证券研究报告 | 2025年06月05日 湖北宜化（000422.SZ） 宜昌新发投完成股权过户，新疆宜化成为控股子公司 |  公司研究·公司快评 | |  | 基础化工·农化制品 |  投资评级：优于大市（维持） | | --- | --- | --- | --- | --- | | 证券分析师： | 杨林 | 010-88005379 | yanglin6@guosen.com.cn | 执证编码：S0980520120002 | | 证券分析师： | 张歆钰 | 021-60375408 | zhangxinyu4@guosen.com.cn | 执证编码：S0980524080004 | 事项： 公司公告：2025 年 6 月 4 日晚，公司发布《湖北宜化化工股份有限公司关于重大资产购买暨关联交易之标 的资产完成过户的公告》及《湖北宜化化工股份有限公司重大资产购买暨关联交易实施情况报告书》。根 据公司公告，截至 2025 年 6 月 4 日，宜昌新发投 100%股权已过户登记至湖北宜化上市公司名下，已完成 工商变更登记手续，标的资产已交割完成。至此，本次交易涉及购买资产的过户手续已办理完毕。本次 ...

Core Viewpoint - Hualu Hengsheng (600426) has seen a stock price increase of 1.81% this week, closing at 20.82 yuan, with a total market capitalization of 44.205 billion yuan, ranking 2nd in the agricultural chemical products sector and 298th in the A-share market [1] Company Announcements - Hualu Hengsheng announced its first share buyback of 766,700 shares, representing 0.04% of the total share capital, executed on May 28, 2025, at a price range of 20.78 to 20.99 yuan per share, with a total expenditure of approximately 16,002,900 yuan [1] - The buyback plan was initially disclosed on April 18, 2025, proposed by the chairman, with an implementation period from April 30, 2025, to April 29, 2026, and an expected buyback amount between 200 million yuan and 300 million yuan [1] - The purpose of the buyback is to reduce registered capital, and the company plans to use its own or raised funds for the buyback, with a maximum price of 32.38 yuan per share [1]

Core Points - The stock price of Nongxin Technology (001231) closed at 18.84 yuan on May 23, 2025, down 1.05% from the previous week [1] - The company has a total market capitalization of 1.884 billion yuan, ranking 56th in the agricultural chemical products sector and 4939th in the A-share market [1] Group 1: Financial Performance - The gross profit margin for insecticides in 2024 was 35.66%, and for fungicides, it was 39.97%, representing increases of 0.97 and 1.52 percentage points, respectively [2][3] - The decrease in cash and cash equivalents by approximately 351 million yuan at the end of 2024 was primarily due to increased investments in financial products and loan repayments by a subsidiary [1][3] Group 2: Business Strategy - The company explained that the higher gross profit margin for distribution compared to direct sales in 2024 is due to different product structures, with the main sales of pesticide raw materials being direct and low production volumes leading to lower margins [1][3] - The company is actively expanding its international market presence by establishing branches in Southeast Asia, South Asia, and Central Asia, and is working on registering new pesticide products for overseas markets [1][3] - A meeting is scheduled for April 24, 2025, to discuss a proposal for the mid-term profit distribution plan for 2025, with specifics to be determined based on actual conditions [1][3]

