[Table_MainInfo] 公司研究/化工/基础化工材料制品 证券研究报告 [Table_InvestInfo] [Table_Summary] 投资要点： 主要财务数据及预测 | [Table_FinanceInfo] 财务摘要（百万元） | 2023A | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业收入 | 28,281 | 28,396 | 30,714 | 31,537 | 33,508 | | (+/-)% | -6.7% | 0.4% | 8.2% | 2.7% | 6.2% | | 净利润（归母） | 1,401 | 1,601 | 1,857 | 2,132 | 2,413 | | (+/-)% | -76.1% | 14.3% | 15.9% | 14.8% | 13.2% | | 每股净收益（元） | 1.27 | 1.45 | 1.68 | 1.93 | 2.19 | | 净资产收益率(%) | 6.7% | 7.5% | 8.4% | 9.2% | 10.0% | | 市盈率 ...

证券代码：600141 证券简称：兴发集团 公告编号：临 2025-021 转债代码：110089 转债简称：兴发转债 ●浙江金帆达生化股份有限公司（以下简称"浙江金帆达"）持有湖北兴 发化工集团股份有限公司（以下简称"公司"）股份173,036,872股，占公司 股份总数的15.68%。本次办理7,000,000股股份质押手续后，浙江金帆达持有 公司股份累计质押数量为63,000,000股，占其持有公司股份总数的比例为 36.41%。 近日，公司收到持股 5%以上股东浙江金帆达通知，浙江金帆达在中国证 券登记结算有限责任公司办理了股权质押登记手续。根据《上海证券交易所股 票上市规则》的相关规定，现将有关事宜公告如下： 湖北兴发化工集团股份有限公司 关于持股 5%以上股东股份质押的公告 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个别及连带责任。 重要内容提示： 股东 名称 是否为 控股 股东 本次质押 股数（股） 是否为 限售股 是否补 充质押 质押 起始日 质押 到期日 质权人 占其所 持股份 比例（%） 占公司 总股份 比例（% ...

证券代码：600141 证券简称：兴发集团 公告编号：临2025-020 转债代码：110089 转债简称：兴发转债 湖北兴发化工集团股份有限公司 关于"兴发转债"预计满足转股价格修正条件的 提示性公告 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个别及连带责任。 重要内容提示： ●证券代码：600141，证券简称：兴发集团 ●转债代码：110089，转债简称：兴发转债 ●转股价格：29.40 元/股 ●转股时间：2023 年3 月28 日至2028 年9 月21 日 ●自2025 年3 月22 日至2025 年4 月7 日，公司股票在连续30 个交易日 中已有10 个交易日的收盘价低于当期转股价格的85%（即24.99 元/股），预 计触发转股价格向下修正条件。若触发条件，公司将于触发条件当日召开董事 会审议决定是否修正转股价格，并及时履行信息披露义务。敬请广大投资者注 意投资风险。 一、可转债发行上市概况 （一）发行上市基本情况 根据中国证券监督管理委员会《关于核准湖北兴发化工集团股份有限公司 二、可转债转股价格修正条款与可能触发 ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [5] Core Views - The company's net profit increased year-on-year due to the recovery in the agricultural chemical market, with enhanced profitability in phosphate rock, phosphate fertilizer, and glyphosate products. However, Q4 performance was slightly below expectations due to a provision of approximately 355 million yuan [2] - The company has seen an increase in production and sales across its main products, with significant growth in special chemicals, glyphosate series, fertilizers, and organic silicon series. The company has also increased its cash dividend to 10 yuan per 10 shares (including tax), up from 6 yuan last year, resulting in a dividend yield of approximately 4.6% [3] - The company is investing 1.495 billion yuan to build a new 100,000 tons/year industrial silicon project, which will enhance its raw material supply for the organic silicon industry and improve operational efficiency [4] Summary by Sections Financial Performance - In 2024, the company achieved revenue of 28.396 billion yuan, a year-on-year increase of 0.41%, and a net profit attributable to shareholders of 1.601 billion yuan, up 14.33% year-on-year. The net profit after deducting non-recurring items was 1.600 billion yuan, an increase of 21.79% year-on-year [1][10] - For Q4 2024, the company reported revenue of 6.346 billion yuan, a year-on-year increase of 1.70%, but a quarter-on-quarter decline of 26.60%. The net profit attributable to shareholders was 287 million yuan, down 35.82% year-on-year and 43.63% quarter-on-quarter [1] Product Performance - The production volumes for special chemicals, glyphosate series, fertilizers, and organic silicon series were 530,400 tons, 266,000 tons, 1,353,000 tons, and 270,700 tons respectively, with year-on-year increases of 6.85%, 65.84%, 11.29%, and 38.32%. Sales volumes were 514,100 tons, 244,800 tons, 1,281,300 tons, and 250,100 tons, with year-on-year increases of 14.40%, 42.82%, 3.36%, and 33.53% [3] Market Outlook - The phosphate fertilizer market remains strong, and the demand for new energy battery materials is increasing, which supports the demand for phosphate resources. The company is focusing on increasing its phosphate mining capacity significantly over the next five years [5][9]

