Group 1 - The report addresses key issues such as tracking downstream formulation inventory data and grain crop prices to assess the recovery of pesticide demand and the bottoming out of the cycle [1] - The demand for pesticides is recovering as terminal inventory decreases and grain prices stabilize, with raw material prices reaching a bottom [1] - By the end of 2024, inventory amounts and ratios for major agricultural chemical companies are expected to decline significantly [1] Group 2 - The company has a solid bottom-line profit with a CAGR of 17% in revenue and 19% in net profit from 2002 to 2024 [2] - The company is a leader in the domestic pyrethroid market, with significant advantages in the integrated supply chain [2] - The Yujia factory achieved revenue of 4.94 billion yuan and a net profit of 770 million yuan in 2024, with a net profit margin of 15.6% [2] Group 3 - The company has established a leading pesticide innovation platform through independent research and collaboration with Syngenta [3] - The company is expected to see significant revenue growth, with projected revenues of 12.8 billion, 14.7 billion, and 16.4 billion yuan for 2025, 2026, and 2027 respectively [3] - The company maintains a "buy" rating based on the progress of the Huludao project, which is expected to drive a new growth phase [3]

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'].

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].

小麦赤霉病是典型的气候性病害，其流行性、爆发性特征对粮食生产安全构成一定威胁。在技术培 训环节，植保专家对今年小麦赤霉病的发生趋势和防控技术进行了详细分析和讲解，强调要严格把 准"适"期、选"优"药剂、推行"统"防、及时收获。农户们对小麦赤霉病防控的重要性、紧迫感有了更深 的认识。"要主动出击、见花打药，扬花一块打一块，保证'高效药剂一次不动摇'；若扬花期遇到降 雨，雨前用药效果要好于雨后用药。如遇连阴雨、长时间结露等适宜病害流行天气，或扬花期持续时间 较长的田块，需进行第二次防治，一般在第一次药后5-7天再次施药。"经开区姚桥镇欣瑞家庭农场负责 人张国平说，参加此次观摩活动收获良多。 眼下，小麦陆续进入抽穗扬花期，是防治小麦赤霉病的关键时期。为进一步提高小麦赤霉病防控水 平、加大防控宣传力度、强化专业化统防统治措施、强力推进全区小麦赤霉病防控工作，近日，镇江经 开区开展小麦赤霉病统防统治现场观摩活动。 在示范区麦田里，数架植保无人机开展了喷洒作业，飞手们相互配合，不时变换速度和方向，展示 了药剂配制、精准飞行、均匀喷洒技术，100余亩的麦田很快就完成了施药作业，展现了现代先进机械 强大的防治效率。"要使用自 ...