Investment Rating - The report maintains an "Outperform" rating for the company [2][12]. Core Insights - The recurring net profit for 2024 increased by 23.01% year-on-year, with operating income reaching Rmb 5.906 billion, a year-on-year increase of 36.72% [8][12]. - The company plans to distribute a minimum total cash dividend of Rmb 646 million for 2024, with a proposed dividend of Rmb 12 per 10 shares [9][12]. - The company has released a draft for the 2025 equity incentive plan, proposing to grant 9.309 million restricted shares at a price of Rmb 11.40 per share [10][12]. - The company is focused on developing an integrated phosphorus chemical industry chain, leveraging its upstream phosphate rock resources [11][12]. - Earnings forecasts for 2025-2027 project net profits of Rmb 1.231 billion, Rmb 1.537 billion, and Rmb 1.763 billion respectively, with a target price of Rmb 29.75 based on a P/E ratio of 12.5 times for 2025 [12]. Financial Performance Summary - For 2024, the company achieved a net profit attributable to the parent company of Rmb 956 million, a year-on-year increase of 24.80% [8][12]. - The gross profit margin is expected to improve from 33.1% in 2024 to 38.0% by 2027 [7][12]. - The company anticipates a revenue growth rate of 36.7% in 2024, followed by 20.0% in 2025 [7][12].

Investment Rating - The investment rating for the company is "Buy" (maintained) [7] Core Views - The company reported a total revenue of 5.9065 billion yuan for 2024, representing a year-on-year growth of 36.72%, and a net profit attributable to shareholders of 956.48 million yuan, up 24.80% year-on-year [1][6] - The phosphate chemical products segment continues to grow, with revenue from phosphate chemicals and phosphate rock mining reaching 4.988 billion yuan and 543 million yuan, accounting for 84.47% and 9.19% of total revenue, respectively [2][3] - The company has abundant phosphate resources, with total reserves of 35 million tons, ensuring stable future development [3] - The company announced a cash dividend of 12.00 yuan per 10 shares for 2024, amounting to approximately 646.4 million yuan, which is 67% of the net profit for the year [4] - A stock incentive plan is proposed for 2025, granting 9.309 million restricted shares to key personnel, aiming for revenue growth of at least 20% in 2025 and 30% in 2026 [5] - Revenue forecasts for 2025-2027 are 6.936 billion yuan, 8.344 billion yuan, and 8.603 billion yuan, with net profits of 1.292 billion yuan, 1.503 billion yuan, and 1.600 billion yuan, respectively [6][12]

Investment Rating - The report maintains a "Buy" rating for the company [6]. Core Views - The company achieved significant revenue growth in 2024, with total revenue reaching 5.906 billion, a year-on-year increase of 36.72%, and net profit attributable to shareholders of 956 million, up 24.80% [1][4]. - The sales volume of phosphate chemical products saw a notable increase, driven by enhanced capacity utilization and new capacity release at the company's Guangxi base [2]. - The company plans to distribute a cash dividend of 12 yuan per 10 shares, totaling 646 million, which represents a 20.0% increase year-on-year and a payout ratio of 67.6% [2]. Summary by Sections Revenue and Profitability - In Q4 2024, the company reported a single-quarter revenue of 1.932 billion, a year-on-year increase of 54.83% and a quarter-on-quarter increase of 29.73% [1]. - The sales volumes for key products in 2024 were 370,000 tons of calcium dihydrogen phosphate, 266,000 tons of monoammonium phosphate, and 315,000 tons of phosphoric acid, with year-on-year growth rates of 15.8%, 15.7%, and 107.9% respectively [2]. Capacity Expansion and Resource Integration - The company’s phosphate rock production reached approximately 3.15 million tons in 2024, a year-on-year increase of 5.2%, with growth primarily from technical upgrades at existing mines [3]. - The company is expanding its upstream phosphate rock resources through acquisitions and ongoing construction of new mining capacities [3]. Financial Forecast and Valuation - The company’s net profit forecasts for 2025, 2026, and 2027 are 1.289 billion, 1.573 billion, and 1.847 billion respectively, with a downward adjustment for 2026 due to delays in some mining projects [4][5]. - The report projects a continuous expansion of the company's upstream phosphate rock resources and an improvement in the integrated phosphate chemical industry chain [4].

