2025 年 5 月 12 日 公司研究/公司快报 公司近一年市场表现 市场数据：2025 年 5 月 12 日 执业登记编码：S0760523110004 邮箱：lixuankun@sxzq.com 研究助理： 王金源 邮箱：wangjinyuan@sxzq.com | 收盘价（元）： | 52.10 | | --- | --- | | 年内最高/最低（元）： | 68.20/46.12 | | 流通A股/总股本（亿）： | 4.03/4.07 | | 流通 A 股市值（亿）： | 209.89 | | 总市值（亿）： | 211.88 | 基础数据：2025 年 3 月 31 日 基本每股收益(元)： 1.07 摊薄每股收益(元)： 1.07 每股净资产(元)： 27.02 资料来源：最闻 李旋坤 农药 扬农化工（600486.SH） 买入-B(维持) 农化景气触底回升，葫芦岛项目放量在即 事件描述 4 月 29 日，公司发布《2025 年一季度报告》，实现营业收 32.41 亿元， 同比+2.04%，环比+33.96%，实现归母净利为 4.35 亿元，同比+1.35%，环比 +146.77%。 事件点评 ...

Investment Rating - The report maintains a "Buy-B" rating for the company, indicating a positive outlook for its stock performance in the near term [1]. Core Views - The agricultural chemical market is showing signs of recovery, with the Huludao project set to ramp up production soon [1]. - The company reported a revenue of 3.241 billion yuan for Q1 2025, reflecting a year-on-year increase of 2.04% and a quarter-on-quarter increase of 33.96% [2]. - The net profit attributable to shareholders for the same period was 435 million yuan, up 1.35% year-on-year and 146.77% quarter-on-quarter [2]. Financial Performance - In Q1 2025, the company achieved raw material revenue of 1.806 billion yuan, a year-on-year increase of 4.8% and a quarter-on-quarter increase of 13.1%, with a sales volume of 28,670 tons, up 14.8% year-on-year and 20.5% quarter-on-quarter [4]. - The formulation revenue for Q1 2025 was 871 million yuan, showing a year-on-year increase of 1.1% and a quarter-on-quarter increase of 451.7%, with a sales volume of 15,392 tons, up 2.8% year-on-year and 642.7% quarter-on-quarter [4]. - The average selling price for raw materials was 63,000 yuan per ton, down 8.77% year-on-year, but only 2.0% lower than the average price in 2024, indicating a price recovery trend [4]. Project Development - The Huludao project is expected to fully commence production in Q3 2025, with significant investments in fixed assets and ongoing construction [5]. - The project includes the production of various innovative pesticides, which are anticipated to enhance the company's market competitiveness [6]. Profit Forecast - The company is projected to achieve net profits of 1.41 billion yuan, 1.59 billion yuan, and 1.76 billion yuan for the years 2025, 2026, and 2027, respectively, with corresponding price-to-earnings ratios of 15, 13, and 12 times [6].