先达股份再度涨停，9个交易日内录得6个涨停，累计涨幅为74.95%，累计换手率为178.53%。截至 13:54，该股今日成交量8679.87万股，成交金额8.05亿元，换手率19.96%。最新A股总市值达41.61亿 元。 龙虎榜数据显示，该股因连续三个交易日内，涨幅偏离值累计达20%、日换手率达20%、日涨幅偏离值 达7%、日振幅值达15%上榜龙虎榜6次，买卖居前营业部中，机构净卖出2.06亿元，营业部席位合计净 买入1.37亿元。 4月23日公司发布的一季报数据显示，一季度公司共实现营业总收入5.43亿元，同比增长10.78%，实现 净利润0.22亿元，同比增长257.63%。（数据宝） 近日该股表现 | 日期 | 当日涨跌幅（%） | 换手率（%） | 主力资金净流入（万元） | | --- | --- | --- | --- | | 2025.04.30 | -0.91 | 23.81 | -3134.90 | | 2025.04.29 | 10.03 | 25.91 | 4480.89 | | 2025.04.28 | -2.44 | 28.03 | 7770.63 | | 2025.04.25 ...

Investment Rating - The report maintains a "Buy" rating for the company, indicating a positive outlook for future performance [5][7]. Core Insights - The company reported a decline in net profit for 2024 but showed improvement in Q1 2025, with a net profit of 1.05 billion yuan, a year-on-year increase of 15.64% and a quarter-on-quarter increase of 82.22% [1][2]. - The decrease in revenue for 2024 was primarily due to falling prices of certain pesticide products, which could not be offset by increased sales volume [2]. - The company is actively expanding its overseas market presence, having obtained over 2,100 product registrations in various countries [4]. Summary by Sections Financial Performance - In 2024, the company achieved revenue of 3.908 billion yuan, a year-on-year decrease of 11.16%, and a net profit of 181 million yuan, down 61.67% [1][6]. - For Q1 2025, revenue was 1.264 billion yuan, up 10.16% year-on-year and up 82.22% quarter-on-quarter, with a net profit of 105 million yuan [1][2]. Product and Market Strategy - The company is focusing on a strategy that integrates formulation, active ingredients, and intermediates, which helps mitigate the cyclical risks associated with active ingredient production [3]. - The company has a diverse product portfolio with 254 pesticide registration certificates, covering various categories such as insecticides, fungicides, and herbicides [4]. Profitability and Valuation - The report projects a decline in net profit for 2025 to 396 million yuan, down 28.6% from previous estimates, with further projections for 2026 and 2027 showing gradual recovery [5][6]. - The company's earnings per share (EPS) is expected to be 1.16 yuan in 2025, with a price-to-earnings (P/E) ratio of 11 [6][14].

Investment Rating - The report maintains an "Outperform" rating for the company [1] Core Views - The company reported better-than-expected performance driven by the peak season for formulations in Q1 2025, while continuing to advance the construction of the Hengning base to strengthen its integrated strategy of intermediates, active ingredients, and formulations [1][6] Financial Performance Summary - In 2024, the company achieved total revenue of 39.08 billion yuan, a year-on-year decrease of 11.2%, and a net profit attributable to the parent company of 1.81 billion yuan, down 61.7% year-on-year [5][6] - For Q1 2025, the company reported revenue of 12.64 billion yuan, a year-on-year increase of 10.2%, and a net profit of 1.05 billion yuan, up 16% year-on-year [6] - The company plans to distribute a cash dividend of 5 yuan per 10 shares, representing 93.7% of the net profit attributable to the parent company [6] Revenue and Profit Forecast - Projected total revenue for 2025 is 44.52 billion yuan, with a year-on-year growth rate of 13.9% [5] - The forecasted net profit for 2025 is 3.65 billion yuan, reflecting a significant increase of 101.3% compared to 2024 [5][6] - The company expects to gradually reduce losses from the Hengning base in 2025, with new investments supporting future growth [6] Market and Product Insights - The company's pesticide business saw a sales volume of 56,600 tons in 2024, with a revenue of 38.08 billion yuan, despite a year-on-year price decline of 14% [6] - In Q1 2025, the pesticide business achieved a sales volume of 17,200 tons, with revenue of 12.31 billion yuan, indicating a recovery in demand [6] - The report highlights that the formulation business is expected to contribute nearly half of the company's revenue during the peak sales season in H1 2025 [6]

