YYTH(600096) 光大证券·2024-03-25 16:00Investment Rating - The report maintains a "Buy" rating for the company [2][6]. Core Views - In 2023, the company achieved a revenue of 69.06 billion yuan, a decrease of 8.30% year-on-year, and a net profit attributable to shareholders of 4.52 billion yuan, down 24.90% year-on-year. The decline in revenue was attributed to a drop in prices of key products despite significant growth in fertilizer sales [2][3]. - The company has optimized its capital structure, with a notable reduction in interest-bearing liabilities by 3.5 billion yuan, leading to a decrease in the asset-liability ratio to 58.13%, down 5.40 percentage points from the beginning of the year [2][3]. - The company is expanding its phosphate and fluorine industry chain advantages, leveraging its substantial phosphate ore reserves and production capacity to drive transformation and upgrades in the industry [3]. Summary by Sections Financial Performance - In 2023, the company reported a revenue of 69.06 billion yuan, a decrease of 8.30% from the previous year. The net profit attributable to shareholders was 4.52 billion yuan, down 24.90% year-on-year. The fourth quarter of 2023 saw a revenue of 15.76 billion yuan, a year-on-year decrease of 16.42% [2][4]. - Fertilizer sales showed significant growth, with phosphate, urea, and compound fertilizer sales increasing by 4.05%, 27.07%, and 52.82% respectively, primarily due to the acquisition of a majority stake in Qinghai Yuntianhua [2][3]. Market Position and Strategy - The company holds nearly 800 million tons of phosphate ore reserves and is one of the largest phosphate mining enterprises in China. It is focusing on the deep development and utilization of fluorine resources associated with phosphate mining [3]. - The company has completed multiple rounds of technical upgrades for its 100,000 tons/year iron phosphate facility to meet differentiated customer needs and new standards [3]. Profit Forecast and Valuation - The profit forecast for 2024-2026 has been adjusted downward, with expected net profits of 4.94 billion yuan (down 18.9%), 5.26 billion yuan (down 19.3%), and 5.51 billion yuan respectively. Despite the price decline of key products, the company remains a leader in the phosphate and phosphate chemical industry with strong resource advantages [3][4].