新股覆盖研究：泰禾股份

Investment Rating - The investment rating for the company is "Buy," indicating an expected relative increase of more than 15% compared to the relevant market index over the next 6-12 months [25]. Core Viewpoints - The company, Taihe Co., Ltd. (301665.SZ), primarily engages in the research, production, and sales of pesticide products and functional chemicals, with a strong market position in fungicides and herbicides [6][11]. - The company has shown significant revenue growth in 2022, with a reported revenue of 5.099 billion yuan, a year-on-year increase of 42.47%, although it faced a decline in 2023 [7][21]. - The company is recognized for its technological innovation and has established long-term strategic partnerships with major multinational corporations, enhancing its market presence globally [16][18]. Financial Performance - The company achieved revenues of 50.99 billion yuan in 2022, 38.68 billion yuan in 2023, and is projected to reach 42.14 billion yuan in 2024, with year-on-year growth rates of 42.47%, -24.14%, and 8.93% respectively [7][21]. - The net profit attributable to the parent company was 6.49 billion yuan in 2022, 3.46 billion yuan in 2023, and is expected to be 2.61 billion yuan in 2024, with corresponding year-on-year changes of 63.12%, -46.62%, and -24.59% [4][21]. Industry Overview - The global agricultural pesticide market has shown a recovery, with sales reaching 74.8 billion USD in 2023, reflecting a compound annual growth rate of 5.74% over the past five years [12][14]. - The company operates in a highly competitive environment dominated by major international players, with the top companies holding nearly 60% of the market share [12][14]. - The Chinese pesticide industry is becoming a significant global production base, benefiting from competitive cost structures and a diverse product range [14][15]. Company Highlights - Taihe Co., Ltd. is a leading supplier of agricultural fungicides and herbicides, holding significant market shares in key products such as Bacillus subtilis, 2,4-D, and pyraclostrobin [16][17]. - The company has developed proprietary products like cyhalofop-butyl, which have gained traction in the market, and has established exclusive supply agreements with major agricultural firms [18][19]. - The company plans to invest in two main projects through its IPO, focusing on expanding its fungicide production capacity and enhancing its research and development capabilities [20][21].