泰和泰律师事务所 关于利尔化学股份有限公司 2023 年年度股东大会的 法律意见书 （2024）泰律意字（利尔化学）第 1 号 2024 年 4 月 12 日 关于利尔化学股份有限公司 2023 年年度股东大会的法律意见书 泰和泰律师事务所 关于利尔化学股份有限公司 2023 年年度股东大会的法律意见书 (2024)泰律意字（利尔化学）第 1 号 致：利尔化学股份有限公司 泰和泰律师事务所（以下简称"本所"或"泰和泰"）接受利尔化学股份有 限公司（以下简称"公司"）的委托，根据《中华人民共和国公司法》（以下简 称"《公司法》"）、《中华人民共和国证券法》（以下简称"《证券法》"）、 《上市公司股东大会规则》（以下简称"《股东大会规则》"）、《律师事务所 从事证券法律业务管理办法》和《律师事务所证券法律业务执业规则（试行）》 等有关法律、法规、规范性文件以及《利尔化学股份有限公司章程》（以下简称 "《公司章程》"）等有关规定，就公司 2023 年年度股东大会（以下简称"本 次股东大会"）的相关事项出具法律意见。 本所律师声明事项 1、本所及经办律师依据现行有效的法律、法规、规范性文件的有关规定及 本法律意见书出 ...

利尔化学（002258.SZ） 事件：2024 年 3 月 22 日，利尔化学发布 2023 年年报。公司 2023 年收入为 78.51 亿元，同比下降 22.55%；归母净利润为 6.04 亿元，同比下降 66.68%； 扣非净利润为 5.97亿元，同比下降 67.88%。对应公司 23Q4营业收入为 18.44 亿元，环比上涨 19.97%；归母净利润为 0.44 亿元，环比下降 45.27%。 短期产能过剩叠加库存处于高位，农药行业格局有待重塑，长期来看农药需 求仍具有韧性，。国内农药产能集中投放，市场整体呈现供大于求局面，叠加 渠道内库存仍处于高位，农药市场竞争加剧，产品价格大幅下跌。根据中农 立华数据显示，截至 2024 年 3 月 31 日，中农立华原药价格指数为 78.00 点， 同比去年大跌 24.1%，环比上月下跌 0.39%。跟踪的上百个产品中，85%产 品同比去年下跌。随着农化龙头企业的并购整合结束，先正达集团、拜耳、 -44% -37% -31% -24% -17% -10% -4% 3% 2023-04 2023-08 2023-12 2024-04 利尔化学 沪深300 执业证书 ...

基础化工 | 证券研究报告 — 调整盈利预测 2024 年 4 月 3 日 联系人：范琦岩 利尔化学 公司发布 2023 年年报，2023 年实现营收 78.51 亿元，同比下降 22.55%；实现归母净利润 6.04 亿元，同比下降 66.68%。其中四季度实现营收 18.44 亿元，同比下降 22.96%，环比 上升 19.97%；实现归母净利润 0.44 亿元，同比下降 86.29%，环比下降 45.27%。看好公 司保持草铵膦、精草铵膦行业领先地位，规模效应和技术优势筑牢公司未来成长性，维 持买入评级。 支撑评级的要点 ◼ 2023年公司归母净利润及毛利率同比下滑，管理费用率提升。2023年公司农药原药实现 营收 47.94亿元，同比下降 26.09%；农药制剂实现营收 16.56亿元，同比下降 25.98%；化 工材料实现营收 7.12 亿元，同比下降 17.49%。2023 年营收同比下降 22.55%，主要系市 场需求下降及农药产品价格下跌所致。同时，核心产品价格下跌及大规模建设投入导致 2023年归母净利润同比下滑。根据公司2023年年报，2023年农药原药毛利率为26.26%， 同比下降 8 ...

利尔化学股份有限公司 证券代码：002258 证券简称：利尔化学 公告编号：2024-012 关于举行 2023 年度业绩说明会的公告 本公司及董事会全体成员保证信息披露内容的真实、准确和完整， 没有虚假记载、误导性陈述或重大遗漏。 利尔化学股份有限公司（以下简称"公司"）已于2024年3月23日 在巨潮资讯网（www.cninfo.com.cn）上披露了《2023年年度报告》。 为使投资者更深入、全面地了解公司2023年度报告的内容，公司拟于 2024年4月11日（星期四）15:00-17:00举行2023年度网上业绩说明 会。 本次年度业绩说明会将采用网络远程的方式举行，投资者可登陆 深圳证券交易所"互动易"平台（http://irm.cninfo.com.cn），进入"云 访谈"栏目参与本次年度业绩说明会。 公司拟出席本次年度业绩说明会的人员有：公司董事长尹英遂先 生，独立董事马毅先生，副总经理、董事会秘书刘军先生，财务负责 人、财务总监颜宣先生。（如有特殊情况，参会人员可能进行调整。） 为充分尊重投资者、提升交流的针对性，现就公司2023年度业绩 说明会提前向投资者公开征集问题，广泛听取投资者的意见和 ...

