证券代码：000553(200553) 证券简称：安道麦 A(B) 公告编号：2024-17 号 安道麦股份有限公司 关于举办 2024 年第一季度网上业绩说明会的公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假 记载、误导性陈述或重大遗漏。 一、 说明会召开方式及时间 安道麦股份有限公司（以下简称"公司"）2024 年第一季度报告在深圳证券 交易所网站（www.szse.cn）及指定媒体的披露日为 2024 年 4 月 26 日。 为了让广大投资者进一步了解公司 2024 年第一季度的经营情况，公司将于 2024 年 4 月 30 日（星期二）下午 16:00-17:00 举行 2024 年第一季度网上业绩说 明会。 二、 会议语言 本次会议主要以英文进行，配有中文同声传译，投资者可在观看页面点击"中 文"或"English（英文）"频道选择合适的语言。 三、 公司参会人员 参与方式一：同花顺 APP 及路演平台 https://board.10jqka.com.cn/ir 参与方式二：电脑端网页浏览器（建议使用谷歌 Chrome、火狐、Safari、360 浏览器），打开如下链接直 ...

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之法律意见书 致：安道麦股份有限公司 北京市金杜律师事务所上海分所（以下简称本所）接受安道麦股份有限公司（以 下简称公司）的委托，根据《中华人民共和国证券法》（以下简称《证券法》）、 《中华人民共和国公司法》（以下简称《公司法》）、中国证券监督管理委员会（以 下简称中国证监会）《上市公司股东大会规则（2022 年修订）》（以下简称《股东大 会规则》）等中华人民共和国境内（以下简称中国境内，为本法律意见书之目的，不 包括中国香港特别行政区、中国澳门特别行政区和中国台湾地区）现行有效的法律、 行政法规及规范性文件和现行有效的《安道麦股份有限公司章程》（以下简称《公司 章程》）有关规定，指派律师出席了公司于 2024 年 4 月 16 日召开的 2023 年度股东大 会（以下简称本次股东大会），并就本次股东大会相关事项出具本法律意见书。 为出具本法律意见书，本所律师审查了公司提供的以下文件，包括但不限于： 1. 经安道麦股份有限公司 2022 年度股东大会审议通过的《安道麦股份有限公司 章程》； 2. 公司 2024 年 3 月 27 日刊登于巨潮资讯网及深圳证券交易所网站的《董事会决 议公告》《安道麦股份有限公司 ...

安道麦股份有限公司 2023 年度股东大会决议公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假 记载、误导性陈述或重大遗漏。 一、重要提示 二、会议召开情况 1 1. 本次股东大会未出现否决议案的情形； 2. 本次股东大会未变更以往股东大会通过的决议。 3. 本公司于 2024 年 3 月 27 日、2024 年 4 月 8 日在巨潮资讯网(www.cninfo.com.cn) 分别披露了《2023 年度股东大会会议通知》（公告编号：2024-12 号）及《关于 2023 年度股东大会增加提案暨股东大会补充通知的公告》（公告编号：2024-15 号）。 1. 现场会议召开时间：2024 年 4 月 16 日 14:30 开始 2. 召开地点：北京市朝阳区朝阳公园南路 10 号院 7 号楼 6 层 3. 召开方式：现场表决与网络投票相结合 4. 召集人：公司董事会 5. 主持人：覃衡德 6. 网络投票时间： 证券代码：000553（200553） 证券简称：安道麦A(B) 公告编号：2024-16号 通过现场和网络投票的 B 股股东 5 人，代表股份 641,312 股，占上市公司 B ...

请务必阅读正文之后的信息披露和免责申明 3 渠道高库存背景下持续去库，公司 23 年业绩承压 盈利预测：考虑公司产品价格波动，我们预计公司 2024~2026 年归母净利 润为 2.0/3.5/5.5 亿元（24-25 年前值为 6.9、7.5 亿元），公司是全球非专利 作物保护市场的领军企业，维持"持有"的投资评级。 风险提示：农药景气下行、产品价格下跌、原材料价格大幅波动、新项目 进度及盈利情况低于预期 | --- | --- | |----------------------------|-------------------------------| | | 2024 年 04 月 08 日 | | 投资评级 | | | 行业 基础化工 | / 农化制品 | | 6 | 个月评级 持有（维持评级） | | 当前价格 | 6.16 元 | | 目标价格 元 | | | 基本数据 | | | A 股总股本 ( 百万股 | 2,177.07 | | 流通 A 股股本 ( 百万股 | ) 2,177.07 | | A 股总市值 ( 百万元 | 13,410.76 | | 流通 A 股市值 ( 百万元 | ) ...

