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/ ...

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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]

证券研究报告 | 2025年03月25日 扬农化工（600486.SH）2024 年年报点评 优于大市 农化行业去库渐进尾声，辽宁优创项目稳步推进 全球农化去库拖累公司业绩，2024 年归母净利润同比下降 23.19%。公司 2024 年实现营业收入 104.35 亿元，同比下降 9.09%；实现归属于上市公司股东的 净利润 12.02 亿元，同比下降 23.19%。2024 年全年，公司的销售毛利率 23.11%，同比下降 2.49 pcts；销售净利率 11.53%，同比下降 2.12 pcts； 期间费用率 9.52%，同比提升 0.13 pcts。随着全球农化供需秩序恢复，公 司的营收和盈利水平逐渐趋稳。分产品来看，2024 年公司原药销量 9.99 万 吨，同比增长 3.50%，销售均价 6.43 万元/吨，同比降低 16.01%，销售收入 64.18 亿元，同比下降 13.07%，毛利率 27.70%，同比下降 2.46 pcts。制剂 销量 3.64 万吨，同比增长 1.77%，销售均价 4.25 万元/吨，同比降低 9.38%， 销售收入 15.45 亿元，同比下降 7.78%，毛利率 29. ...

证券研究报告 扬农化工 (600486 CH) 24 年盈利承压，葫芦岛项目有序推进 | 华泰研究 | | | 年报点评 | | --- | --- | --- | --- | | 2025 年 | 3 月 | 25 日│中国内地 | 农用化工 | 扬农化工 3 月 24 日发布 24 年年报：2024 年实现营收 104 亿元（yoy-9%）， 归母净利 12.0 亿元（yoy-23%），扣非净利 11.6 亿元（yoy-23%）。其中 Q4 实现营收 24.2 亿元（yoy+10%，qoq+4%），归母净利 1.8 亿元（yoy-14%， qoq-33%）。24 年公司拟每股派发现金红利 0.68 元（含税）。公司 24Q4 归 母净利低于我们前瞻预期（2.3 亿元），主要系资产减值损失达 0.6 亿元。考 虑公司葫芦岛项目成长性，以及行业景气有望逐步复苏，维持"增持"评级。 农药供给端过剩叠加下游需求不足，产品价格同比下行 受行业产能过剩叠加需求不足影响，24 年以来农药价格整体下行。据中农 立华和百川盈孚，24 年公司主产品高效氯氟氰菊酯/联苯菊酯/草甘膦/硝磺 草酮/吡唑醚菌酯/丙环唑原药市场均价分 ...