Yangnong Chemical(SH:600486) China Post Securities·2025-06-10 08:21Investment Rating - The investment rating for the company is "Buy" and is maintained [5][6]. Core Views - The company has shown stable growth in performance, with a recovery in agricultural chemical industry sentiment [3]. - The company reported a revenue of 104.35 billion yuan for 2024, a decrease of 9.09% year-on-year, and a net profit attributable to the parent company of 12.02 billion yuan, down 23.19% year-on-year [6]. - The company is expected to benefit from the agricultural industry's replenishment cycle, with projected net profits for 2025-2027 being 13.28 billion yuan, 15.76 billion yuan, and 17.74 billion yuan respectively [6]. Financial Summary - Revenue projections for 2024A, 2025E, 2026E, and 2027E are 104 billion yuan, 119 billion yuan, 135 billion yuan, and 145 billion yuan respectively, with growth rates of -9.09%, 13.79%, 13.85%, and 7.53% [4][7]. - The EBITDA for the same years is projected to be 21.03 billion yuan, 24.75 billion yuan, 27.74 billion yuan, and 30.13 billion yuan [4]. - The earnings per share (EPS) are expected to be 2.96 yuan, 3.27 yuan, 3.88 yuan, and 4.36 yuan for 2024A, 2025E, 2026E, and 2027E respectively [4][7]. - The price-to-earnings (P/E) ratios for the projected years are 20.30, 18.38, 15.48, and 13.76 [4][7].