Group 1: Market Performance - The overseas market experienced a year-on-year growth of 19.88% in 2024, achieving a revenue of 518 million [1] - The company has 16 years of experience in overseas market expansion, covering over 100 countries and regions [1] - The demand for digital equipment in the denture processing industry is slowing down in China, the US, and Europe, while the chairside market still holds significant potential [2] Group 2: Product Development and Sales - The company completed the acquisition of Korean Wolan in May 2024, with expected revenue of over 18 million in the second half of 2024 [2] - The narrow-neck implant and digital surgical tool kit from Wolan are expected to receive NMPA certification this year, with the ALL-ON-X occlusion reconstruction plan set to launch soon [3] - Sales of zirconia products are maintaining a medium to high growth rate, with stable prices and improved gross margins [6] Group 3: International Strategy and Risk Management - The European market accounts for the highest share of overseas revenue, followed by the Americas, with notable growth in the Middle East and Asia [4] - The US tariff policy has a controllable impact on the company's exports, with 38.15% of revenue coming from the domestic market, providing growth space and policy support [4] - The company plans to increase inventory at its US subsidiary to mitigate short-term impacts from tariffs [5] Group 4: Client Strategy and Market Expansion - In 2024, the company achieved significant results in large client cooperation, increasing the procurement budget share from major clients [6] - The company aims to build a global ecosystem of large and quality clients, promoting industry progress [6] - The company is enhancing brand building for Wolan and providing diverse training courses to strengthen market promotion [3] Group 5: Future Growth and Value Creation - The company expects stable growth in overseas business due to product quality, technological innovation, and customer service advantages [8] - The company focuses on core business development and technological innovation to enhance market competitiveness and profitability [9] - A stable cash dividend policy and improved investor relations management are part of the company's value realization strategy [9]

Investment Rating - The report maintains a "Buy" rating for the company [2] Core Views - The company achieved a revenue of 695 million yuan in 2024, representing a year-on-year growth of 48.3%, and a net profit of 45 million yuan, up 10.3% year-on-year, which met expectations [7] - The company plans to distribute a cash dividend of 3.0 yuan per share (including tax) for 2024, with a distribution ratio of 56.71% [7] - In Q1 2025, the company reported a revenue of 162 million yuan, a year-on-year increase of 40.1%, and a net profit of 9 million yuan, up 8.8% year-on-year, slightly below expectations [7] - The company is focusing on a major client strategy and has formed partnerships with emerging brands to drive revenue growth, with domestic revenue reaching 642 million yuan in 2024, a 40.5% increase [7] - The company is enhancing its raw material research and investment to improve integrated capabilities and increase the value-added of its OEM services [7] - The profit forecast for 2025-2027 has been adjusted downwards, with expected net profits of 69 million yuan, 91 million yuan, and 115 million yuan respectively [7] Financial Data and Profit Forecast - Total revenue is projected to reach 1,009 million yuan in 2025, with a year-on-year growth rate of 45.2% [6] - The gross profit margin is expected to be 26.4% in 2025, with a net profit margin of 6.5% [6] - The company’s return on equity (ROE) is forecasted to be 15.6% in 2025 [6] - The earnings per share (EPS) is projected to be 0.81 yuan in 2025 [6]

4月23日，雅本化学（300261）股份有限公司(股票代码：300261)正式发布2024年年度报告。尽管受行 业周期波动及市场竞争加剧影响，公司业绩短期承压，但通过深化主业布局、强化研发投入及优化管理 结构，雅本化学在核心业务领域展现出较强的韧性，为未来高质量发展奠定了坚实基础。 报告期内，雅本化学实现营业收入12.02亿元，同比下降6.00%；归属于上市公司股东的净利润为-2.58亿 元，亏损同比扩大。这一表现主要受农药行业景气度下行、产品价格波动及市场竞争等因素影响。 然而，细分业务数据显示，公司核心主业仍保持稳定增长：农药中间体业务收入6.81亿元，同比增长 2.06%；医药中间体业务收入3.33亿元，同比增长1.10%。 公司坚持"大客户战略"，与跨国农化巨头及创新药企建立深度合作，形成了"核心客户+重点产品"的业 务矩阵。南通基地、兰州基地等生产基地的产能爬坡及新项目落地，进一步巩固了公司在定制生产 (CDMO)领域的市场地位。此外，盐城基地作为唯一具备农药全产业链生产能力的基地，有效提升了供 应链稳定性。 面对行业挑战，雅本化学逆势加大研发投入，技术壁垒持续筑高。2024年研发费用达1.23亿元 ...