| 证券代码：002895 | 证券简称：川恒股份 | 公告编号：2025-033 | | --- | --- | --- | | 转债代码：127043 | 转债简称：川恒转债 | | 贵州川恒化工股份有限公司 变更募集资金用途的公告 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。 风险提示： 本次募集资金用途变更是基于公司现状和未来发展前景审慎提出的，有较高 的可行性。但在项目建设过程中及完成后，如果国家的产业政策发生重大变更、 市场环境发生不利变化，存在无法实现预期收益的风险。 一、变更募集资金投资项目的概述 （一）募集资金基本情况 经中国证券监督管理委员会证监许可[2023]1392 号文批复，同意公司向特定对 象发行股票的注册申请。公司向特定对象发行股票实际发行数量为 40,250,000 股， 发行价格为每股 16.40 元/股，募集资金总额为人民币为 660,100,000.00 元，扣除各 项不含税发行费用人民币 9,502,830.19 元后，募集资金净额为 650,597,169.81 元（因 发行费用中增值税进项税 498,169.81 ...

2025年4月10日，川恒股份(002895.SZ)发布2024年年度报告。截至2025年4月09日，共有237个机构投资 者披露持有川恒股份A股股份，合计持股量达3.82亿股，占川恒股份总股本的70.52%。其中，前十大机 构投资者包括四川川恒控股集团股份有限公司、四川蓝剑投资管理有限公司、广发证券股份有限公司、 西藏中睿合银投资管理有限公司-中睿合银稳健16号私募证券投资基金、申万宏源证券有限公司、中国 银行股份有限公司-嘉实新能源新材料股票型证券投资基金、中信证券股份有限公司、上海盘京投资管 理中心(有限合伙)-盛信2期私募证券投资基金、香港中央结算有限公司、华安安信消费混合A，前十大 机构投资者合计持股比例达63.36%。相较于上一季度，前十大机构持股比例合计下跌了1.05个百分点。 公募基金方面本期较上一季度持股减少的公募基金共计4个，包括南方中证1000ETF、华泰紫金先进制 造混合发起A、西部利得价值回报混合A、万家瑞益A，持股减少占比达0.22%。本期较上一季度新披露 的公募基金共计223个，主要包括嘉实新能源新材料股票A、华安安信消费混合A、华安精致生活混合 A、华安汇嘉精选混合A、长信金利 ...

Core Viewpoint - The company reported strong financial performance in 2024, with significant revenue and profit growth, but faces challenges in its phosphate mining and chemical product segments due to rising costs and increasing competition [1][4][5]. Phosphate Mining Segment - The phosphate mining business, primarily managed by the subsidiary Fulin Mining, achieved a total mining volume of 3.1484 million tons in 2024, with 679,300 tons sold externally [4]. - The company expects to add 16.1631 million tons of phosphate rock resources through technological upgrades and resource exploration, enhancing its resource reserves [4]. - However, the cost of phosphate rock procurement surged by 192.88% year-on-year, impacting the company's gross margin despite revenue growth [4]. - Increased safety and environmental production requirements have led to higher related investments, further compressing profit margins [4]. Phosphate Chemical Products Segment - The phosphate chemical products segment performed well in 2024, particularly in feed-grade monoammonium phosphate and dicalcium phosphate, with feed-grade dicalcium phosphate achieving a record revenue of 3.317 billion yuan [5]. - The monoammonium phosphate segment saw revenue of 1.176 billion yuan, reflecting a year-on-year growth of 19.91% [5]. - The launch of a new project by the subsidiary Guangxi Pengyue has enhanced production capacity and sales [5]. Market Competition and Challenges - Despite strong market demand, competition in the phosphate chemical products sector is intensifying, with significant differences in domestic and international demand for feed-grade dicalcium phosphate [6]. - Price volatility in international markets poses challenges for the company's pricing strategy [6]. - The main application area for monoammonium phosphate, ABC dry powder fire extinguishing agents, has high quality requirements, and rising raw material costs, including a 36.61% increase in sulfur procurement prices, are further squeezing profit margins [6]. Capital Operations and Shareholder Structure - In 2024, the company repurchased 3.3184 million shares, which was completed by March 6, 2025, boosting investor confidence but consuming part of its cash flow [7]. - The number of shareholders has been declining, with a total of 23,096 shareholders as of March 31, 2025, indicating a concentration of shares but also reflecting market uncertainty regarding the company's future [7]. - The company must balance resource reserves, cost control, and market expansion to address the challenges in its phosphate mining and chemical product segments [7].

