Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company is experiencing performance pressure with a significant decline in revenue and profit due to a drop in pesticide product prices. In 1H24, the company achieved total revenue of 5.699 billion yuan, down 19.36% year-on-year, and a net profit attributable to shareholders of 763 million yuan, down 32.10% year-on-year [1] - The average selling price of raw materials decreased by 23.91% year-on-year, while the sales volume increased by 3.3%. The average selling price of formulations fell by 8.39% year-on-year, with a sales volume decrease of 1.7% [1] - The global crop protection market demand is expected to recover, with the company likely to benefit from the bottoming out of pesticide raw material prices and a gradual return to normal pricing in the end market [2] Summary by Sections Financial Performance - In 1H24, the company reported total revenue of 5.699 billion yuan, a decrease of 19.36% year-on-year, and a net profit of 763 million yuan, down 32.10% year-on-year. The second quarter of 2024 saw revenue of 2.523 billion yuan, down 1.70% year-on-year and 20.55% quarter-on-quarter [1] - The average selling price of raw materials was 66,500 yuan per ton, down 23.91% year-on-year, with a sales volume of 50,000 tons, up 3.3%. The average selling price of formulations was 42,900 yuan per ton, down 8.39% year-on-year, with a sales volume of 28,100 tons, down 1.7% [1] Market Outlook - The pesticide raw material prices are expected to stabilize at the bottom, and the global crop protection market demand is anticipated to continue recovering. As of August 25, 2024, the raw material price index was 74.85 points, down 18.8% year-on-year, indicating a smaller decline [1] - The company is positioned to benefit from the recovery in the pesticide industry, with expectations of increased demand as inventory depletion in overseas markets nears completion [2] Future Projections - The company has adjusted its profit forecasts for 2024-2026, expecting net profits of 1.294 billion yuan, 1.634 billion yuan, and 1.915 billion yuan respectively, with corresponding P/E ratios of 16X, 13X, and 11X [2]

Investment Rating - The report maintains a "Strong Buy" rating for the company [2][3]. Core Views - The company reported a revenue of 5.699 billion yuan for the first half of 2024, a year-on-year decrease of 19.36%, and a net profit of 763 million yuan, down 32.10% year-on-year [2]. - The decline in performance is attributed to a sluggish market for agricultural chemicals, with prices for pesticide products falling significantly [2]. - The company is expected to benefit from the gradual recovery of industry demand and the completion of ongoing projects, which will contribute to future revenue growth [2][3]. Summary by Sections Financial Performance - In the first half of 2024, the company's raw material prices fell by 23.91%, leading to a revenue drop of 26.40% to 3.323 billion yuan [2]. - The formulation segment saw an 8.39% decline in product prices, resulting in a revenue decrease of 9.95% to 1.204 billion yuan [2]. - The overall gross margin decreased by 2.61 percentage points to 24.23% due to falling prices [2]. Market Outlook - The agricultural chemical industry is currently experiencing low demand and high inventory levels, with prices at historical lows [2]. - A recovery in overseas markets is anticipated, which may lead to a rebound in pesticide prices and improved revenue and profit levels for the company [2]. Project Development - The company is progressing with new project capacities, including the Youjia and Liaoning Youchuang projects, which are expected to contribute positively to performance [2]. - The Youjia project has completed its second phase and is ramping up production, while the Liaoning project is in the trial production phase [2]. Profit Forecast - The company’s net profit is projected to be 1.407 billion yuan, 1.665 billion yuan, and 1.922 billion yuan for 2024, 2025, and 2026 respectively, with corresponding EPS of 3.46 yuan, 4.10 yuan, and 4.73 yuan [2][6]. - The current stock price corresponds to P/E ratios of 14, 12, and 10 for the years 2024, 2025, and 2026 respectively [2].

