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]

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 materials 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 gross margin for the raw materials 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]

Core Viewpoint - Lier Chemical's 2024 annual report reveals a significant decline in revenue and profit, attributed to falling product prices, leading to a drop in stock price [1][4]. Financial Performance - In 2024, Lier Chemical reported revenue of 7.311 billion yuan, a decrease of 6.88% year-on-year, and a net profit of 215 million yuan, down 64.34% [1]. - The company's earnings have reverted to levels seen eight years ago due to a sharp decline in the prices of its main products [1]. - The sales volume of pesticides and intermediates increased to 149,000 tons, up 23.94% from 2023, with raw pesticide sales at 59,300 tons and formulated pesticide sales at 69,900 tons, reflecting growth of 7.72% and 16.14% respectively [2]. Product Pricing and Margins - The average selling prices for raw pesticides and formulated pesticides fell by 20.57% and 21.97%, respectively, leading to a revenue drop for raw pesticides to 4.101 billion yuan and a gross margin of 16.90% [5]. - Formulated pesticides generated 1.500 billion yuan in revenue with a gross margin of 16.80%, both figures down from the previous year [5]. - The only product category showing revenue growth was pesticide intermediates, which contributed 779 million yuan, a 42.49% increase, although the gross margin decreased to 18.23% [5]. Market Conditions - The global pesticide market is experiencing weakness and intensified competition, with raw material prices continuing to decline [4]. - For instance, the price of glyphosate fell from 63,000 yuan per ton at the beginning of the year to 47,000 yuan per ton by year-end, marking a decline of over 25% [4]. Strategic Moves - Lier Chemical announced plans to acquire a controlling stake in Shandong Huimeng Biotechnology to expand its industrial chain [1][7]. - Shandong Huimeng, established in May 2023, specializes in the research, production, and sales of pesticide intermediates and raw materials, and has advanced production technologies [7]. - The acquisition is still in the planning stage and has not yet been formalized with any agreements [7][8].

Core Viewpoint - The company reported a decline in revenue and net profit for 2024, with a significant drop in the agricultural pesticide market expected to recover in 2025 [1][2][3]. Financial Performance - The company achieved revenue of 7.31 billion yuan in 2024, a year-on-year decrease of 6.9% - Net profit attributable to shareholders was 220 million yuan, down 64.3%, with earnings per share at 0.27 yuan, aligning with market expectations - In Q4 2024, revenue reached 2.12 billion yuan, a year-on-year increase of 15.1%, while net profit was 83 million yuan, up 89.9% [1]. Industry Trends - The price of glyphosate continues to decline, with the average price in 2024 at 54,300 yuan per ton, a 34% decrease from 2023 - In Q1 2025, the average price is approximately 45,900 yuan per ton, reflecting a year-on-year decrease of 24.3% and a quarter-on-quarter decrease of 6.6% - The future competition may hinge on the efficiency of refined glyphosate, with potential cost reduction opportunities [1][2]. Strategic Developments - The company plans to acquire Shandong Huimeng to strengthen its position in refined glyphosate and fungicides - Shandong Huimeng has advanced technologies in DCTF and refined glyphosate production, which could enhance the company's competitive edge in the pesticide market - The global agricultural pesticide market, after a significant downturn in 2024, is expected to stabilize and grow in 2025, driven by improved weather conditions and increased planting areas in the U.S. and Brazil [2]. Profit Forecast and Valuation - The company has adjusted its 2025 net profit forecast down by 12.9% to 563 million yuan and introduced a 2026 net profit forecast of 702 million yuan - The current stock price corresponds to a P/E ratio of 13x for 2025 and 11x for 2026 - The target price is maintained at 10.0 yuan, suggesting a 9% upside potential based on the current valuation [3].

Core Viewpoint - Lier Chemical's 2024 annual performance shows a significant decline in revenue and profit, indicating ongoing challenges in the pesticide industry due to intense competition and market conditions [1][2]. Financial Performance - Revenue for 2024 was 7.311 billion yuan, a year-on-year decrease of 6.87% - Profit was 215 million yuan, down 64.34% year-on-year, marking the lowest profit level since 2017 - Gross margin was 16.06%, compared to 23.34% in the previous year [1]. Market Conditions - The pesticide industry has not shown significant recovery in 2024, with continued intense competition and most pesticide product prices remaining at low levels - Market inventory is gradually returning to normal, but overall supply exceeds demand, impacting industry development [1]. - The price for glyphosate raw materials is reported at 47,000 yuan/ton, while refined glyphosate raw materials are priced at 72,000 yuan/ton [1]. International Sales - International sales revenue for 2024 was 3.437 billion yuan, accounting for 47.01% of total revenue - This represents a decline from 6.158 billion yuan (60.76% of total revenue) in 2022 and 3.958 billion yuan (50.42% of total revenue) in 2023 [2]. Shareholder Information - The company plans to implement a profit distribution plan of "10 for 2 yuan (including tax)" for a total dividend of 160 million yuan - Shanghai Yuanhong Investment Management Co., Ltd. has become the seventh largest shareholder with 5.3327 million shares, valued at approximately 49.11 million yuan [3]. Future Outlook - The company anticipates significant adjustments in the supply structure of the industry, with opportunities arising from supply contraction and the introduction of new products - The global pesticide market is expected to show steady growth due to increasing food demand driven by population growth and the rapid development of genetically modified crops [3].

