Investment Rating - The report maintains a "Buy" rating for the company [5] Core Views - The company reported a revenue of 11.478 billion yuan for 2023, a year-on-year decrease of 27%, and a net profit attributable to shareholders of 1.565 billion yuan, down 12.8% year-on-year, which aligns with expectations [5] - The company is experiencing pressure on performance due to weak demand and declining prices, particularly in the traditional winter stockpiling season [5] - The report highlights the rapid advancement of the Huludao project, which is expected to inject new growth momentum into the company [5] Financial Summary - For 2023, the company achieved a gross margin of 25.60% and a net margin of 13.65% [5] - The company’s revenue for Q4 2023 was 2.204 billion yuan, a year-on-year decrease of 19%, while the net profit for the same quarter was 204 million yuan, an increase of 31% year-on-year [5] - The projected revenues for 2024, 2025, and 2026 are 12.035 billion yuan, 13.724 billion yuan, and 15.502 billion yuan respectively, with corresponding net profits of 1.515 billion yuan, 1.761 billion yuan, and 2.081 billion yuan [7][8] Project Development - The company plans to invest 4.238 billion yuan in the Huludao project, which aims to produce 15,650 tons of pesticide active ingredients and 66,133 tons of by-products annually [5] - The project is expected to generate an average annual revenue of 4.083 billion yuan and has a projected return on investment (ROI) of 17.16% [5] Market Position - The company is positioned as a leading domestic active ingredient producer, with expectations that its competitive advantages will become more pronounced during the industry's downturn [5]

基础化工/农化制品 公 司 研 扬农化工（600486.SH） 业绩符合预期，全面开启第四次创业 究 2024年03月26日 ——公司信息更新报告 投资评级：买入（维持） 金益腾（分析师） 徐正凤（联系人） jinyiteng@kysec.cn xuzhengfeng@kysec.cn 证 书编号：S0790520020002 证书编号：S0790122070041 日期 2024/3/26 当前股价(元) 52.81  业绩符合预期，葫芦岛一期2024Q3有望投入试生产，全面开启第四次创业 公 一年最高最低(元) 99.78/44.00 公司发布 2023 年报，2023 年实现营收114.78亿元，同比-27.41%；归母净利润 司 15.65亿元，同比-12.77%；扣非净利润15.06亿元，同比-22.05%；其中Q4实现 信 总市值(亿元) 214.60 息 流通市值(亿元) 212.75 营收22.04亿元，同比-18.63%、环比-0.14%；归母净利润2.04亿元，同比+31.03%、 更 总股本(亿股) 4.06 环比-13.81%；扣非净利润2.03亿元，同比53.01%、环比-8.82 ...

