YYTH(600096) 首创证券·2024-10-21 08:11Investment Rating - The investment rating for the company is "Buy" [1] Core Views - The company reported a revenue of 467.24 billion yuan for the first three quarters of 2024, a year-on-year decrease of 12.34%, while the net profit attributable to shareholders was 44.24 billion yuan, an increase of 19.42% year-on-year [4] - In Q3 2024, the company achieved a revenue of 147.31 billion yuan, down 18.54% year-on-year and 18.77% quarter-on-quarter, but the net profit attributable to shareholders was 15.83 billion yuan, up 54.16% year-on-year and 14.56% quarter-on-quarter [4] - The prices of ammonium phosphate increased year-on-year, and the sales of compound fertilizers showed significant growth [5] - The company has optimized its financial rates, with a decrease in the financial expense ratio and an improvement in the asset-liability ratio, which now stands at 52.51% [6] - The company repurchased minority stakes in its subsidiary, enhancing its main profit [7] - The company is expected to achieve net profits attributable to shareholders of 53.52 billion yuan, 56.61 billion yuan, and 59.18 billion yuan for 2024, 2025, and 2026 respectively, with corresponding EPS of 2.92 yuan, 3.09 yuan, and 3.23 yuan [7] Summary by Sections Financial Performance - For the first three quarters of 2024, the company reported a revenue of 467.24 billion yuan, down 12.34% year-on-year, and a net profit of 44.24 billion yuan, up 19.42% year-on-year [4] - In Q3 2024, the revenue was 147.31 billion yuan, down 18.54% year-on-year, while the net profit was 15.83 billion yuan, up 54.16% year-on-year [4] Product Pricing and Sales - The average prices for the company's main products in the first three quarters of 2024 were as follows: ammonium phosphate at 3370 yuan/ton (+4.08% YoY), compound fertilizer at 2936 yuan/ton (-3.52% YoY), and urea at 2118 yuan/ton (-7.83% YoY) [5] - The production and sales volumes for ammonium phosphate were 372.93 million tons and 359.22 million tons respectively, with production up 7.01% YoY and sales down 2.54% YoY [5] Financial Management - The company has reduced its financial expense ratio to 0.83%, down 0.21 percentage points year-on-year, and improved its asset-liability ratio to 52.51% [6] - The repurchase of minority stakes in its subsidiary is expected to enhance resource synergy and increase net profit attributable to shareholders [7] Future Projections - The company forecasts net profits attributable to shareholders of 53.52 billion yuan in 2024, 56.61 billion yuan in 2025, and 59.18 billion yuan in 2026, with corresponding EPS of 2.92 yuan, 3.09 yuan, and 3.23 yuan [7]