事件：2025 年3 月24 日，扬农化工发布2024 年年报，公司2024 年营业收入为104.35 亿元，同比下降 9.09%，归母净利润为12.02 亿元，同比下降23.19%，扣非净利润为11.63 亿元，同比下降22.81%；对应 4Q24 营业收入为24.19 亿元，环比上升4.41%，归母净利润为1.76 亿元，环比下降32.91%。 点评：农化行业短期景气度处于底部，公司产品量升价跌，原药业务承压。 根据公司2024 年年报披露，2024 年公司原药/制剂/贸易板块收入分别为64.18/15.45/23.06 亿元，同比变 化分别为-13.07%/-7.78%/3.65%，毛利率分别为27.70%/29.77%/7.33%，同比变化分别 为-2.45/+2.39/-2.64pcts。公司业绩下滑的主要原因为原药、制剂产品价格双双下跌。根据公司2024 年年 度主要经营数据公告披露，2024 年公司原药平均售价为6.43 万元/吨，同比下降16.01%；制剂平均售价 为4.25 万元/吨，同比下降9.38%。 风险提示：气候异常风险、汇率风险、市场风险、安全和环保风险、地缘政治风险 公司2024 ...

Investment Rating - The report maintains a "Buy" investment rating for the company [5][35] Core Views - The company's 2024 annual report shows a revenue of 10,435 million yuan, a decrease of 9.09% year-on-year, and a net profit attributable to shareholders of 1,202 million yuan, down 23.19% year-on-year [10][11] - The decline in revenue is primarily attributed to a significant drop in the average selling prices of raw materials, which led to a total product price loss of approximately 1,500 million yuan [3][21] - Despite the challenges, the company is expected to see a recovery in net profit, with projections of 1,470 million yuan, 1,780 million yuan, and 2,000 million yuan for 2025, 2026, and 2027 respectively [35] Financial Performance - In 2024, the company achieved a total revenue of 10,435 million yuan, with raw materials, trade, and formulations contributing 6,418 million yuan, 2,306 million yuan, and 1,545 million yuan respectively [2][11] - The average selling price for raw materials was 64,300 yuan/ton, down 16% from 2023, while the average price for formulations was 42,500 yuan/ton, down 9.38% [3][21] - The overall gross margin for 2024 was 23.1%, a decrease of 2.5 percentage points year-on-year, with raw materials gross margin at 27.7% [27][28] Sales and Volume - The total sales volume for raw materials in 2024 was 99,900 tons, an increase of 3.5% year-on-year, while the sales volume for formulations was 36,400 tons, up 1.8% year-on-year [2][16] - Quarterly sales volumes for raw materials were 25,000 tons in Q1, 25,000 tons in Q2, 26,100 tons in Q3, and 23,800 tons in Q4 [16][31] Cost Control and Expenses - The company has implemented effective cost control measures, with sales expenses remaining stable year-on-year and management expenses decreasing by approximately 50 million yuan [4][30] - The total R&D expenses were maintained at a high level of 358 million yuan, with only a slight decrease of about 6 million yuan year-on-year [30] Future Outlook - The company is expected to benefit from the ongoing construction and commissioning of the Liaoning Youchuang project, which is projected to contribute significantly to revenue in 2025 [33][34] - The agricultural chemical industry is currently at a cyclical low, but there are expectations for recovery in demand and pricing in the coming years as inventory levels normalize [26]

事件：扬农化工发布2024 年年报，实现营业收入104.35 亿元，同比减少9.09%；归属于上市公司股东的 净利润12.02 亿元，同比减少23.19%。按4.07 亿股的总股本，实现每股收益2.98 元，每股经营现金流 5.30 元。其中第四季度实现营业收入24.19 亿元，同比增长9.76%；实现归属于上市公司股东的净利润 1.76 亿元，同比减少13.71%；折合单季度EPS 0.43 元。 营收规模同比下滑：销量同比增加，但受累于原药产品价格同比下降。 2024 年，公司销售收入104.35 亿元，较上年减少10.43 亿元（同比-9.09%）；从结构上看，原药、贸 易、制剂收入分别为64.18 亿元、23.06 亿元、15.45亿元，分别同比变动-9.65、+0.82、-1.31 亿元，yoy- 13.1%、+3.7%、-7.8%。 原药及制剂业务收入规模同比下降较多，但贸易收入略有增长。 从销量上看，2024 年全年原药销量9.99 万吨，同比增加0.34 万吨，yoy+3.5%，制剂（不折百）业务销 量为3.64 万吨，同比增加0.06 万吨，yoy+1.8% 。分季度看， 2024 年Q1- ...