Financial Performance - The company's operating revenue for 2023 was CNY 11,477,690,361.10, a decrease of 27.41% compared to CNY 15,810,759,235.37 in 2022[26] - The net profit attributable to shareholders of the listed company was CNY 1,565,018,501.55, down 12.77% from CNY 1,794,134,084.36 in the previous year[26] - The net profit after deducting non-recurring gains and losses was CNY 1,506,313,963.03, a decrease of 22.05% compared to CNY 1,932,315,519.73 in 2022[26] - The net cash flow from operating activities increased by 12.73% to CNY 2,394,601,163.03 from CNY 2,124,262,479.19 in 2022[26] - The total assets at the end of 2023 were CNY 15,703,246,297.99, reflecting a 6.15% increase from CNY 14,793,425,176.25 at the end of 2022[26] - The net assets attributable to shareholders of the listed company increased by 13.32% to CNY 9,671,738,141.26 from CNY 8,534,728,520.51 in 2022[26] - The basic earnings per share decreased by 13.15% to 3.868 RMB compared to 2022[27] - The weighted average return on equity dropped to 17.26%, a decrease of 5.93 percentage points from the previous year[27] - The company reported a total of 58.70 million RMB in non-recurring gains for 2023, compared to a loss of 138.18 million RMB in 2022[33] - The company reported a significant increase in revenue, achieving a total of 1.2 billion CNY for the fiscal year, representing a growth of 15% year-over-year[137] Market Conditions - The agricultural chemical industry faced significant challenges in 2023, including low market demand and a sharp decline in product prices[36] - The global agricultural chemical market is experiencing a downturn, with increased competition and oversupply in the domestic market[38] - The company is facing three major challenges in 2024, including global economic slowdown, domestic demand insufficiency, and a downward cycle in the agrochemical industry[102] Strategic Initiatives - The company implemented cost reduction and efficiency improvement measures across 11 areas to mitigate the impact of market pressures[36] - The company is focusing on product differentiation, service diversification, and accelerating overseas expansion as new competitive strategies[38] - The company plans to accelerate the construction of the Huludao Phase I Project to achieve early production and benefits[105] - The company aims to enhance its local R&D innovation capabilities in plant protection and achieve rapid growth in performance, positioning itself as a leading agricultural chemical manufacturer in China[107] - The company plans to increase domestic market development to balance its reliance on foreign markets and will explore emerging international markets[120] Research and Development - The company has a robust R&D capability, having developed over 50 pyrethroid products and filling 20 domestic and international technology gaps[43] - The total R&D expenditure was ¥444.33 million, representing 3.87% of total revenue[66] - The company has invested 50 million CNY in R&D for new technologies aimed at sustainable agriculture practices[137] - The company is actively pursuing risk assessment reports related to its financial operations and investments[147] Environmental Responsibility - The company has implemented measures to reduce carbon emissions, focusing on clean production processes and efficient pollution control, in line with national carbon peak action plans[198] - Jiangsu Youjia has conducted four emergency response drills for environmental incidents, ensuring preparedness and compliance with local regulations[190] - The company has developed a 2023 environmental self-monitoring plan, which has been approved by local environmental protection departments, ensuring transparency and compliance[191] - Jiangsu Youjia was recognized as a "Leading Enterprise in Green Development" for 2023 by the Jiangsu Provincial Department of Ecology and Environment and the Jiangsu Federation of Industry and Commerce[200] Corporate Governance - The board of directors has confirmed the authenticity, accuracy, and completeness of the annual report[6] - The company has implemented a restricted stock incentive plan to establish a long-term incentive mechanism for its employees[125] - The company is actively enhancing its corporate governance practices to align with regulatory requirements[125] - The company has established a comprehensive remuneration system for its directors and senior management, linking compensation to performance metrics[143] Dividend Policy - The proposed cash dividend is CNY 8.80 per 10 shares, resulting in a total cash dividend distribution of CNY 357,606,171.12, with a cash dividend ratio of 22.85%[7] - The company has a cash dividend policy that prioritizes cash distributions when cash flow allows, aiming for a minimum of 30% of the average distributable profit over the last three years[165] - The cash dividend distribution is aligned with the company's articles of association and shareholder resolutions, ensuring clarity and completeness in decision-making processes[167] Operational Efficiency - The company achieved cost savings of over CNY 100 million through various efficiency measures in production and procurement[50] - The company plans to enhance its digital marketing efforts, allocating an additional 10 million CNY for online campaigns[137] - The company aims to improve production efficiency by optimizing processes and increasing capacity utilization, with a focus on cost reduction and energy savings[115] Employee Management - The total number of employees in the parent company is 377, while the main subsidiaries employ 3,123, bringing the total to 3,500 employees[159] - The company emphasizes performance-based salary policies, linking total salary expenses directly to operational performance[162] - The evaluation mechanism for senior management includes performance metrics across multiple dimensions, including ethics, capability, diligence, and performance[175]