Group 1 - The report highlights that Alibaba Health achieved a revenue of 30.6 billion yuan in FY2025, representing a 13% year-on-year growth, and a net profit of 1.4 billion yuan, which is a 62% increase year-on-year [3][4] - The medical e-commerce platform business saw a robust growth of 54% year-on-year, reaching 3.6 billion yuan, driven by stable GMV growth and the inclusion of marketing and value-added services [4] - The self-operated pharmaceutical business also grew by 10% year-on-year to 26.1 billion yuan, supported by an increase in active consumers and ARPU [4][5] Group 2 - The report indicates that the AIDC business has a promising outlook, with the global power quality governance market expected to grow from 38.6 billion USD in 2024 to 56.3 billion USD by 2030 [8] - The demand for power quality governance is driven by sectors sensitive to power quality, such as semiconductor manufacturing and data centers, with the low-voltage power quality governance equipment market projected to grow significantly [8][9] - The company is positioned as a leader in the domestic power quality equipment market, benefiting from the construction boom in data centers [9] Group 3 - The report notes that Guangxin Co. experienced a 20.9% decline in revenue to 4.64 billion yuan in 2024, primarily due to falling pesticide prices and increased competition [13] - The company’s pesticide segment revenue dropped by 17% year-on-year, while the intermediate products segment saw a 25% decline [13][14] - The report anticipates a recovery in pesticide demand, with projected revenues of 4.8 billion, 5.8 billion, and 6.9 billion yuan for 2025, 2026, and 2027 respectively [14][22] Group 4 - The report discusses the potential bankruptcy of Monsanto, which could benefit domestic glyphosate and glyphosate ammonium producers, as it holds a 32% global market share [17][18] - Glyphosate prices have stabilized, with a reported price of 23,200 yuan per ton, indicating a potential turning point for the industry [19][20] - The report suggests that the domestic glyphosate and glyphosate ammonium companies may see increased demand due to the competitive landscape shifting [22][23] Group 5 - The report indicates that Tongkun Co. achieved a revenue of 101.3 billion yuan in 2024, a 22.6% increase year-on-year, with a net profit of 1.202 billion yuan, reflecting a 50.8% growth [26][28] - The company’s polyester filament sales increased, supported by limited new capacity in the industry and growing downstream demand [26][27] - Future revenue projections for Tongkun are set at 101.3 billion, 105.3 billion, and 111.3 billion yuan for 2025, 2026, and 2027 respectively, with a corresponding net profit forecast of 2.233 billion, 3.129 billion, and 3.973 billion yuan [30]

Group 1 - Weiling Co., Ltd. announced that its subsidiary Tianjin Changling Mining Partnership acquired 74.3% of Hunan Linwu Jiayu Mining Co., Ltd. for 220 million yuan, focusing on non-ferrous and black metal mining and smelting [1] - Zhongnong Lihua plans to acquire at least 50% of Taizhou Agricultural Materials Co., Ltd., which will become a subsidiary upon completion of the acquisition [1] - Chaohongji is planning to issue H-shares on the Hong Kong Stock Exchange, with details yet to be finalized [1][2] Group 2 - Hong Sifang's subsidiary plans to invest approximately 1.49 billion yuan in a new production base in Suizhou High-tech Industrial Development Zone [3] - Shangwei New Materials announced that its major shareholder Jin Feng Investment Holdings intends to reduce its stake by up to 3%, equating to 12.1 million shares [4] - Yihe Jiaye has changed its name to Beijing Ruimaite Medical Technology Co., Ltd., effective from May 21 [5][6] Group 3 - Huaxi Energy reported that its controlling shareholder has been detained and is under investigation, with no longer holding any positions in the company [7][8] - Aofei Entertainment plans to invest 10 million yuan in a partnership for equity investment in Shenzhen Xuanyuan Technology Co., Ltd. [9] - Hangzhou Electric plans to reduce its shares by up to 1.93%, equating to 13.36 million shares [10] Group 4 - Jiuhua Tourism intends to raise up to 500 million yuan through a private placement for various projects, including hotel renovations and transportation upgrades [11] - Dingxin Communications elected Liu Min as the new chairman following the resignation of Wang Jianhua [12] - Jiewate plans to acquire 40.89% of Nanjing Tianyi Hexin Electronics for 319 million yuan [13] Group 5 - Darui Electronics intends to acquire 80% of Dongguan Weisi Technology Co., Ltd. through cash purchase and capital increase [14] - Tianzhihang's shareholders plan to reduce their stakes by up to 3%, with each shareholder intending to sell 679,000 shares [15][16] - ST Shilong will lift its risk warning and change its stock name to Shilong Industrial, with trading limits adjusted from 5% to 10% [17] Group 6 - Ningde Times announced the listing of its H-shares on the Hong Kong Stock Exchange, raising approximately 35.33 billion HKD [19][20] - Mingyang Electric's shareholders plan to reduce their stakes by up to 3.01%, totaling 941,000 shares [21] - Bohai Leasing intends to transfer 100% of Global Sea Containers Ltd. for 1.75 billion USD, focusing on optimizing its debt structure [21]