Group 1: Social Security Fund Holdings - The Social Security Fund entered the top ten circulating shareholders of 215 A-share listed companies in the first quarter [1] - Zhongtong Bus had the highest number of new holdings by the Social Security Fund, with 3 new positions [1] - Other companies with 2 new holdings include Lens Technology, Inner Mongolia First Machinery, Anke Intelligent Electric, and several others [1] Group 2: Zhongtong Bus - Zhongtong Bus saw a new holding value of 137 million yuan from the Social Security Fund in Q1 [1] - The company reported a net profit of 76.51 million yuan in Q1, a year-on-year increase of 80.52% [2] - The company has ongoing international orders, including 895 electric buses for Chile, with 300 delivered and the rest expected in Q2 [2] Group 3: Lens Technology - Lens Technology had a new holding value of 1.088 billion yuan from the Social Security Fund in Q1 [3] - The company reported Q1 revenue of 17.063 billion yuan, a year-on-year increase of 10.10%, and a net profit of 429 million yuan, up 38.71% [3] - Growth is expected from new product structures and increased demand in various sectors, including smartphones and electric vehicles [3] Group 4: Inner Mongolia First Machinery - Inner Mongolia First Machinery had a new holding value of 295 million yuan from the Social Security Fund in Q1 [4] - The company reported a net profit of 186 million yuan in Q1, a year-on-year increase of 11.03% [4] - The company is expanding its military trade product system and has developed new products for international markets [4] Group 5: Anke Intelligent Electric - Anke Intelligent Electric had a new holding value of 251 million yuan from the Social Security Fund in Q1 [4] - The company reported a net profit of 43.72 million yuan in Q1, a year-on-year decrease of 28.92% [4] - The company is actively pursuing international cooperation following discussions at the Dubai Power Exhibition [4]

Core Viewpoint - The article highlights the strong performance of recommended stocks by brokerages in April, with significant gains observed, particularly in consumer and technology sectors, as analysts anticipate a volatile market in May, viewing adjustments as potential buying opportunities [2][3][9]. Summary by Sections April Stock Performance - In April, the top-performing stock was Wancheng Group, which surged by 83%, recommended by three brokerages [3]. - Other notable stocks included Xianda Co., which rose by 61%, and Kexing Pharmaceutical, which increased by 55% [3]. - Approximately 37% of the 46 brokerages' recommended stocks achieved positive returns in April [4]. Brokerage Performance - Northeast Securities led with a monthly return of 13.28%, driven by strong recommendations like Wancheng Group and Xianda Co. [5]. - Huaxi Securities followed with a return of 10.57%, while Dongxing Securities, Huaxin Securities, and Huayuan Securities all exceeded 7% returns [5]. - Conversely, Guotou Securities reported a negative return of -8% for its recommended stocks [5]. May Stock Recommendations - Brokerages are focusing on consumer and domestic demand stocks for May, with East Peng Beverage and Guizhou Moutai among the favorites [6]. - The skincare and beauty sector is also gaining attention, with stocks like Proya and Aimeike receiving multiple recommendations [6]. Market Outlook for May - Analysts expect the market to remain volatile in May, with some expressing optimism about potential upward movement [9][10]. - Key sectors to watch include consumer, technology, and dividend-paying stocks, with a focus on domestic consumption and self-sufficiency in technology [9][10].

