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 | - | - ...

证券代码：002258 股票简称：利尔化学 公告编号：2023-010 利尔化学股份有限公司 关于会计政策变更的公告 本公司董事会及全体董事保证本公告内容不存在任何虚假 记载、误导性陈述或者重大遗漏，并对其内容的真实性、准确性 和完整性承担个别及连带责任。 重要内容提示： 1、根据财政部发布的《企业会计准则解释第 16号》对原会计政 策相关内容进行变更。 2、本次会计政策变更对公司财务状况、经营成果和现金流量不 会产生重大影响，不存在损害公司及股东利益的情况。 利尔化学股份有限公司（以下简称"公司"）根据中华人民共和国 财政部（以下简称"财政部"）颁布的《企业会计准则解释第16号》（财 会〔2022〕31号）的相关要求，对会计政策进行变更。本次会计政策 变更事项是根据财政部相关规定和要求进行的政策变更，符合《企业 会计准则》及相关法律法规的规定，不属于公司自主变更会计政策的 情形。现将具体事项公告如下： 一、本次会计政策变更概述 1、会计政策变更的原因 2022年11月30日，财政部发布了《企业会计准则解释第16号》 （财会〔2022〕31号，以下简称"解释16号"），解释16号"关于单项 交易产生的资产和负 ...

利尔化学股份有限公司 2023 年度独立董事述职报告 作为利尔化学股份有限公司（以下简称"公司"）的独立董事，报告期内，本 人严格按照《公司法》、《证券法》等有关法律、法规及规范性文件的要求及公司 《章程》、《独立董事工作制度》等有关规定，诚信、勤勉、独立地履行职责，积 极关注公司的经营业务及发展情况，切实维护公司整体利益以及全体股东特别是 中小股东的合法权益，现将本人 2023 年度履职情况简要汇报如下： 一、参加会议情况 2023 年度，公司共计召开 1 次股东大会，8 次董事会，出席会议具体情况 如下： | | 列席股东大会次数 | | | | | | --- | --- | --- | --- | --- | --- | | 姓名 马毅 | 本报告期应参加 董事会次数 8 0 | 现场出席次数 1 | 以通讯方式参加次数 7 | 委托出席次数 0 | 缺席次数 0 | 本人对本年度提交董事会和股东大会的各项议案均进行了研究了解并认真 审议，与公司经营管理层保持了充分沟通，也积极参与讨论并提出自己的意见， 同时，审慎进行表决。本人对董事会各项议案及其他事项在认真审阅的基础上均 表示赞成，无提出异议、反对 ...

专项说明 利尔化学股份有限公司 2023 年度 非经营性资金占用及其他关联资金往来的 | 索引 页码 | | --- | | 专项说明 1-2 | | 非经营性资金占用及其他关联资金往来情况汇总表 | 信永中和会计师事务所 北京市东城区朝阳门北大街 册之用 -- 8 号宣华大厦 A 座 9 后 ShineWi /F Block A Fir Hua Mansi 关于利尔化学股份有限公司 2023 年度非经营性资金占用及其他关联资金往来的专项说明 XYZH/2024CDAA6F0003 利尔化学股份有限公司 利尔化学股份有限公司全体股东: 我们按照中国注册会计师审计准则审计了利尔化学股份有限公司(以下简称利尔化 学公司)2023年度财务报表,包括 2023年12月31日的合并及母公司资产负债表、2023 年度的合并及母公司利润表、合并及母公司现金流量表、合并及母公司股东权益变动表 以及相关财务报表附注,并于 2024年 3 月 21 日出具了 XYZH/2024CDAA6B0007 号无 保留意见的审计报告。 根据中国证券监督管理委员会《上市公司监管指引第 8 号 -- 上市公司资金往来、 对外担保的监管要求》( ...

2023 年，利尔化学股份有限公司（以下简称"公司"）监事会依照《公司法》、《证 券法》、《公司章程》及《公司监事会议事规则》等有关法律法规及公司相关制度的 规定，恪尽职守、勤勉尽责的履行各项职责，本着对公司和全体股东负责的原则，通 过列席公司董事会、股东大会，直接听取公司各项工作报告与财务报告，与公司高级 管理人员进行沟通、查阅相关资料等方式，切实维护公司和全体股东的合法权益，监 事会也对公司生产经营、财务状况、关联交易、内部控制制度的建立与执行情况及董 事、高级管理人员履职情况等进行了全面监督，保证了公司的规范运作、健康发展。 现将 2023 年度监事会主要工作情况报告如下： 一、报告期内监事会的工作情况 报告期内，公司监事会共召开了 5 次会议，会议的情况如下： 1、2023 年 2 月 28 日，公司以现场会议方式召开了第六届监事会第三次会议， 审议通过了《公司 2022 年度监事会工作报告》、《公司 2022 年度财务决算报告》、 《公司 2022 年度内部控制自我评价报告》、《公司 2022 年度分配预案》、《公司 2022 年年度报告正文及其摘要》、《关于聘任 2023 年度审计机构的议案》，本 ...

第六届董事会第十四次会议决议公告 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。 证券代码：002258 股票简称：利尔化学 公告编号：2024-003 利尔化学股份有限公司 2024 年 3 月 21 日，利尔化学股份有限公司（以下简称"公司"或 "利 尔化学"）第六届董事会第十四次会议在四川成都公司会议室以现场方 式召开，会议通知及资料于 2024 年 3 月 11 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，公司监事及部分高 管列席了会议。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，经过与会董事认真审议，形成如下决议： 一、会议以 9 票同意，0 票弃权，0 票反对的结果，审议通过了《公 司 2023 年度总经理工作报告》。 司 2023 年度分配预案》。 经信永中和会计师事务所（特殊普通合伙）审计，2023 年度实现归 属于上市公司股东的净利润 603,888,241.89 元，其中：母公司实现净 利 润 298,003,441.18 元 ， 按 公 司 章 程 规 定 提 取 法 定 盈 余 ...

股票简称：利尔化学 股票代码：002258 公告编号：2024-006 利尔化学股份有限公司 关于为子公司提供担保的公告 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。 特别提示：公司本次拟提供担保的对象均为本公司合并报表范围 内的控股子公司。公司及控股子公司累计经审批的对外担保金额合计 已超过上市公司最近一期经审计（2023 年度）净资产的 50%，超过 最近一期经审计（2023 年度）总资产的 30%。敬请投资者充分关注 担保风险。 一、对外担保情况概述 为支持子公司项目建设和经营发展，结合各子公司项目安排和年 度经营资金需求，2024 年 3 月 21 日，利尔化学股份有限公司（以下 简称"公司"或"利尔化学"）第六届董事会第十四次会议审议通过了《关 于为子公司提供担保的议案》，公司拟就全资子公司广安利尔化学有 限公司（以下简称"广安利尔"）、广安绿源循环科技有限公司（以下简 称"广安绿源"）、四川福尔森国际贸易有限公司（以下简称"四川福尔 森"）及控股子公司荆州三才堂化工科技有限公司（以下简称"荆州三 才堂"） 、四川利尔作物科学有限公司（以下简称"利 ...