证券代码：000553（200553） 证券简称：安道麦A(B) 公告编号：2024-14号 安道麦股份有限公司 第九届董事会第三十二次会议决议公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假 记载、误导性陈述或重大遗漏。 安道麦股份有限公司（以下简称"公司"或"本公司"）第九届董事会第三 十二次会议于 2024 年 4 月 2 日通过电子邮件方式通知了所有董事（经全体董事 一致同意，豁免本次会议通知时限），并于 2024 年 4 月 3 日以传签方式召开。 本次会议应当参与传签的董事 5 人，实际参与传签的董事 5 人。 本次会议的召开符合有关法律、行政法规、部门规章、规范性法律文件和公 司章程的规定。出席会议的董事审议并通过如下议案： 1. 关于补选第九届董事会非独立董事的议案 （1）关于刘红生先生的提名 1 根据《中华人民共和国公司法》、《公司章程》等有关规定，公司控股股东先 正达集团股份有限公司（"先正达集团"）提名刘红生先生为公司第九届董事会非 独立董事候选人，任期自公司股东大会审议通过《关于补选第九届董事会非独立 董事的议案》之日起算，至第九届董事会届满之日止。 公司同日收 ...

证券代码：000553（200553） 证券简称：安道麦A(B) 公告编号：2024-15号 安道麦股份有限公司 关于 2023 年度股东大会增加提案 暨股东大会补充通知的公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假 记载、误导性陈述或重大遗漏。 根据安道麦股份有限公司(下称"公司")第九届董事会第三十一次会议，公 司将于 2024 年 4 月 16 日 14:30 召开 2023 年度股东大会。具体内容详见公司于 2024 年 3 月 27 日在巨潮资讯网 www.cninfo.com.cn 披露的《2023 年度股东大会 会议通知》。 公司于 2024 年 4 月 3 日以传签的方式召开了第九届董事会第三十二次会议， 审议通过了《关于补选第九届董事会非独立董事的议案》。具体内容详见公司于 2024 年 4 月 8 日在巨潮资讯网 www.cninfo.com.cn 公告的《第九届董事会第三 十二次会议决议公告》。 公司于 2024 年 4 月 3 日收到控股股东先正达集团股份有限公司（"先正达集 团"）《关于安道麦股份有限公司 2023 年度股东大会增加临时提案的函》，提请将 ...

东 兴 证 券 股 份 有 限 公 司 证 券 研 究 报 告 安道麦发布 2023 年年报：全年实现营业收入为 327.79 亿元，YoY-12.31%， 归母净利润为-16.06 亿元。 公司盈利预测及投资评级：公司作为全球非专利农药龙头企业，差异化的产品 组合助推业务增长，叠加受益先正达集团内部协同，我们看好公司长期发展前 景。基于公司 2023 年年报，我们相应调整公司 2024~2026 年盈利预测。我们 预测公司 2024~2026 年净利润分别为 2.56、4.95 和 6.73 亿元，对应 EPS 分 别为 0.11、0.21 和 0.29 元，当前股价对应 P/E 值分别为 53、28 和 20 倍。维 持"强烈推荐"评级。 风险提示：下游需求不及预期；产品价格大幅下滑；新产品注册登记进展不及 预期。 | --- | --- | |-------------------------------|-----------------| | 交易数据 | | | 52 周股价区间（元） | 10.11-5.3 | | 总市值（亿元） | 136.99 | | 流通市值（亿元） | 128.01 | ...

Investment Rating - The report maintains a "Buy" rating for the company [9][8]. Core Views - The company has implemented a "Reversal Plan" to enhance business quality and reshape corporate value, resulting in a significant improvement in operating cash flow, with a net operating cash flow of 2.618 billion yuan in 2023, a substantial increase of 178.28% year-on-year [3][8]. - The agricultural protection industry faced challenges in 2023, leading to high channel inventory and weak demand, which pressured product prices and sales. The company's product prices decreased by 8% year-on-year, and sales volume dropped by 7% [7][8]. - The company continues to expand its differentiated product line and has launched multiple new products, contributing 22% to total sales in 2023 [18]. Summary by Sections Financial Performance - In 2023, the company achieved revenue of 32.779 billion yuan, a decrease of 12.31% year-on-year, and a net profit attributable to shareholders of -1.606 billion yuan, a decline of 363.52% year-on-year [17]. - The fourth quarter of 2023 saw a revenue of 8.119 billion yuan, down 12.73% year-on-year but up 9.62% quarter-on-quarter [17]. Market Position and Strategy - The company is focusing on reshaping market positioning through innovative proprietary formulation technologies and optimizing its product mix to enhance business quality [3][8]. - The revenue from different regions in 2023 showed declines: EAME down 3.8%, North America down 16.3%, Latin America down 15.5%, and Asia-Pacific down 13.8% [7]. Profitability Forecast - Due to the impact of channel inventory, the company's performance is under pressure. The profit forecasts for 2024-2026 have been adjusted, with expected net profits of 0.82 billion yuan (down 86%), 5.32 billion yuan (down 37%), and 7.58 billion yuan respectively [8].

