看好公司长期发展前景，汇能集团入股。公司于8 月 1 日发布公告，汇能集团因看好公司长期发展前景，基于自身经营发展和财务安排需要，将通过协议转让的方式取得国富投资持有的公司股份，并计划长期持有。转让价格为17.53 元/股，股份数量为 83649277 股，占公司总股本的 9.01%。本次权益变动已于报告期内完成，汇能集团现已正式入股成为公司第二大股东。Incident The company released its report for the third quarter of 2024. During the reporting period, the company achieved operating income of 2.483 billion yuan, a year-on-year decrease of 14.13%; net profit to mother was 0.518 billion yuan, a year-on-year decrease of 47.89%. On a quarterly basis, the company achieved revenue of 0.785 billion yuan in 24Q3, down 9.71% year on year and 26.27% month on month; net profit to mother was 0.248 billion yuan, down 10.71% year on year and up 31.46% month on month.
Expenses were reduced, potash prices rebounded slightly, and Q3 earnings improved month-on-month. In the first three quarters of 2024, the company's potassium chloride production and sales volume were 1.3237 and 1.2414 million tons respectively, up 12.49% and 4.31% year-on-year respectively. The gross sales margin and net sales margin were 49.12% and 19.94%, respectively, down 10.83 and 14.14 percentage points year-on-year, respectively. On a quarterly basis, the company's Q3 potassium chloride production was 0.4786 million tons, up 15.35% and 15.30% year on month, respectively; sales volume was 0.3804 million tons, down 10.20% and 32.37% year over month, respectively. Gross sales margin was 49.26%, down 5.41 percentage points from year to month, and up 2.60 percentage points; net sales margin was 30.67%, down 0.92 from year to month, and up 13.58 percentage points from month to month, respectively. The company's Q3 profit improved month-on-month. On the one hand, the company's Q3 management expenses were significantly reduced; on the other hand, it was due to a slight increase in domestic and overseas potassium chloride prices in Q3.
2 #、3 #主斜井项目建设持续推进，静待产能增量释放。 At present, the company's main potash business is operating smoothly, with a daily output of about 5000-6000 tons. The company will strive to achieve an annual output target of 1.8-2 million tons. At the same time, the company's various construction work is progressing steadily. 2 #主斜井原出水点周边地层加固工作已基本完成，现正持续推进对出水点的修复工作。 3 #主斜井方面，公司正加快井下贯通工作，并将积极推进后续皮带运输设备的安装准备工作。 Waiting for 2 #主斜井或3 #主斜井任一投入使用，公司前两个百万吨钾肥项目的钾肥日产量有望达到 8,000-9000 tons. Furthermore, since the production of the second million-ton project has not yet been released, the company's expenses and production at this stage have not fully matched. When production capacity is released incrementally, the scale effect of the company will gradually be reflected. In addition, the company continues to strengthen cost control, and is optimistic about future improvements in the company's performance elasticity and profitability.
Optimistic about the company's long-term development prospects, Huineng Group took a share. The company announced on August 1 that because it is optimistic about the company's long-term development prospects, Huineng Group will acquire the company's shares held by Guofu Investment through an agreement transfer based on its own business development and financial arrangement needs, and plans to hold them for a long time. The transfer price was 17.53 yuan/share, and the number of shares was 8,3649277 shares, accounting for 9.01% of the company's total share capital. The equity change was completed during the reporting period, and Huineng Group has now officially taken a stake and became the company's second-largest shareholder.
The investment proposal is based on the company's potash sales volume, potash production capacity release progress and potash price trends in the first three quarters. The company's net profit forecast is expected to be 0.779, 1.135, and 1.579 billion yuan respectively in 2024-2026, with year-on-year changes of -36.94%, 45.71%, and 39.10%, respectively; EPS is 0.84, 1.22, and 1.70 yuan/share, respectively; PE is 22.90, 15.71, and 11.30 times, respectively. Maintain a “Recommended” rating.
