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云天化(600096):经营韧性凸显 Q2业绩环比增长
Xin Lang Cai Jing· 2025-08-27 02:28
投资要点 事件:云天化发布2025 半年报,25H1 实现营收249.92 亿元,同比减少21.88%;归母净利润27.61 亿 元,同比下降2.81%;扣非归母净利润26.96 亿元,同比下降3.38%;毛利率19.16%,同比提升2.55pct。 单季度看,25Q2 实现营收119.88亿元,同比减少33.90%,环比减少7.82%;归母净利润14.72 亿元,同 比增长6.52%,环比增长14.15%;扣非归母净利润14.26亿元,同比增长5.23%,环比增长12.26%;毛利 率21.25%,同比提升6.56pct,环比提升4.02pct。 产销稳中有增,业绩在多因素影响下持续稳定。25H1 公司磷肥、复合(混)肥、尿素、聚甲醛、黄 磷、饲料级磷酸氢钙收入分别为69.95、31.26、25.69、5.95、2.23、10.36 亿元,同比变化-14.40%、 6.00%、-17.12%、-5.88%、23.68%、14.47%;销量分别为221.91、98.33、146.49、5.58、1.08、25.29 万 吨,同比变化-6.67%、-0.47%、2.83%、2.20%、22.73%、-5.49% ...
云天化: 云天化关于2025年半年度业绩说明会召开情况的公告
Zheng Quan Zhi Xing· 2025-08-26 08:11
证券代码:600096 证券简称:云天化 公告编号:临 2025-065 云南云天化股份有限公司 关于 2025 年半年度业绩说明会召开情况的公告 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。 云南云天化股份有限公司(以下简称"公司")于 2025 年 8 月 (http://roadshow.sseinfo.com),通过网络文字互动的方式召开了 2025 年半年度业绩说明会。2025 年 8 月 20 日,公司已在上海证券交易所 网站(www.sse.com.cn)披露了《关于召开 2025 年半年度业绩说明 会的公告》(详见公司公告:临 2025-064),现将此次业绩说明会召 开的有关情况公告如下: 一、说明会基本情况 副总经理、财务总监钟德红先生,独立董事罗焕塔先生,副总经理、 董事会秘书苏云先生出席了本次业绩说明会。公司就 2025 年上半年 经营成果、财务状况等问题与投资者进行互动交流和沟通,在信息披 露允许的范围内就投资者普遍关注的问题进行了问答。 二、本次说明会投资者提出的主要问题及公司回复情况 (一)预征 ...
云天化(600096):出口放开Q2利润环比增长 磷化工景气公司业绩有保障
Xin Lang Cai Jing· 2025-08-24 12:25
云天化8 月19 日发布2025 年中报,公司上半年实现营收249.92 亿元,同比下降21.88%,实现归母净利 润27.61 亿元,同比下降2.81%,扣非后归母净利润26.96亿元,同比下降3.38%。Q2 单季度实现营收 119.88 亿元,同比下降33.90%,环比下降7.82%,实现归母净利润14.72亿元,同比提高6.52%,环比提 高14.15%,扣非后归母净利润14.26 亿元,同比提高5.23%,环比提高12.26%。公司业绩符合预期。 磷肥/尿素/复合肥/聚甲醛/饲钙/黄磷2025 上半年产量分别243.41/153.43/101.83/5.65/26.74/1.51 万吨, 同 比分别为-2.03%/13.79%/4.52%/0.18%/-8.64%/33.63%, 销量分别达到221.91/146.49/98.33/5.58/25.29/1.08 万吨, 同比分别为-6.67%/2.83%/-0.47%/2.20%/-5.49%/22.73%;整体产销量呈现增长趋势,公司经营稳 中向好;? 产品价格有所波动,毛利整体呈现下滑趋势 根据公司披露,2025 上半年磷铵/复合肥/尿素/聚甲 ...