Investment Rating - The report maintains a "Buy" rating for the company, indicating a favorable outlook for investment over the next 6-12 months [7]. Core Insights - The company reported a significant improvement in performance for Q1 2025, with revenue of 543 million yuan, a year-on-year increase of 10.78% and a quarter-on-quarter increase of 3.10%. The net profit attributable to shareholders reached 22 million yuan, an increase of 3.55 million yuan year-on-year and 5.38% quarter-on-quarter [1][2]. - The company has successfully launched new herbicide products, with substantial market potential, particularly in high-value crops. The first product, Quizalofop, has been widely adopted, and additional products are set to launch in 2025 [3][4]. - The company is expanding its production capacity and has seen significant growth in overseas sales, particularly in key markets like Brazil and the United States [4]. Summary by Sections Financial Performance - In 2024, the company achieved a revenue of 2.419 billion yuan, a slight decrease of 1.68% year-on-year, while the net profit attributable to shareholders improved by 0.78 billion yuan to a loss of 0.26 billion yuan. For Q1 2025, revenue was 543 million yuan, with a year-on-year increase of 10.78% and a quarter-on-quarter increase of 3.10% [1][2]. - The main products, including herbicides and fungicides, generated revenues of 2.219 billion yuan, 159 million yuan, and 34 million yuan respectively in 2024, with varying growth rates [2]. Product Development - The company is building a product matrix centered around innovative herbicides, with significant growth in sales since the launch of Quizalofop in 2021. The second product, Pyrazosulfuron, has received approval for market launch in 2025 [3]. - New projects for pesticide production are underway, with successful trials for new herbicides planned for registration in 2025 [4]. Market Expansion - The company has successfully launched production facilities that enhance its core raw material capacity, with significant growth in overseas sales, particularly for key products like Acetochlor, which saw an 88% increase in export volume [4]. - The company is actively pursuing registrations for its proprietary products in major international markets, enhancing its competitive position [4]. Profit Forecast and Valuation - The report adjusts profit forecasts for 2025-2026, estimating net profits of 89 million yuan and 194 million yuan respectively, while maintaining a positive outlook on capacity expansion and product registration progress [4].

Group 1: Investor Relations Activity - The investor relations activity was an earnings briefing held on April 29, 2025, from 15:00 to 16:30 [3] - Participants included the company's chairman, general manager, financial officer, and sponsor representative [3] Group 2: Financial Performance - The company's net profit attributable to shareholders for the period was CNY 42.1076 million, representing a year-on-year increase of 15.69% [4] - The company aims to enhance profitability through deepening business, variety, and regional layout [4] Group 3: Business Development and Strategy - Future profit growth will be driven by collaborative planting, upstream seed production advantages, and market competitiveness of products like cherry tomatoes and sweet corn [4] - The company is actively preparing for new business models such as land trusteeship and cooperative planting, with pilot projects expected to launch in 2025 [4][5] Group 4: Research and Development - R&D expenses increased by 34.20% in 2024, reflecting the company's commitment to maintaining core market competitiveness [7] - The company has a structured R&D plan to ensure new products are introduced annually, balancing long-term strategies with short-term benefits [7] Group 5: Market Expansion - The company plans to leverage its acquisition of Qinhong in Jiuquan to enhance its market presence in the northwest region, which has shown significant revenue growth [6][10] - Strategies include increasing investments in seed production resources and expanding local market outreach for pesticide and fertilizer products [10]

公 司 研 究 扬农化工（600486.SH）：一季度业 绩增长，项目建设有序推进 2025 年 4 月 30 日 强烈推荐/维持 扬农化工 公司报告 扬农化工发布 2025 年 1 季报：公司 1 季度实现营业收入 32.41 亿元， YoY+2.04%，归母净利润 4.35 亿元，YoY+1.35%。 农药产品销量增长，但价格小幅下滑，带动公司整体实现增长。分板块看，① 原药：1 季度公司原药产品价格同比下滑 8.77%，销量同比增长 14.82%，带 动营收同比增长 4.75%至 18.06 亿元；②制剂：1 季度公司制剂产品价格同比 下滑 1.63%，销量同比增长 2.77%，带动产品营收同比增长 1.10%至 8.71 亿 元。从利润端看，公司综合毛利率同比小幅增长 0.3 个百分点至 24.64%，带 动净利润增长。 行业尚处周期底部，但是绿色化、国际化与集中度提升也孕育着新机遇。首先， 国家高度重视粮食安全，持续推出农业利好政策以及有利于农药行业创新、绿 色、高质量发展的法律法规。其次，虽然 2024 年全球粮食价格处于周期底部， 但粮食需求中长期需求明确，广大发展中地区居民饮食结构仍有较大改善 ...

