新洋丰(000902) - 新洋丰农业科技股份有限公司2024年8月8日投资者关系活动记录表

Financial Performance - In the first half of 2024, the company achieved a net profit attributable to shareholders of 738 million CNY, a year-on-year increase of 6.93% despite a 15.83% decline in Q1 performance [3] - The operating cash flow for the first half of 2024 was 1.019 billion CNY, with total assets at 17.457 billion CNY and a debt-to-asset ratio of 40.50% [3] - If convertible bonds are converted, the adjusted debt-to-asset ratio would be 22.37%, with a net cash position of 430 million CNY [3] Sales and Market Trends - Overall sales of compound fertilizers increased by 12.38% year-on-year in the first half of 2024, with ordinary compound fertilizers up by 10.16% and new-type compound fertilizers up by 19.45% [3] - The overall sales volume of compound fertilizers declined by 5.62% in Q1 due to a drop in raw material prices and lower temperatures in Northeast China [3] - The company expects to continue improving sales volume and profitability in Q3 2024, following a recovery from previous industry challenges [4] Raw Material and Cost Management - The company has maintained a cautious approach to raw material procurement, avoiding speculative inventory practices that could lead to significant losses [5] - The gross profit margins for ordinary and new-type fertilizers have shown signs of recovery, although they remain below pre-raw material price volatility levels [6] - The company anticipates further recovery in gross margins as the industry stabilizes, with ordinary fertilizers historically achieving around 20% and new-type fertilizers around 25% gross margins [6] Industry Dynamics - The deepening land transfer policy has led to the emergence of large-scale farming households, enhancing production efficiency and purchasing power for quality agricultural inputs [5] - The company operates 11 production bases nationwide, allowing for direct supply to large-scale farmers and a more efficient distribution model [5] - The company is confident in its ability to navigate industry challenges and maintain steady operations, supported by strong cash flow and management efficiency [6]