农药行业景气修复

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北交所策略专题报告:农药行业景气持续修复,关注北交所颖泰生物等标的
KAIYUAN SECURITIES· 2025-07-13 15:16
Group 1 - The pesticide industry is experiencing a continuous recovery, with significant improvement in profitability. Several pesticide companies have reported substantial profit increases for the first half of 2025, with Xinda Co. achieving a net profit of approximately 130 million to 150 million yuan, a year-on-year increase of 2443.43% to 2834.73%, and Limin Co. reporting a net profit of about 260 million to 280 million yuan, a year-on-year growth of 719.25% to 782.27% [1][9][10] - The main reasons for the profit growth in the pesticide sector include increases in both product sales and prices. Although pesticide prices are currently at historical lows, improvements in domestic and international supply and steady growth in end-user demand may lead to price turning points for certain pesticide varieties [1][9][13] - The global pesticide market is projected to grow steadily, with an estimated market size of 1,582.375 billion yuan in 2024, expected to reach 1,998.533 billion yuan by 2030, reflecting a compound annual growth rate of 3.97% [13] Group 2 - The chemical new materials sector on the North Exchange has seen a weekly increase of 2.60%, ranking second among five major industries, only behind the consumer services sector, which rose by 3.59% [2][21] - The performance of sub-sectors within the chemical new materials industry has been mixed, with notable increases in metal new materials (+4.21%), non-metal materials (+6.65%), and rubber and plastic products (+1.03%), while textile manufacturing and professional technical services experienced declines [2][22][23] - Key companies in the chemical new materials sector have shown significant stock performance, with Benlang New Materials rising by 35.14%, Silane Technology by 11.74%, and Kaida Catalysis by 9.26% [2][23][27] Group 3 - Jiashan Co. plans to establish a new electronic materials intermediate project with an annual production capacity of 1,000 tons, focusing on photolithography raw materials, with an estimated total investment of approximately 80 million yuan [3][47] - The company aims to enhance its product variety and strengthen its market position in the high-end photolithography raw materials sector, which is experiencing significant growth opportunities [3][47]