YYTH(600096) Shenwan Hongyuan Securities·2025-03-26 02:13Investment Rating - The report maintains an "Outperform" rating for the company, indicating a positive outlook compared to the market performance [6]. Core Insights - The company has shown improvements in gross profit margins for phosphate and non-fertilizer businesses, with a continued decrease in the debt-to-asset ratio and an increase in the dividend payout ratio [6]. - The company reported a revenue of 61.54 billion yuan for 2024, a decrease of 11% year-on-year, while the net profit attributable to shareholders increased by 18% year-on-year to 5.33 billion yuan [6]. - The company plans to distribute a cash dividend of 14 yuan per 10 shares, amounting to approximately 2.55 billion yuan, which corresponds to a dividend payout ratio of 47.86% [6]. Financial Data and Profit Forecast - The total revenue forecast for 2025 is 61.34 billion yuan, with a slight decrease of 0.3% year-on-year, while the net profit attributable to shareholders is projected to be 5.52 billion yuan, reflecting a growth of 3.5% [5][8]. - The gross margin is expected to improve to 18.2% in 2025, with a return on equity (ROE) of 21.5% [5][8]. - The company’s debt-to-asset ratio has decreased to 52.26%, down by 5.87 percentage points year-on-year, indicating a continued optimization of the debt structure [6].