扬农化工：Q2业绩符合预期，期待优创基地投产增量

Investment Rating - The investment rating for the company is "Buy" and it is maintained [4][22]. Core Views - The company reported a revenue of 5.699 billion yuan for the first half of 2024, a year-on-year decrease of 19.36%, with a net profit attributable to shareholders of 763 million yuan, down 32.10% year-on-year [7][8]. - The decline in revenue is primarily attributed to a drop in raw material prices, although sales performance improved in the second quarter [8][11]. - The company is expected to benefit from the production increase from the new base in Huludao, which is projected to contribute significant growth in the next 2-3 years [21][22]. Financial Performance - For the first half of 2024, the company achieved a sales revenue of 56.99 billion yuan, a decrease of 13.68 billion yuan year-on-year, with the breakdown of revenue from raw materials, formulations, trade, and other businesses being 33.23 billion, 12.04 billion, 10.86 billion, and 0.86 billion yuan respectively [8][10]. - The average selling price of raw materials decreased by 23.91% year-on-year to 66,500 yuan/ton, while the average price for formulations fell by 8.39% to 42,900 yuan/ton [11][20]. - The overall gross margin for the first half of 2024 was 24.2%, down 2.6 percentage points year-on-year [20]. Sales and Production - The company sold 50,000 tons of raw materials in the first half of 2024, a slight decrease of 3.27% year-on-year, while the sales volume for formulations was 28,100 tons, down 1.71% year-on-year [10][11]. - In the second quarter, sales volumes for raw materials and formulations increased by 5.5% and 37.4% year-on-year, respectively [10][11]. Future Outlook - The company forecasts net profits attributable to shareholders of 1.62 billion, 1.94 billion, and 2.42 billion yuan for 2024, 2025, and 2026, respectively [22][24]. - The new Huludao project has a budgeted investment of 3.48 billion yuan and is expected to significantly enhance the company's growth trajectory [21][22].