25 年业绩高增长，医药新能源业务发力 联化科技(002250) 联化科技首次覆盖报告 | [姓名table_Authors] | 电话 | 邮箱 | 登记编号 | | --- | --- | --- | --- | | 刘威(分析师) | 0755-82764281 | liuwei7@gtht.com | S0880525040100 | | 李智(分析师) | 021-23185842 | lizhi3@gtht.com | S0880525040045 | 本报告导读： 公司医药业务稳步增长，研发能力进一步增强，新能源业务及海外马来西亚基地成 为新的增长点。 投资要点： | [Table_Finance] 财务摘要(百万元) | 2023A | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业总收入 | 6,442 | 5,677 | 6,408 | 7,559 | 8,826 | | (+/-)% | -18.1% | -11.9% | 12.9% | 18.0% | 16.8% | | 净利润(归母 ...

（文章来源：证券日报） 证券日报网讯 2月25日，联化科技在互动平台回答投资者提问时表示，公司医药业务致力于为客户提供 端到端一体化服务，持续努力提高业务水平跟随客户发展。 ...

【财通医药-联化科技】植保基本盘稳健，医药小核酸和新能源业务带来增量 公司以植保和医药为核心，业务覆盖四大板块：公司服务全球植保、医药、功能化学品以及设备与工程技术等 领域，致力于为客户提供贯穿其产品整个生命周期的创新型一体化服务及技术解决方案。 成立近40年来，公司在中国已拥有8个化工生产基地、3个机械设备生产基地以及3个研发中心，在英国和马来西亚 各拥有1个生产基地。 植保C 【财通医药-联化科技】植保基本盘稳健，医药小核酸和新能源业务带来增量 公司以植保和医药为核心，业务覆盖四大板块：公司服务全球植保、医药、功能化学品以及设备与工程技术等 领域，致力于为客户提供贯穿其产品整个生命周期的创新型一体化服务及技术解决方案。 成立近40年来，公司在中国已拥有8个化工生产基地、3个机械设备生产基地以及3个研发中心，在英国和马来西亚 各拥有1个生产基地。 植保CDMO业务已走出低谷，进入稳定增长期：公司是植保CDMO行业龙头企业，客户覆盖全球植保龙头企 业。 2023年-2024年板块收入受到下游去库存影响，略微下降。 投资建议：植保基本盘稳定，医药和新能源板块带来新增量。 我们预计公司2025-2027年实现营业 ...

Core Insights - Longhua Technology (联化科技) is positioned as a leading player in the agricultural and pharmaceutical CDMO sectors, with significant achievements in small nucleic acid CDMO and potential in functional chemicals [1][2] Business Overview - Longhua Technology has established a collaborative development framework across four core industrial segments: agricultural protection, pharmaceuticals, functional chemicals, and equipment & engineering services [2] - The agricultural protection segment generated revenue of 1.702 billion yuan in the first half of 2025, with a gross margin increase of 9.48% year-on-year [2] - The pharmaceutical segment, focusing on APIs and intermediates, achieved revenue of 1.018 billion yuan in the first half of 2025, reflecting a year-on-year growth of 42.80% [2] Small Nucleic Acid CDMO - The company is leveraging small nucleic acid CDMO to tap into new growth opportunities, with advantages over traditional small molecule and antibody drugs, including broader target selection and higher success rates [3] - Since 2022, the market for small nucleic acid drugs has seen significant activity, with 32 transactions totaling 29.022 billion USD in 2025, indicating strong commercial value [3] - Longhua Technology has developed scalable production processes for modified nucleotides and has established a high-efficiency delivery system for nucleic acid drugs, enhancing its competitive edge [3] Functional Chemicals and Market Potential - The functional chemicals segment reported revenue of 0.265 billion yuan in the first half of 2025, marking a year-on-year doubling [4] - The company is focusing on lithium battery materials, including lithium hexafluorophosphate and LiFSI, with ongoing product development in various testing phases [4] - The National Development and Reform Commission's new storage action plan aims for over 1.8 million kilowatts by 2027, which is expected to drive significant market demand in the energy storage sector [4] Financial Performance - For the first three quarters of 2025, Longhua Technology reported total revenue of 4.718 billion yuan, an increase of 8.25% year-on-year, and a net profit of 316 million yuan, surging by 871.65% [1] - The projected net profit for 2025 is estimated to be between 350 million and 420 million yuan, representing a year-on-year growth of 239.35% to 307.22% [4]

Summary of Key Points Core Viewpoint - The company has approved a guarantee limit of 70 million yuan for its subsidiaries, with specific limits based on their asset-liability ratios, and has signed a mortgage contract with a bank to secure debts for its wholly-owned subsidiary [1][2]. Group 1: Guarantee Overview - The company held board and shareholder meetings to approve a guarantee limit of 70 million yuan for its subsidiaries, with 50 million yuan for subsidiaries with an asset-liability ratio below 70% and 20 million yuan for those above [1]. - The company has a total guarantee amount of up to 580 million yuan, which represents 89.59% of its latest audited net assets [6]. Group 2: Guarantee Progress - A mortgage contract was signed with China Agricultural Bank for the subsidiary, covering debts with a maximum guarantee amount of 46.64 million yuan and 98.16 million yuan [3]. - The guarantee covers various financial services including loans, bank guarantees, and other credit-related services [3]. Group 3: Guarantee Agreement Details - The mortgage is secured by real estate, and the company must register the mortgage within five days of the contract's effectiveness [4]. - The contract becomes effective upon signing or stamping by all parties involved [4]. Group 4: Guarantee Status - As of the announcement date, the company's guarantee balance is 119.85 million yuan, accounting for 18.51% of its latest audited net assets, with no overdue guarantees or litigation issues reported [6].

