本次电话会议仅面向国金证券的专业投资机构客户或受邀客户 射嫌违反上述情形的我们将保留一切法律权利感谢您的理解和支持谢谢 各位领导大家早上好我是国基因化工的分析师王明辉今天的话就是阳能化工的第二期讲解主要分两部分内容一部分内容是对昨天晚上那个橘子的这个反侵销做一个解读然后把整个橘子行业的一个概况给大家做一个梳理然后第二部分内容就是关于阳能化工的一个基本情况 上次我们已经把阳能的一个基本情况做了一个深入的讲解那这次的话就简单的再给大家简单做一个回顾那先说一下昨天晚上这个事情昨天晚上这个事情的话是这个商务部对这个 然后这边的话先来说一下这个整个局址的一个整个局址的一个情况整个局址的情况的话就是从这个因为他品类比较多全球的一个市场空间大概在20 八亿美金左右那这边其实比较大的产品大家可以看到是高效率抚琴在六亿美金那这个就是我们说的这个功夫包括说联盟橘子联盟橘子在两点六亿美金 那么旅行跟这个修行的话大家可以看到啊这个旅行的话是在3.5亿美金修行的话呢也是差不多在3.5亿美金左右那这几个举止呢是相对比较大的几个举止的一个品类啊那这边的话大家从这个右边这张图呢也可以看到啊就是印度在这几年 就是它的是绿橘子包括绣青橘子还有一 ...

Investment Rating - The report maintains a "Strong Buy" rating for Yangnong Chemical [2] Core Views - Yangnong Chemical's Q1 2024 performance showed a revenue of 3.176 billion yuan, down 29.43% year-on-year, and a net profit of 429 million yuan, down 43.11% year-on-year due to a sluggish market and declining prices and sales of pesticide products [1][2] - The pesticide industry is currently at a cyclical low, with prices at historical lows, but there is an expectation for recovery as overseas inventory depletion nears completion and demand gradually increases [1] - The company is progressing with new project capacity construction, which is expected to contribute to performance growth in the future [1] Financial Performance Summary - Revenue for 2024 is projected at 12.874 billion yuan, with a growth rate of 12.16% in 2025 and 10.28% in 2026 [3] - Net profit forecasts for 2024, 2025, and 2026 are 1.741 billion yuan, 2.022 billion yuan, and 2.306 billion yuan respectively, with corresponding growth rates of 11.25%, 16.10%, and 14.08% [3] - The company's comprehensive gross margin decreased by 3.15 percentage points to 24.34% due to falling prices of raw pesticide products [1] Project Development - Key ongoing projects include the Youjia project and the Liaoning Youchuang project, with the former's Phase II completed and rapidly reaching production capacity, while the latter is expected to complete its first phase within 2024 [1]

Investment Rating - The report assigns an "Outperform" rating to the company, with a target price of RMB 76.5 for 2024, reflecting a 21% decrease from previous estimates [3][11]. Core Insights - In 2023, the company reported a recurring net profit of RMB 1.51 billion, with significant cost-saving measures implemented. Revenue was RMB 11.48 billion, down 27.41% year-on-year, primarily due to lower product prices. The gross profit margin was 25.6%, a slight decrease of 0.08 percentage points, while the net profit margin improved by 2.29 percentage points to 13.65% due to cost reduction and expense control [10][11]. - The company is focusing on rapid project construction, particularly at Liaoning Youchuang, aiming to establish a world-class digital flagship factory. The first phase of the project is expected to start production in 2024, with further phases being accelerated [3][11]. - The earnings forecast for 2024-2026 anticipates net profits attributable to shareholders of RMB 1.73 billion, RMB 2.05 billion, and RMB 2.34 billion, respectively [3][11]. Financial Summary - In 2023, the company achieved a total revenue of RMB 11.48 billion, with a year-on-year decline of 27.41%. The net profit was RMB 1.57 billion, down 12.8% year-on-year. The gross profit margin for 2023 was 25.6%, with projections for 2024-2026 indicating a gradual recovery in revenue and profit margins [4][6][10]. - The company's subsidiaries showed varied performance, with Jiangsu Youshi's revenue at RMB 2.00 billion (down 37.59% YoY) and Jiangsu Youjia's revenue at RMB 5.49 billion (down 7.16% YoY) [10][11]. - The innovator drug sector generated revenue of RMB 7.38 billion, down 22.20% YoY, while the formulation sector and trade sector also experienced declines [10][11]. Operational Performance - The company reported an increase in product sales volume, with innovator drug sales reaching 96,500 tons (up 10.4% YoY), although average prices declined significantly [10][11]. - Cost-saving measures led to a reduction in overall expenses, with savings exceeding RMB 100 million for the year [3][10]. Project Development - The company is advancing its project construction efforts, particularly in Liaoning, with significant investments planned for future phases [3][11]. - The first phase of the Liaoning project is budgeted at RMB 34.78 billion, with RMB 7.60 billion already invested, representing 22% of the budget [3]. Earnings Forecast - The earnings forecast indicates a recovery trajectory, with expected net profits of RMB 1.73 billion in 2024, RMB 2.05 billion in 2025, and RMB 2.34 billion in 2026, reflecting a positive outlook despite current challenges [3][11].

