Yangnong Chemical(600486) 太平洋·2025-04-03 10:20Investment Rating - The report maintains a "Buy" rating for Yangnong Chemical [1][12] Core Views - Yangnong Chemical's 2024 revenue decreased by 9.09% year-on-year to 10.435 billion yuan, while net profit fell by 23.19% to 1.202 billion yuan. The company plans to distribute a cash dividend of 6.80 yuan per 10 shares (including tax) [5][6] - Despite an increase in sales volume, the decline in product prices has pressured the company's performance. The average price of key products has reached historical lows, impacting revenue and profitability [5][6] - The Huludao project is expected to contribute additional revenue, with an estimated annual income of over 2 billion yuan once fully operational [6] Summary by Sections Financial Performance - In 2024, Yangnong Chemical achieved total revenue of 10.435 billion yuan, a decrease of 9.09% year-on-year. The net profit attributable to shareholders was 1.202 billion yuan, down 23.19% [5][6] - The fourth quarter of 2024 saw total revenue of 2.419 billion yuan, a year-on-year increase of 9.76%, but net profit decreased by 13.71% year-on-year [5] - The company's gross margin fell by 2.59 percentage points to 23.11%, and net margin decreased by 2.12 percentage points to 11.53% [5] Production and Capacity Expansion - The Huludao project is planned to produce 15,650 tons of pesticide raw materials and intermediates annually, with the first phase already yielding qualified products. The second phase is expected to contribute additional revenue in the second half of 2025 [6] - The company has expanded its patent portfolio in pyrethroid synthesis to 62 patents and has achieved a purity breakthrough in a key product [6] Earnings Forecast - The projected earnings per share (EPS) for 2025, 2026, and 2027 are 3.38 yuan, 3.97 yuan, and 4.40 yuan, respectively [6] - Revenue is expected to grow at a rate of 10.28% in 2025 and 10.52% in 2026, with net profit growth rates of 14.45% and 17.39% for the same years [6]