扬农化工（600486）：Q2业绩符合预期，行业景气触底回升，公司再迎成长周期

Investment Rating - The investment rating for the company is "Buy" (maintained) [2] Core Views - The company reported Q2 results that met expectations, with revenue of 6.234 billion yuan (YoY +9%) and a net profit of 806 million yuan (YoY +6%) [6] - The agricultural chemical industry is experiencing a recovery from a low point, and the company is entering a new growth cycle [6] Financial Summary - For H1 2025, the company achieved revenue of 3.655 billion yuan from its raw material business, a YoY increase of 10%, with sales volume of 56,700 tons (YoY +13%) and an average price of 64,500 yuan/ton (YoY -3%) [6] - The company plans to invest 4.238 billion yuan in a new project in Huludao, which will produce 15,650 tons of pesticide raw materials annually [6] - The projected net profits for 2025-2027 are 1.407 billion, 1.751 billion, and 2.041 billion yuan respectively, with corresponding P/E ratios of 20, 16, and 14 [6][7]