Core Insights - The company reported a total revenue of 783 million yuan for 2024, representing a year-on-year growth of 16.54% and a net profit attributable to shareholders of 269 million yuan, up 22.39% year-on-year [1] - In Q4 2024, the company achieved revenue of 221 million yuan, a year-on-year increase of 4.47%, and a net profit of 74 million yuan, reflecting a growth of 25.84% year-on-year [1] - The revenue growth is attributed to the successful implementation of a major client strategy and continuous enhancement of brand strength [1] - The company emphasizes shareholder returns, proposing a cash dividend distribution of 267 million yuan (before tax), which accounts for 99.47% of the net profit attributable to shareholders [1] Business Segmentation - The management consulting business saw significant revenue growth, nearly doubling year-on-year [2] - Management training business generated revenue of 630 million yuan in 2024, a growth of 6.31%, with a gross margin of 83.63%, an increase of 1.47 percentage points from the previous year [2] - Management consulting business achieved revenue of 146 million yuan, a remarkable growth of 97.38%, although the gross margin decreased by 4.07 percentage points to 44.24% [2] - As of the end of 2024, the company's contract liabilities stood at 1.08 billion yuan, reflecting a year-on-year increase of 12.7% and a quarter-on-quarter growth of 11.9% [2] Future Plans and Projections - For 2025, the company plans to add 500 new major clients and leverage AI large model technology to develop intelligent education products in niche areas to enhance efficiency for enterprises [2] - The company aims to achieve a "double nine target" with a major client repurchase rate of over 90% and a referral rate of over 90% [2] - Profit forecasts indicate that the net profit attributable to shareholders is expected to reach 300 million yuan in 2025, 340 million yuan in 2026, and 370 million yuan in 2027, maintaining a "recommended" rating [2]

Investment Rating - The report maintains a "Buy" rating for the company, with a target price based on the last closing price of 39.15 [1][8] Core Views - The company achieved a revenue of 783.43 million yuan in 2024, representing a year-on-year growth of 16.54%, and a net profit attributable to shareholders of 268.57 million yuan, up 22.39% from the previous year [4][9] - The overall gross margin for the year was 76.05%, a decrease of 2.21 percentage points, primarily due to the structural change from the increase in management consulting revenue [5] - The company has a strong focus on large clients, having developed over 1,200 new clients in the year, with 295 being new large clients, which supports continued revenue growth [6] Financial Performance - In Q4 2024, the company reported revenue of 221 million yuan, a year-on-year increase of 4.47%, and a net profit of 73.97 million yuan, up 25.84% [4][5] - The company’s contract liabilities reached a new high of 1.08 billion yuan, with new signed orders of 933 million yuan, reflecting a 3.78% increase from 2023 [7] - The company plans to distribute a cash dividend of 0.75 yuan per share, totaling 89.44 million yuan, which represents 99.47% of the annual net profit attributable to shareholders [7] Future Projections - The company is expected to achieve net profits of 313.14 million yuan, 359.64 million yuan, and 405.24 million yuan for 2025, 2026, and 2027 respectively, with growth rates of 16.59%, 14.85%, and 12.68% [9] - The projected earnings per share (EPS) for 2025, 2026, and 2027 are 2.63 yuan, 3.02 yuan, and 3.40 yuan respectively, with corresponding price-to-earnings (PE) ratios of 15X, 13X, and 11X [8][9]

Investment Rating - The report does not explicitly provide an investment rating for the agricultural chemicals and veterinary drugs industry [1]. Core Insights - The agricultural chemicals industry is nearing the end of a "de-inventory" phase, with signs of order volume recovery observed in Q4 2024. The company plans to maintain its "major client strategy" while expanding its customer base and exploring new product directions [18]. - The pharmaceutical business is progressing as planned, with stable development expected. The company is focusing on deepening relationships with existing major clients and enhancing R&D capabilities [19]. - The renewable energy business is advancing, with plans to enter the market with products like electrolytes. The company aims for revenue breakthroughs in 2025 while optimizing technology and operational efficiency to remain competitive [20]. - The establishment of operations in the UK and Malaysia is intended to provide a stable supply chain and enhance service quality for clients, countering trends of industry chain relocation [20]. - The impact of U.S. tariff policies on the company's business is limited, as the share of products delivered to U.S. ports is small [20]. - The rise of Indian CDMO companies is acknowledged, but the company believes that its competitive edge in proprietary drugs remains intact due to concerns over supply chain integrity and IP protection in India [21]. Summary by Sections 1. Basic Research Information - The research focused on the company "Lianhua Technology" within the agricultural chemicals and veterinary drugs industry, conducted on March 12, 2025, with participation from various financial institutions [13]. 2. Detailed Research Institutions - The research involved institutions such as Kaiyuan Securities, Tianfeng Securities, Haitong Asset Management, and Industrial Bank [14]. 3. Research Institution Proportions - The report does not provide specific data on the proportions of research institutions involved [16]. 4. Main Content Information - The company is actively managing its inventory levels in the agricultural sector and is optimistic about future order volumes. It is also expanding its pharmaceutical and renewable energy businesses while maintaining a focus on major clients and operational efficiency [18][19][20].