证券代码：600486 证券简称：扬农化工 公告编号：临 2025-013 江苏扬农化工股份有限公司 关于召开 2024 年度业绩暨现金分红说明会 的公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈 述或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 重要内容提示： 会议召开时间：2025 年 04 月 30 日（星期三）15:00-17:00 会议召开地点：上海证券交易所上证路演中心（网址： https://roadshow.sseinfo.com/） 会议召开方式：上证路演中心视频直播和网络互动 一、说明会类型 本次投资者说明会以视频结合网络互动召开，公司将针对 2024 年度的经营 成果及财务指标的具体情况与投资者进行互动交流和沟通，在信息披露允许的 范围内就投资者普遍关注的问题进行回答。 投资者可于 2025 年 04 月 23 日（星期三）至 04 月 29 日（星期二）16:00 前登录上证路演中心网站首页点击"提问预征集"栏目或通过公司邮箱 stockcom@yangnongchem.com 进行提问。公司将在说明会上对投资者普遍关注 的问题进行回答。 江苏扬 ...

扬农化工 600486.SH 公司研究 | 年报点评 农药行业见底，葫芦岛项目放量在即 核心观点 盈利预测与投资建议 ⚫ 公司在农药行业且淡季期间仍能保持毛利率相对稳定，业绩具有一定韧性，同时葫 芦岛项目建设进程加速，我们仍看好公司长期成长性。我们根据市场情况对公司主 要产品价格进行调整，并调整 25-27 年归母净利润分别为 14.21、17.48 和 19.45 亿 元（原 25-26 年预测分别为 16.67 和 19.62 亿元），给予可比公司 25 年调整后平均 19 倍 PE，对应目标价 66.31 元，维持增持评级。 风险提示：产品和原材料价格波动，项目投产进度不及预期。 公司主要财务信息 | | 2023A | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业收入(百万元) | 11,478 | 10,435 | 12,116 | 13,299 | 14,198 | | 同比增长 (%) | -27.4% | -9.1% | 16.1% | 9.8% | 6.8% | | 营业利润(百万元) | ...

扬农化工 600486.SH 公司研究 | 年报点评 农药行业见底，葫芦岛项目放量在即 核心观点 盈利预测与投资建议 ⚫ 公司在农药行业且淡季期间仍能保持毛利率相对稳定，业绩具有一定韧性，同时葫 芦岛项目建设进程加速，我们仍看好公司长期成长性。我们根据市场情况对公司主 要产品价格进行调整，并调整 25-27 年归母净利润分别为 14.21、17.48 和 19.45 亿 元（原 25-26 年预测分别为 16.67 和 19.62 亿元），给予可比公司 25 年调整后平均 19 倍 PE，对应目标价 66.31 元，维持增持评级。 风险提示：产品和原材料价格波动，项目投产进度不及预期。 公司主要财务信息 | | 2023A | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业收入(百万元) | 11,478 | 10,435 | 12,116 | 13,299 | 14,198 | | 同比增长 (%) | -27.4% | -9.1% | 16.1% | 9.8% | 6.8% | | 营业利润(百万元) | ...

Group 1 - The core viewpoint of the article highlights the significant presence of large private equity firms in the A-share market, with 21 private equity firms holding shares in 51 A-share companies, totaling a market value of 20.2 billion yuan as of April 14 [2] - In the fourth quarter, 16 new stocks were added by private equity firms, 7 stocks were increased, 17 stocks remained unchanged, and 11 stocks were reduced [2] - The distribution of heavy holdings by private equity firms shows that the basic chemical industry had the highest number of stocks at 10, followed by the electronics industry with 9, and both machinery equipment and pharmaceutical biology industries with 6 each [2] Group 2 - Gao Yi Asset held 11 stocks in the fourth quarter, with a total market value of 10.194 billion yuan, including a new investment in Yangnong Chemical of 3.932 million shares valued at 2.275 billion yuan [2] - Gao Yi Asset increased its holdings in Tong Ren Tang, Zhongju High-tech, Zijin Mining, and Ruifeng New Materials, with respective increases of 8.5 million shares, 7.7 million shares, 7.2151 million shares, and 1 million shares, valued at 954 million yuan, 694 million yuan, 5.169 billion yuan, and 619 million yuan [2] - Gao Yi Asset maintained its holdings in Shengyi Technology and Tiandi Technology, with market values of 1.203 billion yuan and 104 million yuan respectively, while reducing its holdings in Yuntianhua, Angel Yeast, Dongcheng Pharmaceutical, and Health元 by 942,400 shares, 10 million shares, 1 million shares, and 1,854,640 shares respectively [3]

