证券代码：603086 证券简称：先达股份 公告编号：2025-031 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性承担个别及连带责任。 重要内容提示： 会议召开时间：2025 年 5 月 16 日(星期五)13:00-14:00 会 议 召 开 地 点 ： 上 海 证 券 交 易 所 上 证 路 演 中 心 （ 网 址 ： http://roadshow.sseinfo.com/） 会议召开方式：上证路演中心网络互动。 投资者可于 2025 年 5 月 9 日(星期五)至 5 月 15 日(星期四)16:00 前登 录 上 证 路 演 中 心 网 站 首 页 点 击 " 提 问 预 征 集 " 栏 目 或 通 过 公 司 邮 箱 cynda@cynda.cn 进行提问。公司将在说明会上对投资者普遍关注的问题进行回 答。 一、说明会类型 山东先达农化股份有限公司（以下简称"公司"）已于 2025 年 4 月 23 日在 上海证券交易所网站（www.sse.com.cn）及指定信息披露媒体披露了公司 2024 年年度报告。为便于广大投资者更 ...

Investment Rating - The report does not explicitly state an investment rating for the chemical industry, but it provides detailed insights into market performance and trends, indicating a cautious outlook for certain segments [2][11]. Core Insights - In April 2025, the basic chemical index decreased by 3.61%, ranking 20th among primary industries, with various sub-sectors experiencing different levels of performance [11][16]. - The apparent consumption of methanol in China has surpassed 100 million tons for the first time, indicating significant growth in demand [2]. - The report highlights a notable increase in the prices of key chemical products, particularly trichloroethylene, which rose by 16.28% due to supply constraints and strong demand in the refrigerant market [24][25]. Market Overview - Major indices in April 2025 showed declines: Shanghai Composite Index -1.70%, Shenzhen Component Index -5.75%, and ChiNext Index -7.40% [11]. - Among the basic chemical sub-sectors, the rubber and products segment saw a significant decline of 13.52%, while daily chemicals and inorganic salts experienced growth of 8.56% and 4.37%, respectively [16][20]. Product Price Movements - The top ten products with price increases included trichloroethylene (16.28%), ammonium sulfate (12.20%), and H acid (10.96%) [24][30]. - Conversely, the products with the largest price declines included TMA (-28.26%), bromine (-24.14%), and vitamin A (-18.07%) [30][32]. Company Performance - In April 2025, 221 basic chemical companies reported positive returns, while 319 companies experienced negative returns [20]. - The top-performing companies included United Chemical with a 159.09% increase and Hongbaoli with a 104.27% increase in stock price [21][22]. Industry Trends - The report notes that the chemical raw materials and products manufacturing industry achieved a total profit of 78.76 billion yuan in the first quarter, reflecting a slight decline of 0.4% year-on-year [34]. - Shandong province is focusing on enhancing its chemical industry advantages, with significant growth in the number of large-scale chemical enterprises and revenue generation [34].

Investment Rating - The report does not explicitly state an investment rating for the chemical industry Core Insights - In April 2025, the basic chemical index decreased by 3.61%, ranking 20th among primary industries, with 12 sub-industries showing growth and 20 experiencing declines [11][16][20] - The apparent consumption of methanol in China has surpassed 100 million tons for the first time [1] Market Overview - Major indices in April 2025 showed the following changes: Shanghai Composite Index -1.70%, Shenzhen Component Index -5.75%, ChiNext Index -7.40%, and North Securities 50 Index +4.72% [11] - The basic chemical sector's performance was mixed, with significant declines in rubber and related products, while daily chemical products and inorganic salts showed positive growth [16][20] Product Price Movements - The top ten products with price increases in April 2025 included Trichloroethylene (+16.28%), Ammonium Sulfate (+12.20%), and H Acid (+10.96%) [24][25] - Trichloroethylene prices rose significantly due to reduced production and strong demand in the refrigerant market [25][26] Sub-Industry Performance - Among the basic chemical sub-industries, the top five performers were daily chemicals (+8.56%), inorganic salts (+4.37%), and fluorochemicals (+3.46%), while polyurethane and tires saw the largest declines of -17.59% and -14.68%, respectively [16][19] - In April 2025, 221 companies in the basic chemical sector reported positive returns, while 319 reported negative returns [20] Company Performance - The top ten companies by monthly growth included United Chemical (+159.09%), Hongbaoli (+104.27%), and Zhongxin Fluorine Materials (+65.92%) [21][22] - Conversely, the bottom ten companies included Hunan YN (-22.18%), Dingjide (-22.54%), and Hengxing New Materials (-23.21%) [23][24] Industry News - In the first quarter of 2025, the chemical raw materials and products manufacturing industry achieved a total profit of 78.76 billion yuan, a slight decrease of 0.4% year-on-year [32] - Shandong province continues to enhance its chemical industry advantages, with 3,682 large-scale chemical enterprises and a revenue of 2.86 trillion yuan by the end of 2024 [32]