Group 1 - The core point of the article is that Lianhua Technology (002250) announced that neither the company nor its controlling subsidiaries have experienced overdue guarantees, litigation-related guarantees, or losses due to being judged against in guarantees [1] Group 2 - The announcement reflects the company's stable financial position and risk management practices [1] - The absence of litigation and guarantee-related losses indicates a lower risk profile for investors [1] - This information may enhance investor confidence in Lianhua Technology's operational integrity [1]

证券代码：002250 证券简称：联化科技 公告编号：2026-003 联化科技股份有限公司 关于公司为子公司提供担保的进展公告 本公司及董事会全体成员保证信息披露的内容真实、准确和完整，没有虚假 记载、误导性陈述或重大遗漏。 一、对外担保情况概述 联化科技股份有限公司（以下简称"公司"、"联化科技"）分别于2025年10 月9日召开了第九届董事会第二次会议和2025年10月28日召开了2025年第二次临 时股东会，审议通过了《关于公司为子公司提供担保额度预计的议案》，同意为 公司为子公司新增担保额度70,000万元，其中为最近一期资产负债率低于70%的 控股子公司新增担保额度不超过50,000万元，为最近一期资产负债率高于70%的 控股子公司新增担保额度不超过等值人民币20,000万元。关于担保额度的情况， 具体详见公司刊登于《证券时报》《上海证券报》和巨潮资讯网（www.cninfo.com.cn） 的《关于公司为子公司提供担保额度预计的公告》（公告编号：2025-047）。 二、担保进展情况 公司与中国农业银行股份有限公司台州黄岩支行于2026年2月5日签署了编 号为33100620260005611和 ...

Investment Rating - The report initiates coverage with a "Buy" rating for the company [9]. Core Insights - The company is positioned as a leading provider of chemical technology solutions, focusing on agricultural CDMO, pharmaceutical small molecules, and small nucleic acid CDMO, with significant achievements in functional chemicals [3][5]. - The agricultural sector is experiencing steady growth, while the pharmaceutical CDMO sector shows promising prospects, particularly in small nucleic acids, which are gaining traction in the market [6][7]. - The company is expanding its footprint in the new energy sector, particularly in lithium battery materials, which presents substantial growth potential [8]. Summary by Relevant Sections Company Overview - Founded in 1985 and located in Taizhou, Zhejiang Province, the company has evolved from producing flavor and fragrance intermediates to becoming a global custom manufacturing service provider in agriculture, pharmaceuticals, and functional chemicals [5][19]. - The company has established a comprehensive business platform that meets diverse customer needs across various stages of product development and lifecycle [21][24]. Agricultural Sector - The global agricultural industry is entering a mature phase, with projected sales of $77.2 billion in 2024, reflecting a 6.8% year-over-year decline. However, the sector is expected to expand steadily due to ongoing population growth [6][53]. - The competitive landscape is characterized by oligopolistic structures, with the top five companies holding a 57.4% market share in 2024, driven by innovation and strong brand channels [6][53]. Pharmaceutical CDMO - The company has been involved in small molecule CDMO for over a decade, with a robust revenue growth trajectory since 2017. A significant rebound is expected in 2025, with projected revenue of 1.018 billion yuan, a 42.8% increase year-over-year [7]. - The company is expanding into the small nucleic acid drug market, which is projected to see 32 transactions worth $29.022 billion in 2025, highlighting the growing commercial value of this segment [7]. Functional Chemicals - The lithium-ion battery electrolyte market is rapidly growing, with expected shipments reaching 2.235 million tons by 2025, a 46.4% increase. The company is focusing on lithium hexafluorophosphate and lithium bis(fluorosulfonyl)imide as key products in this sector [8][24]. - The company is well-positioned to capitalize on the increasing demand for lithium battery materials, with a focus on developing high-performance products [8]. Financial Performance - The company is expected to achieve net profits of 410 million, 630 million, and 790 million yuan for the years 2025 to 2027, respectively, indicating strong financial growth prospects [9].

Group 1 - The core point of the article is that Lianhua Technology has received a high-tech enterprise certificate from various governmental bodies in Shandong Province, indicating its recognition as a high-tech company [2][2][2] Group 2 - The certificate is a renewal of the previous high-tech enterprise status for Lianhua Technology (Dezhou) Co., Ltd., which had reached the expiration of its prior certification [2][2][2]

格隆汇2月2日丨联化科技(002250.SZ)公布，子公司联化科技（德州）有限公司（简称"德州联化"）于近 日收到由山东省科学技术厅、山东省工业和信息化厅、山东省财政厅、国家税务总局山东省税务局联合 批准颁发的高新技术企业证书。德州联化被认定为高新技术企业（编号：GR202537001632），发证日 期为2025年12月8日，认定有效期为三年。本次系德州联化原高新技术企业证书有效期届满所进行的重 新认定。 ...