投资者关系 活动类别 ☑特定对象调研 □分析师会议 □媒体采访 □业绩说明会 □新闻发布会 □路演活动 □现场参观 □其他（ ） 活动参与人员 国信证券股份有限公司 王新航 国投瑞银基金管理有限公司 贺明之 国光股份 董事会秘书 颜铭 国光股份 证券事务代表 李超 时间 2025 年 4 月 3 日 地点 公司龙泉办公区 形式 电话会议 交流内容及具 体问答记录 问 1：公司 2024 年植物生长调节剂的销售情况？ 答：2024 年植物生长调节剂实现销售收入 8.8 亿，较去年增长 11.33%，占农药整体销售收入的 64.25%。农药类别的销售收入增长 主要靠植物生长调节剂拉动，其他农药销售收入与去年基本持平， 但销售量实现了增长。 问 2:2024 年毛利率情况表现如何，变化原因是什么？ 答：公司 2024 年综合毛利率 45.56%，同比增长 3.87 个百分点， 毛利率水平较去年有所提升。主要原因：一是去年前三季度原料价 格同比更低，二是 2024 年产品结构调整，高毛利产品销售占比增 多。 问 3：2024 年植物生长调节剂单价如何？ 答：2024 年植物生长调节剂的总体单价没有大幅调整，总体保 证 ...

Investment Rating - The industry investment rating is "Recommended" (maintained) [1] Core Viewpoints - The chemical industry is expected to enter a replenishment cycle in 2025 due to several factors, including decreasing inventory levels, bottoming out of profits, and institutional holdings reaching a low point [8][30] - The supply-demand tension in phosphate rock is likely to continue, with a potential revaluation of its value, particularly focusing on the capacity expansion of Batian Co., Ltd [4][6] - The impact of the new round of tariffs imposed by the U.S. on Chinese chemical enterprises is expected to be limited, as the U.S. still needs to import a significant amount of chemical products from China [4] Summary by Sections Market Performance - The basic chemical sector showed a performance of 0.0% over the last month, 8.4% over the last three months, and 1.2% over the last year, compared to the CSI 300 index which had performances of -0.7%, 2.3%, and 8.2% respectively [2] Investment Suggestions - Focus on companies with low-cost expansion opportunities, such as Wanhu Chemical, and those in the tire and fertilizer sectors [8] - Highlight the potential for increased demand in phosphate fertilizers and lithium iron phosphate batteries, with ongoing projects in fine phosphate chemicals [4][6] - Emphasize high dividend yield opportunities in state-owned enterprises within the chemical sector, including China Petroleum and China National Offshore Oil Corporation [10] Key Company Tracking - Batian Co., Ltd. plans to expand its phosphate rock production capacity from 900,000 tons/year to 2 million tons/year, with additional projects underway [6] - The chemical industry is expected to benefit from rising prices in sulfuric acid, acrylic acid, and synthetic ammonia, with a focus on companies like Batian Co., Ltd. and others in the phosphate sector [7][9] Price Trends - As of April 3, 2025, the price of phosphate rock was 1,038 CNY/ton, with slight fluctuations in related fertilizer prices [19] - The Brent and WTI crude oil prices were reported at 66.06 and 62.32 USD/barrel, respectively, indicating a week-on-week decrease of approximately 9.98% and 9.73% [12]

四川国光农化股份有限公司 投资者关系活动记录表 证券代码： 002749 证券简称：国光股份 四川国光农化股份有限公司投资者关系活动记录表 | 中间环节的交易成本，既保证了原药的品质和供货期，又具有成本 | | | | --- | --- | --- | | 优势。4.公司具备较强的营销优势。一方面，公司的营销网络下沉 | | | | 到县、乡一级，通过减少销售层级，公司及经销商的利润空间得到 | | | | 扩展，进一步提高了经销商销售公司产品的积极性。另一方面，公 | | | | 司对种植户进行了较为详尽的技术指导，提升了公司产品的附加 | | | | 值，从而使得公司产品保持着较高的毛利率水平。5.公司品牌影响 | | | | 力强，渠道和种植户认可度高。 | | | | 问 | 3：公司的解决方案首先应用在大田作物方面，今年有什么变化 | | | 吗？ | | | | 答：今年在大田作物上加大推广应用力度，同时确定了在部分 | | | | 重点经济作物上推广解决方案。 | | | | 问 | 4：公司对未来一段时间原药价格如何判断？ | | | 答：从供需关系来看，未来一段时间原药价格维持相对稳定， ...

