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研报掘金丨申万宏源:云天化业绩预告符合预期,维持“增持”评级

Research Reports on Mining Gold | SWHY: Yunnan Yuntianhua's performance forecast meets expectations, maintaining a "Shareholding" rating.

Gelonghui Finance ·  Jan 9 17:39

SWHY research pointed out that in 2024, Yunnan Yuntianhua (600096.SH) is expected to achieve a net income of around 5.3 billion yuan, a year-on-year increase of 17.20%. Among them, in Q4 2024, it is expected to achieve a net income of 0.876 billion yuan, a year-on-year increase of 7.12%, with performance meeting expectations. Looking ahead, the spring plowing for Q1 2025 is about to arrive, and demand for fertilizer will gradually start; on the industrial side, as the weather gradually warms up, there is also an expectation of increased operation from downstream board manufacturers; after the Spring Festival, the peak production season for high-nitrogen compound fertilizers will come from March, and urea demand will gradually be released, with prices expected to recover to some extent. The company is an integrated phosphorus chemicals enterprise with obvious advantages, and its asset-liability structure is continuously optimizing. At the same time, it is transforming and laying out fine phosphorus chemical business, efficient development of phosphorus ore resources, and comprehensive utilization projects of fluorosilicon resources. Considering the downward trend in urea prices, there may be a decline in phosphorus fertilizer exports in December. However, it remains bullish on the value properties of phosphorus ore resources and maintains a "Shareholding" rating.

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