Cynda(SH:603086) Chang Jiang Shang Bao·2025-07-10 23:44Core Viewpoint - The company, Xian Da Co., Ltd. (603086.SH), is experiencing significant growth in its performance due to rising product prices and a strategic shift towards innovative product development, with a projected net profit increase of 24.43 to 28.35 times year-on-year for the first half of 2025 [1][2]. Group 1: Financial Performance - For the first half of 2025, the company expects a net profit between 130 million to 150 million yuan, marking a substantial increase compared to previous periods [1][2]. - In 2024, the company reported an operating income of 2.419 billion yuan, with a net loss of 25.8755 million yuan, which was a significant reduction in losses compared to 2023 [2]. - In Q1 2025, the company achieved an operating income of 543 million yuan, a year-on-year increase of 10.8%, and a net profit of 21.69 million yuan, successfully turning a profit [2]. Group 2: Product and Market Development - The main product, Acetochlor, has seen a price increase, with current market prices ranging from 120,000 to 160,000 yuan per ton, contributing to improved gross margins [3][4]. - The company has halted the expansion of homogeneous products and is focusing on innovative products, establishing a product matrix centered around Quinclorac, Pyrazosulfuron, and Benzoylpropionic acid [1][4]. - The company’s innovative herbicide Quinclorac has been promoted on over 2 million acres in 2024, with expectations to expand to 5 million acres in 2025 [4]. Group 3: Research and Development - The company has committed to a strategy of innovation-driven development, with total R&D expenses amounting to 559 million yuan from 2020 to 2024 [1][4]. - The company has developed a comprehensive innovation system covering synthesis, screening, pilot testing, and industrialization, with over 2,000 new compounds screened annually [4]. - The company plans to accelerate the global registration process for products like Pyrazosulfuron to strengthen its market position [6]. Group 4: Global Market Presence - The company’s products are sold in over 60 countries and regions, with overseas revenue accounting for 45% of total revenue [5]. - In 2024, the export volume of Acetochlor formulations increased by 88%, indicating strong competitive advantages in international markets [5].