受益产品价格上行 先达股份上半年净利预增24.43倍至28.35倍

Core Viewpoint - Company Sanda Co., Ltd. (先达股份) expects a significant increase in net profit for the first half of 2025, projecting between 130 million to 150 million yuan, representing a year-on-year growth of 24.43 to 28.35 times [1] Group 1: Performance Forecast - The company anticipates a net profit of 1.3 billion to 1.5 billion yuan for the first half of 2025, with a non-recurring net profit of 1.25 billion to 1.45 billion yuan, indicating a turnaround from losses [1] - In Q1 2025, the company recorded revenue of 543 million yuan, a year-on-year increase of 10.78%, and a net profit of 21.69 million yuan, marking a return to profitability [1] - The projected net profit for Q2 2025 is between 108 million to 128 million yuan, achieving the highest quarterly profit in nearly 11 quarters [1] Group 2: Reasons for Growth - The significant profit increase is attributed to three main factors: rising market prices for the main product, acetamiprid; the launch of a new product, pyrazolquinone; and enhanced cost control measures leading to improved operational efficiency [1] - The price of acetamiprid has been steadily increasing, with current prices ranging from 120,000 to 160,000 yuan per ton, and some orders exceeding 160,000 yuan per ton [2] - The company’s acetamiprid production line is operating at full capacity, with no inventory, and is expected to see substantial profit growth in 2025 due to ongoing price increases [2] Group 3: Product Development and Market Strategy - Sanda Co., Ltd. is actively transitioning to innovative products, ceasing the expansion of homogeneous products, and focusing on developing new products, including a matrix of innovative products centered around quinclorac, pyrazolquinone, and phenylpropionic acid [2] - The new product, pyrazolquinone, is expected to fill a significant gap in the market regarding safety for indica rice and is projected to achieve sales covering 5 million acres by 2025 [2][3] - The company has submitted registration materials for a third innovative herbicide, phenylpropionic acid, which is currently under review and is expected to contribute to future business growth [3]