[Table_Title] 研究报告 Research Report 8 May 2025 安道麦 Adama (000553 CH) 25Q1 净利润扭亏为盈，北美区业务呈现增长 Net Profit turned loss into profit in 25Q1, North American business achieves growth. 孙小涵 Xiaohan Sun xh.sun@htisec.com [Table_yemei1] 热点速评 Flash Analysis [Table_summary] (Please see APPENDIX 1 for English summary) [Table_yejiao1] 本研究报告由海通国际分销，海通国际是由海通国际研究有限公司，海通证券印度私人有限公司，海通国际株式会社和海通国 际证券集团其他各成员单位的证券研究团队所组成的全球品牌，海通国际证券集团各成员分别在其许可的司法管辖区内从事证 券活动。关于海通国际的分析师证明，重要披露声明和免责声明，请参阅附录。(Please see appendix for English translation ...

[Table_Title] 研究报告 Research Report 8 May 2025 [Table_yemei1] 热点速评 Flash Analysis [Table_summary] (Please see APPENDIX 1 for English summary) [Table_yejiao1] 本研究报告由海通国际分销，海通国际是由海通国际研究有限公司，海通证券印度私人有限公司，海通国际株式会社和海通国 际证券集团其他各成员单位的证券研究团队所组成的全球品牌，海通国际证券集团各成员分别在其许可的司法管辖区内从事证 券活动。关于海通国际的分析师证明，重要披露声明和免责声明，请参阅附录。(Please see appendix for English translation of the disclaimer) 25Q1 净利润实现扭亏为盈。第一季度销售额为 10 亿美元，以美元计算同比减少约 5%，以人民币计算同比减 少 4%，以固定汇率计算同比减少 3%，主要反映了销量持平，价格下降 4%以及汇率波动不利的影响。大部分 区域渠道存货水平进一步改善，公司销量总体保持稳定，主要受土耳其业务减少（ ...

Core Viewpoint - Company is actively managing financial costs and currency risks while navigating uncertainties in global trade policies and market dynamics [1][2][3][4] Group 1: Financial Performance and Currency Management - Company reported a significant reduction in financial expenses in Q1 2025, attributed to one-time gains and foreign exchange profits [1] - Financial expenses include interest payments on debt and hedging costs, with improved cash flow in 2024 and Q1 2025 helping to lower debt levels [1] - Company utilizes hedging strategies to mitigate risks associated with currency fluctuations, particularly focusing on local currencies in over 50 countries [1] - The primary currency benefiting from hedging in Q1 2025 was the Israeli Shekel, which contributed to reduced financial expenses [1] Group 2: Impact of Tariffs and Market Dynamics - Company is closely monitoring the impact of US-China tariff policies, noting the uncertainty surrounding final tariff rates and their timing [2] - As a multinational corporation, company has production facilities in various countries, allowing it to balance risks and opportunities related to tariffs [2] - Company’s business in the US is relatively small, which may limit the impact of tariffs compared to larger competitors [2] - Delayed effects of tariffs may manifest in the latter half of the year due to existing inventory levels [2] Group 3: Market Trends and Pricing Pressure - Company anticipates potential indirect effects of tariffs on markets outside the US, with expectations of price increases in the US and possible price declines in other regions [3] - In Q1 2025, company experienced a significant decline in sales in the Latin American region, particularly in Brazil, but cautioned against drawing conclusions due to seasonal factors [3] - Overall market conditions in Brazil and Latin America reflect a trend of healthy sales volume but significant pricing pressure, with a decrease in overall market size in 2024 [3] - Company observed an oversupply of agricultural products from China, contributing to downward pricing pressure, but some raw material prices are stabilizing [4] - Company is focused on enhancing competitiveness through ongoing transformation efforts in response to current market conditions [4]

证券代码：000553（200553） 证券简称：安道麦 A/安道麦 B 安道麦股份有限公司投资者关系活动记录表 编号：2025-03 | | □特定对象调研 □分析师会议 □媒体采访 | | --- | --- | | 投资者关系 | 业绩说明会 | | | □新闻发布会 □路演活动 | | 活动类别 | □现场参观 | | | □其他 （投行会议） | | 参与单位名称及 | 本次业绩说明会为面向所有投资者的网上公开直播 | | 人员姓名 | | | 时间 | 2025 年 5 月 7 日下午 | | 地点 | 中国北京，以色列特拉维夫 | | 上市公司 | 总裁兼首席执行官 Gaël Hili、首席财务官 Efrat Nagar、全球投资者关系总监 | | 接待人员姓名 | Joshua Phillipson、董事会秘书郭治 | | | 本次业绩说明会采用网上直播的形式。 | | | 公司总裁兼首席执行官 Gaël 和首席财务官 Efrat 首先介绍了公司 2025 年 | | | 第一季度的业绩情况和业务进展，随后回答了投资者关心的问题，主要问题如 | | | 下： | | | 伴随"奋进"计划的推 ...

