Cynda(SH:603086) Haitong Securities International·2025-05-20 14:06Investment Rating - The report does not explicitly state the investment rating for Shandong Cynda Chemical Core Insights - The company's product volume and price have both increased, with the price of clethodim continuing to rise [1][4] - In Q1 2025, the company achieved a non-recurring net profit of 20 million yuan, a year-on-year increase of 224%, and an operating income of 543 million yuan, a year-on-year increase of 10.78% [2][3] - The gross profit margin was 17.78%, an increase of 4.97 percentage points year-on-year, while the net profit margin was 3.92%, an increase of 6.73 percentage points year-on-year [2][3] Summary by Sections Financial Performance - In Q1 2025, the total profit reached 24 million yuan, a year-on-year increase of 296.51%, and the net profit attributable to the parent company was 22 million yuan, a year-on-year increase of 257.63% [2][3] - The performance growth was driven by increased sales volume and price of major products [2][3] Market Conditions - The supply and demand in the market remain tight, with the mainstream transaction reference price of clethodim at 130,000 yuan per ton, an increase of 10,000 yuan per ton (up 8.33%) from the previous week [4] - Market spot inventory is low, and demand remains strong, with most enterprises able to schedule orders until July [4] Product Development - The company has made significant progress in original drug R&D, establishing a core matrix of innovative products including quinclorac, pyrazoxyfen, and Feproxydim [5] - The first original product, quinclorac, has been applied in over 2 million mu of sorghum fields, with rapidly growing sales [5] - The second original herbicide, pyrazoxyfen, is set to launch in 2025, while the third innovative herbicide, Feproxydim, is currently under review [5]