证券研究报告 | 2025年08月22日 扬农化工（600486.SH） 优于大市 农药行业景气度触底回升，辽宁优创项目稳步推进 农化行业景气度触底回升，公司上半年业绩实现稳健增长。2025 年上半年， 扬农化工实现营业收入 62.34 亿元，同比增长 9.38%；实现归母净利润 8.06 亿元，同比增长 5.60%。公司业绩增长主要源于以销量增长弥补了大部分产 品价格处于底部的负面影响。分业务看，原药业务实现营业收入 36.55 亿元， 同比增长 9.98%，销量 5.67 万吨，同比增长 13.43%，平均销售价格 6.45 万 元/吨，同比下降3.04%；制剂业务实现营业收入11.71 亿元，同比下降2.77%， 销量 2.81 万吨，同比增长 0.12%，平均销售价格 4.16 万元/吨，同比下降 2.89%。分区域看，国内实现营业收入 35.79 亿元，同比增长 28.53%，毛利 率 10.56%，同比下降 17.66 pcts；国外实现营业收入 26.55 亿元，同比下 降 8.91%，毛利率 41.27%，同比提升 20.86 pcts。 全球农化行业供需秩序恢复正常，农药出口增长强劲。中国农 ...

Group 1 - The recent surge in A-share market is driven by a significant increase in net profits, with companies like Huayin Power reporting a 4423% increase, leading to a 76% rise in stock price [1][3] - As of July 10, 487 companies have released mid-year profit forecasts, with 126 companies expecting over 100% growth, indicating a strong pre-increase market trend [1][3] - The current pre-increase market is characterized by three main factors: substantial profit growth, attractive valuations (with many companies in sectors like semiconductors and new energy materials having PEG ratios below 0.8), and increased capital inflow from northbound funds and margin trading [3][4] Group 2 - Key indicators for selecting pre-increase stocks include: a net profit growth rate exceeding 100%, a combination of revenue and profit growth, and a PEG ratio below 0.8, indicating strong potential for price appreciation [4][5] - The most promising sectors for pre-increase stocks this year are electronics (benefiting from AI), chemicals (due to product price increases), and pharmaceuticals (driven by surging demand for peptide drugs) [5] Group 3 - For long-term investors, the current period is seen as an optimal time to invest, with strategies including targeting companies with PEG ratios below 0.8 that have not yet released profit forecasts, monitoring institutional adjustments to target prices post-forecast, and implementing a phased buying approach to mitigate risks [7]