然后这期的话呢,由于上次输入了万华,这期来树立一下洋农就是把洋农化工的基本面给大家做一个更新然后希望对大家能有所帮助然后这里的话就是说首先我把洋农化工的基本逻辑给大家介绍一下首先洋农在过去的话它是在这个橘子、麦草薇、草甘霖 在这些大单品上它的技术工艺成本都做到了全行业最优所以说在过去的话从洋农化工它的优佳项目从2013年到2022年连续投了4期这4期投下去的话都给公司带来了收入和净利润的增长而且在农药价格有波动的前提之下公司穿越了周期底部利润不断抬升那么 我们认为的话就是洋农化工后续的话我们认为它的成长性主要来自北方基地北方基地的话现在是规划了这个1500亩的土地大概是能投三期然后总投资额在100亿左右这个后续持续的投下去我们认为公司的话它会持续的贡献收入和经济利润就它的收入和经济利润还是会维持持续提升的这么一个趋势 然后我们认为的话公司从24年到29年这5年时间的话平均的一个符合增速能达到10%到15%左右的这么一个符合增速 那么大家关注的核心的问题就是因为羊农过去所谓的产品主要集中在菊池树草剂是集中在百草维和草干林然后大家比较关注的话是葫芦岛项目要做什么新的产品那么这些新的产品它的盈利是否能保持一个相对不 ...

证券代码：600486 证券简称：扬农化工 公告编号：临 2024-054 江苏扬农化工股份有限公司 关于召开 2024 年第三季度业绩说明会的公 告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈 述或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 重要内容提示： 投资者可于 2024 年 11 月 20 日(星期三)至 11 月 26 日(星期二)16:00 前 登录上证路演中心网站首页点击"提问预征集"栏目或通过公司邮箱 stockcom@yangnongchem.com 进行提问。公司将在说明会上对投资者普遍关注的 问题进行回答。 江苏扬农化工股份有限公司（以下简称"公司"）已于 2024 年 10 月 29 日 发布公司 2024 年第三季度报告，为便于广大投资者更全面深入地了解公司 2024 年前三季度经营成果、财务状况，公司计划于2024年11月27日下午14:00-15:00 举行 2024 年第三季度业绩说明会，就投资者关心的问题进行交流。 一、说明会类型 本次投资者说明会以网络互动形式召开，公司将针对 2024 年前三季度的经 营成果及财务指标的具体情况与投 ...

2024 年 11 月 17 日 公司研究 评级：买入(维持) 研究所： 证券分析师： 李永磊 S0350521080004 liyl03@ghzq.com.cn 证券分析师： 董伯骏 S0350521080009 dongbj@ghzq.com.cn 证券分析师： 杨丽蓉 S0350524090008 yanglr@ghzq.com.cn [Table_Title] Q3 盈利同比增长，看好葫芦岛项目放量 ——扬农化工（600486）公司动态研究 投资要点: 最近一年走势 Q3 归母净利润同比增长，周期底部经营彰显韧性 2024Q3 公司实现营业收入 23.17 亿元，同比+5.0%，环比-8.2%；实现 归母净利润 2.63 亿元，同比+10.9%，环比-21.3%；实现扣非归母净利 润 2.49 亿元，同比+12.0%，环比-20.0%；销售毛利率 23.5%，同比下 降 0.4 个 pct，环比下降 0.57 个 pct；销售净利率 11.3%，同比上升 0.59 个 pct，环比下降 1.91 个 pct。经营活动现金流净额 4.73 亿元。 相对沪深 300 表现 2024/11/15 2024Q ...

证券代码：600486 证券简称：扬农化工 编号：临 2024-053 江苏扬农化工股份有限公司 关于与安道麦签署委托管理协议的 关联交易公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 一、关联交易概述 1 关联关系：安道麦为公司间接控股股东中国中化控股有限责任公司所控制的 法人，根据上海证券交易所《股票上市规则》第 6.3.3 条规定，为公司的关联方。 资信情况：根据公司的了解，安道麦生产经营情况正常，经营及财务状况良 好。经查询"中国执行信息公开网"，安道麦不是失信被执行人。 三、关联交易标的基本情况 本次交易性质为委托管理，委托管理的标的为公司与安道麦间约定的基于相 同原药生产的植保制剂重叠产品在中国境内的销售。安道麦拟委托本公司管理的 业务在 2023 年的销售额约为 4,757 万元人民币，本公司拟委托安道麦管理的业 务在 2023 年的销售额约为 4,240 万元人民币。 江苏扬农化工股份有限公司（以下简称"公司"）的控股股东是先正达集团 股份有限公司（以下简称"先正达集团"），间接控股股东是中国化工集团有限 ...

