Company Overview - Norsyn Crop Technology is a leading domestic pesticide formulation company with a wide range of products, including insecticides, fungicides, and herbicides [2] - The company was founded in June 2006 and listed on the Shenzhen Stock Exchange in August 2022 [2] - As of December 31, 2023, the company and its subsidiaries have obtained a total of 305 pesticide registration documents registered domestically and abroad [2] - The company has a designed production capacity of 3,000 tonnes of insecticide, 2,500 tonnes of fungicide, and 1,450 tonnes of herbicide as of December 31, 2023 [2] Financial Performance - From 2021 to 2024Q1, the company achieved operating revenues of 544 million yuan, 634 million yuan, 606 million yuan, and 149 million yuan, representing year-on-year growth of 13.48%, 16.46%, a decline of 4.44%, and a decline of 6.78%, respectively [2] - The company achieved recurring net profit of 77.3138 million yuan, 79.941 million yuan, 47.9235 million yuan, and 15.0839 million yuan from 2021 to 2024Q1, with year-on-year growth of 10.47%, 3.40%, a decline of 40.24%, and a decline of 9.56%, respectively [2] R&D and Innovation - The company has strengthened its innovative R&D and developed innovative compounds, with R&D expense rates of 3.25%, 4.70%, 6.55%, and 7.15% from 2021 to 2024Q1 [14] - The company successfully applied the innovative compound sterenol to the field of pesticide preparations, which has a virus inhibition function and has been used to develop new products for diseases such as rice black streaked dwarf disease and tobacco mosaic virus disease [14] - The company has Baoying (phenypeptaline acid) products, a new type of plant growth regulator that promotes flowering and improves fruit quality and yield in fruit trees such as apples and citrus [14] Market Expansion and Strategy - The company actively expands upstream raw materials to enhance market competitiveness, with its subsidiary Shaanxi Yijian Yizhi Bioengineering constructing a green pesticide and intermediates R&D base with a total investment of about 450 million yuan [3] - The company adopts a "distribution-based, supplemented by direct sales" sales model, with distribution accounting for over 90% of sales [15] - The company is expanding its international business, with overseas revenue accounting for only 0.91% as of the end of 2023, and holds certificates registered in Myanmar and Vietnam [15] Industry Trends - The pesticide preparation industry is characterized by "small and scattered" enterprises, with stricter regulations and intensified market competition prompting industry consolidation and mergers and acquisitions [3] - Future industry investment opportunities will focus on upstream expansion to obtain bargaining power for raw materials or horizontal mergers and acquisitions to achieve larger market shares [3]
农心科技：农药制剂领先企业，积极拓展上游原药提升市场竞争力