Investment Rating - The report maintains a positive outlook on the chemical industry, particularly highlighting undervalued and high-growth opportunities [1]. Core Insights - The anti-dumping duties on chlorpyrifos are expected to benefit domestic companies, with a recommendation to focus on Yangnong Chemical [3][4]. - The report emphasizes the importance of orderly exports of nitrogen fertilizers, suggesting that leading domestic companies should adopt a proactive pricing strategy to avoid excessive competition [3]. - The chemical sector is experiencing a gradual recovery in PPI, with a focus on investment opportunities in cyclical products due to low inventory levels [3][4]. Summary by Sections Industry Dynamics - Current macroeconomic conditions indicate a mixed outlook for oil, coal, and natural gas prices, with oil prices supported by shale oil production costs [3][4]. - The report notes a significant price increase in PTA and MEG, driven by supply constraints and optimistic market sentiment [9][10]. Fertilizer and Pesticide Market - Domestic urea prices have risen by 2.8% to 1830 CNY/ton, influenced by export policy expectations [11]. - The report highlights the stable pricing of various pesticides, with specific price points for glyphosate and other herbicides remaining unchanged [11]. Chemical Products Pricing - The report provides detailed pricing trends for various chemical products, including a 1.6% decrease in PVC prices and stable pricing for other chemicals like DMC and silicone [12][13]. - The report indicates a cautious market sentiment in the dye industry, with prices remaining stable despite cost support from raw materials [15]. Key Company Valuations - The report includes a valuation table for key companies, with recommendations for stocks such as Yangnong Chemical (buy) and Hualu Chemical (increase) based on their projected earnings and market performance [17][18].

Core Viewpoint - Synthetic biology is a multidisciplinary field that integrates biology, informatics, genomics, and chemistry to design and construct artificial biological systems, marking a significant leap from understanding life to designing it, often referred to as the third biotechnology revolution [7][11]. Summary by Sections Synthetic Biology Overview - Synthetic biology involves the engineering of biological systems to produce valuable products through modified chassis cells that express specific genes to obtain target products [7][9]. - The core principles of synthetic biology include standardization, decoupling, and modularization, which facilitate the design and construction of biological systems [8][9]. Market Growth and Trends - The global synthetic biology market is projected to grow at a CAGR of 24%, reaching approximately $18.885 billion by 2024 [16][19]. - The healthcare sector is expected to be the largest segment, with a market size of $5.022 billion by 2024, accounting for 26.6% of the overall market [19]. Technological Advancements - Advances in gene sequencing, editing, and synthesis technologies have significantly reduced costs and barriers to entry in synthetic biology, enabling rapid development and iteration of engineered organisms [39][40]. - The integration of AI and big data in molecular design is accelerating the development of synthetic biology applications [39]. Applications and Benefits - Synthetic biology can replace traditional chemical synthesis or natural extraction methods, improving production economics and environmental sustainability [29][33]. - The technology allows for the production of a wide range of products, including pharmaceuticals, chemicals, and biofuels, using renewable resources and reducing reliance on fossil fuels [35][36]. Investment and Policy Support - There has been a surge in investment in synthetic biology, with global financing reaching $18 billion in 2021, nearly doubling from previous years [44]. - Governments in the U.S. and China are prioritizing synthetic biology in their strategic plans, recognizing its potential for innovation and economic growth [42][43].

