Investment Rating - The report maintains a "Buy" rating for the company, indicating a positive outlook for its performance relative to the market [9]. Core Views - The company reported annual performance in line with expectations, with the Huludao base expected to drive new growth and a recovery in pyrethroid prices anticipated [1][9]. - The company is positioned as a leading producer in the global pyrethroid market, with significant market share domestically and internationally [9]. - The report highlights the construction of the Huludao project, which is expected to contribute significantly to future revenue, with an estimated annual revenue of 4.083 billion yuan post-completion [9]. Financial Data Summary - For 2024, the company achieved a revenue of 10.435 billion yuan, a year-on-year decrease of 9%, and a net profit of 1.202 billion yuan, down 23% year-on-year [9]. - The projected revenues for 2025 and 2026 are 12.073 billion yuan and 13.808 billion yuan, respectively, with expected net profits of 1.498 billion yuan and 1.808 billion yuan [8][10]. - The company's gross margin for 2024 was reported at 23.11%, a decrease of 2.49 percentage points year-on-year [9]. Market Data - As of March 27, 2025, the closing price of the company's stock was 55.70 yuan, with a market capitalization of 22.44 billion yuan [2]. - The stock has a price-to-earnings ratio (PE) of 19 for 2024, projected to decrease to 15 for 2025 and further to 13 for 2026 [8][9]. Product Pricing and Sales - The average selling price of key products is currently at historical lows, with significant price drops observed in 2024 [9]. - The report notes that the average selling price for the company's main products, such as bifenthrin and glyphosate, has decreased significantly year-on-year [9].

Core Viewpoint - The company reported a decline in revenue and net profit for 2024, primarily due to falling prices of its main products, but there are signs of potential recovery in the agricultural chemicals market [1][2][4]. Financial Performance - In 2024, the company achieved total revenue of 10.435 billion yuan, a year-on-year decrease of 9.09% - The net profit attributable to shareholders was 1.202 billion yuan, down 23.19% year-on-year - The adjusted net profit was 1.163 billion yuan, a decrease of 22.81% year-on-year - In Q4 2024, total revenue was 2.419 billion yuan, an increase of 9.76% year-on-year and 4.41% quarter-on-quarter - The net profit for Q4 was 176 million yuan, down 13.71% year-on-year and 32.91% quarter-on-quarter [1][2]. Product Pricing and Sales - The average selling price of raw materials decreased by 16.01% year-on-year to 64,300 yuan/ton, while sales volume increased by 3.5% to 99,900 tons - The average selling price of formulations fell by 9.38% year-on-year to 42,500 yuan/ton, with sales volume up by 2.7% to 34,300 tons - In Q4 2024, the average selling price of raw materials was 67,100 yuan/ton, up 16.9% quarter-on-quarter, but sales volume decreased by 8.7% to 23,800 tons - The average selling price of formulations in Q4 was 76,200 yuan/ton, a significant increase of 157.5% quarter-on-quarter, but sales volume dropped by 66.6% to 2,100 tons [2]. Market Outlook - Agricultural chemical prices are expected to stabilize at low levels, with potential benefits for the company as demand gradually recovers - The agricultural chemicals price index reported by Zhongnong Lihua was 72.33 points as of March 16, 2025, down 6.82% year-on-year, indicating a slowing decline - The company is positioned to benefit from a recovery in the global crop protection market, supported by its leading position in key products [3][4]. Project Development - The Youchuang project is progressing steadily, with the first phase completed and products being tested for quality - This project is part of China Sinochem's "14th Five-Year Plan" and is expected to generate annual revenue of 1.5 billion yuan and net profit of 100 million yuan by 2026, and 4 billion yuan and 500 million yuan by 2030 - The project aims to resolve bottlenecks faced by the subsidiary Shenyang Kechuang and optimize production layout, enhancing the company's market position [3][4]. Investment Recommendations - The company is expected to benefit from a recovery in the agricultural chemicals sector, with projected net profits of 1.34 billion yuan, 1.52 billion yuan, and 1.73 billion yuan for 2025-2027, reflecting year-on-year growth rates of 11.6%, 13.3%, and 13.6% respectively - Corresponding price-to-earnings ratios are projected to be 17, 15, and 13 times [4].