（以 下简称"本次股东大会"），现就召开本次股东大会的相关事项通知如下： 一、召开会议的基本情况 证券代码：002258 股票简称：利尔化学 公告编号：2025-011 利尔化学股份有限公司 关于召开 2024 年年度股东大会通知的公告 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"）第六届董事会第二十 次会议决定于 2025 年 4 月 18 日召开公司 2024 年年度股东大会 《中华人 民共和国证券法》 、《深圳证券交易所股票上市规则》、 《公司章程》等 法律、法规和相关规定。 现场会议时间：2025 年 4 月 18 日（星期五）14:40 网络投票时间：2025 年 4 月 18 日。其中，通过深圳证券交易所 （以下简称"深交所"）交易系统进行网络投票的具体时间为 2025 年 交所互联网投票系统投票的具体时间为 2025 年 4 月 18 日 9:15 至 -1- 合的方式。本次股东大会通过深交所交易系统和互联网投票系统 （http://wltp.cninfo.com.cn）向公司全体股东提供网络形式的投票平 ...

证券代码：002258 股票简称：利尔化学 公告编号：2025-010 利尔化学股份有限公司 关于 2024 年度利润分配预案的公告 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。 第六届董事会第二十次会议以 9 票同意、0 票反对、0 票弃权的表决结 果通过了《关于 2024 年度利润分配的议案》 ，公司第六届监事会第十二 次会议以 3 票同意、0 票反对、0 票弃权的表决结果通过了《关于 2024 年度利润分配的议案》。该项议案尚需提交公司 2024 年年度股东会审 议。现将相关事宜公告如下： 一、利润分配预案的基本情况 经中汇会计师事务所（特殊普通合伙）审计，2024 年度实现归属于 上市公司股东的净利润 215,336,804.61 元，其中：母公司实现净利润 末 实 际 可 供 股 东 分 配 的 利 润 2,430,508,107.76 元 。 资 本 公 积 为 根据中国证监会《关于进一步落实上市公司现金分红有关事项的通 知》《上市公司监管指引第 3 号—上市公司现金分红》及《公司章程》 的有关规定，鉴于公司正处于成长发展阶段，综合考虑行业特点以 ...

证券代码：002258 股票简称：利尔化学 公告编号：2025-012 利尔化学股份有限公司 第六届监事会第十二次会议决议公告 本公司及监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。 四、会议以 3 票同意，0 票反对，0 票弃权的结果，审议通过了《公 司 2024 年度分配预案》。 五、会议以 3 票同意，0 票反对，0 票弃权的结果，审议通过了《公 司 2024 年年度报告正文及其摘要》。 经审核，监事会认为董事会编制和审核利尔化学股份有限公司 2024 年年度报告的程序符合法律、行政法规和中国证监会的规定，报告内容 真实、准确、完整地反映了公司的实际情况，不存在任何虚假记载、误 导性陈述或者重大遗漏。 六、会议以 3 票同意，0 票反对，0 票弃权的结果，审议通过了《关 于聘任 2025 年度审计机构的议案》。 一、会议以 3 票同意，0 票反对，0 票弃权的结果，审议通过了《公 司 2024 年度监事会工作报告》。 《公司 2024 年度监事会工作报告》的详细内容刊登于 2025 年 3 月 28 日的巨潮资讯网。 二、会议以 3 票同意，0 票反对，0 票弃 ...

Summary of Key Points Core Viewpoint - The company plans to provide a total guarantee of up to 1.2133 billion yuan for its subsidiaries to support their project development and operational needs, with some subsidiaries having a debt-to-asset ratio exceeding 70% by the end of 2024 [1][2]. Group 1: Guarantee Overview - The company’s board approved a proposal to provide guarantees for its wholly-owned and controlling subsidiaries, including Guang'an Luyuan, Sichuan Foresun, Hubei Litai, and others [1][2]. - The total amount of guarantees proposed is capped at 1.2133 billion yuan, which will be used for bank credit applications by the subsidiaries [2]. Group 2: Subsidiary Information - Guang'an Luyuan focuses on resource recycling and chemical product sales, with a debt-to-asset ratio exceeding 70% [2][4]. - Sichuan Foresun is involved in chemical product sales and related equipment sales [5]. - Hubei Litai specializes in pesticide production and sales, along with chemical product manufacturing [6]. - Lier Crop Science engages in agricultural product sales and technology services [7]. - Lier Biotechnology is involved in the production of food additives and pharmaceuticals [8]. - Qiming Star Huachuang focuses on the production and sales of non-hazardous chemical products [9]. - Baidian Biotechnology operates in agricultural technology services and chemical product sales [10]. - Saike Chemical is engaged in the production and sales of chemical products and raw materials [11]. - Bide Biochemical specializes in chemical product production and bio-pesticide technology research [12]. Group 3: Guarantee Agreement Details - The company will sign guarantee agreements for the credit limits applied by the subsidiaries, assuming joint liability for the guarantees [10]. - The board believes that providing these guarantees aligns with regulatory requirements and supports the subsidiaries' operational growth, benefiting the overall company [10][12]. Group 4: Cumulative Guarantee Situation - As of the announcement date, the total approved guarantee amount, including this proposal, is 5.5333 billion yuan, accounting for 71.61% of the company's audited net assets as of the end of 2024 [12].