[Table_MainInfo] 公司研究/化工/农药与化肥 证券研究报告 扬农化工（600486）公司研究报告 2024年04月29日 [Table_InvestInfo] 首次 23 年扣非净利润 15.06 亿元，节支降费 投资评级 优于大市 覆盖 效益明显，新项目建设实现快速推进 股票数据 0[4Ta月b2le6_日S收to盘ck价I（nf元o]） 63.87 [Table_Summary] 投资要点： 52周股价波动（元） 44.00-93.19 总股本/流通A股（百万股） 406/403 总市值/流通市值（百万元） 25955/25731  2023年扣非净利润 15.06亿元，节支降费效益明显。2023年实现营业收入 市场表现 114.78 亿元，同比下降 27.41%，主要是由于产品销售价格下降导致。扣非 [Table_QuoteInfo] 扬农化工 海通综指 净利润 15.06 亿元，同比下降 22.05%。全年毛利率 25.6%，同比小幅下降 2.30% 0.08个百分点，净利率13.65%，同比提升2.29个百分点，主要是由于公司 -4.70% 采取降本节支措施以及采购节支致成本同步下 ...

%% research.95579.com %% 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] 产品价格见底，补库需求有望启动 报告要点 [公Ta司bl发e_布Su2m0m24ar一y]季报，实现收入31.8亿元（同比-29.4%），实现归属净利润4.3亿元（同比- 43.1%），实现归属扣非净利润4.3亿元（同比-40.2%）。 ...

Investment Rating - The report maintains a "Buy" rating for Yangnong Chemical (600486) with a target price of 79.91 CNY, unchanged from the previous rating [1][2]. Core Views - The company's Q1 performance met market expectations, with a significant reduction in expense ratios, indicating effective cost control and efficiency improvements. The pesticide market is showing signs of recovery, which is expected to mitigate the seasonal performance fluctuations [1][2]. - The report forecasts earnings per share (EPS) for 2024, 2025, and 2026 to be 4.21 CNY, 4.63 CNY, and 5.40 CNY respectively, maintaining the 2024 target price at 79.91 CNY [1][2]. Financial Summary - Q1 2024 revenue was 31.76 billion CNY, a year-on-year decrease of 29.43%, with a net profit attributable to shareholders of 4.29 billion CNY, down 43.11% year-on-year. The gross profit margin was 24.34%, down 3.15 percentage points year-on-year, but improved by 1.01 percentage points quarter-on-quarter [1][2]. - The report highlights a continuous decline in sales and management expense ratios, indicating successful cost-cutting measures. The sales volume of raw materials decreased by 10.69% year-on-year, while the average price of raw materials increased by 6.91% year-on-year [1][2]. - The financial forecast for 2024 estimates total revenue of 13.94 billion CNY, with a net profit of 1.71 billion CNY, reflecting a recovery trend in the pesticide market [2][6]. Market Context - The pesticide market is experiencing a recovery, with rising prices for glyphosate and high industry operating rates, suggesting a positive outlook for the second and third quarters, which align with the traditional purchasing season in South America [1][2]. - The report notes that the company's projects are progressing well, with the first phase of the Huludao project expected to commence production in 2024, and subsequent phases advancing rapidly [1][2].

