YYTH(600096) 中原证券·2024-04-02 16:00Investment Rating - The investment rating for the company is "Buy" (maintained) [2][10] Core Views - The company's performance declined due to falling product prices, but its resource advantages suggest a promising long-term growth outlook [1][3] - In 2023, the company achieved operating revenue of 69.06 billion yuan, a year-on-year decrease of 8.30%, and a net profit attributable to shareholders of 4.522 billion yuan, down 24.90% year-on-year [2][4] - The company has significant phosphate resource reserves, with a production capacity of 14.5 million tons per year and phosphate rock reserves of nearly 800 million tons, making it the largest phosphate mining enterprise in China [3][4] Summary by Sections Financial Performance - In 2023, the company reported a gross profit margin of 15.18%, a decrease of 1.04 percentage points year-on-year [2][4] - The sales volume of key products such as ammonium phosphate, compound fertilizer, and urea saw changes of 4.05%, 52.82%, and 27.07% respectively, while their average selling prices dropped by 16.90%, 3.52%, and 9.81% [2][3] - The company’s earnings per share (EPS) for 2023 was 2.47 yuan, with forecasts of 2.62 yuan and 2.77 yuan for 2024 and 2025 respectively [3][4] Market Position and Resource Advantage - The company benefits from a strong phosphate resource advantage, with phosphate rock prices expected to remain high due to increasing scarcity and environmental regulations [3][4] - The company is actively transforming and upgrading its business, expanding into high-value fine chemical fields such as new energy and new materials [3][4] Future Outlook - The company is projected to have a PE ratio of 7.38 and 6.97 for 2024 and 2025 respectively, indicating a favorable valuation given its growth prospects [3][4] - The company’s strategic initiatives and resource advantages are expected to support its long-term growth trajectory despite short-term challenges [3][4]