云天化（600096）：磷化工主业稳健，新材料业务放量

Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected relative increase in stock price of over 15% compared to the CSI 300 index in the next six months [1][13]. Core Insights - The company's main business in phosphate chemicals remains stable, with significant growth in the new materials sector. The company reported a revenue of 48.415 billion yuan in 2025, a year-on-year decrease of 21.47%, and a net profit attributable to shareholders of 5.156 billion yuan, down 3.4% year-on-year [2][3]. - The decline in revenue is attributed to the company's strategic decision to reduce less profitable trading activities, particularly in soybeans. Despite facing a 84.62% increase in sulfur prices, the company managed to maintain a high gross margin of 36.06% in its phosphate fertilizer business due to its self-sufficient phosphate resources and strategic procurement [3][4]. - The new energy materials segment achieved a revenue of 1.321 billion yuan, marking a 75.30% year-on-year increase, with iron phosphate production rising by 132.13% to 70,800 tons [3][4]. Financial Summary - The company produced 4.6388 million tons of phosphate fertilizer in 2025, and its phosphate rock reserves are approximately 800 million tons, with an annual mining capacity of 14.5 million tons [4]. - The forecasted earnings per share (EPS) for 2026, 2027, and 2028 are projected to be 2.91 yuan, 3.08 yuan, and 3.24 yuan respectively, with a corresponding price-to-earnings (PE) ratio decreasing from 12.30 in 2025 to 10.73 in 2028 [5][9].