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company achieved steady growth in annual performance, with a significant cash dividend proposed for shareholders. The 2024 annual report showed revenue of 28.396 billion yuan, a year-on-year increase of 0.41%, and a net profit attributable to shareholders of 1.601 billion yuan, up 14.33% year-on-year. However, Q4 performance was impacted by asset impairment losses of 355 million yuan, leading to a net profit of 287 million yuan, down 35.82% year-on-year and 43.63% quarter-on-quarter. The company plans to distribute a cash dividend of 10 yuan per 10 shares (tax included) and has announced an employee stock ownership plan for 2025 with a fundraising cap of 296.88 million yuan [4][5][6]. Financial Performance Summary - The company reported a revenue of 28.396 billion yuan in 2024, with a year-on-year growth of 0.4%. The net profit attributable to shareholders was 1.601 billion yuan, reflecting a year-on-year increase of 14.3%. The gross margin and net margin for 2024 were 19.5% and 5.6%, respectively, both showing improvements compared to the previous year [7][8]. - The company’s revenue projections for 2025-2027 are 31.161 billion yuan, 32.220 billion yuan, and 33.443 billion yuan, respectively, with net profits expected to be 2.062 billion yuan, 2.327 billion yuan, and 2.682 billion yuan [7][8]. Business Segmentation - In 2024, the company’s revenue from various segments included special chemicals (5.277 billion yuan), fertilizers (4.049 billion yuan), pesticides (5.204 billion yuan), organic silicon (2.647 billion yuan), mining (3.557 billion yuan), and trading logistics (4.226 billion yuan). The year-on-year growth rates for these segments were +4.97%, +12.26%, +21.5%, +23.48%, +100%, and -49.55%, respectively [5][6]. - The profitability of the special chemicals and phosphate mining segments remained strong, while organic silicon and pesticide segments faced profitability challenges [5][6]. Future Outlook - The company is focused on enhancing its industrial chain and accelerating the transition to a world-class fine chemical enterprise. The earnings forecasts for 2025-2027 have been adjusted downward due to ongoing pressures in cyclical businesses like glyphosate and organic silicon [4][5][6].

