Core Viewpoint - The pesticide industry is gradually recovering after several years of downturn, with leading company XianDa achieving a turnaround in profitability in Q1 2025 [2][3]. Industry Recovery - The pesticide market in China saw 883 large-scale enterprises in 2024, a historical high, with total revenue increasing by 3.2% year-on-year, although total profit decreased by 3.4% [3]. - From September 2024, cumulative revenue began to show signs of recovery, indicating a gradual improvement in industry performance [3]. - XianDa reported a revenue of 2.419 billion yuan in 2024, with a net loss of 25.8755 million yuan, which was a significant reduction in losses compared to 2023 [3]. - In Q1 2025, XianDa achieved a revenue of 543 million yuan, a year-on-year increase of 10.8%, and a net profit of 21.69 million yuan, marking a successful turnaround [3]. Factors Contributing to Recovery - The industry has seen the elimination of outdated production capacity due to prolonged market stagnation, optimizing the supply-demand structure [4]. - The shift towards technology-driven transformation in Chinese pesticide companies, spurred by policy guidance, has provided new momentum for industry development [4]. Innovation as a Key Driver - Innovation has become a crucial lever for industry transformation, with 33 pesticide products recognized as patent-intensive in 2024, a year-on-year increase of 83.33%, and export value reaching 113.3 billion yuan [4]. - XianDa has increased its R&D investment to 4.6% of revenue, amounting to 111 million yuan in 2024, despite facing performance pressures [5][4]. - The company has established a comprehensive innovation system that enhances collaboration and risk management, significantly improving its R&D capabilities [6]. Management and Market Strategy - XianDa has adopted a "cylinder-shaped development model" to break down departmental barriers, fostering efficient collaboration among R&D, production, and marketing teams [8]. - The company has streamlined its product development cycle from 3-5 years to under 2 years through digital management systems [8]. - XianDa is focusing on creating innovative products, transitioning from selling raw materials to selling technology and leading market demand [9]. Global Market Expansion - XianDa aims to establish a strong presence in the global agricultural market, recognizing the need to enhance the international visibility of Chinese pesticide brands [10]. - The company is actively researching global pesticide registration policies to facilitate entry into high-end international markets [11]. - XianDa's products are currently sold in over 80 countries, with ambitions to build a globally influential Chinese agricultural brand [11].

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].