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云天化:经营稳中向好,积极分红持续-20250326

Investment Rating - The investment rating for the company is "Buy" (maintained) [2] Core Views - The company is experiencing stable and improving operations, with a focus on active dividend distribution [1] - The company has demonstrated a continuous improvement in financial data, with a significant increase in net profit year-on-year [5][9] - The company maintains a strong position in the market due to its integrated operations and resource advantages [9] Financial Performance - In 2024, the company achieved revenue of 61,537 million yuan, a year-on-year decrease of 10.89%, while net profit attributable to shareholders was 5,333 million yuan, an increase of 17.93% [5][8] - The gross profit margin improved to 17.5%, up by 2.32 percentage points year-on-year [5] - The company plans to produce and sell 4.92 million tons of phosphate fertilizer, 2.67 million tons of urea, and 1.64 million tons of compound fertilizer in 2025 [5] Operational Strategy - The company leverages its "mining integration" and full industry chain operational advantages, adhering to a strategy of "full load, fast turnover, low inventory, and risk prevention" [5] - The company has completed the buyback of an 18.6% minority stake in its subsidiary, making it a wholly-owned subsidiary, which has contributed to an increase in net profit [5] - The company is actively pursuing the development of its resources, including phosphate mining and coal resources, to strengthen its long-term industrial planning [6][9] Financial Management - The company has significantly improved its financial management, with a reduction in the asset-liability ratio from 89.13% in 2019 to 52.26% in 2024 [9] - The company has established a cash dividend plan for the next three years, aiming to distribute no less than 45% of the cumulative distributable profits [9] - The projected earnings per share (EPS) for 2025 is 3.06 yuan, with a price-to-earnings (P/E) ratio of 7.7x [8][9]