Yangnong Chemical(SH:600486) SINOLINK SECURITIES·2025-04-29 05:58Investment Rating - The report maintains a "Buy" rating for the company, expecting a price increase of over 15% in the next 6-12 months [5][13]. Core Insights - In 2024, the company achieved a revenue of 10.435 billion yuan, a year-on-year decrease of 9.09%, and a net profit attributable to shareholders of 1.202 billion yuan, down 23.19% year-on-year. For Q1 2025, revenue was 3.241 billion yuan, up 2.04% year-on-year, with a net profit of 435 million yuan, an increase of 1.35% year-on-year [2][10]. - The company is investing in the Huludao project, which is expected to drive new growth. The ongoing construction projects amount to 1.609 billion yuan, primarily for pesticide raw materials and intermediates [4]. - The forecast for net profit attributable to shareholders for 2025-2027 is 1.254 billion yuan, 1.482 billion yuan, and 1.603 billion yuan, respectively, with corresponding EPS of 3.084 yuan, 3.644 yuan, and 3.942 yuan [5][10]. Financial Summary - In 2024, the company's sales expenses were 232 million yuan, up 0.99% year-on-year; management expenses were 468 million yuan, down 9.60%; financial expenses were -65 million yuan, down 11.35%; and R&D expenses were 358 million yuan, down 14.32% [3]. - For 2025 Q1, the production of raw materials was 29,500 tons, with sales of 28,700 tons at a price of 63,000 yuan/ton, a decrease of 8.83% year-on-year. The production of formulations was 13,000 tons, with sales of 15,400 tons at a price of 56,600 yuan/ton, down 1.57% year-on-year [3]. - The company’s projected revenue growth rates for 2025-2027 are 10.68%, 11.17%, and 5.67%, respectively [10].