Investment Rating - The industry investment rating is "Positive (Maintain)" [6] Core Viewpoints - The report highlights the impact of recent tariff actions and a significant drop in international oil prices due to weak supply and demand expectations. It emphasizes a focus on leading companies with strong fundamentals that are less correlated with oil prices, suggesting a bottom-fishing strategy. Additionally, it recommends paying attention to domestic market opportunities, particularly in the agricultural chemical sector during the spring farming season, and the potential for domestic substitution in new materials due to tariff pressures [12][13]. Summary by Sections 1. Core Viewpoints - The report notes that as of April 4, Brent oil prices fell by 10.9% to $65.58 per barrel, influenced by tariff actions and OPEC+ production plans exceeding expectations, leading to a significant decline in oil supply forecasts [13] - It suggests focusing on leading companies with strong alpha, recommending investments in companies like Wanhua Chemical, Huamao Technology, Runfeng Co., Guoguang Co., and Hualu Hengsheng, all of which are expected to benefit from recent market dynamics [12][14] 2. Oil and Chemical Price Information - As of March 28, U.S. crude oil commercial inventories stood at 439.8 million barrels, with a weekly increase of 6.2 million barrels. Gasoline inventories decreased by 1.6 million barrels, while distillate inventories increased by 300,000 barrels [13] - The report monitors 188 chemical products, noting that the top three price increases were for acrylic acid (up 8.8%), synthetic ammonia (up 5.0%), and DMF (up 4.7%). The largest decreases were for tetrachlorethylene (down 7.1%), tryptophan (down 5.8%), and succinic anhydride (down 5.8%) [14][15] 3. Investment Recommendations and Targets - Recommended stocks include: - Wanhua Chemical: Core product MDI showing recent profit improvement with upcoming petrochemical and new material projects [12] - Huamao Technology: A leader in specialty polyether, recovering from previous macro demand pressures [12] - Runfeng Co.: A rare stock with global formulation registration and sales channels [12] - Guoguang Co.: A leader in differentiated formulations in the plant growth regulator sector [12] - Hualu Hengsheng: Core product prices recovering alongside falling coal prices, leading to improved margins [12]

Investment Rating - The report does not explicitly provide an investment rating for the industry Core Insights - Bromine prices continue to rise, with a 15.12% increase this week, reaching 33,385 RMB/ton, following a 20.83% rise last week, and showing an 85.47% year-on-year increase [3][4] - The refrigerant sector remains strong, with R32 prices at 48,000 RMB/ton, up 5.49% from last week, driven by seasonal demand [4][5] - EVA prices have stabilized and slightly rebounded, with an average market price of 11,443 RMB/ton, reflecting a 5.47% increase since the beginning of the year [4][5] Summary by Sections 1. Sub-industry and Product Tracking - Bromine prices have shown a significant increase due to seasonal demand and supply constraints, with a current price of 33,385 RMB/ton [3][4] - Refrigerant prices are on the rise, with R32 at 48,000 RMB/ton and R125 at 45,000 RMB/ton, indicating strong market performance [4][9] - EVA prices have stabilized, with a slight rebound observed, maintaining a market average of 11,443 RMB/ton [4][42] 2. Key Industry Trends - The fluorochemical sector is experiencing a demand surge, particularly in refrigerants, with major price increases noted [5][11] - The low-altitude economy and robotics industry are expected to drive demand for new materials, such as carbon fiber and ultra-high molecular weight polyethylene [5][25] - The semiconductor materials market is growing, with China's market size increasing from 52.5 billion RMB to 95.1 billion RMB from 2017 to 2023, reflecting a CAGR of 10% [16][19] 3. Company Announcements and Industry News - Key companies in the bromine market include those involved in the production of flame retardants and pharmaceutical intermediates [3][4] - Companies like Juhua Co. and Sanmei Co. are recommended for investment due to their strong performance in the fluorochemical sector [5][11] - The report highlights the importance of domestic semiconductor material manufacturers as the industry moves towards greater localization [18][19]

| | ☑特定对象调研 | □分析师会议 | | --- | --- | --- | | 投资者关系 | □媒体采访 | □业绩说明会 | | 活动类别 | □新闻发布会 | □路演活动 | | | □现场参观 | | | | □其他（ ） | | | 活动参与人员 | 广发基金 | 陈少平 | | | 景顺长城基金 | 曾理 | | | 北京清和泉资本 | 齐翔 | | | 乘是资产 | 罗敏 | | | 国海证券 | 李永磊、杨丽蓉 | | | 南方基金 | 蔡子珂 | | | 霄沣投资 | 尹霄羽 | | | 国光股份 | 董事会秘书 颜铭 | | 时间 | 2025 年 3 月 31 日 | | | 地点 | 公司龙泉办公区 | | | 形式 | 电话会议 | | | 交流内容及具 | 情况 | 一、公司董事会秘书颜铭向证券、投资机构介绍公司 2024 年经营 6.79%。自公司上 | | | 公司 2024 | 年营业收入 19.86 亿元，同比增长 | | | | 市以来持续保持增长，年复合增长率为 14.31%。2024 年农药营业 | | 体问答记录 | 收入占比约 | 68.29%，同比增长 ...

