扬农化工（600486）：业绩符合预期，看好辽宁优创项目放量

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company's Q3 performance met expectations, with a revenue of 9.156 billion yuan, up 14.2% year-on-year, and a net profit of 1.055 billion yuan, up 2.9% year-on-year. However, Q3 net profit decreased by 5% year-on-year and 32.7% quarter-on-quarter due to price pressures on main products. The report anticipates a strong medium to long-term growth potential driven by the orderly advancement of the Liaoning Youchuang project [4][5] Financial Summary - For the first three quarters of 2025, the company achieved a revenue of 91.56 billion yuan, with a year-on-year growth of 14.2%. The net profit attributable to the parent company was 10.55 billion yuan, reflecting a year-on-year increase of 2.9% [4] - The company’s revenue for Q3 was 29.23 billion yuan, showing a year-on-year increase of 26.1% but a quarter-on-quarter decrease of 2.3% [4] - The projected net profit for 2025-2027 is 12.65 billion yuan, 16.00 billion yuan, and 18.23 billion yuan respectively, with corresponding EPS of 3.12 yuan, 3.95 yuan, and 4.50 yuan [4][7] Business Performance - In the first nine months of 2025, the company sold 86,300 tons of raw materials, up 13.5% year-on-year, while the sales volume of formulations decreased by 3.1% year-on-year. The average selling price for raw materials was 62,700 yuan per ton, down 1.1% year-on-year [5][10] - The gross profit margin for the first three quarters of 2025 was 22.35%, down 1.67 percentage points year-on-year, while the net profit margin was 11.53%, down 1.27 percentage points year-on-year [5][17] Price Trends - The average selling prices of the company's main products have shown mixed trends, with a significant number of products experiencing price declines. The report notes that 70% of tracked products saw price drops year-on-year, while 69% remained stable month-on-month [5][11] Future Outlook - The report expresses confidence in the company's ability to enhance quality and efficiency, particularly with the ongoing development of the Liaoning Youchuang project, which is expected to contribute positively to growth in the medium to long term [4][5]