Group 1 - The stock market opened with a collective decline, with several high-position stocks experiencing significant drops [1] - Zhongxin Fluorine Materials hit the daily limit down, indicating a severe loss in investor confidence [1] - Other companies such as Xianda Co., Jingjin Electric, Daye Co., Liansheng Chemical, Hanchang Group, and Yuzhong Sanxia A also saw declines exceeding 5% [1]

先达股份再度涨停，9个交易日内录得6个涨停，累计涨幅为74.95%，累计换手率为178.53%。截至 13:54，该股今日成交量8679.87万股，成交金额8.05亿元，换手率19.96%。最新A股总市值达41.61亿 元。 龙虎榜数据显示，该股因连续三个交易日内，涨幅偏离值累计达20%、日换手率达20%、日涨幅偏离值 达7%、日振幅值达15%上榜龙虎榜6次，买卖居前营业部中，机构净卖出2.06亿元，营业部席位合计净 买入1.37亿元。 4月23日公司发布的一季报数据显示，一季度公司共实现营业总收入5.43亿元，同比增长10.78%，实现 净利润0.22亿元，同比增长257.63%。（数据宝） 近日该股表现 | 日期 | 当日涨跌幅（%） | 换手率（%） | 主力资金净流入（万元） | | --- | --- | --- | --- | | 2025.04.30 | -0.91 | 23.81 | -3134.90 | | 2025.04.29 | 10.03 | 25.91 | 4480.89 | | 2025.04.28 | -2.44 | 28.03 | 7770.63 | | 2025.04.25 ...

Core Insights - The company reported a total revenue of 2.419 billion yuan for 2024, a year-on-year decrease of 1.68% [1] - The net profit attributable to shareholders was -26 million yuan, showing a year-on-year increase of 75.14% [1] - The company achieved a net profit of 22 million yuan in Q1 2025, marking a turnaround from losses [1] Group 1: Financial Performance - In Q4 2024, the company generated a revenue of 526 million yuan, a year-on-year increase of 32.93% but a quarter-on-quarter decrease of 15.14% [1] - The net profit for Q4 2024 was -32 million yuan, with a year-on-year increase of 72.02% but a significant quarter-on-quarter decline of 3072.19% [1] - For Q1 2025, the company reported a revenue of 543 million yuan, a year-on-year increase of 10.78% and a quarter-on-quarter increase of 3.10% [1] Group 2: Product Performance - The sales volume of the core product, Acetochlor, increased significantly, with exports rising by 88% in 2024 [2] - The total sales of Acetochlor reached 11,600 tons in 2024, a year-on-year increase of 56.9% [2] - In Q1 2025, Acetochlor sales continued to grow, reaching 2,326 tons, a year-on-year increase of 32.1% [2] Group 3: Innovation and Development - The company focuses on high-end herbicide product development, holding 58 invention patents as of December 31, 2024 [3] - The first innovative herbicide product, Quizalofop, was launched in 2021, and the second product, Pyrazolyl, was approved for registration in September 2024 [3] - The company aims to develop and commercialize a new innovative compound every two years [3] Group 4: Market Expansion and Projects - The company has successfully registered core products in key markets such as Brazil, the USA, and Argentina [4] - New production projects, including an annual capacity of 18,000 tons of pesticide raw materials, have been completed and are in trial production [4] - The company is enhancing its production capabilities to meet the growing domestic market demand [4] Group 5: Investment Outlook - The company is expected to maintain rapid growth in performance with new product launches and ongoing project developments [4] - Projected net profits for 2025-2027 are 102 million, 161 million, and 256 million yuan, with year-on-year growth rates of 495.98%, 57.23%, and 58.66% respectively [4]

Core Viewpoint - The article highlights the strong performance of recommended stocks by brokerages in April, with the best-performing stock rising by 83%, and anticipates a volatile market in May with a focus on consumer demand, dividends, and technology sectors [2][4][10]. Summary by Sections April Stock Performance - In April, the A-share market indices collectively declined, with the ChiNext index dropping over 7%. However, brokerage-recommended stocks showed strong excess returns, with the top stock, Wancheng Group, rising 83% [4]. - The second-best performer was Xianda Co., which surged 61%, while Kexing Pharmaceutical and Minshida both saw increases of nearly 55% [4]. - Approximately 37% of the 46 brokerage stocks recorded positive returns in April, with Northeast Securities leading with a monthly return of 13.28% [4][5]. May Stock Recommendations - Brokerages are increasingly recommending stocks in the consumer demand sector for May, with East Peng Beverage and Guizhou Moutai among the highlighted stocks [6][10]. - The skincare and medical beauty sectors are also gaining attention, with stocks like Proya and Aimeike receiving multiple recommendations due to market trends favoring domestic brands and new product launches [6]. Market Outlook for May - Analysts expect the market to remain volatile in May, with some expressing optimism about potential upward movement. The consensus is that adjustments in the market present good opportunities for investment [10][11]. - Key sectors to watch include consumer demand, technology, and dividend-paying stocks, with a focus on stable assets and self-sufficient supply chains [11][12].

