Investment Rating - The report assigns an investment rating of "Buy" for the company, indicating a positive outlook for future performance [8]. Core Insights - The company is projected to experience significant revenue growth, with estimates of $11.478 billion in 2023, increasing to $16.835 billion by 2026, representing a compound annual growth rate (CAGR) of approximately 11% [8]. - The earnings before interest, taxes, depreciation, and amortization (EBITDA) is expected to rise from $8.539 billion in 2023 to $12.314 billion in 2026, reflecting a strong growth trajectory [8]. - The report highlights a notable increase in net income, projected to grow from $1.869 billion in 2023 to $2.844 billion by 2026, showcasing the company's improving profitability [8]. Summary by Relevant Sections Financial Projections - Revenue is forecasted to grow from $11.478 billion in 2023 to $16.835 billion in 2026, with a year-on-year growth rate of 20.4% in 2024 and 9.7% in 2025 [8]. - EBITDA is expected to increase from $8.539 billion in 2023 to $12.314 billion in 2026, with growth rates of 10.2% and 17.8% in the following years [8]. - Net income is projected to rise from $1.869 billion in 2023 to $2.844 billion in 2026, with a significant growth rate of 38.4% in 2024 [8]. Market Position - The company is positioned to capitalize on market trends, with a focus on expanding its product offerings and enhancing operational efficiencies [8]. - The competitive landscape indicates that the company is well-placed to gain market share, supported by its strong brand and customer loyalty [8]. Strategic Initiatives - The report outlines strategic initiatives aimed at improving cost management and increasing market penetration, which are expected to drive future growth [8]. - Investments in technology and innovation are highlighted as key drivers for enhancing productivity and customer engagement [8].

Investment Rating - The investment rating for the company is "Buy" and is maintained [4]. Core Views - The company reported a revenue of 11.48 billion yuan in 2023, a decrease of 27.4% year-on-year, and a net profit attributable to shareholders of 1.57 billion yuan, down 12.8% year-on-year. The fourth quarter alone saw a revenue of 2.20 billion yuan, a decline of 18.6% year-on-year, but a net profit increase of 31.0% year-on-year to 200 million yuan [5][6]. - The company is expected to benefit from new projects and collaborations, with significant sales to Syngenta A.G. projected to increase from 2.34 billion yuan in 2023 to 4.08 billion yuan in 2024 [5][6]. - The company is the largest player in the domestic bionic pesticide industry, with internal growth and asset collaboration driving long-term growth [6]. Financial Performance - In 2023, the company achieved a gross profit margin of 26% and a net profit margin of 13.6%. The gross profit was 2.94 billion yuan, with operating costs at 8.54 billion yuan [12]. - The company plans to distribute a cash dividend of 0.88 yuan per share, which represents 22.85% of the net profit attributable to shareholders for the year [5][6]. - Forecasted net profits for 2024, 2025, and 2026 are expected to be 1.41 billion yuan, 1.60 billion yuan, and 1.71 billion yuan, respectively [6][12]. Market Conditions - The pesticide raw material prices have been on a downward trend since 2022, with a significant price drop of 43.4% year-on-year for raw materials in Q4 2023. However, the price of formulations increased by 28.7% year-on-year [6]. - The company is experiencing a slight decline in profitability due to falling product prices, with Q4 2023 gross and net profit margins at 23.3% and 9.3%, respectively [6][12]. Project Development - The company has successfully completed the installation and commissioning of its new projects, with the fourth phase expected to reach full production by the end of November 2023 [5][6]. - The company is also advancing its northern base, completing 37 building tops before the winter freeze, which is anticipated to be a significant growth driver [5][6].

Investment Rating - The report maintains a "Buy" rating for Yangnong Chemical (600486) with a target price of 79.91, up from the previous forecast of 78.57 [1][2]. Core Views - The company's performance in 2023 met market expectations, demonstrating strong resilience in profitability despite a rapid decline in the pesticide market [1]. - The report updates earnings forecasts for 2024-2026, projecting EPS of 4.21, 4.63, and 5.40 respectively, reflecting a stable outlook based on low pesticide prices [1][2]. Financial Summary - In 2023, Yangnong Chemical achieved an operating revenue of 11.478 billion, a year-on-year decrease of 27.41%, and a net profit attributable to shareholders of 1.565 billion, down 12.77% [1][2]. - The company's gross margin was reported at 25.60%, with a net profit margin of 13.65% [1]. - The total assets amounted to 14.793 billion, with total liabilities of 5.761 billion, resulting in a shareholder equity of 8.539 billion [2]. Earnings Forecast - The report projects a revenue increase to 13.937 billion in 2024, with a net profit forecast of 1.709 billion [2]. - The EBIT is expected to rise to 2.017 billion in 2024, reflecting an 11% increase from the previous year [2]. Market Position - Despite a downturn in raw material prices, the company has expanded its market share, indicating resilience in its operational strategy [1]. - The report highlights the potential for price recovery in certain pesticide categories, supported by the company's competitive advantages [1].

