Investment Rating - The report assigns a "Buy" investment rating for the company, indicating a positive outlook for its future performance [5]. Core Views - The company has demonstrated stable revenue growth, with a year-on-year increase in total revenue of 4.05% and a net profit growth of 12.37% in Q3 2024 [2]. - The company is benefiting from a seasonal increase in demand for compound fertilizers, which has led to an upward trend in profitability [3]. - The company is implementing an integrated supply chain strategy to mitigate risks associated with raw material price fluctuations, thereby strengthening its cost advantages [5]. - Future profit forecasts indicate a steady increase in net profit from 1.38 billion yuan in 2024 to 1.96 billion yuan in 2026, with corresponding price-to-earnings ratios decreasing from 12 to 8 times [5]. Summary by Sections Market Performance - In Q3 2024, the company achieved total revenue of 12.367 billion yuan, with a quarterly revenue of 3.948 billion yuan, reflecting a year-on-year growth of 2.92% [2]. Investment Highlights - The prices of key fertilizer products have increased, with market averages for various fertilizers rising by 1.16% to 18.09% compared to the previous year [3]. - The gross profit margins for compound fertilizers and monoammonium phosphate have significantly improved, with increases of 79.7% and 181.85% respectively [3]. Financial Performance - The company reported a significant decline in operating cash flow due to increased inventory levels, with a net cash flow of 421 million yuan in Q3 2024, down 79% year-on-year [4]. - The company's inventory value rose to 3.145 billion yuan, an increase of 445 million yuan compared to the same period last year [4]. Profit Forecast - The company is projected to achieve net profits of 1.38 billion yuan in 2024, 1.63 billion yuan in 2025, and 1.96 billion yuan in 2026, with respective growth rates of 14.2%, 18.2%, and 20.2% [7].

Investment Rating - The report maintains a "Buy" rating for the company [1][6][15] Core Views - The company achieved its best Q3 performance in history, with expectations for volume and profit growth in compound fertilizers [1][4] - The increase in the price differential of monoammonium phosphate contributed to profit growth in Q3 2024 [4][6] - The company is expected to see revenue growth from 2024 to 2026, with projected revenues of 160 billion, 170 billion, and 179 billion respectively [6][15] Financial Performance Summary - For Q3 2024, the company reported revenue of 3.948 billion yuan, a year-on-year increase of 2.92% but a quarter-on-quarter decrease of 22.34% [3][4] - The net profit attributable to shareholders for Q3 2024 was 375 million yuan, up 24.88% year-on-year but down 4.69% quarter-on-quarter [3][4] - The gross profit margin for Q3 2024 was 16.19%, an increase of 1.92 percentage points year-on-year [3][4] Price and Market Data - As of October 18, 2024, the company's stock price was 13.06 yuan, with a 52-week price range of 9.20 to 14.80 yuan [2] - The total market capitalization is approximately 16.39 billion yuan [2] Future Outlook - The company is expected to benefit from increased production capacity in phosphate mining, enhancing its integrated advantages [6][15] - The report anticipates a seasonal decline in compound fertilizer prices in Q4 2024, with an average price of 2387 yuan per ton, down 10.56% year-on-year [4][6]

Investment Rating - The report maintains a "Buy" rating for the company [2][7]. Core Views - The company achieved historical high performance in Q3 2024, driven by steady sales growth and improved gross margins [1][2]. - The company expects a sales delay of approximately 300,000 tons of compound fertilizer to October, which may impact short-term performance [1]. - The overall gross margin for the first three quarters of 2024 was 16.1%, an increase of 1.4 percentage points year-on-year, with Q3 gross margin at 16.2%, up 1.9 percentage points year-on-year [1]. Summary by Sections Financial Performance - For the first three quarters of 2024, the company reported revenue of 12.367 billion yuan, a year-on-year increase of 4.05%, and a net profit attributable to shareholders of 1.113 billion yuan, up 12.37% year-on-year [1]. - In Q3 2024, the company achieved revenue of 3.948 billion yuan, a year-on-year increase of 2.92%, and a net profit of 375 million yuan, up 24.88% year-on-year [1]. Sales and Margins - The compound fertilizer sales volume increased by 8.8% year-on-year in the first three quarters of 2024, despite significant sales delays [1]. - The company benefited from reduced price volatility in single fertilizers and active downstream procurement, leading to improved gross margins [1]. Industry Positioning - The company continues to enhance its integrated industrial chain layout, solidifying its leading position in the compound fertilizer industry [1]. - As of mid-2024, the company has a production capacity of 9.83 million tons/year for various high-concentration phosphate fertilizers and has secured upstream resources [1]. Profit Forecast - The report maintains profit forecasts for 2024-2026, expecting net profits of 1.454 billion yuan, 1.686 billion yuan, and 1.890 billion yuan respectively [2].

