Investment Rating - The report maintains a "Strong Buy" investment rating for Conch Cement [2][11]. Core Views - The cement industry is experiencing continued weakness, but Conch Cement is leveraging both organic growth and overseas expansion to create new opportunities [5][11]. - In 2024, Conch Cement's revenue is projected to be CNY 91.03 billion, a year-on-year decline of 35.44%, with a net profit attributable to shareholders of CNY 7.70 billion, down 26.21% [3][12]. - The company has seen a recovery in profit margins due to price increases since the third quarter of 2024, despite a decline in sales volume [3][4]. Summary by Sections Financial Performance - In 2024, Conch Cement's self-produced cement sales volume was 268 million tons, a decrease of 5.96% year-on-year [3]. - The average selling price of cement in 2024 was CNY 214.17 per ton, down 21.68% year-on-year [3]. - The company's comprehensive gross margin for Q1 2025 was 22.88%, an increase of 5.13 percentage points year-on-year, which helped offset the impact of declining sales volume [4]. Market Position - Conch Cement has maintained a market share increase despite a 9.50% decline in national cement production in 2024, showcasing its scale cost advantages [4]. - The company is actively pursuing regional capacity consolidation and overseas expansion, with new production lines in Uzbekistan and Cambodia [5]. Profit Forecast - The forecasted net profits for Conch Cement from 2025 to 2027 are CNY 9.36 billion, CNY 10.40 billion, and CNY 11.64 billion, respectively, with corresponding EPS of CNY 1.77, CNY 1.96, and CNY 2.20 [5][12].

Investment Rating - The report maintains a "Strong Buy" investment rating for Conch Cement [2][11]. Core Views - The cement industry is experiencing continued weakness, but Conch Cement is leveraging both organic growth and overseas expansion to create new opportunities [5][11]. - In 2024, Conch Cement's revenue is projected to be 91.03 billion yuan, a year-on-year decline of 35.44%, with a net profit attributable to shareholders of 7.70 billion yuan, down 26.21% [3][12]. - The company has seen a decrease in sales volume due to weak industry demand, but prices have rebounded since the third quarter of 2024, positively impacting profit margins [3][4]. Summary by Sections Financial Performance - In 2024, Conch Cement's self-produced cement sales volume was 26.8 million tons, a decrease of 5.96% year-on-year [3]. - The average selling price of cement in 2024 was 214.17 yuan/ton, down 21.68% year-on-year [3]. - The comprehensive gross margin for Q1 2025 improved to 22.88%, up 5.13 percentage points year-on-year, offsetting the impact of declining sales volume [4]. Market Position - Conch Cement has maintained a market share increase despite a 9.50% decline in national cement production in 2024, showcasing its cost advantages [4]. - The company is positioned as a leading national cement producer, benefiting from its scale and cost efficiency [4]. Growth Opportunities - The current industry downturn has accelerated Conch Cement's market share growth and provided opportunities for external expansion [5]. - The company is actively pursuing regional capacity consolidation and has established offices in Africa and South America, with production lines in Uzbekistan and Cambodia expected to commence operations in early 2025 [5]. Profit Forecast - The forecasted net profits for Conch Cement from 2025 to 2027 are 9.36 billion yuan, 10.40 billion yuan, and 11.64 billion yuan, respectively, with corresponding EPS of 1.77 yuan, 1.96 yuan, and 2.20 yuan [5][12].