Group 1 - The core viewpoint of the report indicates that Dongxing Chemical's first-quarter performance turned profitable, with a revenue of 7.173 billion yuan, a year-on-year decrease of 4.48%, and a net profit of 151 million yuan, marking a turnaround from losses [2][18] - The agricultural chemical market remains challenging, with stable overall sales but declining prices due to oversupply and high interest rates abroad, leading to a reliance on timely procurement models [2][18] - The company has initiated the "Advancement Plan" to improve profits and cash flow from 2024 to 2026, focusing on financial management optimization, operational restructuring, and deepening value innovation in niche markets [2][18] Group 2 - Dongxing Chemical's differentiated product strategy is expected to drive long-term growth, with a new product introduction rate contributing 22% to sales in 2024 [3][19] - The company maintains a strong outlook, forecasting net profits of 79 million, 103 million, and 176 million yuan for 2025 to 2027, with corresponding EPS of 0.03, 0.04, and 0.08 yuan, and a current P/E ratio of 182, 141, and 82 times [3][19] Group 3 - Dongxing Electronics reported a first-quarter revenue of 347 million yuan, a year-on-year increase of 51.16%, and a net profit of 17.76 million yuan, up 55.88% [5][39] - The company has increased production capacity and successfully acquired Chongqing Zhiguan Technology, enhancing its functional materials business in the optical display sector [9][40] - The carbon fiber products have achieved mature mass production, with continuous market share growth, particularly in lightweight applications for consumer electronics [10][41] Group 4 - New and existing projects in Dongxing Chemical are progressing well, with significant growth in the vitamin and amino acid markets contributing to a 20.91% revenue increase to 5.440 billion yuan in the first quarter [21][22] - The company is expanding its product range through various projects, including a liquid amino acid project and a new materials project, which are expected to enhance its competitive position [22][23] - The forecast for net profits from 2025 to 2027 is set at 6.197 billion, 7.006 billion, and 7.796 billion yuan, with corresponding EPS of 2.02, 2.28, and 2.54 yuan, maintaining a strong recommendation rating [23]

2025 年 5 月 6 日 公司研究 25Q1 扭亏为盈，行业景气回升可期 ——安道麦 A（000553.SZ）2025 一季报点评 要点 事件：公司发布 2025 年一季报。2025Q1，公司单季度实现营收 71.73 亿元， 同比减少 4.48%，环比减少 9.94%；实现归母净利润 1.51 亿元，同环比均扭亏 为盈；实现扣非后归母净利润 1.02 亿元，同环比均扭亏为盈。 点评： 毛利率及现金流显著改善，25Q1 扭亏为盈。2025Q1，公司销量同比基本持平， 销售均价（以美元计）同比下降 4%。得益于前期高价库存的持续性消化，25Q1 公司新售出存货成本降低，从而使得公司整体毛利率显著改善。按人民币计， 25Q1 公司毛利率同比提升 2.9pct 至 27.2%。费用率方面，除管理费用率外， 25Q1 公司销售、研发、财务费用率均有所降低。由于"奋进"转型计划的推进， 公司相关的重组与咨询成本增加，导致管理费用率同比提升 1.5pct 至 5.2%。 25Q1，公司销售、研发、财务费用率同比分别下降 1.1pct、0.04pct、4.6pct。 现金流方面，25Q1 公司经营活动产生的现金流量净额 ...

Core Viewpoint - The company reported a decline in annual revenue for 2024 but showed signs of recovery in the first quarter of 2025, with improved profitability and cost management initiatives yielding positive results [1][2][3] Financial Performance - For the full year 2024, the company achieved revenue of 29.488 billion yuan, a year-over-year decline of 10.0%, and a net loss attributable to shareholders of 2.903 billion yuan [1] - In Q4 2024, the company recorded revenue of 7.965 billion yuan, a quarter-over-quarter increase of 20.4%, but a net loss of 1.065 billion yuan, which increased by 12.9% compared to the previous quarter [1] - In Q1 2025, the company reported revenue of 7.173 billion yuan, a year-over-year decline of 4.5%, but achieved a net profit of 0.151 billion yuan, indicating a turnaround from losses [1] Industry Trends - Some small pesticide varieties have shown signs of price recovery, particularly in insecticides, despite an overall downward trend in pesticide price indices [2] - As of April 27, 2025, the pesticide price index reported a year-over-year decline of 6.1% but a month-over-month increase of 0.29% [2] - The sentiment in the pesticide industry appears to be improving, with expectations for price increases in major herbicides, which could enhance the company's profitability [2] Cost Management and Strategic Initiatives - The company's "Advancement" plan has begun to show results, with a significant reduction in sales expenses and a continuous decline in the sales expense ratio [2] - The company is optimizing cash flow and profitability, which is expected to continue improving in 2025 as expenses are further managed [2] Profit Forecast and Valuation - The net profit forecast for 2025 is maintained at 0.469 billion yuan, with a new forecast for 2026 at 0.627 billion yuan, reflecting a gradual recovery in performance [3] - The target price has been raised by 33.3% to 7.2 yuan, indicating a potential upside of 16.3% from the current stock price, based on improved quarterly performance and sector sentiment [3]

