开源证券8月22日发布研报称，给予扬农化工（600486.SH）买入评级。评级理由主要包括：1）中报业 绩符合预期，拟分红回报股东，辽宁优创项目有序推进；2）2025H1原药、制剂量升价跌，辽宁优创一 阶段项目快速爬坡。风险提示：项目进展不及预期、农药价格下跌、安全环保风险、汇率波动等。 （文章来源：每日经济新闻） ...

免责声明：本文内容与数据仅供参考，不构成投资建议，使用前请核实。据此操作，风险自担。 每日经济新闻 （记者 王瀚黎） 每经AI快讯，开源证券8月22日发布研报称，给予扬农化工（600486.SH）买入评级。评级理由主要包 括：1）中报业绩符合预期，拟分红回报股东，辽宁优创项目有序推进；2）2025H1原药、制剂量升价 跌，辽宁优创一阶段项目快速爬坡。风险提示：项目进展不及预期、农药价格下跌、安全环保风险、汇 率波动等。 每经头条（nbdtoutiao）——核心产品净值仅剩7毛钱，昔日"公募一哥"任泽松怎么了？牛市踏空真相曝 光 ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company's performance in the first half of 2025 met expectations, with revenue of 6.234 billion yuan, a year-on-year increase of 9.4%, and a net profit attributable to shareholders of 806 million yuan, up 5.6% year-on-year [4][5] - The company plans to distribute a cash dividend of 2.40 yuan per 10 shares (tax included) to all shareholders [5] - The company is expected to maintain strong growth momentum in the medium to long term, supported by the orderly advancement of the Liaoning Youchuang project [5] Financial Summary - For the first half of 2025, the company achieved a production volume of 57,800 tons for raw materials and 25,500 tons for formulations, with year-on-year increases of 17.1% and 6.0% respectively [5][9] - The sales volume for raw materials and formulations was 56,700 tons and 28,100 tons, with year-on-year increases of 13.4% and 0.1% respectively [5][9] - The revenue from raw materials was 3.655 billion yuan, up 10.0% year-on-year, while the revenue from formulations was 1.171 billion yuan, down 2.8% year-on-year [5][9] - The company’s gross profit margin and net profit margin for the first half of 2025 were 23.64% and 12.93%, respectively, showing slight declines compared to the previous year [5][7] - The company’s projected 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 3.48 yuan, 3.95 yuan, and 4.50 yuan [4][7] Project Progress - The Liaoning Youchuang project has made significant progress, with total investment reaching 3.178 billion yuan, accounting for 91.38% of the budget [5] - The project has achieved design capacity for all tested products, and the first half of 2025 saw revenue of 552 million yuan and a net profit of 389,200 yuan, marking a turnaround from a loss in the previous year [5][10]

Group 1 - The core viewpoint of the report is that Guosen Securities has given Yangnong Chemical (600486.SH, latest price: 68.2 yuan) an "outperform" rating due to positive market conditions in the agricultural chemical industry [2] - The global agricultural chemical industry is experiencing a recovery in supply and demand, leading to strong growth in pesticide exports [2] - The construction of the Liaoning Youchuang Phase I project is nearing completion, which is expected to contribute positively to the company's performance [2]

| 代码 | 简称 | 连续持有期数 | 社保基金家数 | 持股量（万股） | 环比（%） | 占流通股比例（%） | | --- | --- | --- | --- | --- | --- | --- | | 600486 | 扬农化工 | 43 | 1 | 1630.80 | -4.30 | 4.05 | | 300357 | 我武生物 | 43 | 1 | 2608.11 | 不变 | 5.39 | | 600031 | 三一重工 | 33 | 2 | 17139.44 | -2.50 | 2.02 | | 601128 | 常熟银行 | 30 | 4 | 27779.13 | -0.57 | 8.38 | | 300487 | 蓝晓科技 | 29 | 1 | 494.99 | 不变 | 1.61 | | 300196 | 长海股份 | 28 | 1 | 412.29 | 不变 | 1.68 | | 300685 | 艾德生物 | 26 | 1 | 512.15 | -52.54 | 1.31 | | 002847 | 盐津铺子 | 23 | 1 | 171.28 | -53.00 | 0.70 | | ...

证券研究报告 | 2025年08月22日 扬农化工（600486.SH） 优于大市 农药行业景气度触底回升，辽宁优创项目稳步推进 农化行业景气度触底回升，公司上半年业绩实现稳健增长。2025 年上半年， 扬农化工实现营业收入 62.34 亿元，同比增长 9.38%；实现归母净利润 8.06 亿元，同比增长 5.60%。公司业绩增长主要源于以销量增长弥补了大部分产 品价格处于底部的负面影响。分业务看，原药业务实现营业收入 36.55 亿元， 同比增长 9.98%，销量 5.67 万吨，同比增长 13.43%，平均销售价格 6.45 万 元/吨，同比下降3.04%；制剂业务实现营业收入11.71 亿元，同比下降2.77%， 销量 2.81 万吨，同比增长 0.12%，平均销售价格 4.16 万元/吨，同比下降 2.89%。分区域看，国内实现营业收入 35.79 亿元，同比增长 28.53%，毛利 率 10.56%，同比下降 17.66 pcts；国外实现营业收入 26.55 亿元，同比下 降 8.91%，毛利率 41.27%，同比提升 20.86 pcts。 全球农化行业供需秩序恢复正常，农药出口增长强劲。中国农 ...