恒力石化(600346):2025 年半年报点评:油价下跌业绩承压下滑,“反内卷”政策推进大炼化底部反转可期
EBSCN· 2025-08-23 12:06
2025 年 8 月 23 日 公司研究 油价下跌业绩承压下滑,"反内卷"政策推进大炼化底部反转可期 ——恒力石化(600346.SH)2025 年半年报点评 买入(维持) 当前价:17.10 元 作者 分析师:赵乃迪 执业证书编号:S0930517050005 010-57378026 zhaond@ebscn.com 分析师:蔡嘉豪 执业证书编号:S0930523070003 021-52523800 caijiahao@ebscn.com 市场数据 | 总股本(亿股) | 70.39 | | --- | --- | | 总市值(亿元): | 1204 | | 一年最低/最高(元): | 11.76/17.11 | | 近 3 月换手率: | 17.51% | 股价相对走势 -10% 0% 9% 19% 28% 08/24 11/24 02/25 05/25 恒力石化 沪深300 收益表现 | % | 1M | 3M | 1Y | | --- | --- | --- | --- | | 相对 | 8.01 | -0.16 | 0.40 | | 绝对 | 12.97 | 9.33 | 29.50 | | 资 ...
【机构调研记录】银河基金调研云天化、*ST铖昌等4只个股(附名单)
Zheng Quan Zhi Xing· 2025-08-22 00:12
Group 1: Yuntianhua (云天化) - Yuntianhua's 2025 semi-annual report details phosphate fertilizer exports, phosphate rock prices, and production volumes of phosphate ammonium, among other topics [1] - Phosphate fertilizer exports are strictly adhering to domestic supply and price stability policies, with high sulfur prices impacting costs [1] - The company is progressing with the trial production of Kunyang No. 2 Mine and the exploration of Zhenxiong phosphate mine, which may be injected into the listed company in the future [1] - Phosphate ammonium production and sales have decreased due to product structure adjustments and maintenance [1] - The supply-demand balance for phosphate rock remains tight, with prices expected to stay high in the short term [1] Group 2: *ST Chengchang (铖昌) - The company has seen a significant increase in orders and projects due to recovering downstream user demand [2] - Remote sensing satellite projects are expected to enter small batch production in 2024 and mass production in 2025, indicating substantial growth potential [2] - The company maintains a stable gross profit margin by improving R&D efficiency and optimizing production processes [2] - The average project cycle is shortening as demand increases, with faster acceptance rates [2] - The company has a technological advantage in the low-orbit satellite sector, which is anticipated to be a new growth point [2] Group 3: Desay SV (德赛西威) - Desay SV achieved a revenue of 14.644 billion yuan in the first half of 2025, a year-on-year increase of 25.25%, with a net profit of 1.223 billion yuan, up 45.82% [3] - The company has established overseas branches, with factories in Indonesia and Mexico already in production, and a smart factory in Spain expected to start mass production in 2026 [3] - The smart driving business generated revenue of 4.147 billion yuan, growing 55.49% year-on-year, with the company holding the largest market share in domestic auxiliary driving domain controllers [3] - The smart cockpit business reported sales of 9.459 billion yuan, an 18.76% increase, with new project orders for the fifth-generation platform [3] Group 4: LIZHU Group (丽珠集团) - LIZHU Group anticipates single-digit revenue growth for the year, with profit growth expected to outpace revenue [4] - The P-CAB tablet has submitted a listing application, while the injection is expected to be approved in the first half of 2029 [4] - The IL-17A/F is projected to be approved in the first half of 2027, with significant commercialization potential [4] - The micro-sphere product market shows great potential, with plans for long-acting micro-sphere formulations and psychiatric products [4] - The small nucleic acid drug LZHN2408 is progressing rapidly, with enrollment for Phase Ib expected to complete in September [4]
云天化(600096):国内磷肥保供稳价,国际磷肥价差扩大
Changjiang Securities· 2025-08-20 23:30
