联化科技（002250）：首次覆盖报告：25年业绩高增长，医药新能源业务发力

Investment Rating - The report assigns a "Buy" rating to the company with a target price of 24.00 CNY [5][11]. Core Insights - The company has shown significant growth in its pharmaceutical business, with enhanced R&D capabilities. The new energy business and the overseas base in Malaysia are emerging as new growth points [2][11]. - The company is a leading player in fine chemicals, covering areas such as plant protection, pharmaceuticals, and functional chemicals. It operates primarily through customized R&D and production services [11][13]. - The projected EPS for 2025-2027 is 0.44, 0.60, and 0.73 CNY, with growth rates of 281.4%, 37.5%, and 20.8% respectively [11][14]. Financial Summary - Total revenue is forecasted to decline from 6,442 million CNY in 2023 to 5,677 million CNY in 2024, before recovering to 6,408 million CNY in 2025, and reaching 8,826 million CNY by 2027 [4][12]. - Net profit (attributable to the parent company) is expected to turn from a loss of 465 million CNY in 2023 to a profit of 103 million CNY in 2024, and further increase to 654 million CNY by 2027 [4][12]. - The company’s gross margin is projected to improve, with the pharmaceutical segment expected to maintain a gross margin of 43% from 2025 to 2027 [14][15]. Business Segments - The plant protection and intermediates segment is expected to generate revenues of 4,243 million CNY in 2023, declining to 3,590 million CNY in 2024, and then stabilizing [15]. - The pharmaceutical intermediates segment is projected to grow from 1,482 million CNY in 2023 to 1,985 million CNY in 2025, with a gross margin of 43% [15]. - The functional chemicals segment is anticipated to see significant growth, with revenues expected to rise from 189 million CNY in 2023 to 673 million CNY in 2025 [15]. Market Position - The company is recognized as a strategic supplier for major players in the plant protection and pharmaceutical industries, benefiting from a strong competitive position in the domestic market [13][14]. - The CDMO industry is experiencing robust growth, with the Chinese market projected to reach 157.1 billion CNY by 2025, indicating a favorable environment for the company's operations [13].