Core Viewpoint - The company has shown significant improvement in its first-quarter performance for 2025, with a notable increase in revenue, despite a decline in net profit compared to the previous year [1][2]. Financial Performance - In 2024, the company achieved revenue of 2.178 billion, a year-on-year increase of 12.37%, but the net profit attributable to shareholders was 190 million, down 57.80% year-on-year [1]. - The fourth quarter of 2024 saw revenue of 639 million, up 11.29% year-on-year and 22.21% quarter-on-quarter, with a net profit of 20 million, down 84.80% year-on-year [1]. - For the first quarter of 2025, the company reported revenue of 687 million, a year-on-year increase of 37.20% and a quarter-on-quarter increase of 7.54%, with a net profit of 51 million, down 40.98% year-on-year but up 160.36% quarter-on-quarter [1]. Profitability Metrics - The gross margin for 2024 was 24.92%, a decrease of 15.60 percentage points year-on-year, while the net margin was 8.47%, down 14.57 percentage points year-on-year [1]. - In Q4 2024, the gross margin was 17.20%, down 21.47 percentage points year-on-year, and the net margin was 2.59%, down 19.57 percentage points year-on-year [1]. - For Q1 2025, the gross margin was 24.31%, down 9.27 percentage points year-on-year, and the net margin was 7.15%, down 10 percentage points year-on-year [1]. Market and Product Development - The company faces increased market competition, particularly with the price decline of key products like valine, which has pressured profits [2]. - Positive progress has been made in new product promotion, with breakthroughs in products such as 1,3-propanediol, succinic acid, tryptophan, and arginine, which are expected to open new market opportunities [2]. - The establishment of the "Biobased Polyester Textile Industry Alliance" aims to accelerate domestic material substitution and address core material industry challenges [2]. Investment Outlook - Forecasts for 2025 to 2027 predict revenues of 2.536 billion, 2.905 billion, and 3.285 billion, with year-on-year growth rates of 16.4%, 14.6%, and 13.1% respectively [3]. - Expected net profits for the same period are 266 million, 397 million, and 506 million, with growth rates of 40.2%, 49.3%, and 27.6% respectively [3]. - The company is rated as "Buy-A" considering the market conditions for valine and other amino acids [3].

Investment Rating - The report assigns an "Accumulate-A" rating to the company, indicating a positive outlook with expected stock price appreciation [8]. Core Views - The company has shown significant improvement in Q1 performance, with new product promotions yielding positive results [1]. - Despite a competitive market leading to price declines in key products like valine, the company is advancing multiple projects as planned, maintaining growth in core product output and sales [6]. - The establishment of strategic partnerships and new product developments is expected to open new market opportunities [7]. Financial Performance Summary - For the year 2024, the company achieved revenue of 2.178 billion yuan, a year-on-year increase of 12.37%, but the net profit attributable to shareholders decreased by 57.80% to 190 million yuan [5]. - In Q1 2025, the company reported revenue of 687 million yuan, a year-on-year increase of 37.20%, with a net profit of 51 million yuan, reflecting a 40.98% decline year-on-year but a significant 160.36% increase quarter-on-quarter [5]. - The gross margin for 2024 was 24.92%, down 15.60 percentage points year-on-year, while the net margin was 8.47%, down 14.57 percentage points year-on-year [5]. Financial Projections - The company is projected to achieve revenues of 2.536 billion yuan, 2.905 billion yuan, and 3.285 billion yuan for the years 2025, 2026, and 2027, respectively, with year-on-year growth rates of 16.4%, 14.6%, and 13.1% [8]. - The net profit attributable to shareholders is expected to grow to 266 million yuan, 397 million yuan, and 506 million yuan over the same period, with growth rates of 40.2%, 49.3%, and 27.6% [8]. - The report anticipates earnings per share (EPS) of 1.06 yuan, 1.59 yuan, and 2.03 yuan for 2025, 2026, and 2027, respectively, with corresponding price-to-earnings (P/E) ratios of 26.0, 17.4, and 13.6 [8].

兴业证券股份有限公司 关于安徽华恒生物科技股份有限公司 首次公开发行股票并在科创板上市 之保荐总结报告书 兴业证券股份有限公司（以下简称"兴业证券"或"保荐机构"）作为安徽 华恒生物科技股份有限公司（以下简称"华恒生物"、"上市公司"或"公司"） 首次公开发行股票并在科创板上市的保荐机构，根据《证券发行上市保荐业务管 理办法》、《上海证券交易所科创板股票上市规则》《上海证券交易所科创板上市 公司自律监管指引第 1 号——规范运作》等相关规定，兴业证券对华恒生物的持 续督导时间为该上市公司上市当年及其后 3 个完整的会计年度，华恒生物于 2021 年 4 月 22 日起在上海证券交易所挂牌上市，其持续督导期为 2021 年 4 月 22 日 至 2024 年 12 月 31 日，现兴业证券对华恒生物的持续督导期限已满，兴业证券 根据相关法律法规，出具本保荐总结报告。 一、保荐机构及保荐代表人承诺 1、保荐总结报告书和证明文件及其相关资料的内容不存在虚假记载、误导 性陈述或重大遗漏，保荐机构及保荐代表人对其真实性、准确性、完整性承担法 律责任。 2、本保荐机构及本人自愿接受中国证监会对保荐总结报告书相关事项进行 ...

