2025 年 5 月 12 日 公司研究/公司快报 公司近一年市场表现 市场数据：2025 年 5 月 12 日 执业登记编码：S0760523110004 邮箱：lixuankun@sxzq.com 研究助理： 王金源 邮箱：wangjinyuan@sxzq.com | 收盘价（元）： | 52.10 | | --- | --- | | 年内最高/最低（元）： | 68.20/46.12 | | 流通A股/总股本（亿）： | 4.03/4.07 | | 流通 A 股市值（亿）： | 209.89 | | 总市值（亿）： | 211.88 | 基础数据：2025 年 3 月 31 日 基本每股收益(元)： 1.07 摊薄每股收益(元)： 1.07 每股净资产(元)： 27.02 资料来源：最闻 李旋坤 农药 扬农化工（600486.SH） 买入-B(维持) 农化景气触底回升，葫芦岛项目放量在即 事件描述 4 月 29 日，公司发布《2025 年一季度报告》，实现营业收 32.41 亿元， 同比+2.04%，环比+33.96%，实现归母净利为 4.35 亿元，同比+1.35%，环比 +146.77%。 事件点评 ...

Investment Rating - The report maintains a "Buy-B" rating for the company, indicating a positive outlook for its stock performance in the near term [1]. Core Views - The agricultural chemical market is showing signs of recovery, with the Huludao project set to ramp up production soon [1]. - The company reported a revenue of 3.241 billion yuan for Q1 2025, reflecting a year-on-year increase of 2.04% and a quarter-on-quarter increase of 33.96% [2]. - The net profit attributable to shareholders for the same period was 435 million yuan, up 1.35% year-on-year and 146.77% quarter-on-quarter [2]. Financial Performance - In Q1 2025, the company achieved raw material revenue of 1.806 billion yuan, a year-on-year increase of 4.8% and a quarter-on-quarter increase of 13.1%, with a sales volume of 28,670 tons, up 14.8% year-on-year and 20.5% quarter-on-quarter [4]. - The formulation revenue for Q1 2025 was 871 million yuan, showing a year-on-year increase of 1.1% and a quarter-on-quarter increase of 451.7%, with a sales volume of 15,392 tons, up 2.8% year-on-year and 642.7% quarter-on-quarter [4]. - The average selling price for raw materials was 63,000 yuan per ton, down 8.77% year-on-year, but only 2.0% lower than the average price in 2024, indicating a price recovery trend [4]. Project Development - The Huludao project is expected to fully commence production in Q3 2025, with significant investments in fixed assets and ongoing construction [5]. - The project includes the production of various innovative pesticides, which are anticipated to enhance the company's market competitiveness [6]. Profit Forecast - The company is projected to achieve net profits of 1.41 billion yuan, 1.59 billion yuan, and 1.76 billion yuan for the years 2025, 2026, and 2027, respectively, with corresponding price-to-earnings ratios of 15, 13, and 12 times [6].

Core Viewpoint - The company reported a slight increase in revenue and net profit for Q1 2025, indicating a stabilization in the agricultural chemical industry and improved sales performance [1][2]. Financial Performance - The company achieved a revenue of 3.241 billion yuan in Q1 2025, a year-on-year increase of 2.04% [1]. - The net profit attributable to shareholders was 435 million yuan, reflecting a minor increase of 1.35% year-on-year [1]. - The diluted earnings per share were 1.07 yuan, based on a total share capital of 407 million shares [1]. Sales and Revenue Breakdown - Revenue from various segments in Q1 2025 included: - Active ingredients: 1.806 billion yuan (up 0.82 billion yuan) - Formulations: 871 million yuan (up 0.09 billion yuan) - Trade and other businesses: 564 million yuan (down 0.26 billion yuan) [1]. - Sales volumes for active ingredients and formulations were 28,700 tons and 15,400 tons, respectively, representing increases of 14.8% and 2.8% year-on-year [1]. Pricing Trends - Average prices for active ingredients and formulations were 63,000 yuan and 56,600 yuan, respectively, showing declines of 8.8% and 1.6% year-on-year [1]. - The price decline for the company's active ingredients was less severe compared to the overall market price drops for similar products [1]. Cost Management - The company maintained effective cost control, with total expenses decreasing by approximately 4.75 million yuan compared to the previous year [2]. - Sales expenses decreased by about 1.65 million yuan, while management and R&D expenses increased by 5.1 million and 3.51 million yuan, respectively [2]. - Financial expenses saw a reduction of approximately 11.71 million yuan, positively impacting net profit [2]. Project Development - The company is progressing with the Liaoning Youchuang project, with the first phase completed and products like Kungfu Chrysanthemum being produced [2]. - The project aims to optimize product layout and create new growth points for sustainable development [2]. Profit Forecast - The company forecasts net profits for 2025, 2026, and 2027 to be 1.47 billion, 1.78 billion, and 2 billion yuan, respectively, maintaining a "buy" investment rating [2].

