农大科技（920159）：新股覆盖研究

Investment Rating - The investment rating for the company is "Buy," indicating an expected relative increase of over 15% in the next 6-12 months compared to the relevant market index [34]. Core Insights - The company, Nongda Technology, specializes in the research, production, and sales of new fertilizers and their intermediates, leveraging proprietary technologies such as humic acid activation and controlled-release technology [7][16]. - The market for new fertilizers in China is projected to grow significantly, with the demand for high-quality, environmentally friendly fertilizers increasing due to government policies promoting sustainable agriculture [25][20]. - The company has established itself as a core supplier of new fertilizers in China, with its products ranking highly in terms of production and sales within the industry [28]. Summary by Sections Basic Financial Status - The company achieved revenues of 2.676 billion CNY, 2.637 billion CNY, and 2.363 billion CNY for the years 2022, 2023, and 2024, respectively, with year-over-year growth rates of 50.56%, -1.43%, and -10.40% [8][4]. - The net profit attributable to the parent company was 101.2 million CNY, 101.2 million CNY, and 145.3 million CNY for the same years, with year-over-year growth rates of -20.75%, 0.06%, and 43.53% [8][4]. Industry Situation - The new fertilizer industry in China is experiencing steady growth, with the market size expected to reach approximately 3.191 trillion CNY by 2025, reflecting a compound annual growth rate of 1.8% from 2021 to 2025 [17][19]. - The demand for new fertilizers is anticipated to rise due to increasing agricultural production needs and government initiatives aimed at enhancing fertilizer efficiency and environmental sustainability [20][19]. Company Highlights - The company benefits from a strong position in the market due to the increasing composite rate of fertilizers and nutrient content requirements, indicating significant growth potential for new fertilizers [25][27]. - The company has developed a diverse product line that includes humic acid-enhanced fertilizers and controlled-release fertilizers, which are essential for improving soil quality and nutrient utilization [28][7]. Fundraising Project Investment - The company plans to invest in three projects through its IPO, including a 300,000-ton annual production project for humic acid smart high-tower compound fertilizers, which is expected to generate an average annual revenue of 894 million CNY [29][30]. Comparison with Peers - Compared to peer companies, Nongda Technology's revenue scale is below the average, but its sales gross margin is positioned in the mid-to-high range within the industry [31][32].