosphate, maintained a relatively high price level, and sales increased as demand is expected to rise with the upcoming autumn fertilization season [2][4] Financial Management - The company maintained low sales, management, and financial expense ratios at 1.14%, 1.89%, and 0.87% respectively, with a focus on controlling financial costs and optimizing the debt structure [3][4] Market Outlook - The phosphate rock market continues to be robust, with an average price of 1,011 yuan/ton for 30% grade phosphate rock. The company has substantial phosphate reserves and a high self-sufficiency rate in phosphate rock production, positioning it well to benefit from the industry's high-quality development initiatives [4] Profit Forecast - The company is projected to achieve net profits of 4.966 billion yuan, 5.249 billion yuan, and 5.563 billion yuan for 2024, 2025, and 2026 respectively, with corresponding EPS of 2.71 yuan, 2.86 yuan, and 3.03 yuan, indicating a positive growth trajectory [4][5]