事件：扬农化工发布 2025 年一季报，实现营业收入 32.41 亿元，同比增长 2.04%；归属于上市公司股东的净利润 4.35 亿元，同比微增 1.35%。按 4.07 亿股的总股本计算，实现摊薄每股收益 1.07 元。 行业景气逐步企稳，一季度销量提升情况良好。公司一季度营收同比微增 2.1%，其中原药、制剂、贸易及其他业务营收分别为 18.06、8.71、5.64 亿 元，较去年同期分别增加 0.82 亿元、增加 0.09 亿元、减少 0.26 亿元；其 中原药业务营收增长是收入提升主要原因。 公司报告 | 季报点评 扬农化工（600486） 证券研究报告 一季报业绩符合预期，期待葫芦岛基地投产 辽宁优创建设稳步进行，加快推进创制药成果产出。2024 年，辽宁优创一 期第一阶段项目已经建成，正在陆续进行调试生产，功夫菊酯等多个品种 已拿出合格产品。辽宁优创一期一阶段、二阶段项目相继投产运营，将进 一步优化公司产品布局，形成新的业绩增长点，为公司持续稳健发展奠定 坚实基础。创制药方面，公司自主创制水平居行业领先，在我国自主创制、 年销售额超过亿元的 6 个品种中，公司占居 3 个。公司进一步推动创制化 ...

日前，江苏扬农化工集团有限公司(以下简称扬农集团)开发的微通道连续流催化合成吡啶杂环类产品清 洁生产技术及其工业化应用入选工业和信息化部公布的《第一批先进适用技术名单》。 吡啶酮是合成吡啶杂环类产品的重要中间体，原有的吡啶酮制备工艺复杂冗长、能耗高、污染大，改进 吡啶酮的制备工艺至关重要。 研究团队持续开展实验研究，经过一年多的努力，终于找到突破口。团队通过采用高效助剂，将繁冗复 杂的多步工序进行简化，不仅使吡啶酮收率和产品纯度得到显著提升，且大幅提高了产品的清洁性。据 测算，该工艺使得整个产品线含盐废水产生量降低10%。 吡啶及其衍生物是农药生产中一类重要原料及中间体，传统的吡啶杂环类产品生产工艺不仅成本高，还 会产生大量副产物，面临较大的安全和环境风险。为此，扬农集团于20世纪90年代末首创吗啉丙醛法工 艺，通过一系列工序制备吡虫啉、啶虫脒等吡啶杂环类产品，后经多年持续研究和技术改造，再次成功 开发出微通道连续流催化合成吡啶杂环类产品清洁生产技术并实现工业化应用，推动该类产品的绿色生 产工艺升级。 引入微通道连续流技术 传统吗啉丙醛法制吡啶杂环类产品工艺在中间体烯胺合成过程中存在强放热反应，安全风险较高。 ...

证券研究报告 5 月 6 日，商务部公布对原产于印度的进口氯氰菊酯反倾销调查的最终裁定， 裁定自印度进口的氯氰菊酯存在严重倾销，国内产业受到实质损害，各印度 公司被裁定的反倾销税率为 48.4%至 166.2%。商务部决定自 2025 年 5 月 7 日起实施反倾销措施，期限 5 年。氯氰菊酯价格长期处于低位，我们认为 伴随反倾销终裁落地，氯氰菊酯的价格有望提振。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。 进口氯氰菊酯对国内价格抑制明显，各印度公司倾销幅度为 48%至 166% 据商务部，我国进口氯氰菊酯全部来自印度，2019-2023 年进口数量分别为 2049/3199/3003/2065/3602 吨 ， 中 国 氯 氰 菊 酯 需 求 量 分 别 为 4160/4980/4310/3060/5040吨，进口数量占比为49%/64%/70%/67%/71%， 国内大部分氯氰菊酯源自进口，进口价格分别为 9.0/6.8/6.8/7.0/5.2 元/吨， 国 内 同 类 产 品 内 销 价 格 较 进 口 产 品 价 格 削 减 幅 度 分 别 为 22-23%/26-28%/ ...

证券研究报告 葫芦岛项目有序推进，未来有望陆续增厚公司利润 据 25 年一季报，公司 25Q1 末在建工程为 17.6 亿元。据 24 年报，公司提 前 6 个月完成葫芦岛项目一期一阶段项目建设，从江苏优嘉、江苏优士抽调 骨干员工，高效推进生产调试稳步向前，已开品种均拿出合格产品，未来或 将陆续增厚公司利润。 5 月 6 日，商务部公布对原产于印度的进口氯氰菊酯反倾销调查的最终裁定， 裁定自印度进口的氯氰菊酯存在严重倾销，国内产业受到实质损害，各印度 公司被裁定的反倾销税率为 48.4%至 166.2%。商务部决定自 2025 年 5 月 7 日起实施反倾销措施，期限 5 年。氯氰菊酯价格长期处于低位，我们认为 伴随反倾销终裁落地，氯氰菊酯的价格有望提振。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。 进口氯氰菊酯对国内价格抑制明显，各印度公司倾销幅度为 48%至 166% 据商务部，我国进口氯氰菊酯全部来自印度，2019-2023 年进口数量分别为 2049/3199/3003/2065/3602 吨 ， 中 国 氯 氰 菊 酯 需 求 量 分 别 为 4160/4980/4310 ...