公 司 研 究 扬农化工（600486.SH）：一季度业 绩增长，项目建设有序推进 2025 年 4 月 30 日 强烈推荐/维持 扬农化工 公司报告 扬农化工发布 2025 年 1 季报：公司 1 季度实现营业收入 32.41 亿元， YoY+2.04%，归母净利润 4.35 亿元，YoY+1.35%。 农药产品销量增长，但价格小幅下滑，带动公司整体实现增长。分板块看，① 原药：1 季度公司原药产品价格同比下滑 8.77%，销量同比增长 14.82%，带 动营收同比增长 4.75%至 18.06 亿元；②制剂：1 季度公司制剂产品价格同比 下滑 1.63%，销量同比增长 2.77%，带动产品营收同比增长 1.10%至 8.71 亿 元。从利润端看，公司综合毛利率同比小幅增长 0.3 个百分点至 24.64%，带 动净利润增长。 行业尚处周期底部，但是绿色化、国际化与集中度提升也孕育着新机遇。首先， 国家高度重视粮食安全，持续推出农业利好政策以及有利于农药行业创新、绿 色、高质量发展的法律法规。其次，虽然 2024 年全球粮食价格处于周期底部， 但粮食需求中长期需求明确，广大发展中地区居民饮食结构仍有较大改善 ...

Group 1: Company Overview and Strategic Projects - Shaoxing Bestmay Chemical Co., Ltd. is actively expanding its product lines in the C5 chemical sector, including the "Annual Production of 8,500 Tons of Ketone Series Green New Materials Project" and the "Annual Production of 12,100 Tons of Cyclopentane Series Green New Materials Project" [1][2][3] - The company has achieved stable operation of its ketone facility, with product quality meeting standards and sales status being steady [2][3] - The company is positioned as a leader in the domestic C5 comprehensive utilization field, enhancing its product offerings and reducing reliance on imports [2][3] Group 2: Financial Performance and Growth - In 2024, the company reported a revenue of 1.328 billion RMB, representing a year-on-year growth of 89.97% due to the full-year consolidation of Ningbo Jielike's operations following an 80% stake acquisition [5][6] - The revenue from C5 series products increased from 11.67 million RMB in 2023 to 73.12 million RMB in 2024, marking a growth of 5.26 times [20] Group 3: Research and Development - The company invested 45.52 million RMB in R&D in 2024, a 13.7% increase from the previous year, and holds 58 authorized patents, including 32 invention patents [6][8] - The focus on R&D has led to the development of proprietary technologies that enhance production efficiency and reduce costs, such as low-temperature continuous nitration and solid salt recovery technologies [18] Group 4: Market Position and Competitive Advantage - The company is recognized as a national high-tech enterprise and has established a complete production and R&D capability for the herbicide Dimethenamid-P, covering the entire industry chain from intermediates to formulations [8][15] - The company has a strong export presence, with its subsidiary Jielike operating in 79 countries, achieving over 75% of its revenue from overseas markets in 2024 [15][19] Group 5: Future Outlook and Strategic Initiatives - The company plans to continue focusing on environmentally friendly pesticide development and expand its C5 new materials product line to enhance market share and profitability [5][15] - The company aims to leverage its existing market channels and the acquisition of Jielike to penetrate emerging markets in South America, Africa, and Southeast Asia, thereby increasing sales of Dimethenamid-P [11][15]