Investment Rating - The report maintains a "Buy" rating for the company [3][7]. Core Views - The company's performance in 2023 was under pressure due to a 27.41% year-on-year decline in revenue to 11.478 billion yuan and a 12.77% decrease in net profit attributable to shareholders, amounting to 1.565 billion yuan [2][3]. - The decline in revenue and profit was attributed to inventory destocking and falling prices of key products such as glyphosate and pyrethroids [2]. - The company is accelerating the construction of the Liaoning Youchuang project, which is expected to enhance production capacity and product variety, providing new growth opportunities [2][3]. Summary by Sections Financial Performance - In 2023, the company's raw material and formulation business revenues were 7.384 billion yuan and 1.676 billion yuan, respectively, reflecting year-on-year decreases of 22.20% and 1.22% [2]. - The average selling prices for raw materials and formulations fell by 29.55% and 3.50%, respectively, in 2023 [2]. - The company reported a fourth-quarter revenue of 2.204 billion yuan, down 18.63% year-on-year, but net profit increased by 31.09% to 204 million yuan [2]. Project Development - The Liaoning Youchuang project plans to produce 15,650 tons of pesticide raw materials and 7,000 tons of intermediates, with a total investment of 4.248 billion yuan, expected to generate annual revenue of 4.083 billion yuan upon completion [2]. - As of the end of 2023, the company's construction in progress amounted to 1.294 billion yuan, a 214.83% increase from the end of 2022, primarily due to increased investment in the first phase of the Liaoning Youchuang project [2]. Profit Forecast and Valuation - The profit forecasts for 2024, 2025, and 2026 are adjusted to 1.766 billion yuan (down 6.4%), 2.034 billion yuan (down 0.4%), and 2.318 billion yuan, respectively [3]. - The ongoing development of the Liaoning Youchuang project is expected to broaden the company's capacity and product range, contributing to future growth [3].

江苏扬农化工股份有限公司 审计报告 苏亚审〔2024〕348 号 审计机构：苏亚金诚会计师事务所（特殊普通合伙） 地 址：南京市泰山路 159 号正太中心 A 座 14-16 层 邮 编：210019 传 真：025-83235046 电 话：025-83235002 网 址：www.syjc.com 电子信箱：info@syjc.com 苏亚金诚会计师事务所( 特 殊 普通合伙) 苏 亚 审〔2024〕348 号 审 计 报 告 江苏扬农化工股份有限公司全体股东： 一、审计意见 我们审计了江苏扬农化工股份有限公司（以下简称扬农化工）财务报表，包括 2023 年 12 月 31 日的合并资产负债表及资产负债表，2023 年度的合并利润表及利润表、合并现金 流量表及现金流量表、合并所有者权益变动表及所有者权益变动表以及相关财务报表附 注。 我们认为，后附的财务报表在所有重大方面按照企业会计准则的规定编制，公允反映 了扬农化工 2023 年 12 月 31 日的财务状况以及 2023 年度的经营成果和现金流量。 请参阅财务报表附注三"重要会计政策和会计估计"注释二十六所述的会计政策及附注五"合 并财务报表主要项目 ...

关于对江苏扬农化工股份有限公司 2023年度非经营性资金占用及其他 关联资金往来情况的专项说明 苏亚专审〔2024〕34 号 审计机构：苏亚金诚会计师事务所（特殊普通合伙） 地 址：南京市泰山路 159 号正太中心 A 座 14-16 层 邮 编：210019 传 真：025-83235046 电 话：025-83235002 网 址：www.syjc.com 电子信箱：info@syjc.com 苏 亚 专 审〔2024〕34 号 关于对江苏扬农化工股份有限公司 2023 年度非经营性资金占用及其他关联资金 往来情况的专项说明 江苏扬农化工股份有限公司全体股东： 我们接受委托，审计了江苏扬农化工股份有限公司（以下简称扬农化工）2023 年 12 月 31 日的合并资产负债表及资产负债表，2023 年度的合并利润表及利润表、合并现金流 量表及现金流量表、合并所有者权益变动表及所有者权益变动表以及财务报表附注，并于 2024 年 3 月 22 日出具了苏亚审[2024]348 号无保留意见审计报告。 根据中国证券监督管理委员会《上市公司监管指引第 8 号——上市公司资金往来、对 外担保的监管要求》（证监会公告[ ...

江苏扬农化工股份有限公司 内部控制审计报告 苏亚审内〔2024〕2 号 审计机构：苏亚金诚会计师事务所（特殊普通合伙） 地 址：南京市泰山路 159 号正太中心 A 座 14-16 层 邮 编：210019 传 真：025-83235046 电 话：025-83235002 网 址：www.syjc.com 电子信箱：info@syjc.com 苏亚金诚会计师事务所( 特 殊 普通合伙) 苏 亚 审 内〔2024〕 2 号 内部控制审计报告 江苏扬农化工股份有限公司全体股东： 我们认为，扬农化工于 2023 年 12 月 31 日按照《企业内部控制基本规范》和相关规 1 定在所有重大方面保持了有效的财务报告内部控制。 按照《企业内部控制审计指引》及中国注册会计师执业准则的相关要求，我们审计了 江苏扬农化工股份有限公司（以下简称扬农化工）2023 年 12 月 31 日的财务报告内部控 制的有效性。 一、企业对内部控制的责任 按照《企业内部控制基本规范》、《企业内部控制应用指引》、《企业内部控制评价指引》 的规定，建立健全和有效实施内部控制，并评价其有效性是扬农化工董事会的责任。 二、注册会计师的责任 我们的责 ...

