Core Viewpoint - The agricultural chemical industry is experiencing a recovery in the first quarter of 2024, with most companies reporting improved performance after a period of destocking in 2023 [1][5][6]. Group 1: Company Performance - As of April 28, 29 agricultural chemical companies have disclosed their Q1 reports, with 27 companies reporting profits and 16 showing year-on-year profit growth [1]. - Companies such as Lianhua Technology, Hunan Haili, and Lier Chemical reported net profit increases exceeding 100% year-on-year [2][3]. - Lianhua Technology's Q1 net profit grew over tenfold to 4971.56 million yuan, with a revenue of 15.1 billion yuan, marking a 3.02% increase [2]. - Hunan Haili achieved a revenue of 4.31 billion yuan, up 25.44%, and a net profit of 5661.02 million yuan, up 483.78% [3]. - Lier Chemical reported total revenue of 20.86 billion yuan, a 49.99% increase, and a net profit of 1.53 billion yuan, up 219.9% [3]. - Companies like Xianda Co. and Limin Co. turned losses into profits in Q1 due to increased sales and prices [4]. Group 2: Market Trends - The agricultural chemical market is entering its traditional peak season, with significant destocking observed since the beginning of the year [5][6]. - The market is showing signs of recovery, with an increase in terminal demand and replenishment in both domestic and foreign markets [6]. - The raw material price index for agricultural chemicals rose to 73.11 points, reflecting a 0.29% increase from the previous month [6]. - Industry experts express optimism for 2025, anticipating a stable recovery in the agricultural chemical sector [7].

Investment Rating - The report maintains an "Accumulate" rating for the company [1] Core Views - The company reported a revenue of 13.296 billion yuan in 2024, a year-on-year increase of 15.77%, but the net profit attributable to shareholders decreased by 41.63% to 450 million yuan [5] - The agricultural protection industry is at a low point, with exchange rate losses impacting the performance in 2024 and Q1 2025 [6] - The company has seen a significant increase in its To C business revenue, which reached 5.01 billion yuan in 2024, a year-on-year growth of 28.9% [7] Summary by Sections Financial Performance - In Q4 2024, the company achieved a revenue of 35.11 billion yuan, a year-on-year increase of 18.38%, but a quarter-on-quarter decrease of 14.44% [5] - For Q1 2025, the company reported a revenue of 26.86 billion yuan, a slight year-on-year decrease of 0.26% and a quarter-on-quarter decrease of 23.49% [5] Industry Insights - The overall prices of agricultural protection products continue to decline, but the rate of decline in 2024 is less than in 2023, indicating that the industry has likely bottomed out [6] - The company has expanded its global marketing network, with over 110 subsidiaries and operations in more than 100 countries [7] Profitability and Forecast - The report adjusts the profit forecasts for 2025-2027, expecting net profits of 979 million yuan, 1.228 billion yuan, and 1.520 billion yuan respectively [8] - The company’s gross margin is projected to decline to 18.7% in 2025 but is expected to improve in subsequent years [12]

上 市 公 司 基础化工 2025 年 04 月 28 日 润丰股份 (301035) —— 25Q1 业绩改善显著，to C 业务占比持续提升，中 长期价值值得期待 报告原因：有业绩公布需要点评 | 投资要点： | | --- | 财务数据及盈利预测 | | 2024 | 2025Q1 | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业总收入（百万元） | 13,296 | 2,686 | 14,579 | 15,860 | 18,093 | | 同比增长率（%） | 15.8 | -0.3 | 9.6 | 8.8 | 14.1 | | 归母净利润（百万元） | 450 | 257 | 929 | 1,116 | 1,419 | | 同比增长率（%） | -41.6 | 68.0 | 106.5 | 20.0 | 27.2 | | 每股收益（元/股） | 1.61 | 0.91 | 3.31 | 3.97 | 5.06 | | 毛利率（%） | 19.8 | 19.3 | 20.2 | 20.6 | 21.0 | | RO ...