行业尚处周期底部，但是绿色化、国际化与集中度提升也孕育着新机遇。首先，国家高度重视粮食 安全，持续推出农业利好政策以及有利于农药行业创新、绿色、高质量发展的法律法规。其次，虽然 2024 年全球粮食价格处于周期底部，但粮食需求中长期需求明确，广大发展中地区居民饮食结构仍有 较大改善空间，支撑了饲用农产品需求，巴西、美国等粮食主产国也在持续扩大农产品种植面积，长期 农药产品终端需求稳中有升。第三，海外市场去库存已见成效，新周期备货启动推动部分产品需求恢 复，政策引导行业集中度提升，产能出清后中期价格将有上升空间。数字化和智能化技术的应用（例如 精准施药）推动行业升级。终端抗性管理和土壤健康需求增加带动新产品销售，病虫害抗药性增强促使 企业加快新药研发，企业通过差异化产品突破同质化困境。 公司有序推进新项目产能建设，后续有望逐步贡献业绩增量。2024 年公司辽宁优创一期一阶段、 二阶段项目相继投产运营。截至2024 年年末，公司对于辽宁优创一期项目的累计投入金额已达到27.83 亿元，占总预算的80%。后续公司还将推进优创二期项目，此外优嘉厂区、科创厂区项目也在同步推 进。我们认为，后续在建项目的陆续投放，有望继 ...

扬农化工(600486)：业绩承压 葫芦岛项目有望贡献 后续增量 2024 年海外农药需求整体显著改善，根据海关总署统计，2024 年全年我国农药出口同比大幅提升，农 药制剂（海关编码380891、380892、380893）全年出口量为281 万吨，同比增长30%，累计金额592 亿 元，同比提升13%，其中2024Q4 出口量同比增长27%，出口金额同比增长17%。制剂端出口上行有望带 动原药需求提升，农药行情有望持续改善。 葫芦岛产能释放在即，农药原药龙头持续成长公司在葫芦岛布局了优创基地一期新建15650 吨原药和 7000 吨中间体项目，2024年优创一期一阶段项目已进入试生产调试阶段，二阶段项目已进入机电安装 阶段。 且公司正在商讨优创二期项目，产品清单在编制过程中，有望推动公司持续成长。 菊酯龙头且持续成长，维持"买入"评级 考虑到农药景气仍在磨底阶段，我们预计公司2025-2027 年营业收入分别为128/141/152 亿元，同比分别 +23%/+10%/+8%；归母净利润分别为14.6/17.5/19.8亿元，同比增速分别为+21%/+20%/+13%；EPS 分别 为3.58/4.29/ ...

丨证券研究报告丨 公司研究丨点评报告丨扬农化工（600486.SH） [Table_Title] 部分产品价格反弹，行业仍处于磨底阶段 报告要点 [Table_Summary] 公司发布 2024 年报，实现收入 104.3 亿元（同比-9.1%），实现归属净利润 12.0 亿元（同比- 23.2%），实现归属扣非净利润 11.6 亿元（同比-22.8%）。2024Q4 实现收入 24.2 亿元（同比 +9.8%），实现归属净利润 1.8 亿元（同比-13.7%），实现归属扣非净利润 1.8 亿元（同比-13.1%）。 公司拟每股派发现金红利 0.68 元（含税），分红总额占 2024 年度归属净利润的 23.01%。 分析师及联系人 [Table_Author] 马太 王明 SAC：S0490516100002 SAC：S0490521030001 SFC：BUT911 SFC：BVA881 请阅读最后评级说明和重要声明 %% %% %% %% research.95579.com 1 扬农化工（600486.SH） cjzqdt11111 [Table_Title2] 部分产品价格反弹，行业仍处于磨底阶段 ...

