扬农化工：业绩符合预期，优创投产在即

Investment Rating - The investment rating for the company is "Buy (Maintain)" [4] Core Views - The company's performance in the first three quarters of 2024 met expectations, with revenue of 8.02 billion yuan, down 14% year-on-year, and a net profit attributable to shareholders of 1.03 billion yuan, down 25% year-on-year. The decline in performance is primarily attributed to the sluggish pesticide industry, characterized by increased volume but falling prices [6][2] - The company is expected to see a recovery in the pesticide market in the medium to long term, driven by resilient end-user demand [6] - The company is advancing its "YouChuang" project, which is expected to contribute to its growth as it enters trial production [6] - The company is a leader in the pyrethroid sector and is projected to continue its growth trajectory [6] Financial Performance Summary - For the first three quarters of 2024, the company achieved a revenue of 8.02 billion yuan, a decrease of 14% year-on-year, and a net profit of 1.03 billion yuan, down 25% year-on-year. The adjusted net profit was 990 million yuan, down 24% year-on-year [6] - In Q3 2024, the company reported a revenue of 2.32 billion yuan, an increase of 5% year-on-year but a decrease of 8% quarter-on-quarter, with a net profit of 260 million yuan, up 11% year-on-year but down 21% quarter-on-quarter [6] - The company's raw material sales volume for the first three quarters was approximately 76,000 tons, up 1.4% year-on-year, with an average price of 63,400 yuan per ton, down 20% year-on-year [6] - The company is expected to generate revenues of 10.91 billion yuan, 13.22 billion yuan, and 14.78 billion yuan for 2024, 2025, and 2026 respectively, with corresponding net profits of 1.30 billion yuan, 1.75 billion yuan, and 2.07 billion yuan [7]