Investment Rating - The report maintains a "Buy" rating for specific companies in the chemical industry, particularly in the compound fertilizer and pesticide sectors, while recommending "Hold" for others [17]. Core Insights - The chemical industry is experiencing an optimization in supply and demand dynamics, leading to a recovery in the compound fertilizer, metal chromium, and niche pesticide markets. The report highlights investment opportunities in undervalued high-growth companies [3][4]. - The report emphasizes the positive performance of listed companies in Q1 2025, particularly in the compound fertilizer sector, and suggests focusing on companies like Xin Yang Feng, Stanley, and Yun Tu Holdings for investment opportunities [3][4]. - The report notes that metal chromium prices have surged to 75,000 CNY/ton, a week-on-week increase of 7,500 CNY/ton, driven by rising demand from the stainless steel sector and new military spending in Europe [3][4]. - The agricultural chemical market is entering its traditional peak season, with stable trading volumes for seasonal crop pesticides. Specific products like Acetochlor and Avermectin are seeing price increases, with recommendations for companies like Xian Da and Li Min [3][4]. Summary by Sections Industry Dynamics - Current macroeconomic conditions in the chemical sector indicate a stabilization in oil prices due to geopolitical factors and OPEC+ production increases, while coal prices are expected to decline in the medium term [4][6]. - The chemical industry PPI data shows a gradual recovery from negative values, with March 2025 PPI at -2.8% year-on-year, indicating a potential bottoming out of the cycle [6][8]. Fertilizer and Pesticide Sector - The report highlights that the domestic urea price is currently at 1,800 CNY/ton, with a slight week-on-week decline of 0.6%. The compound fertilizer sector is experiencing a decrease in operating rates, leading to increased inventory levels [10]. - The pesticide market is witnessing a seasonal peak, with stable trading volumes and price adjustments in various pesticide products, including a price increase for Pyrazole [10][19]. Chemical Products Pricing and Inventory Changes - The report provides detailed pricing data for various chemical products, indicating fluctuations in prices for PTA, MEG, and PVC, with specific attention to the impact of raw material costs and market demand [10][11][12]. - The report notes that the market for fluorinated chemicals is facing supply constraints due to mining restrictions, while the demand remains weak, leading to price adjustments [12][19]. Company Recommendations - The report recommends several companies for investment based on their growth potential and market positioning, including Yangnong Chemical, Runfeng Co., and Yun Tianhua in the fertilizer and pesticide sectors [17][18]. - Companies in the tire and fluorochemical sectors are also highlighted for their potential benefits from recovering domestic demand and cost reductions [3][17].

Investment Rating - The investment rating for the company is "Buy" and is maintained [10]. Core Views - The company reported a revenue of 13.3 billion yuan for 2024, representing a year-on-year increase of 15.8%, but the net profit attributable to shareholders decreased by 41.6% to 450 million yuan [2][7]. - In Q1 2025, the company achieved a revenue of 2.69 billion yuan, which is a slight decrease of 0.3% year-on-year and a significant decrease of 23.5% quarter-on-quarter, while the net profit attributable to shareholders increased by 68.0% year-on-year and 136.6% quarter-on-quarter to 260 million yuan [2][7]. - The company plans to distribute a cash dividend of 4.1 yuan per 10 shares, which amounts to a total of 290 million yuan, accounting for 64.2% of the net profit attributable to shareholders for 2024 [7]. Summary by Sections Financial Performance - For 2024, the company achieved a total revenue of 13.3 billion yuan, with a gross profit margin of 19.8%, down 1.4 percentage points year-on-year, and a net profit margin of 4.0%, down 3.4 percentage points year-on-year [12]. - The company experienced a significant increase in financial expenses, up 1930.4% year-on-year, primarily due to substantial foreign exchange losses amounting to 550 million yuan in 2024 [12]. Market and Industry Analysis - The global pesticide market is entering a mature phase, but it still experiences significant cyclical fluctuations. The demand for agricultural chemicals, including pesticides, is expected to grow steadily due to the continuous increase in global population [12]. - The company is a leader in the domestic pesticide formulation industry, with a strong global presence, including over 110 subsidiaries and operations in more than 100 countries [12]. Strategic Initiatives - The company has established a five-year strategic plan focusing on increasing the proportion of TOC business, expanding operations in North America and the EU, enhancing the share of insecticides and fungicides, and strengthening the development of biopesticides [12]. - The revenue contribution from the Mode C business model increased from 33.82% to 37.65% year-on-year, indicating a positive trend in market penetration [12]. Future Projections - The company is projected to achieve net profits of 1.02 billion yuan, 1.36 billion yuan, and 1.62 billion yuan for the years 2025, 2026, and 2027, respectively [12].

每经记者 彭斐 每经编辑 文多 2021年7月28日，润丰股份在深交所创业板上市。上市后，公司的募投项目有所变更，截至2022年9月30 日，润丰股份募投项目较上市时已有所不同，募集资金主要投向"农药产品境外登记项目""高效杀虫杀 菌剂技改项目"等项目。 2022年10月14日、11月2日，润丰股份审议通过了《关于变更部分募集资金投资项目的议案》，对多个 募投项目进行变更。 对此，润丰股份曾解释，募投项目于2016至2017年立项，是基于当时的经营状况、业务结构、发展阶段 所作决策。随着农药行业的发展，市场需求、产品价格等客观因素有所变化，公司的经营战略规划也在 逐步调整和优化。 身为国内农药行业龙头之一的润丰股份，主要从事农药原药及制剂的研发、生产和销售。在上市次年 （2022年），该公司已变更用途的募集资金累计占比已超过85%，且IPO招股书中的募投项目多已变 更。 在不缺钱的前提下，润丰股份（SZ301035）一项4年前的IPO募投项目再次延期。 4月24日晚间，润丰股份公告披露，公司部分募投项目延期，包括"年产9000吨克菌丹项目""年产38800 吨除草剂项目（一期）-30000吨/年草甘膦可溶粒剂 ...

