Yangnong Chemical(600486) 国泰君安·2024-08-26 15:18Investment Rating - The report maintains a "Buy" rating for the company [4][5] Core Views - The company's semi-annual performance exceeded expectations, with cost reduction and efficiency improvements alongside steady progress in the YouChuang project [5] - The report anticipates a recovery in the pesticide market and an earlier production launch of the YouChuang project, which are seen as catalysts for growth [5] Financial Summary - For the first half of 2024, the company achieved revenue of 5.699 billion yuan, a year-on-year decrease of 19.36%, and a net profit attributable to shareholders of 763 million yuan, down 32.10% [5] - The second quarter saw revenue of 2.523 billion yuan, a year-on-year decrease of 1.70%, and a net profit of 334 million yuan, down 9.62% year-on-year [5] - The projected adjusted EPS for 2024-2026 is 4.20, 4.63, and 5.39 yuan respectively, with a target price of 78.57 yuan for 2024 [5][6] Market Data - The current stock price is 48.76 yuan, with a market capitalization of 19.831 billion yuan [7][14] - The stock has a 52-week price range of 46.90 to 69.00 yuan [7] Financial Ratios - The company’s net asset return rate is projected to be 15.5% for 2024, with a price-to-earnings ratio of 11.60 based on the current price [6][14]