兴业证券股份有限公司 关于安徽华恒生物科技股份有限公司 2024 年年度持续督导跟踪报告 兴业证券股份有限公司（以下简称"兴业证券"或"保荐机构"）担任安徽华恒生 物科技股份有限公司（以下简称"华恒生物"、"上市公司"或"公司"）首次公开发 行股票并在科创板上市及向特定对象发行 A 股股票的保荐机构。根据《证券发行上市 保荐业务管理办法》，由兴业证券完成持续督导工作。根据《上海证券交易所科创板股 票上市规则》和《上海证券交易所上市公司自律监管指引第 1 号——规范运作》等有关 法律、法规的规定，兴业证券出具本持续督导跟踪报告。 一、重大风险的结论性意见 2024 年度，公司营业收入 217,794.08 万元，同比增加 12.37%；归属于上市公司股 东的净利润 18,951.89 万元，同比下降 57.80%；2024 年度公司业绩下滑，主要系公司经 营规模扩大，相关费用较去年同期有所增加；同时，受市场竞争加剧影响，公司缬氨酸 产品市场价格较去年同期下降，对公司利润产生影响，公司整体利润较去年同期减少所 致。公司主营业务、核心竞争力未发生重大不利变化，所处行业不存在产能过剩、持续 衰退或者技术替代等情形，公 ...

安徽华恒生物科技股份有限公司 2024 年年度股东大会会议资料 证券代码：688639 证券简称：华恒生物 安徽华恒生物科技股份有限公司 2024 年年度股东大会 会议资料 中国合肥 二〇二五年五月 | 2024 年年度股东大会会议须知 1 | | --- | | 2024 年年度股东大会会议议程 3 | | 议案一：关于 2024 年度董事会工作报告的议案 4 | | 议案二：关于 2024 年度监事会工作报告的议案 5 | | 议案三：关于 2024 年度财务决算报告的议案 6 | | 议案四：关于 2025 年度财务预算报告的议案 7 | | 议案五：关于 2024 年度利润分配预案的议案 9 | | 议案六：关于 2025 年董事薪酬方案的议案 10 | | 议案七：关于 2025 年监事薪酬方案的议案 11 | | 议案八：关于公司 2024 年年度报告全文及摘要的议案 12 | | 议案九：关于续聘容诚会计师事务所（特殊普通合伙）作为公司 年度审计 2025 | | 机构的议案 13 | | 议案十：关于授权公司管理层开展外汇衍生品交易的议案 14 | | 议案十一：关于 2025 年预计为子公司 ...

Investment Rating - The report maintains a "Positive" outlook on the chemical industry, highlighting the recovery at the bottom of the cycle and the focus on undervalued high-growth stocks [1]. Core Insights - The macroeconomic assessment of the chemical industry indicates a stabilization in oil prices due to geopolitical factors and OPEC+ production increases, while coal prices are expected to decline in the medium to long term. Natural gas prices are fluctuating at the bottom [3][4]. - The report forecasts a gradual recovery in profitability for the chemical sector in Q1 2025, driven by terminal inventory replenishment and improved demand, despite ongoing construction projects peaking and declining [3]. - The overall revenue for the chemical sector in 2024 is projected to reach 2.0601 trillion yuan, a 3% year-on-year increase, while net profit is expected to decline by 3% to 109.8 billion yuan, aligning with market expectations [3]. Summary by Sections Industry Dynamics - Current oil prices are influenced by the easing of the Russia-Ukraine conflict and U.S. tariff policies, with Brent crude averaging $80.93 per barrel in 2024, down 2% year-on-year. NYMEX natural gas futures are expected to average $2.41 per million British thermal units, down 10% year-on-year [3][4]. - The chemical industry is experiencing a "V"-shaped recovery in market conditions, with Q1 2025 revenue reaching 496.9 billion yuan, a 6% increase year-on-year, and net profit rising by 9% year-on-year to 32.8 billion yuan [3]. Investment Analysis - The report suggests focusing on traditional cyclical stocks with strong fundamentals, such as Wanhua Chemical and Hualu Chemical, as well as growth stocks in semiconductor materials and OLED technologies [3]. - The tire industry is expected to benefit from domestic demand recovery and cost reductions, with companies like Sailun Tire and Linglong Tire highlighted for potential investment [3]. - The report emphasizes the importance of identifying undervalued stocks with growth potential in the chemical sector, particularly in segments like agricultural chemicals and specialty chemicals [3]. Price and Inventory Changes - The report notes that the chemical industry is experiencing a gradual recovery in price differentials, with PPI data showing a slow recovery from negative values towards zero [3][4]. - The report highlights the importance of monitoring inventory levels and price movements in key chemical products, as these factors will influence future profitability and investment opportunities [3][4].