证券代码：002258 股票简称：利尔化学 公告编号：2024-011 利尔化学股份有限公司 董事会 2024 年 3 月 30 日 2024 年 3 月 29 日，利尔化学股份有限公司（以下简称"公司"或 "利尔化学"）第六届董事会第十五次会议以通讯会议的方式召开，会议 通知及议案于 2024 年 3 月 25 日以电子邮件方式送达。应出席会议的 董事 9 人，实际出席会议的董事 9 人。会议程序符合《公司法》和公 司章程的规定。会议由公司董事长尹英遂主持，经过各位董事认真审议， 形成如下决议： 会议以 9 票同意，0 票弃权，0 票反对的结果，审议通过了《关 于控股子公司拟终止向不特定合格投资者公开发行股票并在北京证券 交易所上市的申请并撤回申请材料的议案》。鉴于目前资本市场状况、 公司控股股东股权改革相关事宜尚在进行以及控股子公司江苏快达农 化股份有限公司（以下简称"江苏快达"）经营现状等因素，在与相关 方充分沟通和审慎分析后，会议同意江苏快达终止向不特定合格投资 者公开发行股票并在北京证券交易所上市的申请并撤回申请材料。本 次事项不会对公司及江苏快达的生产经营产生重大影响。若未来江苏 快达适时择机重新 ...

分析师承诺 负责本研究报告全部或部分内容的每一位证券分析师，在此申明，本报告的观点、逻辑和论据均为分析师本 人研究成果，引用的相关信息和文字均已注明出处。本报告依据公开的信息来源，力求清晰、准确地反映分 析师本人的研究观点。本人薪酬的任何部分过去不曾与、现在不与，未来也将不会与本报告中的具体推荐或 观点直接或间接相关。 风险提示 本证券研究报告所载的信息、观点、结论等内容仅供投资者决策参考。在任何情况下，本公司证券研究报告 均不构成对任何机构和个人的投资建议，市场有风险，投资者在决定投资前，务必要审慎。投资者应自主作 出投资决策，自行承担投资风险。 敬请参阅报告结尾处的免责声明 东方财智 兴盛之源 东兴证券公司报告 利尔化学（002258.SZ）：产品跌价拖累业绩，持续推进精草铵膦产能布局 P5 免责声明 本研究报告由东兴证券股份有限公司研究所撰写，东兴证券股份有限公司是具有合法证券投资咨询业务资格 的机构。本研究报告中所引用信息均来源于公开资料，我公司对这些信息的准确性和完整性不作任何保证， 也不保证所包含的信息和建议不会发生任何变更。我们已力求报告内容的客观、公正，但文中的观点、结论 和建议仅供参考，报告 ...