证 券 2024 年 04 月 25 日 研 究 2024Q1 盈利承压，新项目推进助力成长 报 告 —扬农化工（600486.SH）公司事件点评报告 买入(首次) 事件 分析师：张伟保 S1050523110001 扬农化工发布一季度业绩公告：2024 年第一季度营收约 zhangwb@cfsc.com.cn 31.76 亿元，同比减少 29.43%；归属于上市公司股东的净利 联系人：刘韩 S1050122080022 润约 4.29 亿元，同比减少 43.11%，环比增加 110.10%；基本 liuhan@cfsc.com.cn 每股收益1.056 元。 基本数据 2024-04-24 投资要点 当前股价（元） 61.3 总市值（亿元） 249 ▌ 农化行业景气度低迷，公司农化产品价格和销量 总股本（百万股） 406 承压 流通股本（百万股） 403 52周价格范围（元） 46.9-94.98 2024Q1 公司原药/制剂业务销量分别为 24968.44/14977.14 吨，同比-10.7%/-21.3%；实现营业收入分别为 17.24/8.61 日均成交额（百万元） 105.93 亿元，同比-40% ...

Investment Rating - The report maintains a "Buy" rating for Yangnong Chemical (600486) [1][2][6] Core Views - The company's performance met expectations, with a revenue of 11.478 billion yuan in 2023, representing a year-on-year increase of 27.41%, while the net profit attributable to shareholders was 1.565 billion yuan, a decrease of 12.77% [1][2] - The company is the only domestic enterprise among the top 10 global agrochemical companies, with a rich product matrix and a strong position in the pyrethroid pesticide industry [1][2] - The demand for pesticides remains stable, and the industry profitability is expected to gradually recover, supported by the company's ongoing projects and capacity expansion [1][2] Financial Summary - The projected net profit for 2023-2025 is 1.728 billion yuan, 2.020 billion yuan, and 2.155 billion yuan, respectively, with corresponding EPS of 4.25, 4.97, and 5.30 yuan [2][3] - The current stock price corresponds to a PE ratio of 12.05, 10.31, and 9.67 for the years 2023, 2024, and 2025, respectively [2][3] - Revenue is expected to grow at rates of 18.64%, 13.68%, and 8.38% for the years 2024, 2025, and 2026 [3][4] Project Developments - The company is advancing multiple projects, including the construction of new production capacities for various pesticides, which are expected to enhance its production capabilities and optimize product structure [2][4] - The ongoing projects are anticipated to significantly increase the production capacity of active ingredients, further solidifying the company's leading position in the pyrethroid industry [1][2]

公司报告 | 季报点评 扬农化工（600486） 证券研究报告 2024年04月 25日 投资评级 一季报业绩符合预期，期待优创基地投产 行业 基础化工/农化制品 6个月评级 买入（维持评级） 当前价格 61.3元 事件：扬农化工发布2024年一季报，实现营业收入31.76 亿元，同比下滑 目标价格 元 -29.43%；归属于上市公司股东的净利润4.29 亿元，同比下滑43.11%。按 4.06亿股的总股本计算，实现摊薄每股收益1.056元。 基本数据 行业景气低位，一季度销售和价格均承压。公司一季度营收同比下滑约29% A股总股本(百万股) 406.37 （较去年同期减少约13.24亿元），其中原药、制剂、贸易及其他业务营收 流通A股股本(百万股) 402.87 分别为17.24、8.61、5.9 亿元，较去年同期分别减少约11.48、1.32、0.44 A股总市值(百万元) 24,910.52 亿元；其中原药业务营收收缩是收入下滑主要原因。 流通A股市值(百万元) 24,695.84 从销量来看，公司一季度原药、制剂分别实现销量2.5 万吨、1.5万吨，较 每股净资产(元) 24.91 去年同期分别下滑约 ...

2024 年 04 月 24 日 公司研究 评级：买入 (维持 ) 研究所： [Table_Title] 业绩受农药周期影响，葫芦岛项目进展 2024Q1 证券分析师： 李永磊 S0350521080004 liyl03@ghzq.com.cn 证券分析师： 董伯骏 S0350521080009 顺利 dongbj@ghzq.com.cn 联系人 ： 杨丽蓉 S0350122080038 ——扬农化工（ ） 年一季报点评 yanglr@ghzq.com.cn 600486 2024 最近一年走势 事件 : 2024年4月23日，扬农化工发布2024年一季报，2024Q1实现营业 收入31.76亿元，同比-29.4%，环比+44.1%；实现归母净利润4.29亿 元，同比-43.1%，环比+110.1%；实现扣非归母净利润4.27亿元，同 比-40.2%，环比+110.7%；销售毛利率为24.3%，同比下降3.2个pct， 环比上升1.0个pct；销售净利率为13.5%，同比下降3.3个pct，环比 上升4.2个pct。经营活动现金流净额为11.33亿元。 投资要点 : 相对沪深300表现 2024/04/23 ...