Yangnong Chemical(600486) 中泰证券·2025-03-28 12:47Investment Rating - The investment rating for the company is "Buy" (maintained) [2][6][22] Core Views - The company is navigating through a down cycle in the agricultural chemical industry, with expectations of recovery in the medium term as supply-side reforms and market demand improve [4][5][6] - The company reported a decline in revenue and net profit for 2024, with revenue at 10.44 billion yuan, down 9.1% year-on-year, and net profit at 1.20 billion yuan, down 23.2% year-on-year [5][13] - Despite the current challenges, the company is positioned as a leader in the pesticide industry, with significant market share in key products and ongoing projects that are expected to enhance future profitability [4][5] Summary by Relevant Sections Financial Performance - For 2024, the company achieved revenue of 10,435 million yuan, a decrease of 9% year-on-year, and a net profit of 1,202 million yuan, down 23% year-on-year [2][5] - The fourth quarter of 2024 saw revenue of 2,420 million yuan, an increase of 9.8% year-on-year, while net profit was 180 million yuan, down 13.7% year-on-year [5][15] Profitability Forecast - The company’s projected net profits for 2025, 2026, and 2027 are 1,378 million yuan, 1,614 million yuan, and 1,718 million yuan respectively, with corresponding P/E ratios of 16.4, 14.0, and 13.2 [2][6][21] Market Position and Strategy - The company is a leading supplier of pyrethroid pesticides, holding a significant market share in both domestic and Southeast Asian markets [5][6] - Ongoing projects, including the expansion of production capacity, are expected to contribute positively to the company's performance in the coming years [4][5]