证券代码：002258 股票简称：利尔化学 公告编号：2025-003 利尔化学股份有限公司 关于筹划对外投资事项的提示性公告 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： 1、利尔化学股份有限公司（以下简称"公司"）本次拟对外投资事 项目前尚未正式签署任何交易协议，尚处于筹划阶段，最终的投资金额 和股权比例尚未确定，具体的投资方案仍需进一步研究论证和沟通协商。 2、根据初步测算，本次拟对外投资事项预计不会达到《上市公司 重大资产重组管理办法》规定的重大资产重组条件，不构成重大资产重 组；本次对外投资事项亦不构成关联交易。 3、公司将根据本次拟投资事项的后续进展，在具体合作事宜明确 后，按照中国证监会、深圳证券交易所相关规定以及公司内部相关制度 及时履行相应决策程序和信息披露义务。 4、公司本次拟对外投资事项能否最终完成存在不确定性，请广大 投资者注意投资风险。 4、企业类型：股份有限公司（非上市、自然人投资或控股） 5、注册资本：10519.6667 万人民币 一、本次筹划事项概述 根据公司发展战略规划，为拓展产业链，进一步提升公司竞争力， 1 ...

2025 年 03 月 16 日 行业研究 评级：推荐(维持) 研究所： 证券分析师： 李永磊 S0350521080004 liyl03@ghzq.com.cn 证券分析师： 董伯骏 S0350521080009 dongbj@ghzq.com.cn 联系人 ： 仲逸涵 S0350123070022 zhongyh@ghzq.com.cn [Table_Title] 欧美 MDI 厂商发布涨价函，关注铬盐在军工领 域的应用 ——基础化工行业周报 最近一年走势 | 行业相对表现 | | | 2025/03/14 | | --- | --- | --- | --- | | 表现 | 1M | 3M | 12M | | 基础化工 | 4.1% | 0.5% | 9.7% | | 沪深 300 | 1.7% | 1.9% | 12.5% | 相关报告 《基础化工行业周报：振华股份铬盐价格上涨，中 策橡胶 IPO 过会（推荐）*基础化工*李永磊，董伯 骏》——2025-02-16 《基础化工行业周报：轮胎原材料价格指数走低， 赛轮轮胎拟扩建柬埔寨工厂（推荐）*基础化工*李 永磊，董伯骏》——2025-01-12 《基 ...

Financial Performance - Total revenue for 2024 was 731,088.17 million, a decrease of 6.87% compared to the previous year[4] - Operating profit fell to 35,251.15 million, down 60.00% year-on-year[4] - Net profit attributable to shareholders decreased by 64.34% to 21,533.68 million[4] - Basic earnings per share dropped to 0.2690, a decline of 64.34% from 0.7544[4] - The performance results are consistent with the previously disclosed earnings forecast[7] Assets and Equity - Total assets increased by 5.53% to 1,564,847.76 million[5] - Shareholders' equity rose by 3.12% to 772,658.79 million[5] - The company’s net assets per share increased to 9.6530, up 3.12% from the previous period[5] Market Conditions - The company faced intense market competition, leading to a decline in sales prices[6] Internal Review - The internal audit department has reviewed the preliminary financial data[3]

Financial Performance Forecast - The company expects a net profit attributable to shareholders of 190 million yuan for 2024, a decrease of 68.54% compared to the previous year's profit of 600 million yuan [2]. - The net profit after deducting non-recurring gains and losses is projected to be 180 million yuan, down 69.85% from 600 million yuan in the same period last year [2]. - Basic earnings per share are estimated to be between 0.2374 yuan and 0.2748 yuan, compared to 0.7544 yuan per share in the previous year [2]. Market Competition - The company faces intense market competition for its core products, leading to a significant decline in sales prices despite an increase in production and sales volume [5]. Reporting and Data Disclosure - The performance forecast is based on preliminary calculations by the finance department, with detailed data to be disclosed in the 2024 annual report [6].

Group 1: Market Overview - The current pesticide market demand is stable, with inventory levels returning to normal after previous years [2] - Industry capacity has increased significantly compared to previous years, but market concentration has improved, with leading companies gradually expanding their market share [2] Group 2: Product Insights - The company is optimistic about the market potential for precision glyphosate, expecting continued growth in demand due to product registrations, market promotion, and production technology improvements [2][3] - The company is actively advancing the registration and market layout of precision glyphosate in multiple overseas countries [2][3] Group 3: Future Growth and Development Plans - The company plans to fully promote the precision glyphosate project and implement a series of new product sales according to its strategic plan [3] - Continuous technical improvements will be made to existing products to enhance competitiveness, alongside efforts to expand market demand and accelerate new product development [3] Group 4: External Factors and Strategic Responses - The company's raw material products are not included in the list of items subject to additional tariffs by the U.S. [3] - The company is preparing to explore new markets, accelerate new product development, and strengthen cooperation with peers in response to external challenges [3] Group 5: Corporate Governance and Management - The company is considering an incentive plan, but it is still under discussion and has not been finalized [3] - The company is attentive to the recent guidelines issued by the State-owned Assets Supervision and Administration Commission regarding market value management and will actively communicate with its controlling shareholders [3]

