Yangnong Chemical(600486) 太平洋·2024-04-25 08:30Investment Rating - The report maintains a "Buy" rating for Yangnong Chemical (600486) [1][2][6] Core Views - The company's performance met expectations, with a revenue of 11.478 billion yuan in 2023, representing a year-on-year increase of 27.41%, while the net profit attributable to shareholders was 1.565 billion yuan, a decrease of 12.77% [1][2] - The company is the only domestic enterprise among the top 10 global agrochemical companies, with a rich product matrix and a strong position in the pyrethroid pesticide industry [1][2] - The demand for pesticides remains stable, and the industry profitability is expected to gradually recover, supported by the company's ongoing projects and capacity expansion [1][2] Financial Summary - The projected net profit for 2023-2025 is 1.728 billion yuan, 2.020 billion yuan, and 2.155 billion yuan, respectively, with corresponding EPS of 4.25, 4.97, and 5.30 yuan [2][3] - The current stock price corresponds to a PE ratio of 12.05, 10.31, and 9.67 for the years 2023, 2024, and 2025, respectively [2][3] - Revenue is expected to grow at rates of 18.64%, 13.68%, and 8.38% for the years 2024, 2025, and 2026 [3][4] Project Developments - The company is advancing multiple projects, including the construction of new production capacities for various pesticides, which are expected to enhance its production capabilities and optimize product structure [2][4] - The ongoing projects are anticipated to significantly increase the production capacity of active ingredients, further solidifying the company's leading position in the pyrethroid industry [1][2]