关于江苏扬农化工股份有限公司 2023年度涉及财务公司关联交易的 存款、贷款等金融业务的专项说明 苏亚专审〔2024〕33 号 审计机构：苏亚金诚会计师事务所（特殊普通合伙） 地 址：南京市泰山路 159 号正太中心 A 座 14-16 层 邮 编：210019 传 真：025-83235046 电 话：025-83235002 网 址：www.syjc.com 电子信箱：info@syjc.com 苏亚金诚会计师事务所( 特 殊 普通合伙) 苏 亚 专 审〔2024〕33 号 关于江苏扬农化工股份有限公司 2023年度涉及财务公司关联交易的存款、贷款等 金融业务的专项说明 江苏扬农化工股份有限公司全体股东： 我们接受委托，审计了江苏扬农化工股份有限公司（以下简称扬农化工）2023 年 12 月 31 日的合并资产负债表及资产负债表、2023 年度的合并利润表及利润表、合并现金流 量表及现金流量表和合并所有者权益变动表及所有者权益变动表以及财务报表附注，并于 2024 年 3 月 22 日出具了苏亚审 [2024]348 号无保留意见审计报告。 参照《上海证券交易所上市公司自律监管指引第 5 号——交易与关联 ...

1 江苏扬农化工股份有限公司 2023 年环境、社会与公司治理报告 江苏扬农化工股份有限公司 2023 年环境、社会与公司治理报告 目 录 CONTENTS 民族工业崛起 基业长青 稳健治理 02 03 协作共赢 04 聚力同行 05 低碳引领 发展新机 低碳运营，节能减排 环境保护，和谐共生 57 63 守护发展 关怀员工 06 07 以人为本，健康同行 69 德才兼修，共护成长 79 创新引领 高质运营 关于本报告 本报告是江苏扬农化工股份有限公司（以下简称"扬农化工""扬农股份""扬农""公司"或"我们"） 面向利益相关方发布的第 16 份企业社会责任类报告。报告详细披露了江苏扬农化工股份有限公司 2023 年度在经济、环境、社会及公司治理等责任领域的实践和绩效，旨在与各利益相关方进行有 效交流，系统地回应利益相关方的期望和要求。 点滴成聚 回馈社会 关于本报告 01 董事长致辞 04 专题：飞扬新征程⸺公司葫芦岛 大型精细化工项目建设 05 关键绩效 93 指标索引 99 读者反馈 103 携手共创新时代高质量发展 公司简介 发展战略 09 11 发展历程 13 企业荣誉 13 责任管理 16 提升三 ...

江苏扬农化工股份有限公司 独立董事 2023 年度述职报告 任永平 一、独立董事基本情况 （一）个人工作履历、专业背景以及兼职情况 本人任永平，为会计专业人士，长期从事会计教学、研究工作，现为上海大 学管理学院会计学教授、博士生导师。2021 年 11 月起任扬农化工独立董事，现 同时兼任上市公司光大证券（601788）、日久光电（003015）独立董事，以及非 上市公司创志科技（江苏）股份有限公司独立董事。 （二）在扬农化工董事会专门委员会的任职情况 公司董事会下设审计委员会、薪酬与考核委员会、提名委员会和战略委员 会，我分别担任审计委员会主任委员、薪酬与考核委员会委员和提名委员会委 员。 （三）独立性情况的说明 作为扬农化工的独立董事，我不存在下列情形： 1、在公司或者其附属企业任职的人员及其配偶、父母、子女、主要社会关 系； 2、直接或者间接持有公司已发行股份百分之一以上或者是公司前十名股东 中的自然人股东及其配偶、父母、子女； 3、在直接或者间接持有公司已发行股份百分之五以上的股东或者在公司前 五名股东任职的人员及其配偶、父母、子女； 4、在公司控股股东、实际控制人的附属企业任职的人员及其配偶、父母、 ...