Investment Rating - The investment rating for the company is "Buy" and it is maintained [5] Core Views - The company's revenue for 2024 was 10,435 million yuan, a decrease of 9.09% year-on-year, with a net profit attributable to shareholders of 1,202 million yuan, down 23.19% year-on-year [10][11] - The decline in revenue was primarily due to a significant drop in the average selling prices of raw materials, which led to a total product price loss of 1,500 million yuan [21][27] - The company is expected to see a recovery in net profit, with projections of 1,467 million yuan, 1,777 million yuan, and 2,000 million yuan for 2025, 2026, and 2027 respectively [35] Revenue and Sales Performance - The company's sales revenue for 2024 was 10,435 million yuan, down 10.43 million yuan year-on-year, with raw materials, trade, and formulations contributing 6,418 million yuan, 2,306 million yuan, and 1,545 million yuan respectively [2][11] - Raw material sales volume increased by 3.5% year-on-year to 99,900 tons, while formulation sales volume increased by 1.8% year-on-year to 36,400 tons [16][11] - The average selling price of raw materials was 64,300 yuan/ton, down 16% year-on-year, and the average selling price of formulations was 42,500 yuan/ton, down 9.38% year-on-year [21][3] Profitability and Cost Control - The company's overall gross margin for 2024 was 23.1%, a decrease of 2.5 percentage points year-on-year, with raw material gross margin at 27.7% and formulation gross margin at 29.8% [27][28] - The company implemented effective cost control measures, achieving savings of approximately 635 million yuan across various operational areas [28][30] - The increase in impairment losses negatively impacted net profit, with credit impairment losses increasing by 80 million yuan year-on-year [30] Future Outlook - The company is expected to benefit from the ongoing construction and commissioning of the Liaoning Youchuang project, which is projected to contribute significantly to revenue in 2025 [33] - The agricultural chemical industry is currently at a cyclical low, but there are expectations for recovery in demand and pricing in the coming years as inventory levels normalize [26]

Core Points - The Shanghai Small and Medium-sized State-owned Enterprise Reform Index (SME Reform Index) opened high and fluctuated, currently at 2355.50 points [1] - The SME Reform Index has decreased by 3.45% in the past month, increased by 0.35% over the last three months, and has fallen by 5.91% year-to-date [1] - The index includes stocks from Shanghai-listed state-owned enterprises that are part of the national reform pilot or have significant restructuring plans, reflecting the overall performance of these companies [1] Index Holdings - The top ten weighted stocks in the SME Reform Index are: Tiantan Biological (3.65%), Sheneng Co. (3.21%), Laobai Ganjiu (3.02%), AVIC Capital (2.94%), Western Superconducting (2.94%), Shanghai Silicon Industry (2.93%), Wuzhou Zhongda (2.92%), Huayu Automotive (2.91%), Yangnong Chemical (2.83%), and AVIC (2.79%) [1] - The index is composed entirely of stocks listed on the Shanghai Stock Exchange, with a 100% allocation [1] Industry Composition - The industry breakdown of the index holdings is as follows: Industrial (33.02%), Consumer Discretionary (12.10%), Materials (10.91%), Information Technology (10.57%), Healthcare (7.84%), Utilities (7.75%), Real Estate (5.50%), Consumer Staples (5.48%), Financials (2.94%), Communication Services (2.11%), and Energy (1.79%) [2] - The index samples are adjusted quarterly, with adjustments occurring in the second week of March, June, September, and December [2]