Investment Rating - The report maintains a "Buy" rating for Yangnong Chemical (600486) [5] Core Views - Yangnong Chemical's Q3 2024 performance met expectations, with revenue of 8,016 million yuan (YoY -14%) and net profit of 1,026 million yuan (YoY -25%) [5] - The company's Q3 2024 revenue was 2,317 million yuan (YoY +5%, QoQ -8%), with net profit of 263 million yuan (YoY +11%, QoQ -21%) [5] - The gross profit margin for Q3 2024 was 23.51%, with a net profit margin of 12.01% [5] - The Huludao Youchuang project is progressing as expected, with the first phase in trial production and the second phase in electromechanical installation [5] - The company is expected to achieve net profits of 1,255, 1,603, and 1,962 million yuan for 2024, 2025, and 2026, respectively [5] Business Performance - In Q3 2024, the company's active pharmaceutical ingredient (API) business generated revenue of 1,497 million yuan (YoY +4%, QoQ -6%), with sales volume of 26,100 tons (YoY +12%, QoQ +4%) [5] - The formulation business revenue was 184 million yuan (YoY -5%, QoQ -46%), with sales volume of 6,200 tons (YoY +29%, QoQ -53%) [5] - Key product prices in Q3 2024: Bifenthrin 132,000 yuan/ton (YoY -17%, QoQ -3%), Cypermethrin 107,000 yuan/ton (YoY -16%, QoQ -0%), Glyphosate 25,100 yuan/ton (YoY -23%, QoQ -4%) [5] Financial Summary - The company's total operating income for 2024E is projected at 10,985 million yuan, with a net profit of 1,255 million yuan [6] - The gross profit margin for 2024E is expected to be 23.7%, with ROE at 11.8% [6] - Earnings per share (EPS) for 2024E, 2025E, and 2026E are forecasted at 3.08, 3.94, and 4.82 yuan, respectively [6] Project Development - The Huludao Youchuang project involves an investment of 4,238 million yuan to produce 15,650 tons of pesticide APIs, 7,000 tons of intermediates, and 66,133 tons of by-products annually [5] - The project is expected to generate annual revenue of 4,083 million yuan, with an ROI of 17.16% and an internal rate of return of 15.65% [5] - The project includes production of 4,500 tons/year of insecticides, 8,050 tons/year of herbicides, and 3,100 tons/year of fungicides [5]

Investment Rating - The investment rating for the company is "Buy" with a target price indicating a potential return of over 20% within the next six months [6][14]. Core Views - The company reported a total revenue of 8.016 billion yuan for the first three quarters of 2024, a year-on-year decrease of 13.57%. The net profit attributable to shareholders was 1.026 billion yuan, down 24.61% year-on-year [1][2]. - The third quarter saw a revenue increase of 4.98% year-on-year, reaching 2.317 billion yuan, with a net profit of 263 million yuan, up 10.87% year-on-year [1][3]. - The company is progressing steadily with its Huludao base, which began trial production in the third quarter of 2023, with further phases expected to be operational by mid-2025 [4]. Summary by Sections Financial Performance - For the first three quarters, the company generated 8.016 billion yuan in revenue, a decrease of approximately 12.58 billion yuan compared to the previous year. The raw material business accounted for 4.821 billion yuan, down about 1.133 billion yuan year-on-year, while the formulation business generated 1.388 billion yuan, down 142 million yuan [2]. - The third quarter's revenue was 2.317 billion yuan, with the raw material, formulation, and trade businesses contributing 1.497 billion, 184 million, and 636 million yuan respectively [3]. - The overall gross margin for the first three quarters was 24.02%, a decline of 2.12 percentage points year-on-year [3]. Business Segments - The raw material and formulation business volumes for the first three quarters were 76,100 tons and 34,300 tons, respectively, showing slight increases year-on-year. However, the average selling prices for these segments fell by 20.1% and 11.7% year-on-year due to a decline in raw material prices [2]. - In the third quarter, the raw material and formulation business volumes increased significantly by 11.7% and 28.6% year-on-year, while their average selling prices decreased by 6.8% and 26% respectively [3]. Future Outlook - The company expects net profits for 2024, 2025, and 2026 to be 1.35 billion, 1.72 billion, and 2.07 billion yuan respectively, reflecting adjustments based on product price changes and project progress [4]. - The Huludao base is anticipated to provide new growth opportunities over the next 2-3 years, with significant investment compared to previous projects [4].

