Core Viewpoint - In 2024, Lier Chemical reported a decline in revenue and net profit, primarily due to the continuous drop in the price of glyphosate, which has significantly impacted the company's financial performance [1][2][3] Financial Performance - In 2024, the company achieved operating revenue of 7.311 billion yuan, a year-on-year decrease of 6.9% [1] - The net profit attributable to shareholders was 215 million yuan, down 64.3% year-on-year, while the net profit after deducting non-recurring gains and losses was 201 million yuan, a decline of 66.4% [1] - The gross profit margin was 16.1%, down 7.3 percentage points year-on-year, and the net profit margin was 4.1%, down 5.7 percentage points year-on-year [1] - The return on equity (ROE) was 2.8%, a decrease of 5.5 percentage points year-on-year [1] - In Q4 2024, the company reported a revenue of 2.12 billion yuan, an increase of 15.1% year-on-year, and a net profit of 83 million yuan, up 89.9% year-on-year [1][2] Product Segment Performance - The pesticide raw materials segment generated revenue of 4.101 billion yuan, down 14.5% year-on-year, despite a sales volume increase of 7.7% [2] - The pesticide formulation segment saw revenue of 1.5 billion yuan, a decrease of 9.4% year-on-year, with a sales volume increase of 16.1% [2] - The pesticide intermediates segment experienced a revenue increase of 42.5% year-on-year, reaching 779 million yuan, driven by changes in the weight of different priced intermediates [2] Market Conditions - The pesticide industry did not show significant recovery in 2024, with intense market competition and most pesticide product prices remaining at low levels [3] - The average price of glyphosate in 2024 was 54,000 yuan per ton, a decrease of 34% year-on-year, continuing a downward trend since 2021 [3] Cost Management and Project Development - The company has optimized existing product processes to reduce costs and enhance efficiency, improving the competitiveness of older products [4] - The company is actively advancing the construction of a 10,000-ton/year glyphosate project and has completed registration for glyphosate formulations in eight countries [4] Shareholder Returns - The company plans to distribute a cash dividend of 2 yuan per 10 shares, totaling approximately 160 million yuan, which represents 74.34% of the net profit attributable to shareholders [5] - This move is aimed at enhancing shareholder returns and improving the company's competitive position in the industry [5] Future Outlook - Revenue forecasts for 2025, 2026, and 2027 are projected at 7.349 billion, 8.110 billion, and 8.755 billion yuan, respectively, with net profits of 420 million, 567 million, and 738 million yuan [6]

Financial Performance - The company expects a net profit attributable to shareholders of 145 million to 155 million yuan, representing a year-on-year increase of 203.08% to 223.98% compared to 47.84 million yuan in the same period last year[2] - The net profit after deducting non-recurring gains and losses is projected to be 143 million to 153 million yuan, reflecting a year-on-year growth of 281.41% to 308.09% from 37.49 million yuan last year[2] - Basic earnings per share are estimated to be between 0.1812 yuan and 0.1936 yuan, compared to 0.0598 yuan per share in the same period last year[2] Sales Performance - The increase in performance is attributed to the rise in sales volume and prices of certain products during the reporting period[5]

Investment Rating - The report maintains a "Buy" rating for the company [3][5]. Core Views - The company experienced short-term pressure on earnings, with a 2024 total revenue of RMB 7.31 billion, a decrease of 6.87% year-on-year, and a net profit attributable to shareholders of RMB 215 million, down 64.34% year-on-year. However, the fourth quarter showed a revenue increase of 15.10% year-on-year to RMB 2.12 billion and a net profit increase of 89.94% year-on-year to RMB 83 million [3][8]. - The company is expected to maintain its leading position in the industry of glyphosate and precision glyphosate, supported by scale effects and technological advantages, which will bolster future growth [3][5]. Financial Summary - The company’s revenue for 2024 is projected at RMB 7.31 billion, with a growth rate of -6.9%. The EBITDA is expected to be RMB 1.13 billion, and the net profit attributable to shareholders is forecasted to be RMB 215 million, reflecting a significant decline of 64.3% [7][11]. - The earnings per share (EPS) for 2025 is estimated at RMB 0.42, with corresponding price-to-earnings (PE) ratios of 21.2 times, 15.3 times, and 11.1 times for 2025, 2026, and 2027 respectively [5][11]. - The company plans to distribute a cash dividend of RMB 2 per 10 shares for 2024, resulting in a payout ratio of 74.34% [3][8]. Industry Context - The agricultural chemical industry is expected to remain under pressure in 2024, with glyphosate prices continuing to decline. The average price of glyphosate in 2024 is projected to be RMB 54,278 per ton, down 33.26% from 2023 [8]. - The domestic effective production capacity of glyphosate increased by 33.63% year-on-year to 151,000 tons in 2024, with an average operating rate of 62.86%, a slight decrease from the previous year [8].