事件：2025 年3 月24 日，扬农化工发布2024 年年报，公司2024 年营业收入为104.35 亿元，同比下降 9.09%，归母净利润为12.02 亿元，同比下降23.19%，扣非净利润为11.63 亿元，同比下降22.81%；对应 4Q24 营业收入为24.19 亿元，环比上升4.41%，归母净利润为1.76 亿元，环比下降32.91%。 点评：农化行业短期景气度处于底部，公司产品量升价跌，原药业务承压。 根据公司2024 年年报披露，2024 年公司原药/制剂/贸易板块收入分别为64.18/15.45/23.06 亿元，同比变 化分别为-13.07%/-7.78%/3.65%，毛利率分别为27.70%/29.77%/7.33%，同比变化分别 为-2.45/+2.39/-2.64pcts。公司业绩下滑的主要原因为原药、制剂产品价格双双下跌。根据公司2024 年年 度主要经营数据公告披露，2024 年公司原药平均售价为6.43 万元/吨，同比下降16.01%；制剂平均售价 为4.25 万元/吨，同比下降9.38%。 风险提示：气候异常风险、汇率风险、市场风险、安全和环保风险、地缘政治风险 公司2024 ...

Investment Rating - The report maintains a "Buy" investment rating for the company [5][35] Core Views - The company's 2024 annual report shows a revenue of 10,435 million yuan, a decrease of 9.09% year-on-year, and a net profit attributable to shareholders of 1,202 million yuan, down 23.19% year-on-year [10][11] - The decline in revenue is primarily attributed to a significant drop in the average selling prices of raw materials, which led to a total product price loss of approximately 1,500 million yuan [3][21] - Despite the challenges, the company is expected to see a recovery in net profit, with projections of 1,470 million yuan, 1,780 million yuan, and 2,000 million yuan for 2025, 2026, and 2027 respectively [35] Financial Performance - In 2024, the company achieved a total revenue of 10,435 million yuan, with raw materials, trade, and formulations contributing 6,418 million yuan, 2,306 million yuan, and 1,545 million yuan respectively [2][11] - The average selling price for raw materials was 64,300 yuan/ton, down 16% from 2023, while the average price for formulations was 42,500 yuan/ton, down 9.38% [3][21] - The overall gross margin for 2024 was 23.1%, a decrease of 2.5 percentage points year-on-year, with raw materials gross margin at 27.7% [27][28] Sales and Volume - The total sales volume for raw materials in 2024 was 99,900 tons, an increase of 3.5% year-on-year, while the sales volume for formulations was 36,400 tons, up 1.8% year-on-year [2][16] - Quarterly sales volumes for raw materials were 25,000 tons in Q1, 25,000 tons in Q2, 26,100 tons in Q3, and 23,800 tons in Q4 [16][31] Cost Control and Expenses - The company has implemented effective cost control measures, with sales expenses remaining stable year-on-year and management expenses decreasing by approximately 50 million yuan [4][30] - The total R&D expenses were maintained at a high level of 358 million yuan, with only a slight decrease of about 6 million yuan year-on-year [30] Future Outlook - The company is expected to benefit from the ongoing construction and commissioning of the Liaoning Youchuang project, which is projected to contribute significantly to revenue in 2025 [33][34] - The agricultural chemical industry is currently at a cyclical low, but there are expectations for recovery in demand and pricing in the coming years as inventory levels normalize [26]

事件：扬农化工发布2024 年年报，实现营业收入104.35 亿元，同比减少9.09%；归属于上市公司股东的 净利润12.02 亿元，同比减少23.19%。按4.07 亿股的总股本，实现每股收益2.98 元，每股经营现金流 5.30 元。其中第四季度实现营业收入24.19 亿元，同比增长9.76%；实现归属于上市公司股东的净利润 1.76 亿元，同比减少13.71%；折合单季度EPS 0.43 元。 营收规模同比下滑：销量同比增加，但受累于原药产品价格同比下降。 2024 年，公司销售收入104.35 亿元，较上年减少10.43 亿元（同比-9.09%）；从结构上看，原药、贸 易、制剂收入分别为64.18 亿元、23.06 亿元、15.45亿元，分别同比变动-9.65、+0.82、-1.31 亿元，yoy- 13.1%、+3.7%、-7.8%。 原药及制剂业务收入规模同比下降较多，但贸易收入略有增长。 从销量上看，2024 年全年原药销量9.99 万吨，同比增加0.34 万吨，yoy+3.5%，制剂（不折百）业务销 量为3.64 万吨，同比增加0.06 万吨，yoy+1.8% 。分季度看， 2024 年Q1- ...

