25 年业绩高增长，医药新能源业务发力 联化科技(002250) 联化科技首次覆盖报告 | [姓名table_Authors] | 电话 | 邮箱 | 登记编号 | | --- | --- | --- | --- | | 刘威(分析师) | 0755-82764281 | liuwei7@gtht.com | S0880525040100 | | 李智(分析师) | 021-23185842 | lizhi3@gtht.com | S0880525040045 | 本报告导读： 公司医药业务稳步增长，研发能力进一步增强，新能源业务及海外马来西亚基地成 为新的增长点。 投资要点： | [Table_Finance] 财务摘要(百万元) | 2023A | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业总收入 | 6,442 | 5,677 | 6,408 | 7,559 | 8,826 | | (+/-)% | -18.1% | -11.9% | 12.9% | 18.0% | 16.8% | | 净利润(归母 ...

Group 1 - The core viewpoint of the articles highlights the recent performance of the agricultural and livestock sector, particularly the rise in prices of key fertilizers such as urea, potassium sulfate compound fertilizer, and monoammonium phosphate, indicating a seasonal sales peak in the industry [1] - The China Securities Agricultural and Animal Husbandry Theme Index (931778) saw a rise of 0.53%, with notable increases in stocks such as Salt Lake Co. (up 7.76%), Andisu (up 4.68%), and Guangxin Co. (up 2.90%) [1] - The price of monoammonium phosphate (55% powder) reached 3,850 yuan/ton on February 24, marking a year-on-year increase of 16.67%, attributed to seasonal demand and rising raw material costs [1] Group 2 - According to Everbright Securities, the agricultural chemical industry is currently in a cyclical bottom phase, with prices of mainstream raw materials and herbicides remaining low [1] - The overall industry sentiment is showing signs of marginal improvement due to the stabilization of global agricultural demand and the bottoming out of inventory cycles [1] - The focus of competition in the industry is shifting from mere scale expansion to value enhancement driven by technology, with a positive outlook for leading companies with comprehensive product and intermediate capacity layouts, as well as those deeply engaged in the development of innovative pesticides [1][2]

（文章来源：证券日报） 证券日报网讯 2月25日，联化科技在互动平台回答投资者提问时表示，公司医药业务致力于为客户提供 端到端一体化服务，持续努力提高业务水平跟随客户发展。 ...

推荐阅读 据证券时报·数据宝统计，A股中化肥农药板块概念股共有63只，35股已发布2025年度业绩预告或业绩快报，其中13股预计归母净利润实现同比增长，7股预 计扭亏为盈。 按预告净利润同比增幅下限看，预增个股中，利民股份预计增幅最高。公司业绩预告显示，预计实现归母净利润4.65亿元~5亿元，同比大幅增长 471.55%~514.57%，公司2025年度归母净利润有望创上市以来新高。公司在投资者互动平台上表示，目前拥有各类农药证件共328个，其中原药登记证50 个、制剂登记证278个，覆盖杀菌剂、杀虫剂、除草剂、土壤调节剂和种衣剂等多类产品。 预计扭亏为盈的个股中，华邦健康预计净利润下限最高，公司预计实现归母净利润6.6亿~7.3亿元，同比由亏损2.99亿元实现扭亏为盈。公司表示，农化新材 料板块行业局部回暖，公司积极开拓市场，加强精细化管理，降本增效，整体业绩得到改善和提升。 年初以来，业绩较好的化肥农药股获得机构关注。统计显示，5只业绩预增或扭亏的概念股年初以来接受10家及以上机构调研，润丰股份、盐湖股份、联化 科技机构调研家数较多，分别为97家、25家、21家。 2月25日早盘，化肥农药板块再度拉升。川 ...

近期，国内化肥市场呈现普涨行情，主要品种价格集体上行。据数据宝统计，A股中化肥农药板块概念 股共有63只，35股已发布2025年度业绩预告或业绩快报，其中13股预计归母净利润实现同比增长，7股 预计扭亏为盈。年初以来，业绩较好的化肥农药股获得机构关注。统计显示，5只业绩预增或扭亏的概 念股年初以来接受10家及以上机构调研，润丰股份、盐湖股份、联化科技机构调研家数较多，分别为97 家、25家、21家。（证券时报） ...

