YYTH(600096) EBSCN·2025-03-25 11:43Investment Rating - The report maintains a "Buy" rating for the company [6] Core Views - The company achieved a revenue of 61.54 billion yuan in 2024, a year-on-year decrease of 10.89%, while the net profit attributable to shareholders increased by 17.93% to 5.33 billion yuan [1][4] - The high demand in the phosphate industry continues to support the company's performance, with significant increases in gross margins across its phosphate fertilizer, phosphate chemical, and phosphate rock businesses [2][4] - The company plans to distribute a cash dividend of 14 yuan per 10 shares, totaling 2.552 billion yuan, which represents 47.86% of the net profit attributable to shareholders for 2024 [3] Summary by Sections Financial Performance - In 2024, the company's phosphate fertilizer, phosphate chemical, and phosphate rock revenues were 15.73 billion yuan, 2.77 billion yuan, and 670 million yuan, with corresponding gross margins of 37.9%, 33.2%, and 61.6%, reflecting year-on-year increases of 5.0 percentage points, 6.0 percentage points, and 15.6 percentage points respectively [2] - The company reported a quarterly revenue of 14.81 billion yuan in Q4 2024, a year-on-year decrease of 6.00% but a slight quarter-on-quarter increase of 0.55% [1] Dividend Policy - The proposed cash dividend for 2024 represents a 40.0% increase compared to the previous year, with a payout ratio increase of 7.55 percentage points [3] Profit Forecast and Valuation - The company’s net profit forecasts for 2025, 2026, and 2027 are adjusted to 5.68 billion yuan, 5.81 billion yuan, and 6.07 billion yuan respectively, reflecting the ongoing high demand in the phosphate industry [4][5]