Market Trends and Product Development - The company is optimistic about the market potential of glufosinate-ammonium (精草铵膦) and expects market demand to continue growing [2] - The company is actively promoting the registration and market layout of glufosinate-ammonium in multiple overseas countries [2] - The 20,000 tons/year enzymatic glufosinate-ammonium project in Jinshi, Hunan has been put into production and is operating normally [2] - The company will focus on advancing the glufosinate-ammonium project and optimizing production technologies for new projects [2] Strategic Planning and Future Growth - The company plans to continue improving existing products through technological upgrades to reduce costs and enhance competitiveness [3] - Efforts will be made to strengthen marketing, expand market demand, and accelerate the development and commercialization of new products to increase revenue sources [3] - The company is actively following up on the non-public offering plan, which is currently awaiting approval from state-owned shareholders [3] - The company is studying the possibility of introducing an incentive plan but has not yet made a decision [3] Regulatory Compliance and Market Management - The company attaches great importance to the "Guidelines for Listed Company Supervision No. 10 - Market Value Management" issued by the China Securities Regulatory Commission and is actively studying and researching it [3]

Investment Rating - The report maintains an "Accumulate" rating for the company [4]. Core Views - The company's performance in Q3 2024 was under pressure due to a significant decline in the price of glyphosate, which has dropped to historical lows [2][4]. - The company is actively advancing the construction of its refined glyphosate production capacity, with several projects underway [3][4]. Summary by Sections Financial Performance - For the first three quarters of 2024, the company achieved revenue of 5.188 billion yuan, a year-on-year decrease of 13.62%, and a net profit attributable to shareholders of 132 million yuan, down 76.44% year-on-year [1]. - In Q3 2024, the company reported revenue of 1.859 billion yuan, an increase of 20.91% year-on-year but a decrease of 4.13% quarter-on-quarter; the net profit attributable to shareholders was 39 million yuan, down 51.42% year-on-year and 13.47% quarter-on-quarter [1][2]. Market Conditions - The average market price of glyphosate in China was 56,000 yuan per ton in 2023, a year-on-year decline of 36.5%, and it further decreased to 50,000 yuan per ton by November 4, 2024, down 28.6% from the beginning of the year [2]. - The company's gross margin for the first three quarters of 2024 was 16.3%, a decrease of 8.6 percentage points year-on-year [2]. Production Capacity and Strategy - The company operates seven production bases and is the largest producer of chlorinated pyridine pesticides and glyphosate in China [3]. - As of June 2024, the company's subsidiary had a refined glyphosate project with an annual capacity of 20,000 tons that was operating normally, while another project with a capacity of 10,000 tons was still under construction [3]. - The company has initiated registration and market layout for refined glyphosate in multiple countries, completing registration in five countries [3]. Profit Forecast and Valuation - Due to the continued low prices of glyphosate, the profit forecasts for 2024-2026 have been revised downwards, with expected net profits of 190 million yuan (down 74.0%), 324 million yuan (down 60.5%), and 437 million yuan (down 53.8%) respectively [4].