Q2 业绩符合预期，期待优创基地投产增量 事件：扬农化工发布 2024 年中报，实现营业收入 56.99 亿元，同比下降 19.36%；归属于上市公司股东的净利润 7.63 亿元，同比下降 32.10%，扣非 净利润 7.38 亿元，同比减少 31.78%。按 4.07 亿股的总股本计算，实现每 股收益 1.88 元（扣非后为 1.82 元），每股经营现金流 6.47 元。第二季度实 现营业收入 25.23 亿元，同比下滑 1.7%、环比下滑 20.55%；实现归属于上 市公司股东的净利润 3.34 亿元，同比下滑 9.62%、环比下滑 22.17%；折合 单季度 EPS 0.82 元。 （1）从量的角度，上半年整体同比微降低，第二季度销售改善明显：上半 年实现原药销量 5 万吨，同比小幅仅减少 1690 吨，yoy-3.27%；制剂业务 销量为 2.81 万吨，同比仅减少 488 吨，yoy-1.71%。其中第二季度原药、制 剂业务销量分别为 2.5、1.3 万吨，分别 yoy+5.5%、+37.4%；qoq+0.2%、-12.6%。 （2）从价格上看，公司原药上半年销售均价为 6.65 万元/吨，同比下降 ...

2024 年 08 月 28 日 | --- | --- | |-------------------------------------|----------------------------------------------------------------------------------------------------------| | | 农药景气度下行，公司具备抗风险能力 | | | —扬农化工（600486.SH）公司事件点评报告 | | 买入(维持) | 事件 | | 分析师：张伟保 S1050523110001 | 扬农化工发布半年度报告：2024H1 公司实现营业收入 56.99 | | zhangwb@cfsc.com.cn | 亿元，同比下降 19.36%；实现归母净利润 7.63 亿元，同比 | | | 下降 32.10%。其中，2024Q2 单季度实现营业收入 25.23 亿 | | | 元，同比下降 1.70%，环比下降 20.55%；实现归母净利润 | | 基本数据 | 3.34 亿元，同比下降 9.62%、环比下降 22.17%。 | | 当前股价（元） 总市值（ ...

证券研究报告 非金融公司|公司点评|扬农化工（600486） 农药景气低迷，短期业绩承压 glzqdatemark1 证券研究报告 |报告要点 公司发布半年报，2024H1 实现营业收入 57 亿元，同比-19%；实现归母净利润 7.6 亿元，同比 -32%。上半年业绩下滑主要是农药行业景气持续低迷，量价下行所致。2024H1 公司原药销量 约 5 万吨，同比-3%，原药均价 6.65 万元/吨，同比-24%。2024Q2 公司原药销量约 2.5 万吨， 同比+5%，原药均价 6.39 万元/吨，同比-8%。 |分析师及联系人 许隽逸 申起昊 SAC：S0590524060003 SAC：S0590524070002 扬农化工(600486) 农药景气低迷，短期业绩承压 | --- | --- | |------------------------|-------------------| | 行 业： | 基础化工/农化制品 | | 投资评级： | 买入（维持） | | 当前价格： | 48.76 元 | | 基本数据 | | | 总股本/流通股本(百万股 | 406.71/402.87 | | 流通 A ...

2024 年 8 月 27 日 公司研究 农药价格下跌业绩承压，优创一期一阶段进入试生产 ——扬农化工（600486.SH）2024 年半年报点评 要点 事件：公司发布 2024 年半年度报告。2024 年上半年，公司实现营收 56.99 亿 元，同比减少 19.4%；实现归母净利润 7.63 亿元，同比减少 32.1%；实现扣非 后归母净利润 7.38 亿元，同比减少 31.8%。2024Q2，公司单季度实现营收 25.23 亿元，同比减少 1.7%，环比减少 20.6%；实现归母净利润 3.34 亿元，同比减 少 9.6%，环比减少 22.2%。 点评： 农药价格下跌，公司业绩承压。2024 年上半年，公司原药业务实现营收 33.23 亿元，同比减少 26.4%；实现销量 5.0 万吨，同比减少 3.3%；原药产品平均销 售价格为 6.65 万元/吨，同比下降 23.9%。公司制剂业务实现营收 12.04 亿元， 同比减少 10.0%；实现销量 2.8 万吨，同比减少 1.7%；制剂产品平均销售价格 为 4.29 万元/吨，同比下降 8.4%。由于原药和制剂产品价格的下跌，公司 2024H1 毛利率同比下 ...