Investment Rating - The report maintains a "Recommended" rating for the company [6] Core Views - The company is experiencing continuous growth in inverter and energy storage shipments, with manageable impacts from tariffs [1][3] - In 2024, the company is expected to achieve a revenue of 77.86 billion, a year-on-year increase of 7.76%, and a net profit of 11.04 billion, up 16.92% [5] - The first quarter of 2025 shows significant growth, with revenue reaching 19.04 billion, a 50.92% increase year-on-year, and a net profit of 3.83 billion, up 82.52% [1][5] Financial Performance Summary - In 2024, the company’s revenue is projected to be 77.86 billion, with a growth rate of 7.76% [5] - The net profit for 2024 is expected to be 11.04 billion, reflecting a growth rate of 16.92% [5] - For Q1 2025, the company achieved a revenue of 19.04 billion, marking a 50.92% year-on-year increase, and a net profit of 3.83 billion, which is an 82.52% increase [1][5] Product and Market Development - The company’s growth is driven by increased shipments of photovoltaic inverters and energy storage systems, with inverter shipments reaching 147 GW, a 13% increase, and energy storage shipments at 28 GWh, a 167% increase [2] - The company has launched several new products, including a micro-inverter series and a 10MWh all-liquid cooling energy storage system, enhancing its market position [2][3] Competitive Landscape - The impact of tariffs is considered manageable, as the company's revenue from the U.S. accounts for only 15% of total revenue [3] - The company is enhancing its competitiveness through technological advancements and localizing its supply chain in overseas markets [3] Profit Forecast - The forecast for net profit from 2025 to 2027 is 11.87 billion, 13.59 billion, and 15.54 billion respectively, with corresponding EPS of 5.73, 6.55, and 7.50 [4]

Investment Rating - The report maintains a "Strong Buy" rating for Lier Chemical [2][4]. Core Views - Lier Chemical reported a significant year-on-year revenue growth of 49.99% in Q1 2025, reaching 2.086 billion yuan, and a net profit increase of 219.90%, amounting to 153 million yuan [3]. - The growth in performance is attributed to the increase in sales volume and prices of certain products, although the core product, glyphosate, remains at a low price level, awaiting recovery [3]. - The agricultural pesticide industry is currently at the bottom of its cycle, with increased competition and supply exceeding demand due to new production capacities and inventory buildup [3]. - Positive factors for the industry's healthy development are gradually increasing, with some product prices rising, but competition remains fierce for certain pesticide products [3]. - The report anticipates that after a period of capacity optimization and consolidation, companies without competitive advantages will exit the market, leading to increased industry concentration [3]. - The global agricultural pesticide supply chain is expected to be restructured with the integration of major agrochemical giants, providing new opportunities for second and third-tier companies [3]. Company Overview - Lier Chemical specializes in the research, production, and sales of efficient, low-toxicity, and low-residue pesticides, including herbicides, fungicides, and insecticides, with over 40 active ingredients and more than 100 formulations [7]. - The company is a leading player in the glyphosate market, with a significant focus on the precision glyphosate segment, which is expected to see increased demand due to its stronger efficacy and alignment with global agricultural trends [4]. - Lier Chemical has established long-term strategic partnerships with multinational companies to promote the development of precision glyphosate, positioning itself for greater market opportunities in the future [4]. Financial Forecasts - The report projects net profits for Lier Chemical to be 429 million yuan, 591 million yuan, and 766 million yuan for 2025, 2026, and 2027 respectively, with corresponding EPS of 0.54 yuan, 0.74 yuan, and 0.96 yuan [4][6]. - The current P/E ratios are forecasted to be 19, 14, and 11 for the years 2025, 2026, and 2027 respectively [4].

Investment Rating - The report maintains a "Strong Buy" rating for Meichang Co., Ltd. [2][6] Core Views - The company has demonstrated significant cost advantages and a substantial increase in dividend payout ratio despite a challenging market environment [5][6] - The decline in revenue and profit margins is attributed to both volume and price decreases, particularly in the photovoltaic industry [4][5] - The company maintains a strong cash position, enhancing its risk resilience, with cash and financial assets accounting for 52.63% of total assets [5] - The company is expected to increase its market share during the industry's downturn, benefiting from its cost advantages [5] Financial Performance Summary - In 2024, the company reported a revenue of 2.271 billion yuan, a decrease of 49.66% year-on-year, and a net profit of 145.52 million yuan, down 90.84% [3][12] - For Q1 2025, revenue was 423 million yuan, a decline of 50.61% year-on-year, with a net profit of 26 million yuan, down 86.46% [3][12] - The average selling price of diamond wire decreased by 48.78% to 17.67 yuan/km in 2024, while sales volume fell by 5.37% to 1.22 billion km [4] - The company's gross margin for 2024 was 17.34%, a decrease of 34.29 percentage points year-on-year [4][12] Future Earnings Forecast - The projected net profits for 2025, 2026, and 2027 are 134 million yuan, 222 million yuan, and 293 million yuan, respectively, with corresponding EPS of 0.28, 0.46, and 0.61 yuan [6][12] - The PE ratios for 2025, 2026, and 2027 are expected to be 65.20, 39.26, and 29.74, respectively [6][12]