国金证券股份有限公司陈屹,王明辉近期对润丰股份（301035）进行研究并发布了研究报告《业绩符合预 期，看好公司成长》，给予润丰股份买入评级。 润丰股份 业绩简评 4月24日，公司披露2024年年报以及2025年1季报，2024年全年公司实现营收132.96亿元，同比+15.77%； 实现归母净利润4.50亿元，同比-41.63%。2025年1季度，公司实现收入26.86亿元，同比-0.26%，实现归母 净利润2.57亿元，同比+67.98%。 经营分析 分产品看，除草剂收入97.32亿元，占公司营收73.19%,毛利率17.76%；杀虫剂收入21.05亿元，占公司营收 15.83%，毛利率26.91%；杀菌剂收入13.13亿元，占公司营收9.88%，毛利率22.05%。分销售模式看， TOA和TOB业务营收占比62.35%，毛利率14.23%；TOC业务营收占比37.65%，毛利率28.99%。 公司经营在2025年持续改善。作物保护品行业仍将处于周期底部，国内及印度产能严重供过于求，2025年 市场将从"去库存"转入"去产能"阶段，竞争将更加白热化。2025年，多国贸易保护主义加剧给相关国家进 口关税，市 ...

业绩回顾 2024 年及1Q25 业绩符合市场预期 公司公布2024 年业绩，实现收入133.0 亿元，同比+15.8%；归母净利润4.5 亿元，同比-41.6%，对应每 股盈利1.60 元，符合市场预期。其中4Q24实现营收35.1 亿元，归母净利润1.1 亿元。2024 年业绩下滑主 要是受到汇率波动及债务违约风险拖累，尤其是巴西、阿根廷等国较大的汇率贬值。 公司同时公布1Q25 业绩，实现收入26.9 亿元，同比-0.3%；归母净利润2.6 亿元，同比+68.0%，对应每 股盈利0.91 元，符合市场预期。我们认为主要是全球植保行业已触底复苏，叠加实现汇兑收益。 发展趋势 持续推进全球渠道建设，提升to C 业务占比。2024 年公司合计新增登记证1000 余项，累计获得登记证 数量达到7700 余项，其中美国、加拿大、意大利等国首次获得登记。另一方面，公司继续提升to C 业 务占比，2024 年提升3.83ppt 至37.65%，公司启动在墨西哥、澳大利亚、意大利等国家Rainbow 品牌销 售。需要注意的是，公司在欧美、北美等发达国家地区的业务占比大幅提升至9.75%。 风险 粮食价格下跌；新产能 ...

Financial Performance - The company's basic earnings per share decreased by 42.09% from 2.78 yuan in 2023 to 1.61 yuan in 2024 [1] - Net profit fell by 41.63% from 7.71 billion yuan in 2023 to 4.5 billion yuan in 2024 [1] - Operating revenue increased by 15.77% from 114.85 billion yuan in 2023 to 132.96 billion yuan in 2024 [1] - Return on equity decreased by 47.4% from 12.30% in 2023 to 6.47% in 2024 [1] Shareholder Structure - The top ten unrestricted shareholders hold a total of 23,115.73 million shares, accounting for 82.46% of the circulating shares, with a change of 2.2083 million shares from the previous period [1] - Shandong Runyuan Investment Co., Ltd. holds 11,491.12 million shares, representing 40.99% of the total share capital [2] - KONKIA INC holds 6,119.18 million shares, accounting for 21.83% of the total share capital [2] Dividend Distribution - The company announced a dividend distribution plan of 4.1 yuan per share (including tax) [3]

山东潍坊润丰化工股份有限公司 关于 2024 年度计提资产减值准备的公告 本公司及董事会全体成员保证信息披露内容真实、准确和完整，没有虚 假记载、误导性陈述或重大遗漏。 山东潍坊润丰化工股份有限公司（以下简称"公司"）根据《企业会计准 则》《深圳证券交易所上市公司自律监管指引第 2 号——创业板上市公司规范 运作》等有关规定，为真实、准确、客观地反映公司的财务状况、资产价值及 经营成果，基于谨慎性原则对合并报表范围内截至 2024 年 12 月 31 日各类资产 进行了全面检查和减值测试，并对可能发生减值损失的有关资产计提相应的减 值准备。 根据《深圳证券交易所上市公司自律监管指引第 2 号——创业板上市公司 规范运作》等相关规定，本次计提资产减值准备无需提交董事会、股东大会审 议。现将相关情况公告如下： 一、本次计提资产减值准备情况概述 2024 年度，公司对合并报表范围内存在可能发生减值迹象的资产（范围包 括应收款项、存货、合同资产、固定资产等）进行全面清查和资产减值测试后， 计提 2024 年度信用减值损失、资产减值损失金额共计-203,473,393.96 元，具体 情况如下： 证券代码：301035 ...