近日， 【SynBioCon】 获 悉，" 维生素的高效异源合成 "是 国家重点研发计划"合成生物学"专项2024年度立项项目，由 四川大学牵头、轻工科学 与工程学院许正宏教授担任项目负责人，4月25日在成都召开 项目启动暨实施方案论证会，会议邀请了 四川大学石碧院士、 四川省科学技术厅陈学华 副厅长、四川大学刘超副校长等多位 领导和行业权威专家 共同研讨项目实施方案。 该项目包含 4个方向 ：" 维生素异源合成途径设计与优化" 、" 关键酶的机理解析与设计改造 "、" 高效异源合成细胞工厂的构建与精准调控 "、" 维 生素绿色智能制造及产业化示范 "。 本次会议的召开标志着"维生素的高效异源合成"项目正式进入全面实施阶段 。项目团队将按照专家意见进一步完善研究方案，加强协同创新，力争在 维生素生物合成领域取得突破性进展，为我国生物制造产业发展贡献力量。 01 热点赛道：维生素+合成生物，国内企业乘势而上 根据其溶解性，维生素分为 水溶性维生素 和 脂溶性维生素 两大类。 脂溶性维生素（ 维生素 A、维生素 D 、维生 素 E 和维生素 K ）具有非常广阔 的市场前景，目前维生素A以及维生素E占有约45%的市 ...

Investment Rating - The report maintains a "Buy" rating for specific companies in the chemical industry, particularly in the compound fertilizer and pesticide sectors, while recommending "Hold" for others [17]. Core Insights - The chemical industry is experiencing an optimization in supply and demand dynamics, leading to a recovery in the compound fertilizer, metal chromium, and niche pesticide markets. The report highlights investment opportunities in undervalued high-growth companies [3][4]. - The report emphasizes the positive performance of listed companies in Q1 2025, particularly in the compound fertilizer sector, and suggests focusing on companies like Xin Yang Feng, Stanley, and Yun Tu Holdings for investment opportunities [3][4]. - The report notes that metal chromium prices have surged to 75,000 CNY/ton, a week-on-week increase of 7,500 CNY/ton, driven by rising demand from the stainless steel sector and new military spending in Europe [3][4]. - The agricultural chemical market is entering its traditional peak season, with stable trading volumes for seasonal crop pesticides. Specific products like Acetochlor and Avermectin are seeing price increases, with recommendations for companies like Xian Da and Li Min [3][4]. Summary by Sections Industry Dynamics - Current macroeconomic conditions in the chemical sector indicate a stabilization in oil prices due to geopolitical factors and OPEC+ production increases, while coal prices are expected to decline in the medium term [4][6]. - The chemical industry PPI data shows a gradual recovery from negative values, with March 2025 PPI at -2.8% year-on-year, indicating a potential bottoming out of the cycle [6][8]. Fertilizer and Pesticide Sector - The report highlights that the domestic urea price is currently at 1,800 CNY/ton, with a slight week-on-week decline of 0.6%. The compound fertilizer sector is experiencing a decrease in operating rates, leading to increased inventory levels [10]. - The pesticide market is witnessing a seasonal peak, with stable trading volumes and price adjustments in various pesticide products, including a price increase for Pyrazole [10][19]. Chemical Products Pricing and Inventory Changes - The report provides detailed pricing data for various chemical products, indicating fluctuations in prices for PTA, MEG, and PVC, with specific attention to the impact of raw material costs and market demand [10][11][12]. - The report notes that the market for fluorinated chemicals is facing supply constraints due to mining restrictions, while the demand remains weak, leading to price adjustments [12][19]. Company Recommendations - The report recommends several companies for investment based on their growth potential and market positioning, including Yangnong Chemical, Runfeng Co., and Yun Tianhua in the fertilizer and pesticide sectors [17][18]. - Companies in the tire and fluorochemical sectors are also highlighted for their potential benefits from recovering domestic demand and cost reductions [3][17].