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]

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 ...

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》" ...

Investment Rating - The report maintains a "Strong Buy" rating for Yangnong Chemical (600486) with a target price of 74.34 CNY per share, compared to the current price of 60.25 CNY [1][2]. Core Views - The company achieved a positive year-on-year profit growth in Q3 2024, with the successful rollout of the Youchuang project contributing to this performance [1][2]. - Despite a decline in revenue of 13.57% year-on-year for the first three quarters of 2024, the company reported a net profit of 10.26 billion CNY, down 24.61% year-on-year [1]. - The report highlights that the company's raw material business saw a revenue increase of 4.11% year-on-year in Q3 2024, while the formulation business experienced a significant decline [2]. Financial Summary - For Q3 2024, Yangnong Chemical reported revenues of 23.17 billion CNY, with a year-on-year increase of 4.98% but a quarter-on-quarter decrease of 8.16% [1]. - The company's raw material sales volume reached 26,100 tons in Q3 2024, reflecting a year-on-year increase of 11.68% [2]. - The average price of raw materials in Q3 2024 was 57,400 CNY per ton, showing a year-on-year decrease of 6.78% [2]. Future Projections - The report forecasts net profits for Yangnong Chemical to be 14.16 billion CNY, 16.81 billion CNY, and 19.49 billion CNY for the years 2024, 2025, and 2026 respectively [2]. - The expected revenue growth rates for the upcoming years are projected at 33.1% for 2024, 16.2% for 2025, and 13.6% for 2026 [3]. Market Position - The report emphasizes the company's strong market position and its ability to adapt to changing procurement patterns in the agricultural sector, which is shifting towards smaller, more frequent orders [2]. - The successful implementation of the Youchuang project is expected to enhance the company's performance and contribute to revenue growth in the coming years [2].

Investment Rating - The investment rating for the company is "Buy" and is maintained [4]. Core Views - The company reported a revenue of 80.2 billion yuan for the first three quarters of 2024, a year-on-year decrease of 13.6%, with a net profit attributable to shareholders of 10.3 billion yuan, down 24.6% year-on-year. In Q3 2024, the revenue was 23.2 billion yuan, an increase of 5.0% year-on-year, and the net profit was 2.6 billion yuan, up 10.9% year-on-year [4][7]. - The company has a clear path for new projects, with the completion of the Youjia Phase IV project and ongoing developments in the Youjia Phase V project. The northern base is also progressing with new constructions and trial production [4][5]. - The company is focusing on innovation, with R&D expenses of 250 million yuan in the first three quarters of 2024, representing a 3.1% R&D expense ratio. The commercialization of new drugs is accelerating, with multiple compounds making progress [5]. - The decline in product prices is narrowing, and there is potential for inventory replenishment. The average price of raw materials and formulations in Q3 2024 decreased by 6.8% and 26.0% year-on-year, respectively, but some products are showing signs of recovery [6][7]. Summary by Sections Financial Performance - For the first three quarters of 2024, the company achieved a revenue of 80.2 billion yuan, a decrease of 13.6% year-on-year, and a net profit of 10.3 billion yuan, down 24.6% year-on-year. In Q3 2024, revenue was 23.2 billion yuan, an increase of 5.0% year-on-year, with a net profit of 2.6 billion yuan, up 10.9% year-on-year [4][7]. - The gross margin and net margin for Q3 2024 were 23.5% and 11.3%, respectively, with a year-on-year change of -0.4 percentage points and +0.6 percentage points [7]. Project Development - The Youjia Phase III project was fully operational, and the Youjia Phase IV project completed installation and debugging within five months. The second phase of the Youjia Phase IV project is expected to be operational by the end of November 2023, while the Youjia Phase V project is also being advanced [4][5]. Innovation and R&D - The company invested 250 million yuan in R&D in the first three quarters of 2024, with a focus on accelerating the commercialization of new drugs. The company has also established a laboratory for incubating results and has received 24 patent authorizations [5]. Market Conditions - The prices of agricultural chemicals have been declining since 2022, but the decrease is slowing down. The average price changes for various products in Q4 2024 show some signs of recovery, indicating potential support from inventory replenishment needs and stable grain prices [6][7].