Investment Rating - The report maintains an "Accumulate" rating for the company [6]. Core Views - The company's performance in 2024 was under pressure due to a significant decline in the price of glyphosate, resulting in a year-on-year revenue decrease of 6.87% to 7.311 billion yuan and a net profit drop of 64.34% to 215 million yuan [1][2]. - Despite the challenges, the company is steadily advancing its capacity construction and optimizing production processes, which is expected to enhance competitiveness [3]. - The report projects an increase in net profit for 2025-2027, with estimates of 460 million yuan for 2025, 506 million yuan for 2026, and 668 million yuan for 2027, reflecting a significant upward revision in profit forecasts [3]. Summary by Sections Financial Performance - In 2024, the company achieved operating revenue of 7.311 billion yuan, down 6.87% year-on-year, and a net profit of 215 million yuan, down 64.34% year-on-year. The fourth quarter showed improvement with revenue of 2.123 billion yuan, up 15.10% year-on-year, and net profit of 83 million yuan, up 89.94% year-on-year [1][2]. - The revenue from pesticide raw materials was 4.101 billion yuan, down 14.45%, while pesticide formulations generated 1.500 billion yuan, down 9.42%. However, pesticide intermediates saw a revenue increase of 42.49% to 779 million yuan [2]. Capacity and Production - As of the end of 2024, the company had a raw material capacity of 86,320 tons per year with a utilization rate of 94.40%, and a formulation capacity of 81,200 tons per year with a utilization rate of 85.95% [2]. - The company is actively expanding its production capacity for refined glyphosate and optimizing production processes to reduce costs and improve efficiency [3]. Market Outlook - The average market price of glyphosate in China was 54,300 yuan per ton in 2024, a decrease of 34.2% year-on-year, and further declined to 45,500 yuan per ton by March 28, 2025 [2]. - The report indicates that the decline in glyphosate prices has slowed, leading to an upward revision of profit forecasts for 2025-2027 [3].

Core Viewpoint - Lier Chemical's 2024 annual report shows disappointing performance, with revenue and net profit falling significantly below analyst expectations [1][2] Financial Performance - Total revenue for 2024 reached 7.311 billion yuan, a year-on-year decrease of 6.88% [2] - Net profit attributable to shareholders was 215 million yuan, down 64.34% year-on-year, compared to analyst expectations of approximately 237 million yuan [2] - Gross margin was 16.06%, a decline of 31.18%, marking the lowest level in 20 years [2] - Net margin stood at 4.08%, down 58.23% year-on-year [2] - Total operating cash flow per share was 0.39 yuan, a decrease of 66.7% [2] Market Conditions - The decline in performance is attributed to intensified competition in the core product, glyphosate, leading to price drops and reduced gross margins [3] - Despite an increase in pesticide raw material sales, the significant drop in sales prices has negatively impacted overall performance [3] Acquisition Plans - Lier Chemical aims to enhance its competitive edge through the acquisition of Shandong Huimeng, focusing on industry chain integration [4] - However, uncertainties surround the acquisition due to Shandong Huimeng's ongoing environmental assessments and governance issues [4][5] - Legal disputes involving Shandong Huimeng's actual controller may hinder the acquisition process [4][5] Financing Activity - On March 28, Lier Chemical recorded a net repayment of 6.9938 million yuan in financing, the highest net repayment since December 2, 2024 [6] - The company also experienced a net repayment of 43,200 shares in securities lending over the past five trading days [6]

Core Points - The company, Lier Chemical Co., Ltd., announced the holding of a 2024 annual performance briefing to provide investors with a deeper understanding of its 2024 annual report [1][2] - The briefing will be conducted online, allowing investors to participate via the Shenzhen Stock Exchange's "Interactive Easy" platform [1] - Key personnel attending the briefing include the Chairman, independent director, Deputy General Manager, and Chief Financial Officer [1] - The company is soliciting questions from investors in advance to enhance the relevance of the discussion during the briefing [1][2] - Investors are encouraged to submit their questions within five trading days prior to the event [2]

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2025年3月28日 在巨潮资讯网（www.cninfo.com.cn）上披露了《2024年年度报告》。 为使投资者更深入、全面地了解公司2024年度报告的内容，公司拟于 2025年4月9日（星期三）15:00-17:00举行2024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。） 证券代码：002258 证券简称：利尔化学 公告编号：2025-013 利尔化学股份有限公司 关于举行 2024 年度业绩说明会的公告 2025 年 4 月 1 日 为充分尊重投资者、提升交流的针对性，现就公司2024年度业绩 说明会提前向投资者公开征集问 ...