四川国光农化股份有限公司 投资者关系活动记录表 四川国光农化股份有限公司 投资者关系活动记录表 | | 华泰资产管理有限公司 杨林夕 | | --- | --- | | | 建信保险资产管理有限公司 班培琪 | | | 国光股份 证券事务代表 李超 | | 时间 | 2025 年 3 月 27 日 | | 地点 | 公司龙泉办公区 | | 形式 | 电话会议 | | | 一、公司证券事务代表李超向证券、投资机构介绍公司 2024 年经 | | | 营情况 | | | 公司 2024 年营业收入 19.86 亿元，同比增长 6.79%。其中，农 | | | 药营业收入占比约 68.29%，同比增长 7.86%；肥料营业收入占比约 | | | 26.27%，同比增长 7.3%。 | | | 公司 2024 年综合毛利率 45.56%，同比增长 3.87 个百分点。其 | | | 中农药毛利率 49.19%，同比增长 5.28 个百分点；肥料毛利率 | | | 36.31%，同比增长 0.69 个百分点。 | | | 公司 2024 年实现归属于上市公司股东净利润 3.67 亿元，同比 | | | 增长 21.52 ...

[Table_MainInfo] 公司研究/化工/农药与化肥 证券研究报告 国光股份（002749）公司年报点评 2025 年 04 月 01 日 [Table_InvestInfo] 投资评级 优于大市 维持 股票数据 | 绝对涨幅（%） | 15.0 | 8.8 | 7.8 | | --- | --- | --- | --- | | 相对涨幅（%） | 15.1 | 7.0 | 10.1 | | 资料来源：海通证券研究所 | | | | 分析师:刘威 Tel:(0755)82764281 Email:lw10053@haitong.com 证书:S0850515040001 扣非后净利润同比增长 24.49%，累计分 红率达 114.86% [Table_Summary] 投资要点： | 03[Table_StockInfo 月 31日收盘价（元）] | 15.19 | | --- | --- | | 52 周股价波动（元） | 11.05-19.30 | | 总股本/流通 A 股（百万股） | 469/423 | | 总市值/流通市值（百万元） | 7120/6422 | 相关研究 [Table_Rep ...

根据市场公开信息及3月31日披露的机构调研信息，知名私募清和泉资本近期对1家上市公司进行了调 研，相关名单如下： 1）国光股份 （北京清和泉资本管理有限公司参与公司特定对象调研&电话会议） 调研纪要：国光股份2024年作物管理全程解决方案推广约70万亩，2025年将加大推广力度。粮食价格波 动对农资需求影响有限，公司产品帮助种植户提质增产。全程解决方案包括农药和肥料，针对作物每个 阶段提供调节剂。"一证一品"政策对公司有利，公司重视研发，2025年加大证件登记申报。公司在缅 甸、澳大利亚取得12个登记证，支持海外客户完成14项登记。2024年校园招聘252人，2025年计划招聘 300名农业院校毕业生。公司审议通过2025年中期分红方案，将按三年股东回报规划积极回报股东。国 家粮食安全战略推动植物生长调节剂在小麦、玉米等作物上的使用。大田作物使用全程方案增产 10%-15%，每亩增收一百多块钱。推广全程方案遇到气候、渠道接受度、测产会召开少等困难。水溶肥 主要用于经济作物，收益高，种植户愿意加大投入。调节剂价格稳定，去年毛利上升因原料价格低和产 品结构调整。 机构简介： 北京清和泉资本管理有限公司成立于201 ...

Investment Rating - The report maintains a "Recommended" rating for Guoguang Co., Ltd. (002749.SZ) [4] Core Views - Guoguang Co., Ltd. achieved a record high performance in 2024, with total revenue of 1.986 billion yuan, a year-on-year increase of 6.79%, and a net profit attributable to shareholders of 367 million yuan, up 21.52% year-on-year [1][2] - The company's gross profit margin improved steadily, reaching 45.43%, an increase of 3.88 percentage points year-on-year, driven by cost optimization and the deepening promotion of comprehensive crop solutions [2] - The company is focusing on the large field market, with significant growth in sales volume for both pesticides and fertilizers, and plans to expand production capacity in 2025 [3][4] Summary by Sections Financial Performance - In 2024, Guoguang Co., Ltd. reported total revenue of 1.986 billion yuan and a net profit of 367 million yuan, with a gross profit margin of 45.43% [1][2] - The company plans to distribute a cash dividend of 3 yuan per 10 shares [1] Growth Drivers - The increase in net profit is attributed to cost optimization and the successful penetration of comprehensive crop solutions, with pesticide sales reaching 33,500 tons (up 11.81% year-on-year) and fertilizer sales at 91,700 tons (up 14.10% year-on-year) [2] - The company added 588 new distributors, expanding its market coverage [2] Market Expansion - Guoguang Co., Ltd. is accelerating its penetration into the large field market, with comprehensive solutions for rice and corn sold over approximately 700,000 acres in key regions [3] - The company plans to enhance its production capacity with new projects in 2025, including 50,000 tons of water-soluble fertilizer and 15,000 tons of raw material synthesis [3] Research and Development - In 2024, the company invested 66.94 million yuan in R&D, a year-on-year increase of 6.68%, and obtained new pesticide and fertilizer registration certificates [4] - The company is expanding its global presence, with new registrations in Myanmar and Australia, and has a network of over 6,200 distributors [4] Profit Forecast - The forecast for net profit attributable to shareholders is 444 million yuan in 2025, 524 million yuan in 2026, and 636 million yuan in 2027, with corresponding PE ratios of 15x, 13x, and 11x [5][9]