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]

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].

2024 业绩符合市场预期 公司公布2024 年业绩：收入73.1 亿元，同比下降6.9%；归母净利润2.2亿元，同比下降64.3%，对应每 股盈利0.27 元，与业绩快报一致、符合市场预期。其中4Q24 公司实现收入21.2 亿元，同比增长 15.1%，归母净利润0.83 亿元，同比增长89.9%。 发展趋势 草铵膦价格持续向下，精草铵膦或是未来竞争关键。由于河北诚信等新增产能增加，草铵膦价格持续下 跌并创出历史新低。2024 年草铵膦均价5.43万元/吨，较2023 年同比下跌34%。1Q25（至3.26）均价约 4.59 万元/吨，同比-24.3%，环比-6.6%。向前看，由于精草铵膦更高效的除草效果，以及潜在的降本空 间，未来或是行业竞争关键。截至2024 年末，美国审批通过巴斯夫及三井化学精草铵膦原药登记，我 们看好未来潜在市场需求增量。 拟并购山东汇盟，强化精草铵膦及杀菌剂竞争力。公司近期公告，已与山东汇盟及其主要股东初步沟 通，拟收购山东汇盟控股权。山东汇盟拥有山东、安徽、黑龙江三大生产基地，其定向催化合成2,3-二 氯-5-三氟甲基吡啶（DCTF）技术、生物法生产L-高丝氨酸及精草铵膦技术均处 ...