扬农化工(600486)：行业景气有望触底回升 优创项目持续推进

Core Viewpoint - The company demonstrated resilience in profit growth despite challenges in the agricultural chemical industry, with revenue and net profit showing positive year-on-year growth in the first half of 2025 [1][2]. Financial Performance - In H1 2025, the company achieved revenue of 6.23 billion yuan, a year-on-year increase of 9.4%, and a net profit attributable to shareholders of 810 million yuan, up 5.6% year-on-year [1]. - In Q2 2025, the company reported revenue of 2.99 billion yuan, reflecting an 18.6% year-on-year increase but a 7.6% decrease quarter-on-quarter [1]. - The company's raw material segment generated revenue of 3.66 billion yuan in H1 2025, with a production volume of 58,000 tons, up 17% year-on-year [2]. - The formulation business generated revenue of 1.17 billion yuan in H1 2025, with a production volume of 25,000 tons, reflecting a 6% increase year-on-year [2]. Industry Outlook - The agricultural chemical industry is expected to recover as inventory levels in global pesticide distribution channels have reached reasonable levels, and downstream purchasing demand is gradually recovering [3]. - The implementation of the "Zhengfeng Zhijuan" three-year action plan by the China Pesticide Industry Association is anticipated to improve issues such as illegal production and disorderly competition within the industry [3]. Project Development - The company has successfully advanced the Liaoning Youchuang project, which is expected to contribute to profit growth, with H1 2025 revenue from this project reaching 550 million yuan [4]. - The first phase of the Youchuang project has achieved full production capacity, indicating a positive outlook for future profit contributions [4]. Future Projections - The company is projected to achieve revenues of 12.8 billion yuan, 14.1 billion yuan, and 15.2 billion yuan from 2025 to 2027, with year-on-year growth rates of 22%, 10%, and 8% respectively [5]. - Net profits are expected to reach 1.41 billion yuan, 1.68 billion yuan, and 1.93 billion yuan during the same period, with growth rates of 17%, 20%, and 14% respectively [5].