YYTH(SH:600096) Zhongyuan Securities·2025-03-27 08:16Investment Rating - The investment rating for the company is "Buy" (maintained) [4][17]. Core Views - The company reported a revenue of 61.537 billion yuan for 2024, a year-on-year decline of 10.89%, while the net profit attributable to shareholders increased by 17.93% to 5.333 billion yuan [4]. - The recovery in the phosphate chemical industry has driven the company's performance growth, with the company being a leading player in the phosphate chemical sector in China [4][5]. - The company plans to distribute a cash dividend of 14 yuan for every 10 shares, amounting to a total of 2.552 billion yuan [4]. Summary by Sections Financial Performance - In 2024, the company achieved a revenue of 61.537 billion yuan, down 10.89% year-on-year, while the net profit was 5.333 billion yuan, up 17.93% [4]. - The basic earnings per share (EPS) for the year was 2.91 yuan [4]. - The gross profit margin for the year was 17.50%, an increase of 2.32 percentage points year-on-year, with a net profit margin of 9.82%, up 1.87 percentage points [4]. Product Performance - The company sold 4.6425 million tons of phosphate fertilizer in 2024, a decrease of 3.15% year-on-year, with an average selling price of 3,388 yuan per ton, an increase of 4.28% [4]. - The sales volumes and average prices for other products such as compound fertilizer, urea, and polyoxymethylene showed varied changes, with compound fertilizer sales increasing by 16.91% [4]. Industry Outlook - The phosphate chemical industry is expected to continue its upward trend, supported by high phosphate rock prices and the company's strong resource advantages [5][6]. - The company has a phosphate rock production capacity of 14.5 million tons per year and reserves of nearly 800 million tons, making it the largest phosphate mining enterprise in China [6]. Dividend Policy - The company plans to distribute cash dividends amounting to 25.52 billion yuan over the next three years, with a commitment to distribute at least 45% of the cumulative distributable profits during this period [7].