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company has achieved year-on-year growth in Q3, supported by the YouChuang project for future growth [1] - The company's revenue for the first three quarters reached 8.016 billion yuan, a year-on-year decrease of 13.57%, while the net profit attributable to shareholders was 1.026 billion yuan, down 24.61% year-on-year [1] - The average selling price of raw materials has decreased significantly, with the average price of raw materials at 63,400 yuan per ton, down 20.13% year-on-year [1] - The agricultural chemical raw material prices are expected to stabilize at the bottom, with market demand gradually recovering [1][3] Financial Performance Summary - In Q3 2024, the company achieved total revenue of 2.317 billion yuan, a year-on-year increase of 4.98% but a quarter-on-quarter decrease of 8.16% [1] - The net profit attributable to shareholders in Q3 2024 was 263 million yuan, up 10.87% year-on-year but down 21.34% quarter-on-quarter [1] - The company’s net profit for the first three quarters was 1.026 billion yuan, with a significant decline attributed to the drop in main product prices [1] - The projected net profits for 2024-2026 are 1.294 billion, 1.582 billion, and 1.861 billion yuan respectively, with corresponding P/E ratios of 19X, 15X, and 13X [3][5] Project Development - The YouChuang project has entered trial production, optimizing the layout to support long-term growth [1][2] - The project aims to address bottlenecks faced by the subsidiary Shenyang Kechuang and enhance the company's production capabilities [1][2]

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company's Q3 performance showed year-on-year improvement, primarily driven by growth in the production and sales of raw materials and formulations, alongside ongoing cost reduction and efficiency enhancement efforts [3][4] - The company is expected to benefit from the orderly progress of the Huludao project, which is anticipated to contribute to its medium to long-term growth potential [3][4] Financial Summary - For Q3 2024, the company achieved revenue of 23.17 billion yuan, a year-on-year increase of 4.98%, and a net profit attributable to shareholders of 2.63 billion yuan, up 10.87% year-on-year [3][4] - The company’s revenue for the first three quarters of 2024 was 80.16 billion yuan, down 13.57% year-on-year, with a net profit of 10.26 billion yuan, down 24.61% year-on-year [3][4] - The projected net profits for 2024, 2025, and 2026 are 12.45 billion yuan, 14.95 billion yuan, and 20.88 billion yuan, respectively, with corresponding EPS of 3.06 yuan, 3.68 yuan, and 5.13 yuan [3][5] Business Performance - In the first three quarters of 2024, the company’s raw material and formulation sales volumes were 7.61 million tons and 3.43 million tons, respectively, reflecting year-on-year increases of 1.4% and 2.7% [4][6] - The average selling prices for raw materials and formulations decreased by 20.1% and 11.7% year-on-year, respectively, indicating ongoing pricing pressure in the agricultural chemicals market [4][6] Market Conditions - The agricultural chemicals market is currently facing price pressures due to oversupply, with 66% of tracked products experiencing price declines year-on-year [4][7] - The company’s operational excellence has allowed it to achieve year-on-year growth in production and sales despite these market challenges [4][7] Valuation Metrics - The current price-to-earnings (P/E) ratios for 2024, 2025, and 2026 are projected at 19.7, 16.4, and 11.7, respectively [3][5] - The company’s return on equity (ROE) is expected to be 11.8% in 2024, increasing to 15.5% by 2026 [5][10]