Investment Rating - The investment rating for Yangnong Chemical is maintained as "Buy" [1] Core Views - The company's performance is under pressure due to increased volume but decreased prices in raw materials and formulations. The Huludao project is progressing rapidly, which is expected to enhance long-term growth potential [4][5] - The company reported a revenue of 10.435 billion yuan in 2024, a year-on-year decrease of 9.09%, and a net profit attributable to shareholders of 1.202 billion yuan, down 23.19% year-on-year. The fourth quarter showed a revenue increase of 9.76% year-on-year [4][5] - The company plans to distribute a cash dividend of 0.68 yuan per share (before tax) [4] Financial Summary - Revenue and profit forecasts for 2025-2027 have been adjusted downwards due to intensified competition in the pesticide industry. The expected net profits for 2025, 2026, and 2027 are 1.410 billion yuan, 1.600 billion yuan, and 1.823 billion yuan, respectively, with corresponding EPS of 3.47 yuan, 3.93 yuan, and 4.48 yuan [4][7] - The company's gross margin and net margin for 2024 were 23.11% and 11.53%, respectively, both showing a decline compared to the previous year [5][12] - The company’s total market capitalization is approximately 21.961 billion yuan, with a current stock price of 54.00 yuan, corresponding to a P/E ratio of 15.6 for 2025 [1][7] Business Performance - In 2024, the company achieved a raw material sales volume of 99,900 tons and a formulation sales volume of 36,400 tons, with year-on-year increases of 3.5% and 1.8%, respectively. However, revenue from raw materials and formulations decreased by 13.1% and 7.8% year-on-year [5][9] - The average selling price for raw materials and formulations decreased by 16.0% and 9.4% year-on-year, respectively, indicating pricing pressure in the market [5][9] - The company is expected to benefit from the recovery of demand in the overseas market and the ongoing progress of the Huludao project, which is anticipated to drive future growth [5][12]

基础化工/农化制品 扬农化工（600486.SH） 量升价跌致盈利承压，葫芦岛项目快速推进 2025 年 03 月 26 日 投资评级：买入（维持） | 日期 | 2025/3/25 | | --- | --- | | 当前股价(元) | 54.00 | | 一年最高最低(元) | 70.89/46.12 | | 总市值(亿元) | 219.61 | | 流通市值(亿元) | 217.55 | | 总股本(亿股) | 4.07 | | 流通股本(亿股) | 4.03 | | 近 3 个月换手率(%) | 34.3 | 股价走势图 -24% -12% 0% 12% 24% 36% 2024-03 2024-07 2024-11 扬农化工 沪深300 数据来源：聚源 相关研究报告 《Q3 业绩同比改善，葫芦岛项目放量 可 期 — 公 司 信 息 更 新 报 告 》 -2024.10.29 《Q2 业绩符合预期，葫芦岛一期一阶 段进入试生产 —公司信息更新报告》 -2024.8.27 《业绩符合预期，降本增效彰显盈利 韧性—公司信息更新报告》-2024.4.23 金益腾（分析师） 徐正凤（分析师） jinyiten ...

农药行业底部盘整，公司业绩韧性凸显 扬农化工(600486) ——扬农化工 2024 年年报点评 股票研究 /[Table_Date] 2025.03.26 基础化工 [Table_Industry] /原材料 | [Table_Invest] 评级： | | 增持 | | --- | --- | --- | | | 上次评级: | 增持 | | [Table_Target] 目标价格： | | 68.96 | | | 上次预测: | 78.57 | | Table_CurPrice] [当前价格： | | 54.85 | 本报告导读： 公司 2024 年利润下滑幅度明显小于行业水平，目前大部分农药价格已见底，公司葫 芦岛基地一期一阶段已建成调试，成长性有望在周期底部体现。 投资要点： | 股 | | --- | | 票 | | 研 | | 究 | 公 司 更 新 报 [Table_Market] 交易数据 52 周内股价区间（元） 46.81-66.53 总市值（百万元） 22,307 总股本/流通A股（百万股） 407/403 流通 B 股/H 股（百万股） 0/0 [Table_Balance] 资产负 ...