Investment Rating - The report assigns a "Buy" investment rating for the company, marking its first coverage [8]. Core Insights - The company has experienced a year-on-year increase in the production and sales volume of pesticide intermediates, despite a decline in revenue due to falling prices of its main products [4][3]. - The company plans to enhance its research and development efforts, with a focus on building a Shanghai R&D center and improving collaboration with the Chengdu center [5]. - The company aims to become a global leader in pesticides and fine chemicals, with several key projects expected to be completed and operational in 2025 [6]. Financial Performance - In 2024, the company reported total revenue of 7.311 billion yuan, a decrease of 6.88% year-on-year, and a net profit attributable to shareholders of 215 million yuan, down 64.34% year-on-year [3][10]. - The company’s production volume for pesticide and intermediates reached 151,600 tons in 2024, representing a year-on-year increase of 24.59%, while sales volume was 149,000 tons, up 23.94% year-on-year [4]. - The financial expense ratio increased due to rising interest expenses, with the company planning to increase effective R&D investment in the coming years [5]. Earnings Forecast - The forecast for net profit attributable to shareholders for 2025, 2026, and 2027 is 455 million yuan, 571 million yuan, and 703 million yuan respectively, with corresponding price-to-earnings ratios of 15.7, 12.5, and 10.2 [8][10].

Core Viewpoint - Li'er Chemical (002258) has shown a decline in revenue and net profit for 2024, but the production and sales of pesticide intermediates have increased significantly, leading to a positive outlook for future growth [2][3][6]. Financial Performance - In 2024, the company achieved total revenue of 7.311 billion yuan, a decrease of 6.88% year-on-year, and a net profit attributable to shareholders of 215 million yuan, down 64.34% year-on-year [2]. - For Q4 2024, the company reported revenue of 2.123 billion yuan, an increase of 15.10% year-on-year and 14.21% quarter-on-quarter, with a net profit of 83 million yuan, up 89.94% year-on-year and 113.98% quarter-on-quarter [2]. Production and Sales Growth - The production of pesticide and intermediate products reached 151,600 tons in 2024, a year-on-year increase of 24.59%, while sales volume was 149,000 tons, up 23.94% year-on-year [3]. Cost and Expenses - The financial expense ratio increased due to rising interest expenses, with sales, management, financial, and R&D expense ratios changing by +0.38, -0.78, +0.23, and -0.23 percentage points respectively [4]. Future Plans - The company plans to continue advancing key projects in 2025, aiming to establish itself as a leading global player in pesticides and fine chemicals. Key projects include the Jingzhou base and the second phase of the Bide Biochemical project [5]. - The company emphasizes high-quality development and aims to enhance product quality while reducing production costs [5]. Profit Forecast - The company forecasts net profits of 455 million yuan, 571 million yuan, and 703 million yuan for 2025, 2026, and 2027 respectively, with corresponding price-to-earnings ratios of 15.7, 12.5, and 10.2 times [6].

Investment Rating - The report maintains a "Strong Buy" rating for Lier Chemical [2][4] Core Views - Lier Chemical's performance is under short-term pressure, with a significant decline in revenue and profit due to falling prices of core pesticide products. The company reported a revenue of 7.311 billion yuan in 2024, down 6.87% year-on-year, and a net profit of 215 million yuan, down 64.34% year-on-year [3] - The industry is currently at the bottom of the cycle, with expectations for a recovery in the future as excess capacity is optimized and weaker competitors exit the market. This will enhance the competitive advantage of leading companies like Lier Chemical [3][4] - The demand for glyphosate is expected to grow significantly, driven by the promotion of new genetically modified products and the ongoing industrialization of genetically modified crops in China. Lier Chemical is well-positioned in the glyphosate market and has established strategic partnerships with multinational companies [4] Financial Performance Summary - In 2024, Lier Chemical's revenue from the pesticide raw material segment decreased by 14.45% to 4.101 billion yuan, while the pesticide formulation segment saw a 9.42% decline to 1.500 billion yuan. The overall profit margin for the raw material segment fell by 9.36 percentage points to 16.90% [3] - The company forecasts net profits of 429 million yuan, 591 million yuan, and 766 million yuan for 2025, 2026, and 2027, respectively, with corresponding earnings per share (EPS) of 0.54 yuan, 0.74 yuan, and 0.96 yuan [4][6]