基础化工/农化制品 Q2 业绩符合预期，葫芦岛一期一阶段进入试生产 扬农化工（600486.SH） 2024 年 08 月 27 日 ——公司信息更新报告 投资评级：买入（维持） | --- | --- | |--------------------------|--------------------------| | 金益腾（分析师） | 徐正凤（分析师） | | jinyiteng@kysec.cn | xuzhengfeng@kysec.cn | | 证书编号：S0790520020002 | 证书编号：S0790524070005 | Q2 业绩同环比承压，以扬农加速度高质量推进葫芦岛一期项目投产 公司发布 2024 年中报，营收 56.99 亿元，同比-19.36%；归母净利润 7.63 亿元， 同比-32.10%；扣非净利润 7.38 亿元，同比-31.78%。其中 Q2 营收 25.23 亿元， 同比-1.70%、环比-20.55%；归母净利润 3.34 亿元，同比-9.62%、环比-22.17%； 扣非净利润 3.11 亿元，同比-15.38%、环比-27.09%。考虑农药价格持续下跌致盈 ...

证 券 研 究 报 告 扬农化工（600486）2024 年半年报点评 强推（维持） Q2 原药销量同环比增长，优创项目进入兑现期 目标价：69.6 元 事项： 扬农化工发布 2024 年半年度报告，2024 年上半年公司实现营收 56.99 亿元， 同比-19.36%，实现归母净利润 7.63 亿元，同比-32.10%。其中 Q2 实现营收 25.23 亿元，同/环比-1.70%/-20.55%，实现归母净利润 3.34 亿元，同/环比9.62%/-22.17%。 评论： 经营数据来看：营收方面，24H1，公司原药业务实现营收 33.23 亿元，同比26.40%，其中 Q2 实现营收 15.99 亿元，同/环比-2.66%/-7.28%，制剂业务实现 营收 12.04 亿元，同比-9.95%，其中 Q2 实现营收 3.42 亿元，同/环比-0.24%/- 60.25%。销量方面，24H1，公司实现原药销量 5.00 万吨，同比-3.27%，其中 Q2 实现销量 2.50 万吨，同/环比+5.48%/+0.22%，实现制剂销量 2.81 万吨，同 比-1.71%，其中 Q2 实现销量 1.31 万吨，同/环比 ...

2024年08月26日 扬农化工 (600486.SH) 买入 (维持评级) 公司点评 证券研究报告 业绩符合预期，静待行业拐点 事件 8 月 26 日，公司发布 2024 年半年报,公司 2024 年半年度实现营 业收入 56.99 亿元,同比-19.36%,归母净利润 7.63 亿元,同比- 32. 1%。2 季度单季实现营收 25. 23 亿元，同比-1. 70%；归母净利 润 3.34 亿元，同比-9.62%，业绩符合预期。 સ્ત્રમ્ 公司产品价格同比下滑,短期影响公司收入。分业务来看,2024年 上半年，公司原药业务实现营业收入 33.23 亿,价格 6.65 万元/ 吨,同比-23.91%;制剂业务实现收入 12.04 亿,价格 4.29 万元/ 吨,同比-8.39%。原材料层面,公司主要原材料有不同程度回落。 公司产品市场价格当前处于历史较低位置。从产品价格来看,杀 虫剂主要产品功夫菊酯当前报价 10.7 万元/吨（历史最低价格, 数据起始于 2015年),联苯菊酯当前报价 13.2万元/吨(历史最 低价格, 数据起始于 2015年),除草剂主要产品草甘藤当前报价 2.5 万元/吨（历史分 ...

Investment Rating - The report maintains a "Buy" rating for the company [4][5] Core Views - The company's semi-annual performance exceeded expectations, with cost reduction and efficiency improvements alongside steady progress in the YouChuang project [5] - The report anticipates a recovery in the pesticide market and an earlier production launch of the YouChuang project, which are seen as catalysts for growth [5] Financial Summary - For the first half of 2024, the company achieved revenue of 5.699 billion yuan, a year-on-year decrease of 19.36%, and a net profit attributable to shareholders of 763 million yuan, down 32.10% [5] - The second quarter saw revenue of 2.523 billion yuan, a year-on-year decrease of 1.70%, and a net profit of 334 million yuan, down 9.62% year-on-year [5] - The projected adjusted EPS for 2024-2026 is 4.20, 4.63, and 5.39 yuan respectively, with a target price of 78.57 yuan for 2024 [5][6] Market Data - The current stock price is 48.76 yuan, with a market capitalization of 19.831 billion yuan [7][14] - The stock has a 52-week price range of 46.90 to 69.00 yuan [7] Financial Ratios - The company’s net asset return rate is projected to be 15.5% for 2024, with a price-to-earnings ratio of 11.60 based on the current price [6][14]