公 司 研 究 扬农化工（600486.SH）：一季度业 绩增长，项目建设有序推进 2025 年 4 月 30 日 强烈推荐/维持 扬农化工 公司报告 扬农化工发布 2025 年 1 季报：公司 1 季度实现营业收入 32.41 亿元， YoY+2.04%，归母净利润 4.35 亿元，YoY+1.35%。 农药产品销量增长，但价格小幅下滑，带动公司整体实现增长。分板块看，① 原药：1 季度公司原药产品价格同比下滑 8.77%，销量同比增长 14.82%，带 动营收同比增长 4.75%至 18.06 亿元；②制剂：1 季度公司制剂产品价格同比 下滑 1.63%，销量同比增长 2.77%，带动产品营收同比增长 1.10%至 8.71 亿 元。从利润端看，公司综合毛利率同比小幅增长 0.3 个百分点至 24.64%，带 动净利润增长。 行业尚处周期底部，但是绿色化、国际化与集中度提升也孕育着新机遇。首先， 国家高度重视粮食安全，持续推出农业利好政策以及有利于农药行业创新、绿 色、高质量发展的法律法规。其次，虽然 2024 年全球粮食价格处于周期底部， 但粮食需求中长期需求明确，广大发展中地区居民饮食结构仍有较大改善 ...

Investment Rating - The report maintains a "Recommended" rating for the company [6] Core Views - The company is experiencing continuous growth in inverter and energy storage shipments, with manageable impacts from tariffs [1][3] - The company's revenue for 2024 is projected to be 77.86 billion, a year-on-year increase of 7.76%, and the net profit is expected to reach 11.04 billion, up 16.92% [5] - In Q1 2025, the company achieved revenue of 19.04 billion, reflecting a 50.92% year-on-year growth, and a net profit of 3.83 billion, which is an 82.52% increase [1][2] Financial Performance - The company’s revenue growth is primarily driven by the increase in shipments of photovoltaic inverters and energy storage systems, with inverter shipments reaching 147 GW, a 13% increase year-on-year, and energy storage shipments at 28 GWh, up 167% [2] - The gross profit margin for the year was 29.94%, an increase of 2.76% compared to the previous year [2] - The company is expected to achieve net profits of 11.87 billion, 13.59 billion, and 15.54 billion for the years 2025, 2026, and 2027 respectively, with corresponding EPS of 5.73, 6.55, and 7.50 [4][5] Market Position and Strategy - The company is enhancing its competitiveness by focusing on technological advancements in power electronics and grid support, while also expanding its product offerings in multiple sectors including photovoltaic inverters and energy storage [3] - The company has established overseas factories in Thailand and India to mitigate the impact of trade barriers and enhance local market capabilities [3] - The introduction of new products, including a micro-inverter series and a 10MWh all-liquid cooling energy storage system, has further solidified the company's market position [2]