Company and Industry Summary Company Overview - The company focuses on agricultural protection and pharmaceuticals, covering four main sectors: agricultural protection, pharmaceuticals, functional chemicals, and equipment and engineering technology [1][1] - Established nearly 40 years ago, the company has 8 chemical production bases, 3 mechanical equipment production bases, and 3 R&D centers in China, along with one production base each in the UK and Malaysia [1][1] Key Points Agricultural Protection Sector - The agricultural protection CDMO (Contract Development and Manufacturing Organization) business has emerged from a low point and is now in a stable growth phase, serving major global agricultural protection companies [1][1] - Revenue in this sector is expected to slightly decline in 2023-2024 due to downstream inventory destocking [1][1] Pharmaceutical Sector - The company’s pharmaceutical CDMO business has seen a continuous increase in revenue share over the years, primarily serving the top twenty global pharmaceutical companies [2][2] - The pharmaceutical business is extending into the small nucleic acid drug raw material field, with rapid revenue growth anticipated due to increasing downstream customer demand [3][3] New Energy Sector - The company entered the new energy sector in 2021, with LiFSI (Lithium bis(fluorosulfonyl)imide) already commercialized [3][3] - The completion of technical upgrades for lithium hexafluorophosphate will enable the production of 200,000 tons of electrolyte, with 100,000 tons already constructed, contributing to new revenue streams [3][3] Financial Projections - Projected revenues for 2025-2027 are estimated at 6.312 billion, 7.373 billion, and 8.813 billion yuan, respectively, with net profits of 393 million, 513 million, and 617 million yuan [4][4] - Corresponding price-to-earnings ratios (PE) are expected to be 28.0, 21.5, and 17.8 times, respectively, with an initial coverage rating of "Accumulate" [4][4] Additional Insights - The company is replacing some old production capacity with new capacity for patented products, which is expected to enhance gross margins as the supply of off-patent products clears [2][2] - Strengthening relationships with partners is anticipated to lead to rapid growth in demand for patented products [2][2]

Summary of siRNA Industry Insights Industry Overview - The siRNA drug market is projected to reach $50.3 billion by 2040, indicating a significant growth opportunity in the nucleic acid therapy sector, which is gaining traction as a new drug development direction [1][1][1] Key Insights - siRNA drugs offer high efficiency, low toxicity, and long-lasting effects compared to traditional small molecules and biologics, making them a popular choice in new drug development [1][1][1] - The GalNAc liver delivery platform has matured, showing high delivery efficiency and specificity, becoming the standard for liver-targeted siRNA drugs. Notable targets include PCSK9, AGT, Lp(a), and ApoC3, which have demonstrated therapeutic potential [1][1][1] - There is potential for breakthroughs in extrahepatic delivery systems, with early-stage developments in areas such as muscle, CNS, and ocular applications. Alnylam's C16 delivery platform is showing promise in Alzheimer's disease, while Arrowhead and Wave Life Sciences are exploring fat tissue targets [1][1][1] Market Dynamics - Domestic siRNA companies are positioned to capitalize on the demand for new technologies as traditional chronic disease drugs approach the end of their sales lifecycle. Collaborations with multinational corporations (MNCs) are expected to increase, particularly in liver delivery systems [2][2][2] - The industry outlook is optimistic, with domestic siRNA drugs likely to secure partnerships in popular targets like PCSK9 and Lp(a). New demands in weight loss and CNS delivery are further opening up the market as international giants make breakthroughs [2][2][2] Relevant Companies - A-share listed companies: Yuyuan Pharmaceutical, Frontier Biotech, Fuyuan Pharmaceutical, Bibetech, Sunshine Nuohuo, Chengdu Xian Dao - Hong Kong listed companies: Reebio, and upcoming IPOs such as Jingyin Biotech and Bowe Pharmaceutical - Upstream industry chain participants include WuXi AppTec, Lianhua Technology, Aorite, Lanxiao Technology, Nawei Microbiology, and Jiuzhou Pharmaceutical [2][2][2]