Investment Rating - The investment rating for the company is "Buy" with a target price not specified [6] Core Views - The company's Q1 2025 performance met expectations, with revenue of 3.241 billion yuan, a year-on-year increase of 2.04%, and a net profit attributable to shareholders of 435 million yuan, a slight increase of 1.35% [1] - The industry is gradually stabilizing, and the company experienced good sales growth in Q1, particularly in its raw materials business, which was the main driver of revenue growth [1][2] - The company maintained good cost control, with a reduction in total expenses compared to the previous year, positively impacting net profit [3] - The company is advancing its projects in Liaoning, which are expected to optimize product layout and create new growth points for sustainable development [3] Financial Summary - For 2025-2027, the projected net profit attributable to the parent company is expected to be 1.47 billion yuan, 1.78 billion yuan, and 2 billion yuan respectively, reflecting a positive growth outlook [3] - The company's revenue for 2025 is estimated at 12.86 billion yuan, with a growth rate of 23.23% compared to 2024 [5] - The earnings per share (EPS) for 2025 is projected to be 3.61 yuan, with a price-to-earnings (P/E) ratio of 14.44 [5] Sales and Pricing - In Q1, the company achieved sales volumes of 28,700 tons for raw materials and 15,400 tons for formulations, representing increases of 14.8% and 2.8% year-on-year respectively [2] - The average prices for raw materials and formulations in Q1 were 63,000 yuan and 56,600 yuan, showing declines of 8.8% and 1.6% year-on-year [2] Cost Control and Project Development - The company reduced its sales expenses by approximately 1.65 million yuan year-on-year, while management and R&D expenses increased [3] - The first phase of the Liaoning project has been completed and is in the process of trial production, with several products already meeting quality standards [3]

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company, Baitian Co., is a leading domestic producer of nitrate phosphate fertilizers, with a focus on expanding its high-quality phosphate rock capacity and leveraging its integrated phosphate chemical industry layout in Guizhou [8][24] - The supply-demand situation for phosphate rock is expected to remain tight, with a projected compound annual growth rate (CAGR) of 4.85% for new phosphate rock capacity from 2024 to 2028, while demand is anticipated to grow at a CAGR of 5.46% during the same period [9][60] - The company is expected to achieve significant revenue growth, with projected revenues of 5.3 billion, 6.4 billion, and 7.3 billion yuan for 2025, 2026, and 2027 respectively, and corresponding net profits of 1.22 billion, 1.64 billion, and 2.05 billion yuan [9][16] Summary by Sections Company Overview - Baitian Co. is recognized as a leading nitrate phosphate fertilizer producer in China, with a strong market position and competitive advantages in technology, brand, and market share [8][21] - The company has a phosphate rock resource reserve of approximately 63.92 million tons with an average grade of 26.74%, and plans to expand its phosphate rock production capacity from 200,000 tons per year to 290,000 tons per year [8][11] Supply and Demand Analysis - The supply side is characterized by a slow expansion of capacity and a tight supply of high-grade phosphate rock resources, while the demand side is driven by the rigid demand for fertilizers and the growing need for phosphate in the new energy sector [9][60] - The company is well-positioned to benefit from the increasing demand for phosphate rock, particularly in the context of food security and the rapid development of new energy vehicles [9][60] Financial Performance and Forecast - The company has shown a consistent upward trend in revenue and net profit from 2017 to 2024, with a notable increase in phosphate rock production and sales contributing to this growth [28][32] - The projected financial performance indicates a significant increase in both revenue and net profit over the next few years, with a strong focus on expanding phosphate rock production and enhancing operational efficiency [9][16][28]

Investment Rating - The investment rating for the company is "Buy" [3] Core Views - The company reported Q1 2025 revenue of 7.77 billion yuan, a year-over-year decrease of 3% and a quarter-over-quarter decrease of 14%. The net profit attributable to shareholders was 710 million yuan, down 34% year-over-year and 17% quarter-over-quarter [1][3] - The company is a leading player in the coal chemical industry in China, with a significant low-cost moat. The extension of the industrial chain and product expansion at the Jingzhou base are expected to drive steady growth in performance. Projected net profits for 2025-2027 are 4.036 billion, 4.666 billion, and 5.120 billion yuan, with year-over-year growth rates of 3.41%, 15.62%, and 9.73%, respectively [3][4] - The company is experiencing pressure on profitability due to product price declines, but cost reductions are expected to improve product price differentials in Q2, driven by industry recovery [8][9] Financial Summary - For 2025, the company is expected to achieve revenue of 37.041 billion yuan, with a year-over-year growth of 8.22%. The net profit is projected to be 4.036 billion yuan, reflecting a year-over-year growth of 3.41% [4][9] - The company's earnings per share (EPS) for 2025 is estimated at 1.90 yuan, with a price-to-earnings (P/E) ratio of 10.59 [4][9] - The company’s gross margin and net margin for Q1 2025 were 16.3% and 9.9%, respectively, indicating a decline in profitability due to lower product prices [8][9]