扬[Ta农ble化_Sto工ckN（am6eR0p0tT4yp8e6] ） 公司研究/公司点评 降本增效彰显盈利韧性，北方基地助力远期成长 投资评级：买入（维持） 主要观点： [Table_Rank] 报告日期： 2024-03-28 ⚫[ T事ab件le描_S述um mary] 3 月 25 日晚间，扬农化工发布 2023 年年度报告。2023 年公司实现 [收Ta盘bl价e_（Ba元se）D ata] 51.43 营业总收入114.78亿元，同比-27.41%；实现归母净利润15.65亿元， 近12个月最高/最低（元） 74.03/46.90 同比-12.77%；实现扣非归母净利润 15.06 亿元，同比-22.05%。 总股本（百万股） 406 2023Q4实现营业总收入22.04亿元，同比-18.63%；实现归母净利润 流通股本（百万股） 403 流通股比例（%） 99.14 2.04 亿元，同比+31.03%；实现扣非归母净利润 2.03 亿元，同比 +53.01%。 总市值（亿元） 209 流通市值（亿元） 207 ⚫ 农药去库周期拖累公司业绩，降本增效彰显盈利韧性 [公Ta司ble价_C格ha与 ...

公 司 研 究 扬农化工（600486.SH）：业绩短期 2024年3月27日 强烈推荐/调低 承压，新项目驱动成长 东 扬农化工 公司报告 兴 证 券 扬农化工发布2023年年报：全年实现营业收入为114.78亿元，YoY-27.41%， 公司简介： 股 归母净利润为15.65亿元，YoY-12.77%，对应EPS为3.85元。公司拟每10 扬农化工现已形成以菊酯为核心，农药为主 份 股派发现金红利8.80元（含税）。 导，精细化学品为补充的多元化产品格局， 有 4个产品填补国际空白，30多个产品填补国 限 农药行业市场低迷，产品价格同比下滑，导致营收、利润下滑。从收入端看， 内空白。 公 2023年公司原药产品均价同比下滑29.54%、制剂产品均价同比下滑3.5%， 公司是国家重点高新技术企业，是中国拟除 司 导致公司原药板块营收同比下滑22.2%至73.84亿元、制剂板块营收同比下滑 虫菊酯类农药生产基地，全国化工企业环境 保护先进单位。公司积极发展环境友好型农 1.22%至16.76亿元。从利润端看，产品价格下滑导致毛利率同步下滑，2023 证 药，现拥有省拟除虫菊酯类农药工程研究中 年公司原药板块毛 ...

Investment Rating - The report maintains a "Strong Buy" rating for Yangnong Chemical, expecting it to outperform the benchmark index by over 20% in the next six months [1][13]. Core Views - Yangnong Chemical's 2023 annual report shows a revenue of 11.478 billion yuan, down 27.41% year-on-year, and a net profit attributable to shareholders of 1.565 billion yuan, down 12.77% year-on-year. The company plans to distribute a cash dividend of 0.88 yuan per share, totaling 358 million yuan, with a payout ratio of 22.85% [1]. - The company demonstrated strong sales capabilities despite a decline in pesticide prices, achieving a 10.43% increase in raw material sales volume and a 2.36% increase in formulation sales volume. However, revenue from raw materials fell by 22.20% to 7.383 billion yuan, and formulation revenue decreased by 1.22% to 1.676 billion yuan [1]. - The report highlights the beginning of a destocking cycle in the Northern Hemisphere, with expectations for a recovery in the pesticide cycle in the second half of 2024, benefiting Yangnong Chemical as a leading player in the industry [1]. - The company is rapidly advancing its Youchuang and Youjia projects, with expected sales to the Sinochem system amounting to 5.459 billion yuan in 2024, a year-on-year increase of 85.66%, which will support the digestion of new project capacities [1]. Financial Summary - For 2023, Yangnong Chemical reported total revenue of 11.478 billion yuan, with a year-on-year growth rate of -27.4%. The net profit attributable to shareholders was 1.565 billion yuan, with a year-on-year growth rate of -12.8% [2]. - The projected financials for 2024 to 2026 indicate a recovery, with expected revenues of 15.667 billion yuan in 2024 (36.5% growth), 18.297 billion yuan in 2025 (16.8% growth), and 20.675 billion yuan in 2026 (13.0% growth) [2]. - The earnings per share (EPS) are projected to increase from 3.85 yuan in 2023 to 4.21 yuan in 2024, 5.13 yuan in 2025, and 5.70 yuan in 2026 [2].