Core Viewpoint - The article highlights the strong performance of recommended stocks by brokerages in April, with significant gains observed, particularly in consumer and technology sectors, as analysts anticipate a volatile market in May, viewing adjustments as potential buying opportunities [2][3][9]. Summary by Sections April Stock Performance - In April, the top-performing stock was Wancheng Group, which surged by 83%, recommended by three brokerages [3]. - Other notable stocks included Xianda Co., which rose by 61%, and Kexing Pharmaceutical, which increased by 55% [3]. - Approximately 37% of the 46 brokerages' recommended stocks achieved positive returns in April [4]. Brokerage Performance - Northeast Securities led with a monthly return of 13.28%, driven by strong recommendations like Wancheng Group and Xianda Co. [5]. - Huaxi Securities followed with a return of 10.57%, while Dongxing Securities, Huaxin Securities, and Huayuan Securities all exceeded 7% returns [5]. - Conversely, Guotou Securities reported a negative return of -8% for its recommended stocks [5]. May Stock Recommendations - Brokerages are focusing on consumer and domestic demand stocks for May, with East Peng Beverage and Guizhou Moutai among the favorites [6]. - The skincare and beauty sector is also gaining attention, with stocks like Proya and Aimeike receiving multiple recommendations [6]. Market Outlook for May - Analysts expect the market to remain volatile in May, with some expressing optimism about potential upward movement [9][10]. - Key sectors to watch include consumer, technology, and dividend-paying stocks, with a focus on domestic consumption and self-sufficiency in technology [9][10].

Investment Rating - The report maintains a "Buy" rating for the company, indicating a favorable outlook for investment over the next 6-12 months [7]. Core Insights - The company reported a significant improvement in performance for Q1 2025, with revenue of 543 million yuan, a year-on-year increase of 10.78% and a quarter-on-quarter increase of 3.10%. The net profit attributable to shareholders reached 22 million yuan, an increase of 3.55 million yuan year-on-year and 5.38% quarter-on-quarter [1][2]. - The company has successfully launched new herbicide products, with substantial market potential, particularly in high-value crops. The first product, Quizalofop, has been widely adopted, and additional products are set to launch in 2025 [3][4]. - The company is expanding its production capacity and has seen significant growth in overseas sales, particularly in key markets like Brazil and the United States [4]. Summary by Sections Financial Performance - In 2024, the company achieved a revenue of 2.419 billion yuan, a slight decrease of 1.68% year-on-year, while the net profit attributable to shareholders improved by 0.78 billion yuan to a loss of 0.26 billion yuan. For Q1 2025, revenue was 543 million yuan, with a year-on-year increase of 10.78% and a quarter-on-quarter increase of 3.10% [1][2]. - The main products, including herbicides and fungicides, generated revenues of 2.219 billion yuan, 159 million yuan, and 34 million yuan respectively in 2024, with varying growth rates [2]. Product Development - The company is building a product matrix centered around innovative herbicides, with significant growth in sales since the launch of Quizalofop in 2021. The second product, Pyrazosulfuron, has received approval for market launch in 2025 [3]. - New projects for pesticide production are underway, with successful trials for new herbicides planned for registration in 2025 [4]. Market Expansion - The company has successfully launched production facilities that enhance its core raw material capacity, with significant growth in overseas sales, particularly for key products like Acetochlor, which saw an 88% increase in export volume [4]. - The company is actively pursuing registrations for its proprietary products in major international markets, enhancing its competitive position [4]. Profit Forecast and Valuation - The report adjusts profit forecasts for 2025-2026, estimating net profits of 89 million yuan and 194 million yuan respectively, while maintaining a positive outlook on capacity expansion and product registration progress [4].

Group 1 - Xian Da Co., Ltd. experienced a decline of 0.91% on April 30, with a daily turnover rate of 20% [1] - The top five buying institutions collectively purchased 101 million yuan, while the top five selling institutions sold 102 million yuan, resulting in a net outflow of 1.6081 million yuan [1] - The largest buying amounts came from Citic Securities Co., Ltd. Hangzhou Lishui Road Securities Business Department (25.0724 million yuan), China International Capital Corporation Shanghai Branch (23.7853 million yuan), and Guotai Junan Securities Co., Ltd. Headquarters (22.7751 million yuan) [1][1][1] Group 2 - The largest selling amounts were from Guotai Junan Securities Co., Ltd. Headquarters (36.2318 million yuan), Goldman Sachs (China) Securities Co., Ltd. Shanghai Pudong New Area Century Avenue Securities Business Department (23.7647 million yuan), and Donghai Securities Co., Ltd. Fuzhou Changle North Road Securities Business Department (18.3779 million yuan) [1][1][1] - The top five buying institutions had no selling amounts, while the top five selling institutions had significant outflows, indicating a potential shift in investor sentiment [1][1]