Investment Rating - The investment rating for the company is "Buy" and is maintained [9] Core Views - The company reported a revenue of 24.99 billion yuan for the first half of 2025, a year-on-year decrease of 21.9%, with a net profit attributable to shareholders of 2.76 billion yuan, down 2.8% year-on-year [6][12] - In Q2 2025, the company achieved a revenue of 11.99 billion yuan, a year-on-year decline of 33.9% and a quarter-on-quarter decrease of 7.8%, while the net profit attributable to shareholders was 1.47 billion yuan, an increase of 6.5% year-on-year and 14.2% quarter-on-quarter [6][12] - The company plans to distribute a cash dividend of 2.0 yuan per 10 shares (tax included) [6][12] Financial Performance - The company has a phosphate rock reserve of nearly 800 million tons and an annual production capacity of 14.5 million tons of raw ore [12] - The company’s gross profit margin for Q2 2025 was 21.3%, an increase of 6.6 percentage points year-on-year, and the net profit margin was 13.7%, up 4.2 percentage points year-on-year [12] - The company’s projected net profits for 2025, 2026, and 2027 are 5.46 billion yuan, 5.53 billion yuan, and 5.64 billion yuan, respectively [12] Market Dynamics - The company experienced a decline in sales volume for major products in Q2 2025, with phosphate fertilizer down 21.4%, compound fertilizer down 18.4%, and urea down 11.8% [12] - The price of phosphate fertilizer decreased by 7.3% year-on-year, while the price of compound fertilizer increased by 21.6% [12] - The price difference for exported phosphate fertilizers has significantly increased due to reduced international trade volume and rising sulfur prices, with the price difference for diammonium phosphate at ports increasing by 988 yuan/ton year-on-year [12] Strategic Initiatives - The company is actively optimizing its internal management and advancing projects such as the Zhenxiong phosphate mine to enhance future growth [12] - The company is focused on maintaining a balance between development and returns, with a strong emphasis on internal reforms and capacity expansion [12]
云天化(600096):二季度归母净利润同环比提升,磷矿石保持高位
Guoxin Securities· 2025-08-20 13:45
Investment Rating - The investment rating for the company is "Outperform the Market" [6][4][28] Core Views - The company reported a year-on-year increase in net profit attributable to shareholders in Q2 2025, despite a decline in revenue due to reduced trading business scale. The gross margin and net margin improved, indicating enhanced profitability [1][10] - The core business of the company is in the fertilizer sector, with phosphate fertilizer being the largest revenue contributor. The company is expanding its international market presence while maintaining a strong domestic supply chain [2][17] - The supply-demand dynamics for phosphate rock are tight, with prices expected to remain high due to resource scarcity. The company has significant phosphate rock reserves, ensuring stable raw material supply for its production [3][22] Summary by Sections Financial Performance - In Q2 2025, the company achieved revenue of 11.99 billion yuan, a year-on-year decrease of 33.9% and a quarter-on-quarter decrease of 7.8%. The net profit attributable to shareholders was 1.47 billion yuan, reflecting a year-on-year increase of 6.5% and a quarter-on-quarter increase of 14.2% [1][10] - The company's gross margin was 21.3%, and the net margin was 13.7%, both showing improvements compared to previous periods [10] Business Segments - For the first half of 2025, the company's revenue from phosphate fertilizer, compound fertilizer, and urea was 6.995 billion, 3.126 billion, and 2.569 billion yuan, respectively, accounting for 28%, 13%, and 10% of total revenue. Phosphate fertilizer remains the largest single product contributor [2][17] - The average selling prices for phosphate fertilizer, compound fertilizer, and urea were 3,152 yuan, 3,179 yuan, and 1,754 yuan per ton, with year-on-year changes of -7%, +7%, and -19% respectively [2][17] Market Outlook - The domestic phosphate rock supply-demand situation is tight, with prices expected to remain elevated due to increasing demand and declining ore grades. The company has a production capacity of 5.84 million tons of phosphate rock, ensuring self-sufficiency [3][22] - The prices for various phosphate chemical products showed mixed trends, with feed-grade calcium hydrogen phosphate prices increasing by 21% year-on-year, while prices for polyoxymethylene and yellow phosphorus decreased [23][22] Investment Projections - The company maintains its net profit forecasts for 2025-2026 and has added projections for 2027, estimating net profits of 5.523 billion, 5.574 billion, and 5.709 billion yuan for 2025, 2026, and 2027, respectively. The corresponding EPS is projected to be 3.01, 3.04, and 3.11 yuan [4][26]