Investment Rating - The report maintains a "Buy" rating for the company [1][2]. Core Views - The company's performance in the first three quarters of 2024 met expectations, with a revenue of 8.016 billion yuan, down 13.57% year-on-year, and a net profit of 1.026 billion yuan, down 24.62% year-on-year. The third quarter alone saw a revenue of 2.317 billion yuan, up 4.98% year-on-year, and a net profit of 263 million yuan, up 10.87% year-on-year [1]. - The company is expected to benefit from the production of the Huludao project, which is anticipated to contribute significantly to revenue and profit once operational [1]. Summary by Relevant Sections Financial Performance - In the first three quarters of 2024, the company's revenue was 8.016 billion yuan, a decrease of 13.57% year-on-year, while the net profit was 1.026 billion yuan, down 24.62% year-on-year. The third quarter showed a revenue of 2.317 billion yuan, an increase of 4.98% year-on-year, and a net profit of 263 million yuan, up 10.87% year-on-year [1]. - The company's product prices have seen a decline, with the raw material business generating 4.821 billion yuan in revenue at a price of 63,400 yuan per ton, down 20.13% year-on-year [1]. Market Position and Pricing - Current market prices for the company's products are at historical lows, with key products like the insecticide "Kungfu" priced at 107,000 yuan per ton, and glyphosate at 25,200 yuan per ton, both reflecting significant declines [1]. - The company has ongoing construction projects worth 1.609 billion yuan, primarily for the Huludao base, which includes the production of various pesticide raw materials [1]. Profit Forecast and Valuation - The forecasted net profits for the company from 2024 to 2026 are 1.403 billion yuan, 1.766 billion yuan, and 2.051 billion yuan, respectively, with corresponding EPS of 3.45, 4.34, and 5.05 yuan. The current market capitalization corresponds to PE ratios of 17.71X, 14.08X, and 12.10X for the same periods [2][4].

Investment Rating - The report maintains a "Buy" rating for the company [5][7]. Core Views - The company's Q3 performance met market expectations, with significant year-on-year increases in product sales and production, demonstrating resilience amid the bottoming out of the pesticide market [3]. - The report anticipates a weak recovery in the pesticide industry in the short term, leading to a downward revision of profit forecasts for 2024-2026 [5]. - The company is expected to benefit from its leading position and superior performance resilience, with a target price maintained at 78.57 yuan, corresponding to a PE ratio of 21.1 times for 2025 [5]. Financial Summary - For the first three quarters of 2024, the company achieved operating revenue of 8.016 billion yuan, a year-on-year decrease of 13.57%, and a net profit attributable to the parent company of 1.026 billion yuan, down 24.61% year-on-year [5]. - In Q3 alone, the company reported operating revenue of 2.317 billion yuan, a year-on-year increase of 4.98%, while net profit was 263 million yuan, up 10.87% year-on-year [5]. - The gross margin for Q3 was 23.51%, showing a slight decline both year-on-year and quarter-on-quarter [5]. - The company's sales volumes for raw materials and formulations in Q3 were 26,100 tons and 6,200 tons, respectively, reflecting year-on-year increases of 11.68% and 28.60% [5]. Market Conditions - The pesticide prices are currently in a bottoming phase, with slight recoveries observed in insecticide and fungicide prices due to supply-demand tightness [5]. - The report notes that the pesticide price index as of October 27, 2024, showed declines compared to 2023, indicating ongoing market challenges [5].

证券代码：600486 证券简称：扬农化工 编号：临 2024-048 江苏扬农化工股份有限公司 第八届董事会第二十一次会议决议公告 表决结果：9 票同意、0 票反对、0 票弃权。 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、董事会会议召开情况 江苏扬农化工股份有限公司（以下简称"公司"）第八届董事会第二十一次 会议，于二〇二四年十月二十一日以书面方式发出通知，于二〇二四年十月 二十五日以现场及视频通讯方式在公司会议室召开。会议应到董事 9 名，实到董 事 9 名。监事会成员列席了会议。会议由董事长苏赋主持。本次会议的召开符合 《公司法》及《公司章程》的有关规定，会议合法有效。 二、董事会会议审议情况 公司本次董事会会议所有议案均获得通过，具体表决情况如下： 1、审议通过《2024 年第三季度报告》。 表决结果：9 票同意、0 票反对、0 票弃权。 本议案已经本公司董事会审计委员会审议通过，并同意提交董事会审议。 详见上海证券交易所网站（www.sse.com.cn），和刊登于 2024 年 10 月 29 日 上海证 ...