Investment Rating - The report maintains a "Buy" rating for the company [5] Core Views - The company's Q1 performance shows a slight year-on-year increase in revenue and net profit, with revenue reaching 3.24 billion yuan, up 2%, and net profit at 430 million yuan, up 1% [1] - The core products' prices continue to decline, but there are signs of potential recovery in the agricultural chemical industry as inventory levels decrease and seasonal demand begins [3] - The company is optimizing its product layout through project advancements, and recent policy changes may catalyze a recovery in the agricultural chemical market [4] Summary by Sections Financial Performance - In Q1, the company's raw materials and formulations revenue were 1.81 billion yuan (up 4.75% YoY) and 870 million yuan (up 1.10% YoY), respectively. Raw material sales volume was 28,700 tons (up 14.82% YoY) with an average price of 63,000 yuan/ton (down 8.77% YoY). Formulation sales volume was 15,400 tons (up 2.77% YoY) with an average price of 56,600 yuan/ton (down 1.63% YoY) [2] - The company's expense ratio decreased by 0.3 percentage points to 7.0%, with gross and net profit margins at 24.6% and 13.4%, respectively [2] Market Outlook - The prices of key products such as high-efficiency chlorpyrifos and glyphosate have seen declines of 1.5%, 8.5%, and 9.1% YoY, but some products are beginning to stabilize and rise in price due to seasonal demand [3] - The completion of the first phase of the Huludao project ahead of schedule and the implementation of the "one certificate, one product" policy are expected to reduce market homogenization and improve competition [4] Profit Forecast and Valuation - The projected net profits for 2025-2027 are 1.482 billion, 1.764 billion, and 2.025 billion yuan, with year-on-year growth rates of 23.28%, 19.06%, and 14.79%, respectively. The corresponding P/E ratios are 14, 12, and 10 times [5]

Investment Rating - The investment rating for Yangnong Chemical (600486.SH) is "Buy" (maintained) [1] Core Views - The company has shown significant growth in production and sales, leading to improved profitability, highlighting its status as a leading player in the agrochemical sector [4] - The first quarter of 2025 saw revenue of 3.241 billion yuan, a year-on-year increase of 2.04% and a quarter-on-quarter increase of 33.96%, with a net profit attributable to shareholders of 435 million yuan, up 1.35% year-on-year and 146.77% quarter-on-quarter [4] - The report maintains profit forecasts, expecting net profits for 2025-2027 to be 1.410 billion, 1.600 billion, and 1.823 billion yuan respectively, with corresponding EPS of 3.47, 3.93, and 4.48 yuan per share [4][6] Summary by Sections Financial Performance - In Q1 2025, the production of active ingredients and formulations reached 29,500 tons and 13,000 tons respectively, with year-on-year increases of 19.4% and 13.0% [4] - Sales volumes for the same period were 28,700 tons and 15,400 tons, reflecting year-on-year growth of 14.8% and 2.8% [4] - Revenue from active ingredients and formulations was 1.806 billion yuan and 871 million yuan, with year-on-year growth of 4.8% and 1.1% [4] Profitability - The gross margin and net margin for Q1 2025 were 24.64% and 13.43%, respectively, showing improvements compared to the 2024 annual report [4] - The report indicates that the agrochemical industry is still under pressure, but the company has managed to achieve profitability during the initial production phase of its projects [4] Market Outlook - The report anticipates a recovery in demand for certain products as inventory adjustments in overseas markets take effect, and industry consolidation is expected to enhance pricing power in the medium term [4] - The company is well-positioned to benefit from these trends due to its integrated operations and efficient management [4]