Financial Performance - The company's revenue for Q3 2024 reached ¥1,858,635,991.56, representing a 20.91% increase compared to the same period last year[3]. - Net profit attributable to shareholders decreased by 51.42% to ¥38,993,655.82, while net profit after deducting non-recurring gains and losses fell by 48.66% to ¥37,329,105.07[3]. - Total operating revenue for Q3 2024 was CNY 5,188,164,330.49, a decrease of 13.6% compared to CNY 6,006,422,528.32 in the same period last year[14]. - Net profit for Q3 2024 was CNY 178,035,524.15, a significant decline of 74.8% from CNY 707,628,843.99 in Q3 2023[14]. - Earnings per share for Q3 2024 were CNY 0.1648, compared to CNY 0.6996 in the same quarter last year, indicating a decrease of 76.5%[15]. - The total comprehensive income for Q3 2024 was CNY 178,035,524.15, a decrease of 74.8% from CNY 707,628,843.99 in Q3 2023[15]. Cash Flow and Investments - The operating cash flow for the year-to-date period was negative at ¥-287,159,432.38, a decline of 184.97% compared to the previous year[3]. - Total cash inflow from operating activities is 4,697,793,364.07 CNY, down from 5,411,482,156.62 CNY in the previous period, indicating a decline in revenue generation[16]. - Cash outflow for investment activities amounts to 951,547,859.78 CNY, compared to 1,679,310,088.74 CNY in the previous period, showing a decrease in capital expenditures[17]. - Net cash flow from financing activities is 714,074,530.91 CNY, down from 933,970,558.58 CNY in the previous period, indicating a reduction in financing activities[17]. - Cash inflow from borrowing is 1,385,700,000.00 CNY, down from 1,802,820,000.00 CNY in the previous period, reflecting a decrease in new debt issuance[17]. - Cash outflow for dividend payments is 76,464,319.34 CNY, significantly lower than 455,781,667.85 CNY in the previous period, indicating a reduction in shareholder returns[17]. Assets and Liabilities - Total assets increased by 3.12% to ¥15,291,587,852.65, while equity attributable to shareholders rose by 2.00% to ¥7,642,145,459.73[3]. - The company's total liabilities increased to CNY 6,372,029,921.40 from CNY 6,081,157,425.93, marking a rise of 4.8%[14]. - Non-current liabilities rose to CNY 2,673,075,455.45, up from CNY 2,465,602,993.71, reflecting an increase of 8.4%[14]. - Short-term borrowings increased significantly to ¥400,138,120.85 from ¥240,110,291.67, an increase of about 66.7%[11]. Shareholder Information - The total number of common shareholders at the end of the reporting period is 51,547[7]. - The largest shareholder, Sichuan Jiuyuan Investment Holding Group Co., Ltd., holds 23.78% of shares, totaling 190,376,009 shares[7]. Operational Costs and Expenses - Total operating costs for Q3 2024 were CNY 5,001,977,331.98, down from CNY 5,180,599,626.07, reflecting a reduction of 3.5%[14]. - Research and development expenses for Q3 2024 were CNY 193,265,163.76, down 20.8% from CNY 243,696,434.27 in the previous year[14]. - The financial expenses surged by 799.13% to ¥4,288.97, primarily due to increased interest expenses and reduced exchange gains[6]. Changes in Assets - Accounts receivable increased to ¥1,642,676,441.53 from ¥1,441,149,078.71, representing an increase of about 14%[11]. - Inventory rose to ¥1,712,278,001.77 from ¥1,624,608,978.45, an increase of approximately 5.4%[11]. - The total non-current assets increased to ¥9,975,026,844.26 from ¥9,663,268,129.08, a rise of approximately 3.2%[11]. Miscellaneous - The company has not disclosed any new product or technology developments in the current report[8]. - There are no significant changes in the top ten shareholders due to margin trading activities[8]. - Non-recurring gains and losses totaled ¥1,664,550.75 for the current period, down from ¥14,699,327.90 year-to-date[4]. - The weighted average return on net assets decreased to 0.51%, down 0.58% from the previous year[3].

Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected stock price increase of over 15% relative to the industry index within the next six months [13]. Core Views - The company's performance is under short-term pressure due to a significant decline in the price of its core product, glyphosate, which has dropped by 16.92% from 65,000 yuan/ton to 54,000 yuan/ton, and the price of refined glyphosate has decreased by 20.95% from 105,000 yuan/ton to 83,000 yuan/ton [2][5]. - Despite the current challenges, there is optimism regarding the company's strategic positioning in refined glyphosate and the potential for recovery in profitability as market conditions improve [5]. Financial Summary - The company's revenue for 2022 was 10,136 million yuan, which is projected to decline to 6,413 million yuan in 2024, representing a year-on-year decrease of 18.3% [1][6]. - The net profit attributable to the parent company is expected to fall from 1,813 million yuan in 2022 to 252 million yuan in 2024, reflecting a year-on-year decline of 58.2% [1][6]. - The company's return on equity (ROE) is projected to decrease from 24.2% in 2022 to 3.2% in 2024 [1][8]. - The earnings per share (EPS) is expected to drop from 2.26 yuan in 2022 to 0.32 yuan in 2024 [1][8]. Industry Context - The agricultural protection industry is experiencing intensified competition, leading to a temporary decline in product prices. However, there is potential for growth in demand as global food needs increase [5]. - The report suggests that the inventory digestion phase in the agricultural protection industry is nearing completion, and low-end production capacity is expected to be gradually eliminated due to fierce market competition [5].

Investment Rating - The report maintains a "Strong Buy" rating for Lier Chemical [2][11] Core Views - Lier Chemical reported a significant decline in revenue and profit for the first half of 2024, with revenue at 3.33 billion yuan, down 25.50% year-on-year, and net profit at 93 million yuan, down 80.63% year-on-year [2] - The core pesticide product prices have dropped significantly due to oversupply and intense market competition, leading to a 38.95% decline in revenue from the pesticide raw materials segment and a 17.64% decline in the pesticide formulation segment [2] - The industry is currently at the bottom of the cycle, with expectations for a recovery as inventory levels decrease and market demand gradually releases [2] - Lier Chemical is actively advancing its projects in the enzyme-based glyphosate sector, with a 20,000 tons/year project completed in 2023 and ongoing projects in multiple countries [2] - Future sales of glyphosate products are expected to increase as the company expands its market presence and production capacity [2] Financial Forecasts - The report adjusts the profit forecasts for Lier Chemical for 2024 to 2026, predicting net profits of 264 million yuan, 408 million yuan, and 612 million yuan respectively, with corresponding EPS of 0.33 yuan, 0.51 yuan, and 0.76 yuan [2][3] - The current price-to-earnings (P/E) ratios are projected to be 22, 14, and 9 times for the years 2024, 2025, and 2026 respectively [2][3]