YYTH(SH:600096) Changjiang Securities·2025-03-27 10:15Investment Rating - The investment rating for the company is "Buy" and is maintained [9]. Core Views - The company reported a revenue of 61.54 billion yuan for 2024, a year-on-year decrease of 10.9%, while the net profit attributable to shareholders was 5.33 billion yuan, an increase of 17.9% year-on-year [6][10]. - The company plans to distribute a cash dividend of 14 yuan per 10 shares, which accounts for 47.86% of the net profit attributable to shareholders for 2024 [6][10]. - The company has a strong position in the phosphate resource and fertilizer industry, with significant production capacities and a focus on internal reforms and capacity expansion [6][12]. Financial Performance Summary - For 2024, the company achieved a gross profit margin of 17.5%, an increase of 2.3 percentage points year-on-year, and a net profit margin of 9.8%, an increase of 1.9 percentage points year-on-year [12]. - The company’s sales volume for various products showed mixed results, with phosphate fertilizer sales down by 5.6% and compound fertilizer sales up by 16.9% [12]. - The company’s financial expenses decreased, and it has been actively optimizing its cost structure [12]. Future Outlook - The company expects net profits for 2025, 2026, and 2027 to be 5.31 billion, 5.39 billion, and 5.50 billion yuan respectively, indicating a stable growth trajectory [12].