Investment Rating - The report maintains a "Buy" rating for the company, indicating a positive outlook for the next 6-12 months with expected investment returns leading the market benchmark by 15% or more [5][9] Core Viewpoints - The company's performance in 2023 was under pressure due to a significant decline in glufosinate-ammonium prices, which fell by 63.7% year-on-year to an average of CNY 82,500 per ton [10] - Despite the challenges, the company is actively advancing the construction of L-glufosinate-ammonium production capacity and expanding its overseas market presence, with registrations completed in 5 countries [10] - The company's revenue in 2023 decreased by 22.6% year-on-year to CNY 7.851 billion, while net profit attributable to the parent company dropped by 66.7% to CNY 604 million [10] Financial Performance Summary - Revenue for 2023 was CNY 7.851 billion, a decrease of 22.6% compared to 2022, with a projected recovery to CNY 9.616 billion by 2026 [2][10] - Net profit attributable to the parent company in 2023 was CNY 604 million, down 66.7% year-on-year, with forecasts of CNY 729 million, CNY 819 million, and CNY 945 million for 2024, 2025, and 2026 respectively [2][10] - EPS for 2023 was CNY 0.75, with projections of CNY 0.91, CNY 1.02, and CNY 1.18 for the next three years [2][10] Operational Highlights - The company's gross margin for its core products, including raw materials and formulations, declined significantly in 2023, with raw material gross margin dropping by 8.6 percentage points to 26.3% and formulation gross margin falling by 12.2 percentage points to 20.2% [10] - The company is optimizing production processes at its Mianyang and Guang'an bases to reduce costs and improve efficiency, while also expanding its L-glufosinate-ammonium production capacity [10] - The company's subsidiary, Lier Bio, completed the construction of a 20,000-ton/year enzymatic L-glufosinate-ammonium project in 2023, and another 10,000-ton/year project is expected to be completed in 2024 [10] Valuation Metrics - The company's P/E ratio for 2023 was 12, with projections of 10, 9, and 8 for 2024, 2025, and 2026 respectively [2][10] - The P/B ratio is expected to decline from 1.0 in 2023 to 0.7 by 2026, reflecting a gradual improvement in valuation [2][10] - The EV/EBITDA ratio is projected to decrease from 7.6 in 2023 to 4.5 by 2026, indicating improving operational efficiency and profitability [10]

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company's performance has been impacted by the decline in glyphosate prices, with the average price in Q4 2023 being 65,000 yuan/ton, down 66% year-on-year, leading to a decrease in gross profit and gross margin [4][20] - The company is progressing with several new projects, including a 20,000 tons/year enzyme-based glyphosate project that has been completed and put into production, and a 10,000 tons/year glyphosate project that has started construction [8][20] Financial Performance Summary - In Q4 2023, the company achieved operating revenue of 1.84 billion yuan, a decrease of 23% year-on-year, but an increase of 20% quarter-on-quarter [3][30] - The net profit attributable to the parent company for Q4 2023 was 44 million yuan, down 86.3% year-on-year and down 45.3% quarter-on-quarter [3][30] - The company's gross profit margin for Q4 2023 was 18.3%, a decrease of 11.9 percentage points year-on-year [3][30] Revenue and Profit Forecast - The company is expected to achieve net profits of 608 million yuan, 689 million yuan, and 847 million yuan for the years 2024, 2025, and 2026 respectively, with corresponding P/E ratios of 12, 11, and 9 [20][21] - The revenue forecast for the company is 78.67 billion yuan in 2024, with a growth rate of 0%, followed by 8.57 billion yuan in 2025 and 9.83 billion yuan in 2026, with growth rates of 9% and 15% respectively [21]