Investment Rating - The report maintains a "Buy" rating for the company, expecting a relative return of over 20% within the next six months [5]. Core Views - The company achieved a revenue of 12.367 billion yuan in the first three quarters of 2024, representing a year-on-year increase of 4.05%, and a net profit attributable to shareholders of 1.113 billion yuan, up 12.37% year-on-year [1]. - The company's integrated supply chain strategy has led to significant improvements in profitability, with a gross margin of 16.19% in Q3 2024, an increase of 1.92 percentage points year-on-year [2]. - The company is expected to continue releasing new production capacity, driven by strong cash flow from its compound fertilizer business and ongoing capital expenditures [3]. Financial Performance Summary - For the first three quarters of 2024, the company reported a gross margin of 16.10%, up 1.41 percentage points year-on-year, and a net profit margin of 9.00%, up 0.67 percentage points year-on-year [1]. - In Q3 2024, the company achieved a revenue of 3.948 billion yuan, a year-on-year increase of 2.92%, and a net profit of 375 million yuan, up 24.88% year-on-year [2]. - The company’s projected revenues for 2024-2026 are 15.925 billion yuan, 17.245 billion yuan, and 18.980 billion yuan, respectively, with net profits expected to be 1.327 billion yuan, 1.507 billion yuan, and 1.986 billion yuan [3]. Capital Expenditure and Future Capacity - The company has increased its capital expenditures to acquire upstream projects, including phosphate mines and related facilities, with total fixed assets amounting to 7.715 billion yuan and ongoing construction projects valued at 1.288 billion yuan as of September 2024 [3]. - The report anticipates that the orderly progress of ongoing projects will lead to further capacity releases, driving future revenue growth [3].

Investment Rating - The report maintains a "Strong Buy" rating for the company, with a target price of 17.92 CNY, compared to the current price of 13.06 CNY [1]. Core Views - The company reported a year-on-year revenue growth of 4.05% for the first three quarters of 2024, reaching 12.367 billion CNY, and a net profit attributable to shareholders of 1.113 billion CNY, up 12.37% year-on-year [1]. - The increase in ammonium phosphate prices and a decrease in raw material costs have led to a marginal increase in profit margins, with the gross margin and net profit margin for Q3 2024 recorded at 16.19% and 9.58%, respectively, both showing year-on-year improvements [1]. - The company has a strong cash flow, with a net operating cash flow of 421 million CNY for the first three quarters, indicating stable and robust cash generation from its compound fertilizer business [2]. - The company is actively enhancing its integrated industrial chain layout, having made significant capital expenditures to strengthen its upstream phosphate resource capabilities [2]. Financial Summary - For 2024, the company is projected to achieve total revenue of 16.187 billion CNY, with a year-on-year growth rate of 7.2%. The net profit attributable to shareholders is expected to be 1.363 billion CNY, reflecting a growth rate of 13.0% [3]. - The earnings per share (EPS) for 2024 is estimated at 1.09 CNY, with a price-to-earnings (P/E) ratio of 12 times [3]. - The company’s total assets are projected to reach 18.285 billion CNY by 2024, with a debt-to-asset ratio of 39.7% [6].