Financial Performance - The company's operating revenue for 2023 was 32,779,456 thousand yuan, a decrease of 12.31% compared to the previous year[14]. - The net profit attributable to shareholders of the listed company was (1,605,887) thousand yuan, representing a decline of 363.52% year-on-year[14]. - The net profit attributable to shareholders after deducting non-recurring gains and losses was (1,851,491) thousand yuan, a decrease of 469.1% compared to the previous year[14]. - The net cash flow from operating activities was 2,617,877 thousand yuan, an increase of 178.28% year-on-year[14]. - The total assets at the end of 2023 were 55,405,803 thousand yuan, a decrease of 4.44% from the end of 2022[14]. - The net assets attributable to shareholders of the listed company were 21,924,475 thousand yuan, down 5.19% from the end of the previous year[14]. - The company's EBITDA for the full year 2023 was 399,581 thousand USD, a decrease of 45.4% from 731,118 thousand USD in 2022[32]. - The total revenue for 2023 was 32,779,456 thousand RMB, down 12.3% from 37,381,915 thousand RMB in 2022[34]. - The company reported a pre-tax loss of 300,734 thousand RMB in Q4 2023, worsening from a loss of 144,277 thousand RMB in the same period last year, reflecting a decline of 108.4%[31]. - The net profit for Q4 2023 was a loss of 563,414 thousand RMB, compared to a loss of 158,753 thousand RMB in Q4 2022, marking a decline of 254.9%[31]. Market Performance - The company's global market share in the non-patented crop protection market was approximately 5.1% in 2023, down from 6.5% in 2022[27]. - The herbicide segment generated 13,858,494 thousand RMB in revenue for 2023, a decrease of 16.5% from 16,597,770 thousand RMB in 2022[34]. - For the full year 2023, the total sales were 4.661 billion USD, down 16.3% from 5.570 billion USD in 2022, with an 8% price reduction and a 7% decrease in volume contributing to the decline[33]. - The company experienced a decline in sales in India due to high channel inventory and pricing pressure, despite a positive reception for its differentiated product TrassidTM[39]. - The company noted that channel inventory levels are normalizing in most countries, with sales in Latin America beginning to recover, particularly outside Brazil[38]. Strategic Initiatives - The company has obtained approximately 1,300 new product registration certificates over the past three years, enhancing its ability to introduce new products efficiently in key agricultural markets[27]. - The company acquired 100% of Agrinova New Zealand Limited during the reporting period, indicating a strategic move for market expansion[43]. - The company launched 11 differentiated new products during the year and obtained registration for 20 differentiated new products in specific market countries[75]. - The company is in the market expansion phase with multiple new product projects, including broad-spectrum fungicides and herbicides, aimed at diversifying its product line[78]. - The company is strategically seeking acquisition opportunities to expand market coverage and diversify its product portfolio, particularly in high-growth regions[168]. Cost Management - Financial expenses for the year were CNY 1,183,000,000, a significant increase from CNY 326,000,000 in the previous year[76]. - The company implemented strict cost control measures, resulting in a decrease in management expenses[75]. - The company's raw material procurement costs decreased by 32.9% to 17,569,198 thousand RMB, reflecting improved cost management[91]. - The company has reduced its inventory levels significantly compared to the same point in 2022, focusing on strict procurement management for high-profit products[89]. Risks and Challenges - The company faced challenges in North America due to inflation and high interest rates, leading to weak consumer demand and professional solutions market[63]. - In Latin America, sales declined due to drought in Brazil affecting soybean growth and pricing difficulties[64]. - The group faces significant risks related to intellectual property infringement, which could lead to legal costs and impact brand reputation[102]. - The company is exposed to risks related to exchange rate fluctuations, which may increase the costs of hedging transactions[197]. - The agricultural sector is experiencing challenges due to climate change and extreme weather, which may reduce product demand and sales prices, adversely affecting the company's performance[124]. Operational Efficiency - The company reported a significant increase in cash flow from operating activities despite a decline in sales, indicating improved operational efficiency[130]. - The company’s operating cash inflow decreased by 8.81% to 33,353,503 thousand yuan in 2023 compared to 36,575,473 thousand yuan in 2022[130]. - The total cash inflow from financing activities rose by 53.86% to 7,127,882 thousand yuan in 2023, compared to 4,632,633 thousand yuan in 2022[130]. - The company continues to strengthen its business and operational capabilities in China, with ongoing upgrades to production facilities in Huai'an[169]. Future Outlook - The company anticipates moderate sales growth driven by increased sales volume and the introduction of new products, despite potential challenges from weather conditions and market competition[169]. - The company aims to enhance its differentiated product offerings and services, focusing on proprietary formulation product registrations and listings, supported by innovation and R&D investments[169]. - The company believes that China has the potential to become the largest crop protection market globally, leveraging its fragmented market and limited penetration by multinational agrochemical companies[167]. - The company plans to expand its domestic market coverage by utilizing its market position, relationships with China National Chemical Corporation, and synergies under Syngenta Group, supported by newly built production facilities[167].