Group 1 - Yangzhou is focusing on reducing logistics costs and improving efficiency through the development of smart logistics parks and project construction, aiming for deep integration of industrial and supply chains [1] - The Baoying Jinghe logistics park is leveraging its proximity to the Jinghu Expressway to create a smart logistics pilot area, attracting major e-commerce logistics companies like Yunda and Jitu [2] - The Jitu Smart Supply Chain Industrial Park features a total construction area of 150,000 square meters, equipped with advanced sorting equipment, capable of processing up to 6 million parcels daily, significantly reducing sorting errors and transit times [2] Group 2 - Yizheng's SAIC Volkswagen has been increasing production and optimizing vehicle structure, focusing on building a high-quality supply chain logistics system through smart logistics [3] - The Yizheng Chaoda logistics project spans 128 acres, with various warehouse types planned, and incorporates advanced information technologies for personalized supply chain solutions [4] - The project aims to enhance logistics digitalization and has established partnerships with manufacturing companies to create a comprehensive service system connecting raw material suppliers, logistics service providers, and manufacturers [4] Group 3 - Yangzhou is advancing major logistics projects like the Yimi Dida Sanxiao Smart Logistics Center, which is expected to enhance logistics coverage and manufacturing service capabilities in East China [5] - Upon completion, the project is projected to reduce delivery times by 40%, transportation costs by 35%, and operational management costs by 30%, saving approximately 420 million yuan annually [5]

Investment Rating - The investment rating for the company is "Buy" and is maintained [9] Core Views - The company reported a revenue of 3.24 billion yuan in Q1 2025, representing a year-on-year increase of 2.0%. The net profit attributable to shareholders was 430 million yuan, up 1.4% year-on-year, and the net profit after deducting non-recurring gains and losses was also 430 million yuan, reflecting a 0.8% increase year-on-year [2][6] Summary by Sections Company Overview - The company is a leading player in the domestic agrochemical sector and a core supplier of pyrethroid raw materials globally. It is recognized as a national key high-tech enterprise [12] Financial Performance - In Q1 2025, the company achieved a raw material and formulation sales volume of 29,000 tons and 15,000 tons, respectively, marking a year-on-year increase of 14.8% and 2.8%. The gross margin and net margin for Q1 2025 were 24.6% and 13.4%, respectively, showing a year-on-year increase of 0.3 percentage points and a slight decrease of 0.1 percentage points [12] Market Dynamics - The company is experiencing a recovery in product prices, with the average price of raw materials and formulations in Q1 2025 showing a year-on-year decline of 8.8% and 1.6%, respectively. However, there are signs of price stabilization and potential rebound due to inventory replenishment needs from end-users [12] Future Outlook - The company expects to increase its sales to Syngenta from 2.41 billion yuan in 2024 to 3.70 billion yuan in 2025, with further growth anticipated in subsequent years. The projected net profits for 2025, 2026, and 2027 are 1.31 billion yuan, 1.47 billion yuan, and 1.69 billion yuan, respectively [12][24]

Core Viewpoint - The dichlorobenzene industry in China is experiencing steady growth, driven by increasing demand in downstream applications such as agriculture and pharmaceuticals, with the market size exceeding 6 billion RMB [1][10]. Industry Overview - The annual production and consumption of dichlorobenzene in China rank among the highest globally, with a market size surpassing 6 billion RMB [1][10]. - The industry has evolved through three stages: initial development (1950s-1980s), rapid growth (1990s-early 2000s), and transformation and upgrading (2000s-present) [6]. Industry Chain Analysis - The dichlorobenzene industry chain includes upstream raw materials (benzene and chlorine), midstream production, and downstream applications [4]. - Upstream supply stability is enhanced by the rapid growth of pure benzene production capacity, projected to reach 25.78 million tons by 2024 [8]. Downstream Applications - The agricultural sector is the largest consumer of dichlorobenzene, accounting for 38% of its usage, primarily as an intermediate in pesticide production [12]. - Other significant applications include dyes and intermediates (23%), pharmaceuticals (12%), and various products like moth repellents and air fresheners (27%) [12]. Key Companies in the Industry - Major players include Yangnong Chemical, Hanjin Technology, and Sinochem International, which leverage strong supply chain integration and technological innovation to maintain market leadership [14][16]. - Yangnong Chemical focuses on high-end pesticide markets, while Hanjin Technology emphasizes diversified development and environmental production [16][18]. Future Development Trends - Production process optimization is crucial for industry advancement, with companies adopting advanced catalytic and separation technologies to enhance efficiency and product quality [20]. - New product development is essential for market expansion, with firms investing in high-value derivatives and customized products to meet specific market needs [21]. - Increasing environmental regulations necessitate greater investment in clean production technologies and safety management to ensure sustainable development [22].