Investment Rating - The investment rating for the company is "Buy" and is maintained [6]. Core Views - The company reported a revenue of 28.4 billion yuan for 2024, a year-on-year increase of 0.4%, and a net profit attributable to shareholders of 1.6 billion yuan, up 14.3% year-on-year [1][3]. - The company plans to distribute a cash dividend of 10 yuan per 10 shares, totaling 1.1 billion yuan, which accounts for 68.9% of the net profit attributable to shareholders, representing a significant increase of 66.7% year-on-year [3][8]. - The company is a leading player in the phosphate chemical industry, with a complete industrial chain and strong R&D capabilities, currently facing short-term pressure due to product market downturns but is expected to recover as new projects are implemented [8]. Financial Performance - In Q4, the company achieved a revenue of 6.35 billion yuan, a year-on-year increase of 2.7% but a quarter-on-quarter decrease of 26.6%. The net profit attributable to shareholders for Q4 was 290 million yuan, down 35.5% year-on-year and 43.6% quarter-on-quarter [1][3]. - The gross margin for the company was 24.9%, a year-on-year decrease of 2.0 percentage points but an increase of 6.1 percentage points quarter-on-quarter [8]. - The company’s main products, including phosphate rock and glyphosate, showed stable pricing trends, with minor fluctuations in market prices [8]. Product Outlook - The company has a production capacity of 230,000 tons per year for glyphosate and 600,000 tons per year for organosilicon monomers. The current market conditions for these products are at historical lows, but there are signs of potential recovery due to improving demand and reduced competition [8]. - The company is advancing key projects, including a 1 million tons per year optical mining project and a 2 million tons per year phosphate mining project, which are expected to enhance its overall strength [8].

Investment Rating - The report maintains a "Buy" rating for the company [1][18][48] Core Views - The company achieved a revenue of 28.396 billion yuan in 2024, a year-on-year increase of 0.41%, and a net profit attributable to shareholders of 1.601 billion yuan, up 14.33% year-on-year [6][8][18] - The company is transitioning towards new chemical materials, with special chemicals and fertilizers showing profit growth in 2024 [8][14][18] - The company has significant phosphate resource advantages and is expected to see new profit growth from new material projects [18][16] Financial Performance - In 2024, the company reported a gross profit margin of 19.52%, an increase of 3.35 percentage points year-on-year, and a net profit margin of 5.70%, up 0.77 percentage points year-on-year [6][8] - The company’s operating cash flow for 2024 was 1.589 billion yuan, a year-on-year increase of 18.90% [10][18] - The company plans to distribute a cash dividend of 10 yuan per 10 shares, amounting to approximately 1.103 billion yuan, which represents 68.89% of the net profit attributable to shareholders for 2024 [17][18] Product Segmentation - The special chemicals segment generated revenue of 5.278 billion yuan in 2024, a year-on-year increase of 4.97%, with a gross profit margin of 26.99% [8][21] - Fertilizer revenue reached 4.049 billion yuan, up 12.26% year-on-year, with a gross profit margin of 10.91% [8][21] - The pesticide segment saw revenue of 5.204 billion yuan, a 21.50% increase year-on-year, although the gross profit margin decreased by 17.78% [8][21] Future Outlook - The company forecasts revenues of 29.7 billion yuan, 31.9 billion yuan, and 33.8 billion yuan for 2025, 2026, and 2027 respectively, with net profits of 2 billion yuan, 2.6 billion yuan, and 3.1 billion yuan [18][48] - The company is expected to benefit from the ongoing construction of key projects, enhancing its comprehensive strength in microelectronics new materials and green pesticides [14][15][18]

行业景气度升温，兴发集团（600141.SH）经营业绩稳步增长。 长江商报消息 ●长江商报记者 李璟 3月31日晚间，兴发集团发布2024年年报，报告期，公司实现营业收入283.96亿元，同比增长0.41%；实 现归母净利润16.01亿元，同比增长14.33%。 按照利润分配方案内容，公司拟向全体股东每10股派发现金红利10元（含税）。截至2025年3月29日， 公司总股本为11.03亿股，依此计算拟派发现金红利11.03亿元（含税），占2024年归属于上市公司股东 的净利润比例为68.89%。 值得关注的是，公司拟每10股派发现金红利10元（含税），预计分配现金红利11.03亿元（含税），占 当年归母净利润比率为68.89%。 兴发集团在年报中指出，2024年，化工行业走势疲软，盈利水平不及预期，公司坚守安全环保质量底 线，优化管理提质增效，全力推动创新发展，积极谋划全球布局，总体保持了稳中向好发展态势，经营 业绩逆势上扬。 全年研发投入11.88亿 作为国内磷化工行业龙头企业，兴发集团始终专注于精细磷化工发展主线，积极探索磷、硅、硫、盐、 氟融合发展，不断完善上下游一体化产业链条，经过多年发展，已形成"资 ...

