Group 1 - Weiling Co., Ltd. announced that its subsidiary Tianjin Changling Mining Partnership acquired 74.3% of Hunan Linwu Jiayu Mining Co., Ltd. for 220 million yuan, focusing on non-ferrous and black metal mining and smelting [1] - Zhongnong Lihua plans to acquire at least 50% of Taizhou Agricultural Materials Co., Ltd., which will become a subsidiary upon completion of the acquisition [1] - Chaohongji is planning to issue H-shares on the Hong Kong Stock Exchange, with details yet to be finalized [1][2] Group 2 - Hong Sifang's subsidiary plans to invest approximately 1.49 billion yuan in a new production base in Suizhou High-tech Industrial Development Zone [3] - Shangwei New Materials announced that its major shareholder Jin Feng Investment Holdings intends to reduce its stake by up to 3%, equating to 12.1 million shares [4] - Yihe Jiaye has changed its name to Beijing Ruimaite Medical Technology Co., Ltd., effective from May 21 [5][6] Group 3 - Huaxi Energy reported that its controlling shareholder has been detained and is under investigation, with no longer holding any positions in the company [7][8] - Aofei Entertainment plans to invest 10 million yuan in a partnership for equity investment in Shenzhen Xuanyuan Technology Co., Ltd. [9] - Hangzhou Electric plans to reduce its shares by up to 1.93%, equating to 13.36 million shares [10] Group 4 - Jiuhua Tourism intends to raise up to 500 million yuan through a private placement for various projects, including hotel renovations and transportation upgrades [11] - Dingxin Communications elected Liu Min as the new chairman following the resignation of Wang Jianhua [12] - Jiewate plans to acquire 40.89% of Nanjing Tianyi Hexin Electronics for 319 million yuan [13] Group 5 - Darui Electronics intends to acquire 80% of Dongguan Weisi Technology Co., Ltd. through cash purchase and capital increase [14] - Tianzhihang's shareholders plan to reduce their stakes by up to 3%, with each shareholder intending to sell 679,000 shares [15][16] - ST Shilong will lift its risk warning and change its stock name to Shilong Industrial, with trading limits adjusted from 5% to 10% [17] Group 6 - Ningde Times announced the listing of its H-shares on the Hong Kong Stock Exchange, raising approximately 35.33 billion HKD [19][20] - Mingyang Electric's shareholders plan to reduce their stakes by up to 3.01%, totaling 941,000 shares [21] - Bohai Leasing intends to transfer 100% of Global Sea Containers Ltd. for 1.75 billion USD, focusing on optimizing its debt structure [21]

事件：扬农化工发布 2025 年一季报，实现营业收入 32.41 亿元，同比增长 2.04%；归属于上市公司股东的净利润 4.35 亿元，同比微增 1.35%。按 4.07 亿股的总股本计算，实现摊薄每股收益 1.07 元。 行业景气逐步企稳，一季度销量提升情况良好。公司一季度营收同比微增 2.1%，其中原药、制剂、贸易及其他业务营收分别为 18.06、8.71、5.64 亿 元，较去年同期分别增加 0.82 亿元、增加 0.09 亿元、减少 0.26 亿元；其 中原药业务营收增长是收入提升主要原因。 公司报告 | 季报点评 扬农化工（600486） 证券研究报告 一季报业绩符合预期，期待葫芦岛基地投产 辽宁优创建设稳步进行，加快推进创制药成果产出。2024 年，辽宁优创一 期第一阶段项目已经建成，正在陆续进行调试生产，功夫菊酯等多个品种 已拿出合格产品。辽宁优创一期一阶段、二阶段项目相继投产运营，将进 一步优化公司产品布局，形成新的业绩增长点，为公司持续稳健发展奠定 坚实基础。创制药方面，公司自主创制水平居行业领先，在我国自主创制、 年销售额超过亿元的 6 个品种中，公司占居 3 个。公司进一步推动创制化 ...

芭田股份(002170.SZ) 深度报告： 优质磷矿产能快速扩张，复合肥巨头再腾飞 ——系列深度之二 评级：买入(维持) | 李永磊(证券分析师) | 董伯骏(证券分析师) | 李娟廷(证券分析师) | | --- | --- | --- | | S0350521080004 | S0350521080009 | S0350524090007 | | liyl03@ghzq.com.cn | dongbj@ghzq.com.cn | lijt03@ghzq.com.cn | 最近一年走势 证券研究报告 2025年05月08日 农化制品 -26% -2% 22% 46% 71% 95% 2024/05/07 2024/08/05 2024/11/03 2025/02/01 2025/05/02 芭田股份 沪深300 | 市场数据 | 2025/05/07 | | --- | --- | | 当前价格（元） | 10.18 | | 52周价格区间（元） | 4.86-11.48 | | 总市值（百万） | 9,809.22 | | 流通市值（百万） | 7,255.28 | | 总股本（万股） | 96,357. ...