Investment Rating - The report maintains a "Buy" rating for the company, expecting a relative return of over 20% within the next six months [5]. Core Views - The company achieved a revenue of 12.367 billion yuan in the first three quarters of 2024, representing a year-on-year increase of 4.05%, and a net profit attributable to shareholders of 1.113 billion yuan, up 12.37% year-on-year [1]. - The company's integrated supply chain strategy has led to significant improvements in profitability, with a gross margin of 16.19% in Q3 2024, an increase of 1.92 percentage points year-on-year [2]. - The company is expected to continue releasing new production capacity, driven by ongoing capital expenditures in upstream projects [3]. Financial Performance Summary - For the first three quarters of 2024, the company reported a gross margin of 16.10%, up 1.41 percentage points year-on-year, and a net profit margin of 9.00%, up 0.67 percentage points year-on-year [1]. - The company’s revenue projections for 2024 to 2026 are 15.925 billion yuan, 17.245 billion yuan, and 18.980 billion yuan, respectively, with net profits expected to be 1.327 billion yuan, 1.507 billion yuan, and 1.986 billion yuan [3][4]. - The company’s fixed assets totaled 7.715 billion yuan, with ongoing construction projects valued at 1.288 billion yuan, indicating a strong investment in future capacity [3]. Market Conditions - The price of monoammonium phosphate in Hubei increased by 17.92% year-on-year to an average of 3,296 yuan per ton in Q3 2024, while the price of potassium chloride remained stable [2]. - The report notes that the price of urea has decreased, with a current average of 2,126 yuan per ton, down 12.43% year-on-year, indicating potential challenges in the market [2]. Future Outlook - The company is expected to benefit from a recovery in raw material costs, which could further enhance the gross margin of compound fertilizers [2]. - The ongoing construction projects are anticipated to drive revenue growth in the coming years, supported by the company's strong cash flow from its compound fertilizer business [3].

上 市 公 司 证 券 研 究 报 告 基础化工 公 司 研 究/ 公 司 点 评 | --- | --- | |------------------------------------|-------------------------------| | 市场数据： | 2024 年 10 月 17 日 | | 收盘价（元） | 13.18 | | 一年内最高/最低（元） | 14.80/9.20 | | 市净率 | 1.7 | | 息率（分红/股价） | 2.28 | | 流通 A 股市值（百万元） | 15,062 | | 上证指数 / 深证成指 | 3,169.38/9,891.76 | | 注："息率"以最近一年已公布分红计算 | | | --- | --- | |------------------------------|-------------------------------| | 基础数据 : | 2024 年 09 月 30 日 | | 每股净资产（元） | 8.17 | | 资产负债率 % | 38.91 | | 总股本/流通 A 股（百万） | 1,255/1,143 | | 流 ...

1 证券代码：000902 证券简称：新洋丰 编号：2024-06 新洋丰农业科技股份有限公司 2024 年 10 月 17 日投资者关系活动记录表 | --- | --- | --- | --- | |-------------------------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|-----------|---------------------------------------------------------------------------------------------------------------- ...

证券代码：000902 证券简称：新洋丰 编号：2024-042 债券代码：127031 债券简称：洋丰转债 新洋丰农业科技股份有限公司 2024 年第三季度报告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假记载、 误导性陈述或重大遗漏。 重要内容提示： 1.董事会、监事会及董事、监事、高级管理人员保证季度报告的真实、准确、完整，不存在虚假记 载、误导性陈述或重大遗漏，并承担个别和连带的法律责任。 2.公司负责人、主管会计工作负责人及会计机构负责人(会计主管人员)声明：保证季度报告中财务 信息的真实、准确、完整。 3.第三季度报告是否经过审计 □是 否 1 一、主要财务数据 （一） 主要会计数据和财务指标 公司是否需追溯调整或重述以前年度会计数据 | --- | --- | --- | --- | --- | |------------------------------------------------------|-------------------|-------------------------|--------------------------|------------ ...

| 证券代码：000902 | 证券简称：新洋丰 | 公告编号：2024－041 | | --- | --- | --- | | 债券代码：127031 | 债券简称：洋丰转债 | | （一）第九届监事会第五次会议决议。 特此公告。 新洋丰农业科技股份有限公司 第九届监事会第五次会议决议公告 本公司及监事会全体成员保证信息披露内容的真实、准确、完整，没有虚假记载、 误导性陈述或者重大遗漏。 （一）审议通过了《公司 2024 年第三季度报告》 具体内容详见 2024 年 10 月 18 日登载于《中国证券报》、《证券时报》、《证券日报》、 《上海证券报》和巨潮资讯网（www.cninfo.com.cn）的《公司 2024 年第三季度报告》。 表决结果：同意 3 票，反对 0 票，弃权 0 票。 三、备查文件 一、监事会会议召开情况 新洋丰农业科技股份有限公司第九届监事会第五次会议通知于 2024 年 10 月 11 日 以书面和电子邮件方式发出，会议于 2024 年 10 月 17 日在湖北省荆门市月亮湖北路附 七号洋丰培训中心七楼会议室召开。应参会监事 3 名，实际参会监事 3 名，会议由监事 会主席王苹女士 ...