Yangnong Chemical(SH:600486) KAIYUAN SECURITIES·2025-08-22 07:28Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company's performance in the first half of 2025 met expectations, with revenue of 6.234 billion yuan, a year-on-year increase of 9.4%, and a net profit attributable to shareholders of 806 million yuan, up 5.6% year-on-year [4][5] - The company plans to distribute a cash dividend of 2.40 yuan per 10 shares (tax included) to all shareholders [5] - The company is expected to maintain strong growth momentum in the medium to long term, supported by the orderly advancement of the Liaoning Youchuang project [5] Financial Summary - For the first half of 2025, the company achieved a production volume of 57,800 tons for raw materials and 25,500 tons for formulations, with year-on-year increases of 17.1% and 6.0% respectively [5][9] - The sales volume for raw materials and formulations was 56,700 tons and 28,100 tons, with year-on-year increases of 13.4% and 0.1% respectively [5][9] - The revenue from raw materials was 3.655 billion yuan, up 10.0% year-on-year, while the revenue from formulations was 1.171 billion yuan, down 2.8% year-on-year [5][9] - The company’s gross profit margin and net profit margin for the first half of 2025 were 23.64% and 12.93%, respectively, showing slight declines compared to the previous year [5][7] - The company’s projected net profits for 2025, 2026, and 2027 are 1.410 billion yuan, 1.600 billion yuan, and 1.823 billion yuan, respectively, with corresponding EPS of 3.48 yuan, 3.95 yuan, and 4.50 yuan [4][7] Project Progress - The Liaoning Youchuang project has made significant progress, with total investment reaching 3.178 billion yuan, accounting for 91.38% of the budget [5] - The project has achieved design capacity for all tested products, and the first half of 2025 saw revenue of 552 million yuan and a net profit of 389,200 yuan, marking a turnaround from a loss in the previous year [5][10]