Financial Performance - Guang'an Lier's revenue for the previous year was 1.7 billion [2] - The increase in financial expenses for 2024 is primarily due to rising interest expenses [3] - The company's international sales revenue accounted for 47% of total revenue in 2024, with a portion exported to the United States [6][12] Business Operations - Core products contributing to revenue include glyphosate and propargyl fluoroacetamide, along with some intermediates [2] - The growth in pesticide intermediates and chemical materials business is driven by the completion of several base projects [3] - The company plans to enhance its product quality and reduce production costs to improve competitiveness [10] Market Outlook - The agricultural chemical industry is expected to undergo significant structural adjustments, with a focus on green development and stricter environmental regulations [5] - The global pesticide market is projected to grow steadily due to increasing food demand and the rapid development of genetically modified crops [5] - The company remains optimistic about the future of glyphosate despite current market competition [6] Strategic Initiatives - Future growth points include completing key projects on schedule, establishing international trade subsidiaries, and increasing R&D investment [4][10] - The company is actively monitoring the impact of increased tariffs on exports to the U.S. and is maintaining communication with clients [12] - Plans for potential acquisition of Shandong Huimeng are still in the planning stage, with funding expected to come from internal resources [8]

利尔化学（002258）(002258.SZ)一季度业绩暴增。 近日，利尔化学发布一季度业绩预告，2025年1—3月，公司归母净利润预计为1.45亿元—1.55亿元，同 比增长203.08%—223.98%。 近两年农药行业景气度低迷，主营草铵膦产品的利尔化学业绩承压。今年一季度，公司部分产品的销量 和价格有所上涨，驱动经营业绩回暖。 同时长江商报记者注意到，利尔化学的存货改善，2024年存货周转天数下降。 二级市场上，业绩利好释放，截至4月7日收盘，利尔化学股价报9.78元/股，当日上涨9.64%。 一季度业绩大增 此外，随着2024年农药行业库存逐渐回归正常，利尔化学的库存周转天数也相比2023年有所改善，从 2023年的99.73天降低至97.19天。 回暖趋势延续至今年。4月2日晚间，利尔化学发布一季度业绩预告，2025年1—3月，公司归母净利润预 计为1.45亿元—1.55亿元，同比增长203.08%—223.98%；扣非净利润预计为1.43亿元—1.53亿元，同比 增长281.41%—308.09%。 对于一季度业绩增长，公司表示，部分产品的销量和价格有所上涨，导致一季度经营业绩同比实现增 长。 ...

登录新浪财经APP 搜索【信披】查看更多考评等级 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。 一、股票交易异常波动的情况 利尔化学股份有限公司（以下简称"公司"、"本公司"、"利尔化学"）股票（证券简称：利尔化学；证券 代码：002258）于 2025年 4月7日连续1个交易日累计偏离超过 20%。根据《深圳证券交易所交易规 则》的相关规定，属于股票交易异常波动的情形。 二、股票交易异常波动的说明 针对公司股票交易异常波动，经向公司管理层、董事会、公司控股股东就相关问题进行了必要的核实， 公司说明如下： 1、公司前期披露的信息不存在需要重大补充、更正之处。 2、公司未发现近期公共传媒报道了可能或已经对本公司股票交易价格产生较大影响的未公开重大信 息。 3、公司近期生产经营情况正常，内外部经营环境未发生重大变化。公司已于 2025年4月4日在《中国证 券报》及巨潮资讯网（www.cninfo.com.cn）上披露了公司《2025年第一季度业绩预告》（公告编号： 2025-014），2025年第一季度，归属于上市公司股东的净利润比上年同期增长：203.08%- ...

Investment Rating - The report maintains an "Outperform" rating for the company [5][3]. Core Views - The global agricultural chemical destocking cycle is nearing its end, leading to a gradual stabilization in the company's revenue and profit levels. The company reported a revenue of 7.311 billion yuan in 2024, a decrease of 6.87% year-on-year, and a net profit of 215 million yuan, down 64.34% year-on-year. However, the company achieved a net profit of 83 million yuan in Q4 2024, marking a year-on-year increase of 89.94% and a quarter-on-quarter increase of 113.98% [1][31][32]. - The demand for refined glyphosate is rapidly growing, and the company is accelerating its overseas formulation registrations. The company has completed registrations in eight countries and reported a significant increase in exports of glyphosate derivatives [2][38]. - The company is deepening cooperation with major clients and plans to acquire equity in Shandong Huimeng, which is expected to enhance its chlorinated pyridine and glyphosate business [3][43]. Summary by Sections Financial Performance - In 2024, the company achieved a revenue of 73.11 billion yuan, a decrease of 6.87% year-on-year, and a net profit of 2.15 billion yuan, down 64.34% year-on-year. The basic earnings per share were 0.27 yuan. The gross profit margin was 16.06%, down 7.28 percentage points year-on-year, and the net profit margin was 4.08%, down 5.69 percentage points year-on-year [31][32]. - The company expects net profits for Q1 2025 to be between 145 million and 155 million yuan, representing a year-on-year increase of 203.08% to 223.98% [32]. Market Dynamics - The agricultural chemical industry is transitioning from a destocking phase to a period of overcapacity, with many agricultural products experiencing price declines. The company is positioned to benefit as the destocking cycle concludes [21][23]. - The refined glyphosate market is expanding, with the company’s subsidiary achieving a net profit of 42.48 million yuan in 2024, demonstrating resilience in a challenging market [2][38]. Strategic Initiatives - The company has established a joint venture with its largest client, achieving significant revenue and profit margins that exceed the company's overall performance [3][41]. - The planned acquisition of Shandong Huimeng is expected to create synergies in the chlorinated pyridine and glyphosate supply chains, enhancing the company's competitive position [43]. Future Outlook - The company forecasts a gradual recovery in profits, with expected net profits of 4.02 billion, 5.19 billion, and 6.43 billion yuan for 2025, 2026, and 2027, respectively [3][5].