Investment Rating - The report maintains a "Buy" investment rating for the company [1] Core Views - The pesticide industry is currently in a downturn, leading to pressure on the company's performance as it enters a micro-profit era [5] - The company has shown resilience through effective cost control and adjustments in production structure, ensuring long-term stable operations despite declining product prices [5] - The company is positioned as a leading producer of raw materials and formulations in China, with expectations for revenue recovery in the coming years [10] Summary by Relevant Sections Market Performance - The company reported a total revenue of 10.435 billion yuan in 2024, a year-on-year decrease of 9.09%, and a net profit of 1.202 billion yuan, down 23.19% [4] Investment Highlights - In 2024, the company's raw material sales volume increased by 3.50% to 99,900 tons, while the sales revenue decreased by 13% due to price declines [5] - The formulation business saw a sales volume increase of 1.77% to 36,300 tons, but sales revenue fell by 8% [5] - The company has implemented innovative business models and strengthened customer management to enhance sales in its trade segment, which saw a 4% increase in sales revenue [5] Financial Dynamics - The company's operating cash flow for 2024 was 2.155 billion yuan, a decline of 9.99% year-on-year, primarily due to extended sales periods and reduced income [6] - The company maintained stable expense ratios across sales, management, finance, and R&D, with slight increases in sales expenses [6] Research and Development - The company is focusing on both patented and non-patented drug development, aiming to penetrate high-end markets with new products [7][9] - The company has made significant technological advancements, filling 20 technical gaps and holding over 50 product varieties [9] Profit Forecast - Revenue projections for 2025-2027 are 12.212 billion yuan, 13.825 billion yuan, and 14.908 billion yuan, respectively, with corresponding PE ratios of 13.6, 11.7, and 10.7 [10][12]

Investment Rating - The report maintains a "Buy" investment rating for the company [1][10]. Core Views - The pesticide industry is currently in a downturn, leading to pressure on the company's performance as it enters a low-profit era [5]. - Despite challenges, the company has shown resilience through effective cost control and strategic adjustments in production structure, ensuring long-term stable operations [5]. - The company is positioned to benefit from the recovery of the pesticide industry, with projected revenue growth in the coming years [10]. Summary by Sections Market Performance - The company reported a total revenue of 10.435 billion yuan in 2024, a year-on-year decline of 9.09%, with a net profit of 1.202 billion yuan, down 23.19% [4][10]. Investment Highlights - In 2024, the company's raw material sales volume increased by 3.5% to 99,900 tons, while the sales revenue from raw materials decreased by 13% due to falling prices [5]. - The company maintained its leading position in the domestic market through deepened customer cooperation and innovative business models, resulting in a 4% increase in trade sales [5]. - The formulation business saw a slight sales volume increase of 1.77% to 36,300 tons, but sales revenue declined by 8% [5]. Financial Dynamics - The company's operating cash flow for 2024 was 2.155 billion yuan, a decrease of 9.99% year-on-year, primarily due to extended sales periods and reduced income [6]. - The company maintained stable expense ratios across sales, management, finance, and R&D, with slight increases in sales expenses attributed to customer management efforts [6]. R&D and Product Development - The company emphasizes dual-driven development in patented and non-patented products, aiming to penetrate high-end markets with innovative products [7][9]. - The company has made significant technological breakthroughs in pyrethroid products, filling 20 technical gaps and holding over 50 product varieties [9]. Profit Forecast - Revenue projections for 2025-2027 are 12.212 billion yuan, 13.825 billion yuan, and 14.908 billion yuan, respectively, with corresponding PE ratios of 13.6, 11.7, and 10.7 [10][12].

Investment Rating - The report maintains a "Buy" rating for several companies including China Petroleum & Chemical Corporation, China National Offshore Oil Corporation, and others [9]. Core Viewpoints - The report highlights significant price increases in sulfur and urea, suggesting continued attention on the crude oil, titanium dioxide, and tire sectors [1][6]. - The impact of U.S. tariff policies has led to a rapid decline in crude oil prices, with WTI and Brent crude prices dropping by 10.63% and 10.93% respectively [6][22]. - The chemical sector is experiencing mixed performance, with some sub-sectors like tires and upstream mining showing strong results, while others are under pressure due to capacity expansions and weak demand [7][21]. Summary by Sections Chemical Industry Investment Suggestions - The report discusses the influence of U.S. tariffs on crude oil prices and recommends focusing on undervalued, high-dividend companies like Sinopec and CNOOC [6][22]. - It notes that the chemical product prices are rebounding as downstream demand improves, with significant increases in sulfur (9.17%) and urea (7.53%) [19][21]. - The report emphasizes the importance of identifying leading companies in sub-sectors that are likely to see valuation recovery, such as Wanhua Chemical and Longbai Group [8][21]. Price Movements - The report details the price movements of various chemical products, highlighting both increases and decreases in prices across different categories [19][21]. - It notes that while some products like sulfur and urea have seen price increases, others like methyl isocyanate and domestic naphtha have experienced declines [5][19]. Key Companies and Earnings Forecast - The report provides a detailed earnings forecast for key companies, indicating expected EPS growth and PE ratios for 2023 to 2025, with a consistent "Buy" rating across the board [9]. - Companies highlighted include Senqcia, Sinopec, and Yanguang Chemical, all of which are expected to show positive earnings growth in the coming years [9].