Investment Rating - The investment rating for the company is "Buy" [3] Core Views - The company reported Q1 2025 revenue of 7.77 billion yuan, a year-over-year decrease of 3% and a quarter-over-quarter decrease of 14%. The net profit attributable to shareholders was 710 million yuan, down 34% year-over-year and 17% quarter-over-quarter [1][3] - The company is a leading player in the coal chemical industry in China, with a significant low-cost moat. The extension of the industrial chain and product expansion at the Jingzhou base are expected to drive steady growth in performance. Projected net profits for 2025-2027 are 4.036 billion, 4.666 billion, and 5.120 billion yuan, with year-over-year growth rates of 3.41%, 15.62%, and 9.73%, respectively [3][4] - The company is experiencing pressure on profitability due to product price declines, but cost reductions are expected to improve product price differentials in Q2, driven by industry recovery [8][9] Financial Summary - For 2025, the company is expected to achieve revenue of 37.041 billion yuan, with a year-over-year growth of 8.22%. The net profit is projected to be 4.036 billion yuan, reflecting a year-over-year growth of 3.41% [4][9] - The company's earnings per share (EPS) for 2025 is estimated at 1.90 yuan, with a price-to-earnings (P/E) ratio of 10.59 [4][9] - The company’s gross margin and net margin for Q1 2025 were 16.3% and 9.9%, respectively, indicating a decline in profitability due to lower product prices [8][9]

Q1 业绩同比微增，农药景气有望触底回升 ——扬农化工一季报点评 事件： ❑ 公司发布 2025 年一季报，实现营收 32.4 亿元，同比增长 2%，归母净利润 4.3 亿元，同 比增长 1%。 点评： ❑ 公司主要产品销量稳增，Q1 业绩增速同比转正 25Q1公司原药和制剂业务收入分别为 18.1（yoy+4.75%）和 8.7（yoy+1.10%）亿元，其中 原药销量 2.87 万吨（yoy +14.82%），均价 6.30 万元/吨（yoy -8.77%），制剂销量 1.54 万 吨（yoy +2.77%），均价 5.66 万元/吨（yoy -1.63%）。整体而言，随着公司产品产能逐步 释放，公司销量稳步增长，但产品价格受行业景气影响依旧低迷。公司持续降本增效，期 间费用率较去年同期下降 0.3pcts 至 7.0%，公司一季度毛利率和净利率分别为 24.6%和 13.4%，较去年同期分别增长 0.3pcts 和下降 0.1pcts。 ❑ Q1 核心产品价格继续下滑，去库尾声农药景气度有望回升 ❑ 风险提示 产品价格下滑超预期、葫芦岛及优嘉项目进展不及预期、安全生产风险 财务摘要 | [Table_F ...

基础化工/农化制品 扬农化工（600486.SH） 产销高增，盈利改善，彰显龙头本色 2025 年 04 月 29 日 投资评级：买入（维持） | 日期 | 2025/4/28 | | --- | --- | | 当前股价(元) | 51.23 | | 一年最高最低(元) | 70.89/46.12 | | 总市值(亿元) | 208.35 | | 流通市值(亿元) | 206.39 | | 总股本(亿股) | 4.07 | | 流通股本(亿股) | 4.03 | | 近 3 个月换手率(%) | 39.74 | 数据来源：聚源 相关研究报告 《量升价跌致盈利承压，葫芦岛项目 快 速 推 进 — 公 司 信 息 更 新 报 告 》 -2025.3.26 《Q3 业绩同比改善，葫芦岛项目放量 可 期 — 公 司 信 息 更 新 报 告 》 -2024.10.29 《Q2 业绩符合预期，葫芦岛一期一阶 段进入试生产 —公司信息更新报告》 -2024.8.27 金益腾（分析师） 徐正凤（分析师） jinyiteng@kysec.cn 证书编号：S0790520020002 xuzhengfeng@kysec.cn ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - In Q1 2025, the company achieved revenue of 7.772 billion yuan, a year-on-year decrease of 2.59%, and a net profit attributable to shareholders of 707 million yuan, down 33.65% year-on-year and 17.20% quarter-on-quarter. Despite most product price spreads being at historical lows, the company's net profit only declined by 1.47 billion yuan quarter-on-quarter, demonstrating strong performance resilience. The company announced a share buyback at a low market value, reflecting confidence in future development. The profit forecasts for 2025-2027 are maintained at 4.275 billion, 5.003 billion, and 5.760 billion yuan, with corresponding EPS of 2.01, 2.36, and 2.71 yuan per share, leading to PE ratios of 10.0, 8.5, and 7.4 times respectively. The company is expected to benefit from domestic policy support for demand recovery and falling coal prices, leading to a positive outlook for performance recovery [7][9]. Financial Summary - In Q1 2025, the average price of main products such as urea, acetic acid, and others showed a decline, with average prices of 1,727, 2,902, and 8,063 yuan per ton respectively, reflecting decreases of 3.40%, 2.07%, and 2.09% quarter-on-quarter. The average price spreads for these products were at historical low percentiles, indicating cost advantages and performance resilience for the company [8][9]. - The financial summary indicates that the company expects revenues of 32.107 billion yuan in 2025, with a year-on-year decrease of 6.2%. The net profit is projected to be 4.275 billion yuan, reflecting a year-on-year increase of 9.5%. The gross margin is expected to be 19.7%, and the net margin is projected at 13.6% [10][12].