Investment Rating - The investment rating for the company is "Outperform" (maintained) [1] Core Views - The company continues to enhance its dividend payout ratio, with profits from phosphate rock and specialty chemicals showing sustained growth, while glyphosate and organic silicon face pressure [1] - The company reported a revenue of 28,396 million yuan for 2024, a slight increase of 0.4% year-on-year, and a net profit of 1,601 million yuan, up 14.3% year-on-year [5] - The company plans to distribute a cash dividend of 10 yuan per 10 shares, totaling 11.03 billion yuan, which represents 68.89% of the net profit for 2024 [5] Financial Data and Profit Forecast - Total revenue forecast for 2025 is 29,364 million yuan, with a year-on-year growth of 3.4% [2] - Net profit for 2025 is projected to be 1,823 million yuan, reflecting a year-on-year increase of 13.8% [2] - Earnings per share (EPS) for 2025 is estimated at 1.65 yuan, with a price-to-earnings (PE) ratio of 13 [2] Market Data - The closing price of the company's stock is 21.87 yuan, with a market capitalization of 24,128 million yuan [3] - The company has a dividend yield of 2.74%, based on the most recent dividend announcement [3] Business Performance Insights - The phosphate chemical sector is experiencing high profitability, supported by abundant phosphate reserves [5] - The glyphosate and organic silicon segments are under short-term pressure, but sales growth is expected to provide long-term resilience [5] - The specialty chemicals segment has shown a 14% increase in sales volume, contributing positively to the company's overall performance [5]

Investment Rating - The report maintains a "Strong Buy" rating for the company, expecting it to outperform the benchmark index by over 20% in the next six months [2][20]. Core Views - The company's main products are gradually seeing a recovery in demand, leading to a steady increase in profitability [2]. - In 2024, the company achieved a revenue of 28.396 billion yuan, a year-on-year increase of 0.41%, and a net profit attributable to shareholders of 1.601 billion yuan, up 14.33% year-on-year [2][5]. - The company plans to distribute a cash dividend of 10 yuan per 10 shares, totaling 1.103 billion yuan, which accounts for 68.9% of the net profit attributable to shareholders, resulting in a current dividend yield of approximately 4.5% [2][5]. Financial Performance Summary - The company reported a total revenue of 28.396 billion yuan for 2024, with a projected revenue of 31.7 billion yuan for 2025, reflecting a growth rate of 11.6% [5]. - The net profit attributable to shareholders is expected to grow from 1.602 billion yuan in 2024 to 2.334 billion yuan in 2025, representing a growth rate of 45.8% [5]. - The earnings per share (EPS) is projected to increase from 1.45 yuan in 2024 to 2.12 yuan in 2025, with a price-to-earnings (P/E) ratio of 15 times for 2025 [5][10]. Business Segment Performance - In 2024, the company generated revenue from various segments: pesticides (5.204 billion yuan), fertilizers (4.049 billion yuan), specialty chemicals (5.278 billion yuan), and organic silicon (2.647 billion yuan), with year-on-year growth rates of 21.5%, 12.3%, 5.0%, and 23.5% respectively [9]. - The company’s gross margin for 2024 was 19.52%, an increase of 3.35 percentage points year-on-year, indicating improved profitability driven by recovering product demand and operational efficiency [9]. Future Outlook - The company is focusing on optimizing capital expenditures and dividend policies, with expectations for more aggressive shareholder returns through buybacks and employee stock ownership plans [9]. - The report adjusts the net profit forecasts for 2025 and 2026 to 2.334 billion yuan and 2.595 billion yuan respectively, with a new target price of 31.80 yuan based on a 15 times P/E ratio for 2025 [9][10].