上 市 公 司 基础化工 — Q2 业绩符合预期，行业景气触底回升，公司再迎成 长周期 报告原因：有业绩公布需要点评 | 买入（维持） | | --- | | 市场数据： | 2025 年 08 月 22 日 | | --- | --- | | 收盘价（元） | 69.88 | | 一年内最高/最低（元） | 70.88/46.12 | | 市净率 | 2.5 | | 股息率%（分红/股价） | 0.97 | | 流通 A 股市值（百万元） | 28,231 | | 上证指数/深证成指 | 3,825.76/12,166.06 | | 注："股息率"以最近一年已公布分红计算 | | | 基础数据: | 2025 年 06 月 30 日 | | --- | --- | | 每股净资产（元） | 27.43 | | 资产负债率% | 38.98 | | 总股本/流通 A 股（百万） | 405/404 | | 流通 B 股/H 股（百万） | -/- | 一年内股价与大盘对比走势： 08-22 09-22 10-22 11-22 12-22 01-22 02-22 03-22 04-22 05-22 06-22 ...

辽宁优创开启新一轮成长。葫芦岛一期包括年产4500吨杀虫剂、8050吨除草剂和3100吨杀菌剂、7000吨 农药中间体。据公司2024年年报，辽宁优创一期投资预算数34.8亿元，累计投入已达80%，其中，一阶 段已经建成，正在陆续进行调试生产，功夫菊酯、烯草酮等多个品种已拿出合格产品，二阶段正在设备 安装阶段。此外，公司正在加快编制葫芦岛二期项目清单。 自主研发+先正达赋能，打造领先农药创制平台公司自主创制水平领先，形成"农研公司+扬农化工本 部"的创制平台。据2024年年报，在我国年销售额超过亿元的6个自主创制品种中，公司有3个。 本篇报告解决了以下核心问题：1、跟踪下游制剂库存数据、粮食作物价格，判断农药需求复苏，周期 见底回升；2、详细梳理扬农各工厂主要产品供需情况，行业扩张进入尾声，一体化配套的低成本优势 使公司具有超越同行的底部利润。 终端去库叠加粮价企稳，农药需求回暖，原药价格见底2021-2022年行业超额采购，制剂巨头先正达、 安道麦库存金额在2022下半年达到最高点，富美实的库存金额则在2023Q2达到峰值，库存/营业收入的 比例则普遍在2023Q3达到最高点。2024年底，三家农化企业库存 ...

Summary of Yangnong Chemical Conference Call Company and Industry Overview - Yangnong Chemical is a leading player in the domestic pesticide industry, primarily focusing on the production of pyrethroid products and expanding into insecticides, herbicides, and fungicides [doc id='3'][doc id='6]. - The company has integrated with Sinochem Crop Protection, enhancing its research, production, and sales capabilities, particularly in the active ingredient production sector [doc id='2'][doc id='3']. Core Insights and Arguments - The pesticide industry is transitioning from destocking to capacity reduction, facing a new round of restructuring [doc id='4']. - Yangnong Chemical's revenue exceeds 10 billion, with insecticides, herbicides, and fungicides being the main sources of income [doc id='2'][doc id='7']. - The company has a strong cost advantage in core products like Kungfu Pyrethroid and Bifenthrin, which are currently at historical low prices, while some competitors have ceased production [doc id='6']. - The collaboration with Syngenta has created significant synergies, enhancing Yangnong's market share and innovation capabilities [doc id='6']. Financial Performance and Projections - Despite industry-wide price declines, Yangnong Chemical is expected to achieve a bottom-line profit of 1.2 billion in 2024, with an anticipated increase of 200-300 million from the launch of the Huludao base [doc id='4'][doc id='12']. - The company ranks among the top 15 global pesticide companies and consistently remains in the top three or four in the domestic market [doc id='7']. - Future profit projections indicate a potential increase to 1.6-1.7 billion by 2026, driven by the full release of production capacity at the Huludao base [doc id='30'][doc id='32']. Market Dynamics and Competitive Landscape - The pesticide industry is experiencing a downward cycle, but recovery is expected as inventory levels normalize and demand gradually improves [doc id='13']. - The company has demonstrated strong acquisition capabilities, enhancing its formulation business and transitioning its research company into a patent drug incubation platform [doc id='4'][doc id='11']. - The competitive landscape is shifting, with leading companies maintaining profitability while others struggle to break even [doc id='13']. Product Development and Innovation - Yangnong Chemical is focusing on the development of innovative products, with several new formulations entering the commercialization phase [doc id='26']. - The company has established a comprehensive R&D and production platform for pyrethroids, enhancing its innovation capabilities and market competitiveness [doc id='18']. Pricing Trends and Cost Factors - Current prices for Kungfu Pyrethroid and Bifenthrin are at historical lows, but there is potential for price recovery as demand increases [doc id='19']. - The decline in raw material costs has positively impacted the company's profitability, with expectations for stable oil prices benefiting the pesticide sector [doc id='15']. Strategic Outlook - Yangnong Chemical is positioned to leverage its strong market presence and innovative capabilities to navigate the current industry challenges and capitalize on future growth opportunities [doc id='28'][doc id='33']. - The company is seen as a preferred investment due to its robust growth potential and market leadership, with a current market valuation of approximately 24 billion [doc id='33']. Additional Important Insights - The integration of Sinochem Crop Protection has provided Yangnong with substantial support in terms of raw material procurement and R&D capabilities [doc id='6']. - The company’s strategic focus on expanding its production bases and enhancing its product offerings is expected to yield significant returns in the coming years [doc id='27'][doc id='28'].

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 report maintains an "Accumulate" investment rating for the company [3] Core Views - The company's Q1 performance met expectations, with revenue of 3.241 billion yuan, a year-on-year increase of 2.04%, and a net profit attributable to shareholders of 435 million yuan, up 1.35% year-on-year [1] - Despite a decline in product sales prices, the company demonstrated strong cost control, and the new Liaoning project is expected to contribute positively to future performance [6] - The agricultural chemicals industry is currently at the bottom of its cycle, but the company is expected to show resilience and potential for profit growth as market conditions improve [6] Financial Data and Valuation - Total revenue projections for the company are as follows: 11.478 billion yuan in 2023, 10.435 billion yuan in 2024, and expected growth to 11.732 billion yuan in 2025, representing a year-on-year growth of 12% [2][9] - The company's net profit is projected to be 1.565 billion yuan in 2023, decreasing to 1.202 billion yuan in 2024, and then increasing to 1.349 billion yuan in 2025, with a corresponding EPS of 3.85 yuan, 2.96 yuan, and 3.32 yuan respectively [2][10] - The current PE ratio is 13.3 for 2023, increasing to 17.3 in 2024, and then decreasing to 15.4 in 2025, indicating a potential undervaluation in the coming years [10] Sales Performance - In Q1 2025, the company's raw material revenue reached 1.81 billion yuan, a year-on-year increase of 4.8%, with sales volume up 14.8% to 28,700 tons, despite a sales price drop of 8.8% [6] - The company's comprehensive gross margin improved by 0.3 percentage points to 24.6% in Q1 2025, reflecting effective cost management [6] Project Development - The company is advancing its innovative pesticide development, with significant progress on the Liaoning project, which is expected to enhance production capabilities and product offerings [6] - The company aims to complete the first phase of the Liaoning project ahead of schedule, with multiple products already yielding qualified outputs [6]