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研報掘金丨海通國際:維持雲天化“優於大市”評級,目標價30.6元
格隆匯 04-11 17:32

海通國際研報指出,雲天化(600096.SH)24年扣非後淨利潤51.90億元,同比增長15.12%。2024Q4,扣非後淨利潤8.45億元,環比下降45.63%,同比下降9.14%。擬派發現金紅利25.52億元(含稅),佔2024年歸母淨利潤比例爲47.86%。在上遊資源佈局上,公司擁有豐富的磷礦和煤炭資源,現有磷礦儲量近8 億噸,磷礦石採選規模1450萬噸/年,磷礦儲量及年開採能力均位居全國前列,可實現完全自給;公司目前擁有合成氨產能248 萬噸/年,合成氨自給率95%以上;內蒙古呼倫貝爾地區配套擁有大型露天開採煤礦,開採能力400 萬噸/年,可爲北方基地的合成氨生產提供穩定原料。在產品佈局上,公司化肥總產能1000萬噸/年,飼料級磷酸鈣鹽產能50 萬噸/年,聚甲醛產能全國前列。同時,公司提升磷礦伴生資源利用效率,開發氟化工相關產品,目前下屬子公司共計生產氟硅酸鈉7.72 萬噸,有效支撐了下屬子公司含氟精細化工項目發展。予目標價30.6元(+10%),維持“優於大市”評級。

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