申万宏源证券晨会报告-20250820
Shenwan Hongyuan Securities· 2025-08-20 01:13
Group 1: Company Insights - The report initiates coverage on Mai Fushi (2556.HK) with a "Buy" rating, projecting a target market value of 18.65 billion RMB, indicating a 50% upside potential from current levels [2] - Mai Fushi's revenue is expected to grow significantly, with forecasts of 2.31 billion, 2.97 billion, and 3.82 billion RMB for 2025-2027, reflecting year-on-year growth rates of 48%, 29%, and 29% respectively [13] - The company has a strong execution capability, with an average revenue per employee of 997,000 RMB in 2024, indicating effective operational management [13] Group 2: Industry Trends - The report discusses the ongoing trend of "residential deposit migration," which is expected to accelerate as the equity market's fundamentals improve, with A-shares currently positioned favorably [12] - The report highlights that the equity market is likely to become the next destination for residential asset allocation, as the previous "stock-property seesaw" effect is no longer a constraint [15] - The report notes that by Q4 2025, the real risk-free interest rate for residents is expected to decline significantly, which will further drive the migration of deposits into the equity market [15] Group 3: Competitive Landscape - The competitive landscape for Mai Fushi is characterized by a focus on mid-to-large enterprises, which enhances customer retention and bargaining power [13] - The report emphasizes the differentiation of Mai Fushi's products compared to competitors like Weimeng and Youzan, particularly in terms of comprehensive service offerings and a full-link marketing approach [13] - The report indicates that the AI commercialization acceleration is a key catalyst for growth, with a notable increase in KA customer numbers and order sizes [13] Group 4: Market Performance - The report notes that the A-share market has shown signs of recovery, with a significant increase in the Shanghai Composite Index by 5.46% over the past month [1] - The report identifies sectors such as black home appliances and animal health as having strong recent performance, with respective increases of 12.36% and 47.87% over the past month [4] - Conversely, sectors like medical services and aviation equipment have underperformed, with declines of 10.77% and 21.91% over the same period [4]
云天化(600096) - 云天化2025年半年度主要经营数据公告
2025-08-19 11:46
证券代码:600096 证券简称:云天化 公告编号:临 2025-063 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。 二、主要产品和原材料的价格变动情况 (一)主要产品价格波动情况(不含税销售均价) 单位:元/吨 | 主要产品 | 本期价格 | 上年同期价格 | | --- | --- | --- | | 磷肥 | 3,152 | 3,378 | | 复合(混)肥 | 3,179 | 2,985 | | 尿素 | 1,754 | 2,176 | | 聚甲醛 | 10,650 | 11,577 | | 黄磷 | 20,627 | 20,460 | | 饲料级磷酸氢钙 | 4,096 | 3,381 | (二)主要原材料波动情况(不含税采购均价) | | | 云南云天化股份有限公司 2025 年半年度主要经营数据公告 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。 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 年半年度主要经营 ...
兖矿鲁南化工6万吨聚甲醛项目建筑封顶
Zhong Guo Hua Gong Bao· 2025-08-06 00:57
近日,从中国化学天辰公司获悉,近日,由中国化学天辰公司总承包的兖矿鲁南化工6万吨/年聚甲醛项 目完成重大里程碑节点——主变电所顺利封顶。至此,全场包含机柜间、巡检房、风机厂房、公用工程 站及循环水加药间等建筑物全部顺利完成封顶。这一里程碑节点的达成,标志着项目建设进入新阶段, 为后续设备安装及调试工作筑牢根基。 自项目开工以来,天辰公司充分发挥深厚的技术底蕴与丰富的工程经验,组建专业设计团队,科学统筹 施工部署。面对诸多技术难题和施工挑战,项目团队秉持"交付价值、建设未来"的理念,以"党建与生 产融合"为抓手,严格把控工程质量与进度,确保项目安全优质快速推进。 目前,项目已全面步入设备安装阶段,后续还将开展调试等工作。天辰公司及兖矿鲁南化工项目建设团 队将继续保持高昂斗志,紧密协作,全力以赴确保项目按既定计划稳步推进,力争早日实现项目投产, 为我国聚甲醛产业发展注入强劲动力。 作为2025年山东省重大实施类项目,本项目对标"国际一流"产品标准,采用先进生产工艺提质降耗,推 动产业链向高端精细化工、新材料领域转型升级。项目建成后,鲁南化工聚甲醛总产能将跃居全国首 位,成为聚甲醛行业领军企业。 ...