Core Insights - The report highlights Dazhu Laser (002008) as a global leader in intelligent manufacturing equipment, showcasing its vertical integration advantage across various product lines, including information industry equipment, new energy equipment, semiconductor equipment, and general industrial laser processing equipment. The company is expected to achieve a CAGR of 11.77% in revenue and 11.36% in net profit from 2010 to 2024 [1][11] Industry Overview - Information Industry: The demand for PCB and consumer electronics equipment is anticipated to grow rapidly due to AI and export drivers. The rise in AI server and data communication product demand, along with technological upgrades in smartphones and automotive electronics, is expected to boost the PCB industry. Southeast Asia, particularly Thailand, is seeing rapid progress in new PCB projects [2][11] - New Energy: The demand is stabilizing, with exports and new technologies contributing to equipment growth. Domestic battery companies are expanding overseas, and new technologies like solid-state batteries are emerging, creating new opportunities for the equipment sector. The company is deepening collaborations with major clients like CATL while expanding into overseas and solid-state battery markets [2][11] - Semiconductor and New Display Equipment: The recovery in the semiconductor industry is driving equipment demand. Laser technology is becoming a key processing method in semiconductor packaging, and advancements in laser processes are facilitating the rapid industrialization of Micro LED displays [11] - General Equipment: The demand for general industrial laser processing equipment is expected to grow steadily due to increased penetration rates, power upgrades, overseas exports, and process iterations. The domestic laser equipment market is projected to be around 91 billion in 2023 [11] Financial Projections - The report initiates coverage with a "Buy" rating for Dazhu Laser, projecting net profits of 1.074 billion, 1.575 billion, and 2.043 billion for 2025-2027. The current stock price corresponds to PE ratios of 32, 22, and 17 for the same years, significantly lower than the average PE ratios of comparable companies [3][11]

扬农化工（SH 600486，收盘价：68.99元）8月21日晚间发布半年度业绩报告称，2025年上半年营业收 入约62.34亿元，同比增加9.38%；归属于上市公司股东的净利润约8.06亿元，同比增加5.6%；基本每股 收益1.996元，同比增加6.29%。 （文章来源：每日经济新闻） ...

8月21日晚，多家A股公司在交出上半年"成绩单"之际，拟送出中期"大红包"。 2025年上半年，东阿阿胶实现营业收入30.51亿元，同比增长11.02%；归母净利润8.18亿元，同比增长 10.74%；扣非净利润7.88亿元，同比增长12.58%。 图片来源：公司公告 业绩稳健增长的同时，东阿阿胶持续提升股东回报。据东阿阿胶披露，自1999年首次分红以来，公司已 累计分红92.87亿元。 东阿阿胶拟向全体股东每10股派发现金红利12.69元（含税），预计现金分红总额为8.17亿元，分红率高 达99.94%。 中国石化2025年半年度则拟合计派发现金股利高达106.70亿元（含税）。与此同时，柏楚电子、三星医 疗、扬农化工、依依股份等多家A股公司亦披露2025年中期利润分配方案，拟向投资者送出现金红包。 东阿阿胶分红率高达99.94% 8月21日晚，东阿阿胶公告披露，公司董事会审议通过2025年中期利润分配方案，拟以6.44亿股为基 数，向全体股东每10股派发现金红利12.69元（含税），预计现金分红总额为8.17亿元，占2025年上半年 归母净利润的99.94%。 同日晚间，东阿阿胶亦公告称，为积极响应健康中 ...

8月21日扬农化工发布2025半年度分配预案，拟10派2.4元（含税），预计派现金额合计为9729.57万元。 派现额占净利润比例为12.07%，这是公司上市以来，累计第23次派现。 公司上市以来历次分配方案一览 | 日期 | 分配方案 | 派现金额合计（亿元） | 股息率（%） | | --- | --- | --- | --- | | 2025.06.30 | 10派2.4元（含税） | 0.97 | 0.44 | | 2024.12.31 | 10派6.8元（含税） | 2.76 | 1.21 | | 2023.12.31 | 10派8.8元（含税） | 3.58 | 1.07 | | 2022.12.31 | 10送3派13元（含税） | 4.06 | 1.11 | | 2021.12.31 | 10派6.5元（含税） | 2.01 | 0.52 | | 2020.12.31 | 10派6.5元（含税） | 2.01 | 0.77 | | 2019.12.31 | 10派6.5元（含税） | 2.01 | 1.22 | | 2018.12.31 | 10派8.7元（含税） | 2.70 | 1.74 ...