YYTH(SH:600096) Huaan Securities·2024-10-17 05:08Investment Rating - The investment rating for the company is "Accumulate" (maintained) [1] Core Views - The company reported stable year-on-year growth in Q3 2024, with significant advantages from its integrated phosphate chemical operations [4] - In Q3 2024, the company achieved operating revenue of 14.731 billion yuan, a year-on-year decrease of 18.54%, but a net profit attributable to shareholders of 1.583 billion yuan, a year-on-year increase of 54.16% [4][9] - The increase in the prices of main products, such as monoammonium phosphate and diammonium phosphate, contributed to the performance improvement in Q3 [4][5] - The company’s gross profit margin improved due to the decrease in raw material prices, including sulfur and coal [4][6] Summary by Sections Financial Performance - For the first three quarters of 2024, the company achieved operating revenue of 46.724 billion yuan, a year-on-year decrease of 12.34%, and a net profit of 4.424 billion yuan, a year-on-year increase of 19.42% [4] - In Q3 2024, the company’s operating revenue was 14.731 billion yuan, with a net profit of 1.583 billion yuan, reflecting a strong recovery in profitability [4][9] Product Pricing - The average market prices for key products in Q3 2024 were as follows: monoammonium phosphate at 3,281.03 yuan/ton (up 18.09% YoY), diammonium phosphate at 3,645.89 yuan/ton (up 5.79% YoY), and calcium hydrogen phosphate at 2,559.90 yuan/ton (up 19.19% YoY) [5] - The increase in product prices, combined with a decrease in raw material costs, significantly boosted the company's profitability [4][6] Cost Control - The company’s asset-liability ratio decreased to 52.51%, indicating improved financial stability [8] - Financial expenses were reduced by 47.62% year-on-year, reflecting effective cost control measures [8] Market Outlook - The phosphate rock market remains robust, with prices maintaining a high level due to stable demand [7] - The company’s integrated operations continue to support stable profitability across its product lines [7] Profit Forecast - The projected net profits for 2024-2026 are 5.236 billion, 5.288 billion, and 5.453 billion yuan, respectively, with a corresponding PE ratio of 8 times [9]