Investment Rating - The report maintains a "Buy" rating for the company [10][17]. Core Views - The company reported a revenue of 15.10 billion yuan in 2023, a decrease of 5.38% year-on-year, and a net profit of 12.07 billion yuan, down 7.85% year-on-year. The fourth quarter of 2023 saw a revenue of 32.15 billion yuan, a year-on-year decrease of 12.57% but a significant increase in net profit by 99.64% year-on-year [11][12]. - The sales and gross margin of compound fertilizers improved due to reduced price volatility of raw materials like potassium chloride and monoammonium phosphate, leading to a recovery in production and sales [11][12]. - The company is set to launch new production capacities for anhydrous hydrofluoric acid and purified phosphoric acid, which are expected to contribute to performance starting in the second half of 2024 [11][12]. Financial Summary - Revenue (in million yuan): 15,958 (2022), 15,100 (2023), 17,106 (2024E), 18,832 (2025E), 21,020 (2026E) [9]. - Net Profit (in million yuan): 1,309 (2022), 1,207 (2023), 1,454 (2024E), 1,686 (2025E), 1,890 (2026E) [9]. - Gross Margin: 14.5% (2022), 14.9% (2023), 14.9% (2024E), 15.5% (2025E), 15.6% (2026E) [9]. - EPS (in yuan): 1.00 (2022), 0.96 (2023), 1.16 (2024E), 1.34 (2025E), 1.51 (2026E) [9]. Market Data - Total shares: 1.255 billion [15]. - Total market value: 14.103 billion yuan [15]. - Current price: 11.24 yuan [17].
2023年年报点评:复合肥销售及毛利率改善,关注新产品及磷矿产能落地进展