Summary of Conference Call Notes Industry and Company Involved - The notes focus on the pesticide industry, specifically the production of K-amin (K胺) and its key intermediate, 2-nitro-3-methylbenzoic acid (2-硝体) [1][2][3][4]. Core Points and Arguments - **Incident Overview**: On February 7, an explosion occurred at Jiapeng Biotechnology Co., Ltd. in Shanxi Province, which was illegally producing 2-nitro-3-methylbenzoic acid under the guise of feed production. This incident resulted in 8 fatalities and has prompted the local government to intensify crackdowns on illegal small chemical factories [1][2]. - **Regulatory Impact**: The explosion is expected to lead to stricter regulations targeting underground factories involved in hazardous processes like nitration and oxidation, which are critical in the production of K-amin [2][4]. - **Key Intermediate**: 2-nitro-3-methylbenzoic acid is identified as a crucial bottleneck in the K-amin production chain. K-amin is synthesized from K-acid and K-amin using reagents like methanesulfonyl chloride, with 2-nitro-3-methylbenzoic acid being the starting material [2][3]. - **Price Trends**: The price of K-amin has remained stable in the range of 120,000 to 130,000 CNY over the past two years. Following the expiration of the patent for chlorantraniliprole, domestic companies are accelerating their market entry, leading to a decline in raw material prices from a peak of 2.5 million CNY to a low of 210,000 CNY by February 2025 [2][3]. - **Market Size**: K-amin is the world's largest pesticide, with a global sales scale nearing 2 billion USD as of 2023, corresponding to a demand of approximately 10,000 tons. The estimated compound annual growth rate (CAGR) for global demand from 2021 to 2027 is 4.4% [3]. - **Production Capacity**: Key producers and their capacities include: - Youdao Chemical: 11,000 tons (actual production ~3,000 tons) - Lier Chemical: 5,000 tons (actual production ~1,000 tons) - Hongtaiyang: 2,000 tons (actual production ~2,000 tons) - Zhongshan Chemical: 3,000 tons (actual production ~2,000 tons) - Chengxin: 3,000 tons (actual production ~2,000 tons) - Huilong Co.: 2,000 tons (expected to start production by the end of 2024) - Green Ba: Unspecified capacity (actual production >1,000 tons) - Fumeishi: 6,000 tons [3][4]. Other Important but Possibly Overlooked Content - **Beneficiary Companies**: The following companies are expected to benefit from the regulatory changes and market dynamics: - Guangkang Biochemical: 2,500 tons/year of K-amin, with plans to build and support 2-nitro-3-methylbenzoic acid production - Lianhua Technology: 5,000 tons/year of K-amin, supporting 2-nitro-3-methylbenzoic acid for Fumeishi - Beisimei: Capable of producing the isomer 3-nitro-2-methylbenzoic acid, which can be converted to 2-nitro-3-methylbenzoic acid - Hongtaiyang and Lier Chemical are also positioned to benefit from the tight supply of raw materials due to the ongoing production halt at Youdao Chemical [4].

Core Insights - Longhua Technology (联化科技) is positioned as a leading player in the agricultural and pharmaceutical CDMO sectors, with significant achievements in small nucleic acid CDMO and potential in functional chemicals [1][2] Business Overview - Longhua Technology has established a collaborative development framework across four core industrial segments: agricultural protection, pharmaceuticals, functional chemicals, and equipment & engineering services [2] - The agricultural protection segment generated revenue of 1.702 billion yuan in the first half of 2025, with a gross margin increase of 9.48% year-on-year [2] - The pharmaceutical segment, focusing on APIs and intermediates, achieved revenue of 1.018 billion yuan in the first half of 2025, reflecting a year-on-year growth of 42.80% [2] Small Nucleic Acid CDMO - The company is leveraging small nucleic acid CDMO to tap into new growth opportunities, with advantages over traditional small molecule and antibody drugs, including broader target selection and higher success rates [3] - Since 2022, the market for small nucleic acid drugs has seen significant activity, with 32 transactions totaling 29.022 billion USD in 2025, indicating strong commercial value [3] - Longhua Technology has developed scalable production processes for modified nucleotides and has established a high-efficiency delivery system for nucleic acid drugs, enhancing its competitive edge [3] Functional Chemicals and Market Potential - The functional chemicals segment reported revenue of 0.265 billion yuan in the first half of 2025, marking a year-on-year doubling [4] - The company is focusing on lithium battery materials, including lithium hexafluorophosphate and LiFSI, with ongoing product development in various testing phases [4] - The National Development and Reform Commission's new storage action plan aims for over 1.8 million kilowatts by 2027, which is expected to drive significant market demand in the energy storage sector [4] Financial Performance - For the first three quarters of 2025, Longhua Technology reported total revenue of 4.718 billion yuan, an increase of 8.25% year-on-year, and a net profit of 316 million yuan, surging by 871.65% [1] - The projected net profit for 2025 is estimated to be between 350 million and 420 million yuan, representing a year-on-year growth of 239.35% to 307.22% [4]

Summary of Key Points Core Viewpoint - The company has approved a guarantee limit of 70 million yuan for its subsidiaries, with specific limits based on their asset-liability ratios, and has signed a mortgage contract with a bank to secure debts for its wholly-owned subsidiary [1][2]. Group 1: Guarantee Overview - The company held board and shareholder meetings to approve a guarantee limit of 70 million yuan for its subsidiaries, with 50 million yuan for subsidiaries with an asset-liability ratio below 70% and 20 million yuan for those above [1]. - The company has a total guarantee amount of up to 580 million yuan, which represents 89.59% of its latest audited net assets [6]. Group 2: Guarantee Progress - A mortgage contract was signed with China Agricultural Bank for the subsidiary, covering debts with a maximum guarantee amount of 46.64 million yuan and 98.16 million yuan [3]. - The guarantee covers various financial services including loans, bank guarantees, and other credit-related services [3]. Group 3: Guarantee Agreement Details - The mortgage is secured by real estate, and the company must register the mortgage within five days of the contract's effectiveness [4]. - The contract becomes effective upon signing or stamping by all parties involved [4]. Group 4: Guarantee Status - As of the announcement date, the company's guarantee balance is 119.85 million yuan, accounting for 18.51% of its latest audited net assets, with no overdue guarantees or litigation issues reported [6].