本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 | 一、主要产品的产量、销量及收入实现情况 | | --- | | 主要产品 | 产量（万吨） | 销量（万吨） | 营业收入（万元） | | --- | --- | --- | --- | | 磷肥 | 122.06 | 127.73 | 392,321.79 | | 复合（混）肥 | 51.13 | 52.53 | 150,086.88 | | 尿素 | 75.70 | 75.35 | 129,875.42 | | 聚甲醛 | 3.13 | 2.49 | 28,824.18 | | 黄磷 | 0.81 | 0.62 | 12,865.20 | | 饲料级磷酸氢钙 | 15.01 | 12.68 | 49,320.10 | 备注：以上主要产品数据为公司自产产品数据，未包含本期商贸收入及其他 业务收入和其他零星产品收入。 根据上海证券交易所《上市公司自律监管指引第 3 号——行业信 息披露》相关规定，将公司 2025 年第一季度主要经营数据披露如下： 证券代码：600096 证券 ...

Group 1 - The company, Yuntianhua (600096), reported a revenue of 13.004 billion yuan for the first quarter of 2025, representing a year-on-year decrease of 6.16% [1] - The net profit for the same period was 1.289 billion yuan, showing a year-on-year decline of 11.65% [1]

事件 风险提示：1）碳酸锂价格波动风险；2）在建项目不及预期；3）钾肥价格波动风险。 实际控制人拟增持公司股份，彰显对公司未来发展的信心4 月9 日，公司发布公告称，公司实际控制人 中国五矿基于对公司未来持续稳定发展的信心和长期投资价值的认可，计划增持公司A 股股票，总数量 不少于21166.29万股，约总股本4%。截至4 月9 日，中国五矿直接或间接合计持有盐湖股份25.3%的股 份，上述增持计划完成后，中国五矿将持有公司超过29%的股份，有助于增强中国五矿对公司生产经营 决策的影响，凭借中国五矿雄厚的经营实力和运作能力，加快"走出去"积极获取境内外盐湖及锂矿资 源，加大产业链价值链延伸布局。 投资建议 我们预计公司2025-2027 年营业收入分别为163.76/179.64/190.04 亿元，同比分别+8.2%/+9.7%/+5.8%； 归母净利润分别为54.35/64.74/70.85 亿元，同比增速分别为 16.5%/19.1%/9.4%。EPS分别为 1.03/1.22/1.34 元。维持"买入"评级。 钾肥价格上涨，推动公司业绩同期增长 公司持有察尔汗盐湖约3700 平方公里的采矿权，氯化钾的 ...

Investment Rating - The investment rating for the company is "Accumulate" [1] Core Views - The company's composite fertilizer business remains stable, and the release of phosphate rock production capacity is promising [2][3] - In 2024, the company achieved operating revenue of 3.313 billion yuan, a year-on-year increase of 2.15%, and a net profit attributable to shareholders of 409 million yuan, a year-on-year increase of 57.67% [2][3] - The profit distribution plan includes a cash dividend of 2.80 yuan per 10 shares (tax included) [2] Summary by Sections Revenue and Profitability - The company reported operating revenue of 3.313 billion yuan in 2024, with a gross profit margin of 27.66%, an increase of 4.69 percentage points year-on-year [3] - The revenue breakdown shows that composite fertilizers accounted for 76.60% of total revenue, while phosphate rock contributed 21.30% with a gross margin of 83.67% [3][5] Product Structure and Sales - The company has a designed production capacity of 1.91 million tons for composite fertilizers, with a production of 730,900 tons in 2024, a decrease of 12.11% year-on-year [4] - The average selling price of composite fertilizers was 3,498.16 yuan per ton, a year-on-year increase of 5% [4] Phosphate Rock Development - The company’s phosphate rock project, with a phase one capacity of 2 million tons per year, has been completed, and phase two with a capacity of 900,000 tons per year is under construction [5] - The phosphate rock revenue reached 706 million yuan in 2024, a year-on-year increase of 81.62% [5] Investment Recommendations - The analysis suggests that the main product sales revenue will drive revenue growth, but rising average costs may impact gross margins [6] - The forecast for 2025 revenue is adjusted to between 4.401 billion yuan and 5.580 billion yuan, with net profit estimates for 2025 adjusted to between 615 million yuan and 950 million yuan [6][8]