川恒股份的董事长是段浩然，男，40岁，学历背景为本科；总裁是吴海斌，男，53岁，学历背景为本 科。 截至发稿，川恒股份市值为124亿元。 每经AI快讯，川恒股份（SZ 002895，收盘价：23.11元）4月9日晚间发布公告称，本激励计划授予涉及 的激励对象总人数为924人，拟向激励对象授予的限制性股票，涉及的标的股票来源为公司向激励对象 定向发行公司A股普通股；拟向激励对象授予的限制性股票数量为930.9万股，约占截至2025年3月31日 公司股本总额约5.39亿股的1.73%；限制性股票的授予价格为每股11.4元，即满足授予条件后，激励对 象可以每股11.4元的价格购买公司向激励对象增发的限制性股票，有效期自本次限制性股票授予之日起 至激励对象获授的限制性股票全部解除限售或回购注销之日止，最长不超过36个月。 道达号（daoda1997）"个股趋势"提醒： 2024年1至6月份，川恒股份的营业收入构成为：化工行业占比91.56%，磷矿石开采占比8.44%。 1. 川恒股份近30日内北向资金持股量未发生变化； 2. 近30日内无机构对川恒股份进行调研。 每经头条（nbdtoutiao）——央行"坚定支持"， ...

证券简称：川恒股份 证券代码：002895 转债简称：川恒转债 转债代码：127043 贵州川恒化工股份有限公司 2025 年股权激励计划 （草案） 贵州川恒化工股份有限公司 二零二五年四月 贵州川恒化工股份有限公司 2025 年股权激励计划（草案） 声 明 本公司及全体董事、监事保证本计划及其摘要不存在虚假记载、误导性陈述 或重大遗漏，并对其真实性、准确性、完整性承担个别和连带的法律责任。 特别提示 一、本激励计划系依据《中华人民共和国公司法》《中华人民共和国证券法》 《上市公司股权激励管理办法》和其他有关法律、法规、规范性文件，以及《贵州 川恒化工股份有限公司章程》制订。 二、本激励计划采取的激励工具为限制性股票。股票来源为贵州川恒化工股 份有限公司（以下简称"公司"或"本公司"）向激励对象定向发行本公司 A 股普通 股。 三、本激励计划拟向激励对象授予的限制性股票数量为 930.90 万股，约占截 至 2025 年 3 月 31 日公司股本总额 538,664,863 股的 1.73%。本激励计划无预留权 益。 本次在全部有效期内的股权激励计划所涉及的标的股票总数累计未超过公司 股本总额的 10%。本激 ...

证券简称：川恒股份 证券代码：002895 转债简称：川恒转债 转债代码：127043 贵州川恒化工股份有限公司 2025 年股权激励计划（草案） 摘要 贵州川恒化工股份有限公司 二零二五年四月 贵州川恒化工股份有限公司 2025 年股权激励计划（草案）摘要 声 明 特别提示 一、本激励计划系依据《中华人民共和国公司法》《中华人民共和国证券法》 《上市公司股权激励管理办法》和其他有关法律、法规、规范性文件，以及《贵州 川恒化工股份有限公司章程》制订。 二、本激励计划采取的激励工具为限制性股票。股票来源为贵州川恒化工股 份有限公司（以下简称"公司"或"本公司"）向激励对象定向发行本公司 A 股普通 股。 三、本激励计划拟向激励对象授予的限制性股票数量为 930.90 万股，约占截 至 2025 年 3 月 31 日公司股本总额 538,664,863 股的 1.73%。本激励计划无预留权 益。 本次在全部有效期内的股权激励计划所涉及的标的股票总数累计未超过公司 股本总额的 10%。本激励计划中任何一名激励对象所获授限制性股票数量均未超 过本激励计划草案公告时公司股本总额的 1%。 四、在本激励计划公告当日至激励 ...

二、中层管理人员及技术（业务）骨干 | 序 号 | 姓 名 | | 序 号 | 姓 | 名 | 序 号 | 姓 名 | | --- | --- | --- | --- | --- | --- | --- | --- | | 1 | 刘胜安 | | 307 | 叶英祺 | | 613 | 李桂发 | | 2 | 杨正斌 | | 308 | 孙 | 伟 | 614 | 张锡文 | | 3 | 赵 | 鹏 | 309 | 王 | 瑶 | 615 | 柯国亮 | | 4 | 彭世刚 | | 310 | 曾 | 茂 | 616 | 陈永斌 | | 5 | 肖 | 勇 | 311 | 黄为民 | | 617 | 王建飞 | | 6 | 谭 | 军 | 312 | 罗 | 珍 | 618 | 王 健 | | 7 | 董伟伟 | | 313 | 张均仙 | | 619 | 杨国云 | | 8 | 易 | 杰 | 314 | 陈贵书 | | 620 | 叶 建 | | 9 | 罗治均 | | 315 | 魏成雯 | | 621 | 李 杨 | | 10 | 罗 | 强 | 316 | 易朝勇 | | 622 | 李 祥 | | ...