Investment Rating - The investment rating for the company is "Buy" and it is maintained [5] Core Views - The company's revenue for 2024 was 10,435 million yuan, a decrease of 9.09% year-on-year, with a net profit attributable to shareholders of 1,202 million yuan, down 23.19% year-on-year [10][11] - The decline in revenue was primarily due to a significant drop in the average selling prices of raw materials, which led to a total product price loss of 1,500 million yuan [21][27] - The company is expected to see a recovery in net profit, with projections of 1,467 million yuan, 1,777 million yuan, and 2,000 million yuan for 2025, 2026, and 2027 respectively [35] Revenue and Sales Performance - The company's sales revenue for 2024 was 10,435 million yuan, down 10.43 million yuan year-on-year, with raw materials, trade, and formulations contributing 6,418 million yuan, 2,306 million yuan, and 1,545 million yuan respectively [2][11] - Raw material sales volume increased by 3.5% year-on-year to 99,900 tons, while formulation sales volume increased by 1.8% year-on-year to 36,400 tons [16][11] - The average selling price of raw materials was 64,300 yuan/ton, down 16% year-on-year, and the average selling price of formulations was 42,500 yuan/ton, down 9.38% year-on-year [21][3] Profitability and Cost Control - The company's overall gross margin for 2024 was 23.1%, a decrease of 2.5 percentage points year-on-year, with raw material gross margin at 27.7% and formulation gross margin at 29.8% [27][28] - The company implemented effective cost control measures, achieving savings of approximately 635 million yuan across various operational areas [28][30] - The increase in impairment losses negatively impacted net profit, with credit impairment losses increasing by 80 million yuan year-on-year [30] Future Outlook - The company is expected to benefit from the ongoing construction and commissioning of the Liaoning Youchuang project, which is projected to contribute significantly to revenue in 2025 [33] - The agricultural chemical industry is currently at a cyclical low, but there are expectations for recovery in demand and pricing in the coming years as inventory levels normalize [26]

Core Points - The Shanghai Small and Medium-sized State-owned Enterprise Reform Index (SME Reform Index) opened high and fluctuated, currently at 2355.50 points [1] - The SME Reform Index has decreased by 3.45% in the past month, increased by 0.35% over the last three months, and has fallen by 5.91% year-to-date [1] - The index includes stocks from Shanghai-listed state-owned enterprises that are part of the national reform pilot or have significant restructuring plans, reflecting the overall performance of these companies [1] Index Holdings - The top ten weighted stocks in the SME Reform Index are: Tiantan Biological (3.65%), Sheneng Co. (3.21%), Laobai Ganjiu (3.02%), AVIC Capital (2.94%), Western Superconducting (2.94%), Shanghai Silicon Industry (2.93%), Wuzhou Zhongda (2.92%), Huayu Automotive (2.91%), Yangnong Chemical (2.83%), and AVIC (2.79%) [1] - The index is composed entirely of stocks listed on the Shanghai Stock Exchange, with a 100% allocation [1] Industry Composition - The industry breakdown of the index holdings is as follows: Industrial (33.02%), Consumer Discretionary (12.10%), Materials (10.91%), Information Technology (10.57%), Healthcare (7.84%), Utilities (7.75%), Real Estate (5.50%), Consumer Staples (5.48%), Financials (2.94%), Communication Services (2.11%), and Energy (1.79%) [2] - The index samples are adjusted quarterly, with adjustments occurring in the second week of March, June, September, and December [2]

Investment Rating - The report maintains a "Buy" investment rating for the company [1] Core Views - The pesticide industry is currently in a downturn, leading to pressure on the company's performance as it enters a micro-profit era [5] - The company has shown resilience through effective cost control and adjustments in production structure, ensuring long-term stable operations despite declining product prices [5] - The company is positioned as a leading producer of raw materials and formulations in China, with expectations for revenue recovery in the coming years [10] Summary by Relevant Sections Market Performance - The company reported a total revenue of 10.435 billion yuan in 2024, a year-on-year decrease of 9.09%, and a net profit of 1.202 billion yuan, down 23.19% [4] Investment Highlights - In 2024, the company's raw material sales volume increased by 3.50% to 99,900 tons, while the sales revenue decreased by 13% due to price declines [5] - The formulation business saw a sales volume increase of 1.77% to 36,300 tons, but sales revenue fell by 8% [5] - The company has implemented innovative business models and strengthened customer management to enhance sales in its trade segment, which saw a 4% increase in sales revenue [5] Financial Dynamics - The company's operating cash flow for 2024 was 2.155 billion yuan, a decline of 9.99% year-on-year, primarily due to extended sales periods and reduced income [6] - The company maintained stable expense ratios across sales, management, finance, and R&D, with slight increases in sales expenses [6] Research and Development - The company is focusing on both patented and non-patented drug development, aiming to penetrate high-end markets with new products [7][9] - The company has made significant technological advancements, filling 20 technical gaps and holding over 50 product varieties [9] Profit Forecast - Revenue projections for 2025-2027 are 12.212 billion yuan, 13.825 billion yuan, and 14.908 billion yuan, respectively, with corresponding PE ratios of 13.6, 11.7, and 10.7 [10][12]