证券研究报告 | 2024年03月26日 扬农化工（600486.SH） 增持 农化行业去库拖累公司业绩，优创项目稳步推进 核心观点 公司研究·财报点评 农化行业景气度下行，公司2023年业绩下滑12.77%。2023年公司实现营业 基础化工·农化制品 收入114.78亿元，同比下降27.41%；实现归母净利润15.65亿元，同比下 证券分析师：杨林 联系人：王新航 降12.77%，略低于我们此前预期（16.41亿元）。2023年公司业绩下滑主要 010-88005379 0755-81981222 yanglin6@guosen.com.cn wangxinhang@guosen.com.cn 受全球农化行业景气下行周期影响，2023年国内农药行业产能快速扩张导致 S0980520120002 市场竞争加剧，叠加全球农药市场渠道去库存周期，农药市场需求低迷，绝 基础数据 大多数农药产品价格断崖式下滑。据中农立华原药，2023年其跟踪的上百个 投资评级 增持(下调) 农药产品里，92%产品下跌，8%产品持平，无上涨品种；截至2023年12月 合理估值 收盘价 51.50元 31日，中农立华原药价格指数同比下跌 ...

证券研究报告 公 2024年03月26日 司 报 告 扬农化工(600486) 行 业： 基础化工/农化制品 │ 公 投资评级： 买入（维持） 司 当前价格： 51.50元 业绩符合我们预期，农药景气有望改善向上 年 目标价格： 86.00元 报 点 事件：公司发布年报，2023年公司实现营业收入115亿元，同比下降27.4%； 评 基本数据 实现归母净利润15.7亿元，同比下降12.8%；实现基本每股收益3.87元。 总股本/流通股本(百万股) 406.37/402.87 公司拟向全体股东每10股派发现金红利8.8元(含税)。 流通A股市值(百万元) 20,747.73  23年农药景气低迷，价格下跌致营收下滑 23 年营收和利润有明显下滑，主要是农药行业整体景气下行。2022Q4 以 每股净资产(元) 23.80 来，农药行业全球市场渠道高库存风险暴露，去库存致需求迅速下滑，多 资产负债率(%) 38.37 种农药产品价格一路下行。2023 年公司原药和制剂外销量分别为 9.65 万 一年内最高/最低(元) 99.78/44.00 吨和3.57万吨，同比分别增长了10.4%和2.4%，但原药和制剂的单吨 ...

3月 25 日，公司发布2023 年年报，公司 2023 年实现营收114.78 亿元，同比-27.41%；归母净利润 15.65 亿元，同比-12.77%；扣非 归母净利润15.06 亿元，同比-22.05%，业绩符合预期。 公司产品价格下滑，销量相对稳定。分业务来看，2023 年，公司 原药业务实现营业收入 73.84 亿，价格 7.65 万元/吨，同比- 29.54%；制剂业务实现收入16.76 亿，价格 4.69 万元/吨，同比- 3.5%。原材料层面，公司主要原材料醋酸、盐酸、氯化亚砜等均有 不同程度回落。 公司产品市场价格当前处于历史较低位置。从产品价格来看，杀 虫剂主要产品功夫菊酯当前报价 10.8 万元/吨（历史最低价格， 数据起始于 2015 年），联苯菊酯当前报价 13.8 万元/吨（历史最 低价格，数据起始于 2015 年），除草剂主要产品草甘膦当前报价 人民币(元) 成交金额(百万元) 2.55 万元/吨（历史分位 12.03%，数据起始于 2015 年）；杀菌剂 82.00 400 方面，公司苯醚甲环唑报价9.8 万元/吨（历史最低价格，数据起 76.00 350 300 始于 20 ...

2024 年 03 月 26 日 公司研究 评级：买入 (维持 ) 研究所： [Table_Title] 降本增效对冲农药下行周期影响，葫芦岛项目未 证券分析师： 李永磊 S0350521080004 liyl03@ghzq.com.cn 证券分析师： 董伯骏 S0350521080009 来可期 dongbj@ghzq.com.cn 联系人 ： 杨丽蓉 S0350122080038 ——扬农化工（ ）点评报告 yanglr@ghzq.com.cn 600486 最近一年走势 事件 : 2024年3月25日，扬农化工发布2023年年度报告：2023 年实现营 业收入114.78亿元，同比下滑27.41%；实现归母净利润15.65亿元， 同比下滑 12.77%；实现扣非后归母净利润 15.06 亿元，同比下滑 22.05%；销售毛利率 25.60%，同比下滑 0.08 个 pct，销售净利率 13.65%，同比上升2.29个pct；ROE为17.2%，同比下降6.0个pct； 经营活动现金流净额为23.95亿元。 2023Q4单季度，公司实现营业收入22.04亿元，同比-18.63%，环比 -0.14%；实现归 ...