Lier Chemical (002258) 华鑫证券·2025-03-30 02:05Investment Rating - The report assigns a "Buy" investment rating for the company, marking its first coverage [8]. Core Insights - The company has experienced a year-on-year increase in the production and sales volume of pesticide intermediates, despite a decline in revenue due to falling prices of its main products [4][3]. - The company plans to enhance its research and development efforts, with a focus on building a Shanghai R&D center and improving collaboration with the Chengdu center [5]. - The company aims to become a global leader in pesticides and fine chemicals, with several key projects expected to be completed and operational in 2025 [6]. Financial Performance - In 2024, the company reported total revenue of 7.311 billion yuan, a decrease of 6.88% year-on-year, and a net profit attributable to shareholders of 215 million yuan, down 64.34% year-on-year [3][10]. - The company’s production volume for pesticide and intermediates reached 151,600 tons in 2024, representing a year-on-year increase of 24.59%, while sales volume was 149,000 tons, up 23.94% year-on-year [4]. - The financial expense ratio increased due to rising interest expenses, with the company planning to increase effective R&D investment in the coming years [5]. Earnings Forecast - The forecast for net profit attributable to shareholders for 2025, 2026, and 2027 is 455 million yuan, 571 million yuan, and 703 million yuan respectively, with corresponding price-to-earnings ratios of 15.7, 12.5, and 10.2 [8][10].