Investment Rating - The report maintains a "Buy" rating for the company [6] Core Views - The company's performance is under pressure due to declining pesticide prices, with a 9.09% year-on-year decrease in revenue to 10.435 billion yuan and a 23.19% drop in net profit to 1.202 billion yuan in 2024 [1][4] - The company has completed the first phase of the Yuchuang project, producing qualified products, which positions it to benefit from the recovery in the agricultural protection industry [3][4] Summary by Sections Financial Performance - In 2024, the company achieved revenue of 10.435 billion yuan, a decrease of 9.09% year-on-year, and a net profit of 1.202 billion yuan, down 23.19% year-on-year [1] - The average selling prices for raw materials and formulations fell by 16.0% and 9.4%, respectively, leading to a decline in revenue from raw materials by 13.1% to 6.418 billion yuan and a 7.8% decrease in formulation revenue to 1.545 billion yuan [2] - The company’s gross margin for raw materials decreased by 2.45 percentage points to 27.7%, while the gross margin for formulations increased by 2.39 percentage points to 29.8% [2] Project Development - The Yuchuang Phase I project in Liaoning has been completed and is in the process of trial production, with several products, including Kungfu Chrysanthemum Ester, already yielding qualified outputs [3] - As of the end of 2024, the company has invested 2.78 billion yuan in the Yuchuang project, accounting for 80% of the total budget [3] Market Outlook - The agricultural protection industry remains in a low prosperity state, but there are signs of recovery as inventory levels have been cleared and demand is gradually improving [3] - The company is expected to benefit from the overall improvement in supply-demand dynamics in the agricultural protection sector as the industry stabilizes [3][4] Profit Forecast and Valuation - The profit forecasts for 2025-2027 have been adjusted downwards, with expected net profits of 1.378 billion yuan, 1.625 billion yuan, and 1.910 billion yuan, respectively [4][5] - The company is positioned as a leader in the domestic pesticide industry, and the completion of the Yuchuang project is expected to enhance its product structure [4]

Investment Rating - The report maintains a "Buy" rating for the company [6] Core Views - The company's performance is under pressure due to declining pesticide prices, with a revenue decrease of 9.09% year-on-year to 10.435 billion yuan and a net profit drop of 23.19% to 1.202 billion yuan in 2024 [1][4] - The company has completed the first phase of the Yuchuang project, producing qualified products, which positions it to benefit from the anticipated recovery in the agricultural protection industry [3][4] Summary by Sections Financial Performance - In 2024, the company achieved revenue of 10.435 billion yuan, a decrease of 9.09% year-on-year, and a net profit of 1.202 billion yuan, down 23.19% year-on-year [1] - The average selling prices for raw materials and formulations fell by 16.0% and 9.4%, respectively, leading to a revenue decline in both segments [2] - The raw material business generated revenue of 6.418 billion yuan, down 13.1%, while the formulation business brought in 1.545 billion yuan, down 7.8% [2] Project Development - The Yuchuang Phase I project in Liaoning has been completed and is in the process of trial production, with several products already meeting quality standards [3] - As of the end of 2024, the company has invested 2.78 billion yuan in the Yuchuang project, accounting for 80% of the total budget [3] Market Outlook - The agricultural protection industry is currently in a low prosperity state, but there are signs of recovery as inventory levels normalize and supply-demand dynamics improve [3] - The company is expected to benefit from the overall recovery in the agricultural protection sector as it is a leading player in the domestic pesticide industry [3][4] Profit Forecast and Valuation - The profit forecasts for 2025-2027 have been adjusted downward due to the ongoing low price environment for pesticide products, with expected net profits of 1.378 billion yuan, 1.625 billion yuan, and 1.910 billion yuan for those years, respectively [4][5] - The report highlights that the company's product structure will be further enhanced with the full completion of the Yuchuang project, supporting the "Buy" rating [4]