Investment Rating - The industry investment rating is "Recommended" (maintained) [1] Core Viewpoints - The chemical industry is expected to enter a replenishment cycle in 2025 due to several factors, including decreasing inventory levels, bottoming out of profits, and institutional holdings reaching a low point [8][30] - The supply-demand tension in phosphate rock is likely to continue, with a potential revaluation of its value, particularly focusing on the capacity expansion of Batian Co., Ltd [4][6] - The impact of the new round of tariffs imposed by the U.S. on Chinese chemical enterprises is expected to be limited, as the U.S. still needs to import a significant amount of chemical products from China [4] Summary by Sections Market Performance - The basic chemical sector showed a performance of 0.0% over the last month, 8.4% over the last three months, and 1.2% over the last year, compared to the CSI 300 index which had performances of -0.7%, 2.3%, and 8.2% respectively [2] Investment Suggestions - Focus on companies with low-cost expansion opportunities, such as Wanhu Chemical, and those in the tire and fertilizer sectors [8] - Highlight the potential for increased demand in phosphate fertilizers and lithium iron phosphate batteries, with ongoing projects in fine phosphate chemicals [4][6] - Emphasize high dividend yield opportunities in state-owned enterprises within the chemical sector, including China Petroleum and China National Offshore Oil Corporation [10] Key Company Tracking - Batian Co., Ltd. plans to expand its phosphate rock production capacity from 900,000 tons/year to 2 million tons/year, with additional projects underway [6] - The chemical industry is expected to benefit from rising prices in sulfuric acid, acrylic acid, and synthetic ammonia, with a focus on companies like Batian Co., Ltd. and others in the phosphate sector [7][9] Price Trends - As of April 3, 2025, the price of phosphate rock was 1,038 CNY/ton, with slight fluctuations in related fertilizer prices [19] - The Brent and WTI crude oil prices were reported at 66.06 and 62.32 USD/barrel, respectively, indicating a week-on-week decrease of approximately 9.98% and 9.73% [12]

Investment Rating - The report does not explicitly provide an investment rating for the industry Core Insights - Bromine prices continue to rise, with a 15.12% increase this week, reaching 33,385 RMB/ton, following a 20.83% rise last week, and showing an 85.47% year-on-year increase [3][4] - The refrigerant sector remains strong, with R32 prices at 48,000 RMB/ton, up 5.49% from last week, driven by seasonal demand [4][5] - EVA prices have stabilized and slightly rebounded, with an average market price of 11,443 RMB/ton, reflecting a 5.47% increase since the beginning of the year [4][5] Summary by Sections 1. Sub-industry and Product Tracking - Bromine prices have shown a significant increase due to seasonal demand and supply constraints, with a current price of 33,385 RMB/ton [3][4] - Refrigerant prices are on the rise, with R32 at 48,000 RMB/ton and R125 at 45,000 RMB/ton, indicating strong market performance [4][9] - EVA prices have stabilized, with a slight rebound observed, maintaining a market average of 11,443 RMB/ton [4][42] 2. Key Industry Trends - The fluorochemical sector is experiencing a demand surge, particularly in refrigerants, with major price increases noted [5][11] - The low-altitude economy and robotics industry are expected to drive demand for new materials, such as carbon fiber and ultra-high molecular weight polyethylene [5][25] - The semiconductor materials market is growing, with China's market size increasing from 52.5 billion RMB to 95.1 billion RMB from 2017 to 2023, reflecting a CAGR of 10% [16][19] 3. Company Announcements and Industry News - Key companies in the bromine market include those involved in the production of flame retardants and pharmaceutical intermediates [3][4] - Companies like Juhua Co. and Sanmei Co. are recommended for investment due to their strong performance in the fluorochemical sector [5][11] - The report highlights the importance of domestic semiconductor material manufacturers as the industry moves towards greater localization [18][19]