Financial Performance - In 2023, the company's operating revenue was approximately CNY 8.85 billion, with a net profit attributable to shareholders of CNY 1.11 billion, representing a decrease of 15% year-on-year [15]. - The total revenue for 2023 was approximately CNY 7.85 billion, a decrease of 22.55% compared to CNY 10.14 billion in 2022 [108]. - The pesticide segment generated CNY 7.10 billion, accounting for 90.41% of total revenue, down 23.00% from CNY 9.22 billion in 2022 [108]. - The company's gross profit for the pesticide segment was CNY 5.48 billion, representing 91.12% of total costs, a decrease of 11.59% from CNY 6.20 billion in 2022 [109]. - International sales contributed CNY 3.96 billion, making up 50.42% of total revenue, a decline of 35.73% from CNY 6.16 billion in 2022 [108]. - The company's cash flow from operating activities decreased by 24.82% to ¥7,118,647,765.84 in 2023, while net cash flow from operating activities dropped by 63.85% to ¥938,573,493.36 [131]. - The company reported a significant decrease in international sales by 35.73%, while domestic sales decreased by 2.14% [120]. - The company's total revenue from major subsidiaries in the pesticide production and sales sector was approximately ¥4,103,430,288.30 for Guang'an Lier and ¥1,275,561,929.91 for Jiashu Keda [145]. Market Conditions - The global demand for pesticides has decreased significantly due to high inventory levels and oversupply, impacting the market prices of agricultural products [19]. - The company has faced risks related to market competition, raw material supply fluctuations, and environmental regulations [23]. - The company is facing significant competitive pressure due to the expansion of domestic competitors, which may impact sales and profitability [174]. - Future growth in the global pesticide market is expected due to rising food demand and the rapid development of genetically modified crops [194]. Research and Development - The company plans to continue its research and development in new herbicides and expand its market presence in international markets [21]. - The company is committed to enhancing its research and development capabilities to address existing challenges such as intense competition and insufficient technical strength [45]. - Research and development investment amounted to CNY 340,795,478.34, which is 4.34% of operating revenue, an increase of 0.23% from the previous year [114]. - The number of R&D personnel increased to 514, representing 7.99% of the total workforce, up from 7.14% in the previous year [114]. - The company has established a strong R&D capability with advanced facilities and a team of experienced technical personnel, enhancing its core competitiveness [98]. - The company is focusing on new product development, with several projects aimed at increasing market competitiveness and creating new profit growth points [114]. - The company will continue to optimize its R&D processes to improve efficiency and reduce costs in the production of existing products [198]. Production and Capacity - The company has a production capacity of 60,200 tons for active ingredients with a utilization rate of 93.49% and 59,600 tons for formulations with a utilization rate of 99.70% [62]. - The company has a total of 82,000 tons capacity for chemical products (including intermediates) with a utilization rate of 43.27% [62]. - The company completed the construction of a 20,000 tons/year enzyme-based glyphosate project, which has commenced production [104]. - The company has seven production bases across China, ensuring a comprehensive supply chain for its main products, making it the largest producer of chlorinated pyridine pesticides in the country [80]. Strategic Partnerships - The company is the largest domestic producer of chloropyridine herbicides and has established stable strategic partnerships with top international agrochemical companies, exporting to over 30 countries [21]. - The company has established long-term strategic partnerships with multinational companies to promote the development of the refined glyphosate business globally, indicating significant future market opportunities [44]. - The company has established long-term strategic partnerships with major global agrochemical companies, including Corteva, BASF, Syngenta, and Sumitomo Chemical, ensuring a stable supply and good reputation among clients [80]. Environmental and Safety Measures - The company emphasizes environmental protection, achieving ISO14001 certification and implementing systematic management practices to enhance its environmental performance [81]. - The company is committed to enhancing environmental protection measures, which will increase investments in waste management and carbon emission control [176]. - The company has established a comprehensive safety management system to mitigate risks associated with production processes [177]. - The company has implemented a strict safety production responsibility system to mitigate risks and enhance operational safety [105]. Supply Chain and Procurement - The company emphasizes optimizing its supply chain management to reduce procurement costs and enhance supply chain resilience and security [45]. - The company operates under a centralized procurement model for bulk materials, ensuring stable material supply for production operations [45]. - The company has a comprehensive procurement system and processes to manage material procurement effectively [58]. - The average procurement price of major raw materials decreased significantly compared to the previous reporting period, with A raw material averaging 40,511.15 in the first half and 26,790.10 in the second half, a drop of approximately 33.8% [66]. - The company is actively optimizing procurement methods in response to upstream raw material market competition and overall economic challenges [66]. - The direct materials cost as a percentage of total costs decreased significantly from 69.06% in 2022 to 51.45% in 2023 [125]. - The company plans to optimize procurement channels and strengthen cost control to mitigate the impact of raw material price volatility [174]. Future Outlook - The company plans to complete the 10,000 tons/year precision glyphosate project at Jingzhou Sancaitang and implement the southern district project in 2024 [171]. - The company aims to strengthen marketing efforts, enhance cooperation with major clients, and expand market share [173]. - The company is actively expanding its product offerings and market presence, with significant growth potential in South America [94]. - The company aims to strengthen its international market presence while developing a diverse range of product formulations for the domestic market [194]. - In 2024, the company plans to secure funding through various channels, including bank loans, to support its ongoing development [199].

- 企业负责人: 主管会计工作的负责人 会计机构负责。 | 附件一 | | | --- | --- | | o | | | 利尔化学股份有限公司 | 名称: | 2023年度非经营性资金占用及其他关联资金往来情况汇总表 单位:万元 | 非经营性资金占用 | 与用方 | 占用方与上市公司 | 上市公司核算的会 | 2023年期初占用资金 | 2023年度占用累计发 | | 2023年度占用资金的 2023年度偿还累计发 2023年期末占用资金 | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | | 的关联关系 | 计科目 | 余额 | 生金額(不含利 E) | 利息(如有) | 生金额 | 余额 | 占用形成原因 | 占用性质 | | 控股股东、实际控制人及 | | | | | | | | | | 非经营住占用 | | 女用国安求 【即属企业】【 | Food 4 | | | | | | | | | 非经营任占用 | | | | | | | | | | | | 非经营任占用 | | 小计 | - | - ...