智通财经APP获悉，东吴证券发布研报称，2026年4月起，我国取消部分农药原药出口退税，短期有利 于产品价格上涨，长期将推动落后产能出清。政策保留制剂产品退税优惠，引导企业转向高附加值出 口。当前农药行业景气度触底修复，叠加海外补库与国内春耕需求，市场有望获得支撑。 此前中国为鼓励农药出口，对多数农药原药施行出口退税政策，退税率一般为9%-13%。2026年初出口 退税政策发生调整，将部分农药原药的出口退税率归零。短期来看，政策落地前的窗口期可能引发抢出 口效应，海外客户考虑到政策生效后的成本上涨压力，或加速补库，支撑产品价格上涨。长期来看，低 端产品利润空间将进一步被压缩，成本压力将倒逼企业从价格竞争转向质量竞争，高污染、高能耗的落 后产能有望加速退出市场。 保留农药制剂产品的出口退税优惠，引导企业出口高附加值的制剂产品 此次政策旨在优化出口的农药产品结构，推动企业加快技术创新与产品升级。企业可以切换出口重心， 从出口原药，转向出口高附加值的品牌制剂，在农药行业激烈的竞争中占得先机。行业内已完成产业链 垂直整合、具备强大制剂生产与海外登记能力的龙头企业优势显著。 东吴证券主要观点如下： 事件 2026年1月 ...

Investment Rating - The report maintains an "Overweight" rating for the agricultural chemicals industry, indicating a positive outlook for the sector in the next 6 months [1]. Core Insights - The adjustment of export tax rebate policies, domestic anti-competition measures, and overseas inventory replenishment are expected to restore the agricultural chemicals industry's prosperity [1]. - The cancellation of export tax rebates for certain pesticide products is likely to lead to short-term price increases and long-term elimination of outdated production capacity [4]. - The report highlights that the agricultural chemicals industry is at a turning point, with a recovery in demand supported by seasonal factors and overseas replenishment cycles [4]. Industry Trends - The agricultural chemicals industry has experienced a significant downturn, but recent actions by leading companies to control production capacity are expected to stabilize prices [4]. - The report notes that the capacity utilization rates for major pesticide categories are low, ranging from 30% to 60%, indicating room for recovery [4]. - The upcoming spring farming season in China is anticipated to boost demand for agricultural chemicals, as the peak production period for pesticides occurs from February to May [4]. Related Companies - Key companies mentioned include: - Yangnong Chemical, recognized as a leading player in the agricultural chemicals sector with a comprehensive product range [4]. - Runfeng Co., known for its extensive overseas marketing network and numerous international registrations [4]. - Lier Chemical, a leader in specific pesticide categories [4]. - Jiangshan Chemical and Guoguang Co., both recognized for their strong positions in various pesticide markets [4].

Investment Rating - The report maintains a "Buy-B" rating for the company [3][7]. Core Views - The original drug market is recovering, and the Liaoning Youchuang project is gradually releasing additional capacity [5]. - The company achieved a revenue of 6.234 billion yuan in H1 2025, a year-on-year increase of 9.38%, with a net profit of 806 million yuan, up 5.6% year-on-year [4]. - The company is expanding its market share in Southeast Asia, increasing from 5% to approximately 70% [5]. Financial Performance - For Q2 2025, the company reported a revenue of 2.993 billion yuan, with a year-on-year growth of 18.63% [4]. - The basic earnings per share (EPS) for the year ending June 30, 2025, is 2.00 yuan, with a net asset return rate of 7.24% [2]. - The projected net profits for 2025, 2026, and 2027 are 1.48 billion, 1.70 billion, and 1.97 billion yuan, respectively, with corresponding P/E ratios of 20, 17, and 15 times [7]. Market Dynamics - The original drug sales volume in Q2 2025 reached 28,037 tons, a year-on-year increase of 12%, primarily due to the capacity release from the Ning Youchuang project [5]. - The sales price of original drugs was 65,900 yuan per ton, reflecting a year-on-year increase of 3.2% [5]. - The insecticide market is recovering due to the demand for preventing diseases like Chikungunya and Dengue fever, with the company's products being favored for their efficiency and low toxicity [6].