Investment Rating - The report maintains a "Buy" rating for the company, with a target price of 78.48 CNY, based on a revised average PE of 24 times for comparable companies in 2024 [2][4]. Core Views - The company's performance is resilient despite the agricultural chemical industry's downturn, with a notable increase in quarterly revenue and net profit year-on-year. The ongoing construction of the Huludao project is expected to contribute to future growth [1][2]. - The company reported a revenue of 8.016 billion CNY for the first three quarters of 2024, a decrease of 13.57% year-on-year, while the net profit attributable to the parent company was 1.026 billion CNY, down 24.61% year-on-year. However, the third quarter alone saw a revenue increase of 4.98% year-on-year [1][2]. Financial Summary - For 2024, the company is projected to achieve a net profit of 1.329 billion CNY, a decrease of 15.1% compared to 2023. The revenue is expected to be 11.845 billion CNY, reflecting a slight increase of 3.2% [3][7]. - The gross margin for the first three quarters of 2024 was 24.02%, with a net margin of 12.80%. The third quarter gross margin was 23.51%, showing a year-on-year decrease of 0.40% [1][3]. - The company's operating expenses for the first three quarters were 9.53% of revenue, with management, sales, R&D, and financial expense ratios showing slight year-on-year increases [1][3]. Project Development - The Huludao project, with a total investment of approximately 4.2 billion CNY, is nearing completion. It aims to produce 15,650 tons of pesticide active ingredients and 7,000 tons of pesticide intermediates annually. The first phase began trial production in July 2024, with full construction expected to be completed by the end of November 2024 [1][2].

Investment Rating - The investment rating for the company is "Buy (Maintain)" [4] Core Views - The company's performance in the first three quarters of 2024 met expectations, with revenue of 8.02 billion yuan, down 14% year-on-year, and a net profit attributable to shareholders of 1.03 billion yuan, down 25% year-on-year. The decline in performance is primarily attributed to the sluggish pesticide industry, characterized by increased volume but falling prices [6][2] - The company is expected to see a recovery in the pesticide market in the medium to long term, driven by resilient end-user demand [6] - The company is advancing its "YouChuang" project, which is expected to contribute to its growth as it enters trial production [6] - The company is a leader in the pyrethroid sector and is projected to continue its growth trajectory [6] Financial Performance Summary - For the first three quarters of 2024, the company achieved a revenue of 8.02 billion yuan, a decrease of 14% year-on-year, and a net profit of 1.03 billion yuan, down 25% year-on-year. The adjusted net profit was 990 million yuan, down 24% year-on-year [6] - In Q3 2024, the company reported a revenue of 2.32 billion yuan, an increase of 5% year-on-year but a decrease of 8% quarter-on-quarter, with a net profit of 260 million yuan, up 11% year-on-year but down 21% quarter-on-quarter [6] - The company's raw material sales volume for the first three quarters was approximately 76,000 tons, up 1.4% year-on-year, with an average price of 63,400 yuan per ton, down 20% year-on-year [6] - The company is expected to generate revenues of 10.91 billion yuan, 13.22 billion yuan, and 14.78 billion yuan for 2024, 2025, and 2026 respectively, with corresponding net profits of 1.30 billion yuan, 1.75 billion yuan, and 2.07 billion yuan [7]

国浩律师（南京）事务所 关 于 江苏扬农化工股份有限公司 2022 年限制性股票激励计划 回购注销部分已授予限制性股票 的 法律意见书 中国江苏省南京市汉中门大街 309 号 B 座 5、7-8 层 邮编：210036 5、7-8/F, Block B, 309 Hanzhongmen Street, Nanjing, China, 210036 电话/Tel: +86 25 8966 0900 传真/Fax: +86 2589660966 网址/Website: http://www.grandall.com.cn 二〇二四年八月 国浩律师(南京)事务所 法律意见书 国浩律师（南京）事务所 关于江苏扬农化工股份有限公司 2022 年限制性股票激励计划 回购注销部分已授予限制性股票的 法律意见书 致：江苏扬农化工股份有限公司 国浩律师（南京）事务所（以下简称"本所"）接受江苏扬农化工股份有限 公司（以下简称"扬农化工"或"公司"）的委托，根据《中华人民共和国公司 法》（以下简称"《公司法》"）、《中华人民共和国证券法》（以下简称"《证券法》"）、 《上市公司股权激励管理办法》（以下简称"《股权激励管理办法》" ...

1、2024 年 8 月 24 日，公司召开了第八届董事会第二十次会议和第八届监 事会第十五次会议，分别审议通过了《关于回购注销部分激励对象已获授但尚未 解除限售的限制性股票的议案》，同意公司回购注销部分激励对象已获授但尚未 解除限售的 19,500 股限制性股票。律师对该事项出具了专项法律意见书。具体 内容详见公司于 2024 年 8 月 27 日在《中国证券报》《上海证券报》及上海证券 交易所网站披露的《第八届董事会第二十次会议决议公告》（公告编号 2024-035）、《关于回购注销部分激励对象已获授但尚未解除限售的限制性股票 的公告》（公告编号 2024-039）。 回购注销原因：江苏扬农化工股份有限公司（以下简称"公司"）1 名 激励对象被选举为公司职工监事，根据《上市公司股权激励管理办法》（以下简 称"《管理办法》"）、公司《2022 年限制性股票激励计划》（以下简称"《激 励计划》"）相关规定，该激励对象不再符合激励计划的条件，其持有但尚未达 到解除限售条件的 19,500 股限制性股票应由公司进行回购并注销。 本次注销股份的有关情况 | 回购股份数量（股） | 注销股份数量（股） | 注销日期 ...