YYTH(600096) 申万宏源·2025-03-26 03:15Investment Rating - The report maintains an "Outperform" rating for the company, indicating a positive outlook compared to the market benchmark [6]. Core Insights - The company has shown improvements in gross profit margins for both phosphate and non-fertilizer businesses, with a continued decrease in the debt-to-asset ratio and an increase in the dividend payout ratio [4][6]. - The company reported a revenue of 61.54 billion yuan for 2024, a year-on-year decrease of 11%, while the net profit attributable to shareholders increased by 18% to 5.33 billion yuan [6]. - The report highlights the company's integrated advantages in the phosphate chemical industry and ongoing optimization of its debt structure [6]. Financial Data and Profit Forecast - Total revenue projections for the company are as follows: 69.06 billion yuan in 2023, 61.54 billion yuan in 2024, and a slight decline to 61.34 billion yuan in 2025 [5][8]. - The net profit attributable to shareholders is forecasted to be 5.52 billion yuan in 2025, with an expected earnings per share (EPS) of 3.01 yuan [5][6]. - The gross profit margin is expected to improve from 15.2% in 2023 to 18.2% by 2025, reflecting operational efficiency [5][6]. Dividend and Shareholder Returns - The company plans to distribute a cash dividend of 14 yuan per 10 shares, resulting in a dividend payout ratio of approximately 47.86%, which corresponds to a dividend yield of 6.1% based on the current market capitalization [6].