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - In Q1 2025, the company achieved revenue of 7.772 billion yuan, a year-on-year decrease of 2.59%, and a net profit attributable to shareholders of 707 million yuan, down 33.65% year-on-year and 17.20% quarter-on-quarter. Despite most product price spreads being at historical lows, the company's net profit only declined by 147 million yuan quarter-on-quarter, demonstrating strong performance resilience [6][8] - The company announced a share buyback plan, indicating confidence in future development, with a buyback amount not less than 200 million yuan and not exceeding 300 million yuan [8] - The company maintains its profit forecast for 2025-2027, expecting net profits of 4.275 billion, 5.003 billion, and 5.760 billion yuan, with corresponding EPS of 2.01, 2.36, and 2.71 yuan per share, leading to PE ratios of 10.0, 8.5, and 7.4 times respectively [6][9] Financial Summary - In Q1 2025, the average price of main products such as urea, acetic acid, and others showed a decline, with average prices of 1,727, 2,902, and 8,063 yuan per ton respectively, reflecting a quarter-on-quarter decrease [7] - The company’s financial metrics for 2023A to 2027E include projected revenues of 27.26 billion, 34.23 billion, 32.11 billion, 32.36 billion, and 32.62 billion yuan respectively, with net profits expected to grow from 3.576 billion to 5.760 billion yuan over the same period [9][11] - The gross margin is projected to improve from 20.9% in 2023A to 23.8% in 2027E, while the net margin is expected to rise from 13.3% to 18.2% [11]

Investment Rating - The report maintains a "Buy" rating for the company [1] Core Views - The company achieved significant year-on-year growth in Q1 2025, with revenue reaching 4.668 billion yuan, up 39.98% year-on-year and 46.04% quarter-on-quarter. The net profit attributable to shareholders was 515 million yuan, an increase of 49.61% year-on-year and 154.46% quarter-on-quarter [6][10] - The strong performance is attributed to robust sales of compound fertilizers, with a notable increase in both sales and profit [7][10] - The company is expected to continue benefiting from its integrated supply chain and increasing phosphate production capacity, enhancing its competitive advantage [10] Financial Performance Summary - In Q1 2025, the company reported: - Revenue: 4.668 billion yuan, up 39.98% year-on-year - Net profit: 515 million yuan, up 49.61% year-on-year - Gross profit: 848 million yuan, up 41.38% year-on-year - Return on Equity (ROE): 4.75%, an increase of 1.23 percentage points year-on-year [6][7] - The sales gross margin was 18.17%, up 0.19 percentage points year-on-year, while the net profit margin was 11.17%, up 0.90 percentage points year-on-year [6][7] Market Performance - The company's stock performance relative to the CSI 300 index showed: - 1-month performance: +3.4% - 3-month performance: +6.5% - 12-month performance: +17.5% [5] Future Projections - Revenue projections for 2025-2027 are as follows: - 2025: 18.5 billion yuan - 2026: 19.5 billion yuan - 2027: 20.3 billion yuan - Net profit projections for the same period are: - 2025: 1.6 billion yuan - 2026: 1.8 billion yuan - 2027: 2.0 billion yuan - Corresponding Price-to-Earnings (PE) ratios are expected to be 11, 9, and 8 times respectively [10][12]

2025 年 04 月 28 日 公司研究 评级：买入(首次覆盖) 研究所： 证券分析师： 李永磊 S0350521080004 liyl03@ghzq.com.cn 证券分析师： 董伯骏 S0350521080009 dongbj@ghzq.com.cn 证券分析师： 陈云 S0350524070001 cheny17@ghzq.com.cn [Table_Title] 一季度业绩同比大幅提升，矿建加速推进 ——亚钾国际（000893）2024 年年报及 2025 年一季报点评 最近一年走势 | 相对沪深 300 | 表现 | | 2025/04/25 | | --- | --- | --- | --- | | 表现 | 1M | 3M | 12M | | 亚钾国际 | 14.3% | 51.4% | 56.6% | | 沪深 300 | -3.7% | -1.2% | 7.3% | | 市场数据 | | | 2025/04/25 | | 当前价格（元） | | | 29.22 | | 周价格区间（元） 52 | | | 13.65-29.30 | | 总市值（百万） | | | 27,000.78 | | ...