据证券之星公开数据整理，近期安道麦A（000553）发布2025年一季报。根据财报显示，安道麦A净利 润增166.4%，商誉占比较高。截至本报告期末，公司营业总收入71.73亿元，同比下降4.48%，归母净利 润1.51亿元，同比上升166.4%。按单季度数据看，第一季度营业总收入71.73亿元，同比下降4.48%，第 一季度归母净利润1.51亿元，同比上升166.4%。 本次财报公布的各项数据指标表现一般。其中，毛利率27.17%，同比增12.08%，净利率2.11%，同比增 169.51%，销售费用、管理费用、财务费用总计13.46亿元，三费占营收比18.77%，同比减18.45%，每股 净资产8.21元，同比减11.67%，每股经营性现金流-0.09元，同比增71.86%，每股收益0.07元，同比增 166.33% | 项目 | 2024年一季报 | 2025年一季报 | 同比增幅 | | --- | --- | --- | --- | | 营业总收入(元) | 75.09亿 | 71.73亿 | -4.48% | | 归母净利润(元) | -2.28 Z- | 1.51亿 | 166.40% | | ...

截至2025年4月29日收盘，安道麦A(000553)报收于6.09元，上涨6.47%，换手率0.79%，成交量17.16万 手，成交额1.04亿元。 当日关注点 交易信息汇总 4月29日，安道麦A的资金流向情况如下：主力资金净流出434.68万元；游资资金净流入294.75万元；散 户资金净流入139.92万元。 股本股东变化 安道麦A近期披露了股东户数变动情况。截至2025年3月31日，公司股东户数为2.95万户，较1月27日减 少了1832户，减幅为5.85%。与此同时，户均持股数量由上期的7.22万股增加到7.38万股，户均持股市 值为43.35万元。 根据安道麦A2025年一季报的数据，公司主营收入为71.73亿元，同比下降4.48%；归母净利润为1.51亿 元，同比上升166.4%；扣非净利润为1.02亿元，同比上升140.5%。此外，公司的负债率为62.51%，投资 收益为467.1万元，财务费用为2215.1万元，毛利率为27.17%。 董秘最新回复 投资者： 公司目前负债偏高，虽然持续在业绩上努力，改善现金流和负债。但是公司第一大股东持股 比例高达 80%左右。如果没有借壳重组的计划，有没有 ...

Core Viewpoint - The agricultural chemical industry is experiencing a recovery in the first quarter of 2024, with most companies reporting improved performance after a period of destocking in 2023 [1][5][6]. Group 1: Company Performance - As of April 28, 29 agricultural chemical companies have disclosed their Q1 reports, with 27 companies reporting profits and 16 showing year-on-year profit growth [1]. - Companies such as Lianhua Technology, Hunan Haili, and Lier Chemical reported net profit increases exceeding 100% year-on-year [2][3]. - Lianhua Technology's Q1 net profit grew over tenfold to 4971.56 million yuan, with a revenue of 15.1 billion yuan, marking a 3.02% increase [2]. - Hunan Haili achieved a revenue of 4.31 billion yuan, up 25.44%, and a net profit of 5661.02 million yuan, up 483.78% [3]. - Lier Chemical reported total revenue of 20.86 billion yuan, a 49.99% increase, and a net profit of 1.53 billion yuan, up 219.9% [3]. - Companies like Xianda Co. and Limin Co. turned losses into profits in Q1 due to increased sales and prices [4]. Group 2: Market Trends - The agricultural chemical market is entering its traditional peak season, with significant destocking observed since the beginning of the year [5][6]. - The market is showing signs of recovery, with an increase in terminal demand and replenishment in both domestic and foreign markets [6]. - The raw material price index for agricultural chemicals rose to 73.11 points, reflecting a 0.29% increase from the previous month [6]. - Industry experts express optimism for 2025, anticipating a stable recovery in the agricultural chemical sector [7].