Investment Rating - The report maintains a "Strong Buy" rating for Meichang Co., Ltd. [2][6] Core Views - The company reported a significant decline in revenue and net profit for 2024, with revenue at 2.271 billion yuan, down 49.66% year-on-year, and net profit at 145.52 million yuan, down 90.84% year-on-year [3][4] - Despite the downturn in the photovoltaic industry, the company is expected to maintain profitability due to its cost advantages, which may lead to an increase in market share [5][6] - The company has a strong cash position, with cash and trading financial assets totaling 7.06 billion yuan and 3.020 billion yuan respectively, enhancing its risk resistance [5] Financial Performance Summary - Revenue for 2024 is projected to be 2.271 billion yuan, a decrease of 49.66% from 2023, with a slight recovery expected in 2026 and 2027 [12] - The net profit for 2025 is estimated at 133.71 million yuan, reflecting an 8.12% decline from 2024, but is expected to grow in subsequent years [12] - The company's gross margin for 2024 is forecasted to be 17.34%, down 34.29 percentage points year-on-year, indicating significant pressure on profitability [4][12] - The earnings per share (EPS) for 2025 is projected at 0.28 yuan, with a PE ratio of 65.20 [6][12] Market Position and Outlook - The company is positioned as a leader in the diamond wire manufacturing sector, with the highest global market share in the photovoltaic crystalline silicon cutting industry [7] - The current market downturn is seen as an opportunity for the company to increase its market share, as competitors may struggle with profitability [5][6] - The report anticipates that the company's strong cash flow and high dividend payout ratio, which increased from 4.53% in 2023 to 214.36% in 2024, will support its long-term growth [5][6]

公 司 研 究 扬农化工（600486.SH）：一季度业 绩增长，项目建设有序推进 2025 年 4 月 30 日 强烈推荐/维持 扬农化工 公司报告 扬农化工发布 2025 年 1 季报：公司 1 季度实现营业收入 32.41 亿元， YoY+2.04%，归母净利润 4.35 亿元，YoY+1.35%。 农药产品销量增长，但价格小幅下滑，带动公司整体实现增长。分板块看，① 原药：1 季度公司原药产品价格同比下滑 8.77%，销量同比增长 14.82%，带 动营收同比增长 4.75%至 18.06 亿元；②制剂：1 季度公司制剂产品价格同比 下滑 1.63%，销量同比增长 2.77%，带动产品营收同比增长 1.10%至 8.71 亿 元。从利润端看，公司综合毛利率同比小幅增长 0.3 个百分点至 24.64%，带 动净利润增长。 行业尚处周期底部，但是绿色化、国际化与集中度提升也孕育着新机遇。首先， 国家高度重视粮食安全，持续推出农业利好政策以及有利于农药行业创新、绿 色、高质量发展的法律法规。其次，虽然 2024 年全球粮食价格处于周期底部， 但粮食需求中长期需求明确，广大发展中地区居民饮食结构仍有较大改善 ...

Investment Rating - The report maintains a "Strong Buy" rating for the company [2][5]. Core Views - The company reported a robust growth in Q1 2025, achieving a revenue of 4.299 billion yuan, a year-on-year increase of 22.98%, and a net profit of 465 million yuan, up 67.85% year-on-year [3]. - The core business segments showed strong performance, particularly the functional products segment, which saw a revenue increase of 29% to 3.319 billion yuan, driven by excellent performance in methionine and vitamin businesses [3]. - The company is expanding its methionine production capacity to solidify its leading position in the industry, with ongoing investments in its production platforms in Europe and Nanjing, China [4]. Financial Performance Summary - The company is projected to maintain its profit forecasts for 2025-2027, with net profits expected to be 1.637 billion yuan, 1.852 billion yuan, and 2.025 billion yuan respectively, corresponding to EPS of 0.61, 0.69, and 0.75 yuan [5][10]. - The current P/E ratios for 2025, 2026, and 2027 are projected to be 16, 14, and 13 times respectively [5]. Production Capacity Expansion - The company has two methionine production platforms, with a total annual capacity increase of 80,000 tons in Europe and 180,000 tons in Nanjing, China [4]. - A new solid methionine plant with an annual capacity of 150,000 tons is under construction in Quanzhou, expected to be operational by 2027 [4]. Market Position - The company is recognized as a leading player in the global animal nutrition industry and is the second-largest methionine producer worldwide, capable of producing both solid and liquid methionine [6].