证券代码：002258 股票简称：利尔化学 公告编号：2025-015 利尔化学股份有限公司 股票交易异常波动公告 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。 一、股票交易异常波动的情况 利尔化学股份有限公司（以下简称"公司"、"本公司"、"利尔化 学"）股票（证券简称：利尔化学；证券代码：002258）于 2025 年 4 月 7 日连续 1 个交易日累计偏离超过 20%。根据《深圳证券交易 所交易规则》的相关规定，属于股票交易异常波动的情形。 二、股票交易异常波动的说明 针对公司股票交易异常波动，经向公司管理层、董事会、公司控 股股东就相关问题进行了必要的核实，公司说明如下： 1、公司前期披露的信息不存在需要重大补充、更正之处。 2、公司未发现近期公共传媒报道了可能或已经对本公司股票交 易价格产生较大影响的未公开重大信息。 3、公司近期生产经营情况正常，内外部经营环境未发生重大变 化。公司已于 2025 年 4 月 4 日在《中国证券报》及巨潮资讯网 （www.cninfo.com.cn）上披露了公司《2025 年第一季度业绩预告》 （公告编号：202 ...

★ 宏观动态 ★ 商务部：中国调查机关依法推进进口牛肉全球保障措施调查 商务部4月3日召开例行新闻发布会。商务部新闻发言人何亚东表示，应国内产业申请，商务部于2024年 12月27日对进口牛肉发起全球保障措施调查。中国调查机关严格依照中国法律和世贸组织规则开展案件 调查，进行信息披露，目前已完成发放问卷、召开听证会等调查工作。下一步，中国调查机关将依法审查 核实答卷信息和评论意见，充分考虑各利害关系方评论意见，并在规定的调查时限内，依据事实和法律做 出客观公正的裁定。 中国是否计划4月9日前与美方就关税问题谈判？外交部回应 外交部发言人郭嘉昆4月3日主持例行记者会。彭博社记者提问，关于关税的问题，发言人是否能更具体阐 述？中国是否计划在4月9日之前与美方就关税问题进行谈判？您是否认为，特朗普总统采取的最新行动是 将中国视为首要目标？中方是否认为这是中国与其他经济体，比如东盟或欧盟走近的机会？ "正如我刚才回应的。"郭嘉昆表示，"贸易战，关税战没有赢家，保护主义没有出路。现在美方需要做的 是纠正错误做法，以平等、尊重、互惠的方式，同包括中国在内的世界各国通过磋商解决经贸分歧。"郭 嘉昆表示，关于你提到的后面的问 ...

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]

基础化工 | 证券研究报告 — 调整盈利预测 2025 年 4 月 3 日 002258.SZ 买入 原评级：买入 市场价格:人民币 8.81 板块评级:强于大市 股价表现 (%) 今年 至今 1 个月 3 个月 12 个月 绝对 8.9 6.8 6.5 (4.6) 相对深圳成指 4.8 7.8 5.7 (13.4) 发行股数 (百万) 800.44 流通股 (百万) 799.15 总市值 (人民币 百万) 7,051.85 3 个月日均交易额 (人民币 百万) 81.88 主要股东持股比例（%） (29%) (19%) (9%) 0% 10% 20% Apr-24 May-24 Jun-24 Jul-24 Aug-24 Sep-24 Oct-24 Nov-24 Dec-24 Jan-25 Feb-25 Mar-25 利尔化学 深圳成指 业绩短期承压，精草铵膦产能布局推进 资料来源：公司公告， Wind ，中银证券 以 2025 年 4 月 1 日收市价为标准 中银国际证券股份有限公司 具备证券投资咨询业务资格 基础化工：农化制品 证券分析师：余嫄嫄 (8621)20328550 yuanyuan.yu@bo ...

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].