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扬农化工(600486):1H25业绩同比增长 优创项目未来可期
Xin Lang Cai Jing· 2025-08-27 06:28
Core Viewpoint - The company reported a steady performance in the first half of 2025, with revenue and net profit showing moderate growth, while the global crop protection market is expected to recover, benefiting the company’s position as a leading player in the pesticide industry [1][2][3]. Financial Performance - In 1H25, the company achieved total revenue of 6.234 billion yuan, a year-on-year increase of 9.38% - The net profit attributable to shareholders was 806 million yuan, up 5.60% year-on-year - The non-recurring net profit was 796 million yuan, reflecting a 7.86% increase year-on-year - In Q2 2025, total revenue reached 2.993 billion yuan, a year-on-year increase of 18.63% - The net profit attributable to shareholders for Q2 was 371 million yuan, up 11.06% year-on-year [1]. Product Performance - The average selling price of raw materials in 1H25 was 64,500 yuan/ton, down 3.04% year-on-year, with sales volume at 56,700 tons, an increase of 13.4% - The average selling price of formulations was 41,600 yuan/ton, down 2.89% year-on-year, with sales volume at 28,100 tons, a slight increase of 0.1% - The company’s main products, including various pesticides, showed mixed price trends, with some products experiencing price declines while others saw increases [1]. Market Outlook - The global crop protection market is expected to see a continued recovery, with low inventory levels in overseas markets and stable demand for crop protection products - Export quantities for crop protection products increased by 17.07% year-on-year in the first half of 2025, with export value rising by 13.72% [2]. - The company, as a leading player in the pesticide industry, is well-positioned to benefit from this market recovery [2]. Project Development - The Youchuang project is progressing steadily, with the first phase of the Liaoning Youchuang project achieving design capacity - The project is included in China Sinochem's "14th Five-Year Plan" and is expected to generate significant revenue growth, with projected annual revenue of 1.5 billion yuan by 2026 and 4 billion yuan by 2030 [3]. - The project aims to resolve bottlenecks faced by the subsidiary Shenyang Kexin and optimize the company's production layout, enhancing its competitive position [3]. Investment Perspective - The company is expected to benefit from the recovery in the pesticide industry, with projected net profits of 1.34 billion yuan, 1.52 billion yuan, and 1.74 billion yuan for 2025-2027, reflecting year-on-year growth rates of 11.62%, 13.65%, and 13.86% respectively [3].