上 市 公 司 基础化工 2025 年 04 月 28 日 润丰股份 (301035) —— 25Q1 业绩改善显著，to C 业务占比持续提升，中 长期价值值得期待 报告原因：有业绩公布需要点评 | 投资要点： | | --- | 财务数据及盈利预测 | | 2024 | 2025Q1 | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业总收入（百万元） | 13,296 | 2,686 | 14,579 | 15,860 | 18,093 | | 同比增长率（%） | 15.8 | -0.3 | 9.6 | 8.8 | 14.1 | | 归母净利润（百万元） | 450 | 257 | 929 | 1,116 | 1,419 | | 同比增长率（%） | -41.6 | 68.0 | 106.5 | 20.0 | 27.2 | | 每股收益（元/股） | 1.61 | 0.91 | 3.31 | 3.97 | 5.06 | | 毛利率（%） | 19.8 | 19.3 | 20.2 | 20.6 | 21.0 | | RO ...

Financial Performance Summary - In 2024, the company achieved operating revenue of 247,083.91 million RMB, representing a 4.06% increase compared to the previous year [2] - The net profit attributable to shareholders decreased by 3.06% to 26,540.20 million RMB, while the net profit after deducting non-recurring gains and losses increased by 33.73% to 24,665.12 million RMB [2] - As of the end of 2024, total assets reached 458,633.36 million RMB, a 4.18% increase from the beginning of the period, and equity attributable to shareholders increased by 5.15% to 315,956.16 million RMB [2] Factors Influencing Performance - The significant increase in net profit after deducting non-recurring gains and losses was primarily due to improved operational conditions and a substantial decrease in non-recurring losses compared to the previous year, which included a one-time asset disposal gain of approximately 64 million RMB [3]

泰禾股份成立于2004年，专注于农药产品及功能化学品的研发、生产和销售，出口地区覆盖南美、北美、东南亚、欧洲等全球多个主要市场区域。公司百菌 清、嘧菌酯、2,4-D等三大核心产品处于行业领导地位，生产规模及综合技术位居行业领先水平。 泰禾股份在江苏、江西建立了全球领先的生产基地，构建了农药与功能化学品协同发展的产品体系。泰禾拥有专业的技术团队，在氨氧化、氯化、加氢、氟 化等领域拥有深厚积累，目前已承担4项国家"十二五"科技支撑计划、1项"十三五"国家重点研发计划等。 泰禾股份（股票代码：301665.SZ） 4月11日，南通泰禾化工股份有限公司（股票简称：泰禾股份，股票代码：301665）正式在深交所创业板上市。以植保化学品和功能化学品为主营业务的泰 禾股份，迎来了发展历程中的重要里程碑。 「泰若磐石，禾立世界」作为行业标杆，泰禾以稳健之姿扎根沃土，以创新之志破浪全球！ 百思特咨询公司董事长张正华受邀出席泰禾上市答谢晚宴，并于上市当日亲临敲钟现场，共同见证这一荣耀时刻。这不仅是泰禾股份发展历程的高光时刻， 更是双方合作成果的有力见证。 百思特作为泰禾股份的战略合作伙伴，自双方开展管理变革项目合作以来，紧密协作 ...

Core Insights - The agricultural chemical industry is undergoing a significant transformation from "quantity" to "quality" driven by global food security demands and modernization processes [2] - Taihe Co., Ltd. is positioned as a leader in the domestic market and is showcasing China's manufacturing capabilities on the international stage [2] - The company is transitioning from imitation to innovation, emphasizing its strategic management and operational execution to build a competitive moat [2] Industry Overview - The global agricultural pesticide market reached $74.8 billion in 2023, with a compound annual growth rate (CAGR) of 5.74% over the past five years [9] - The demand for pesticides is driven by global population growth and limited arable land, with herbicides, fungicides, and insecticides accounting for 47.2%, 24.96%, and 24.97% of the market, respectively [9] - The Asia-Pacific region and Latin America are the largest markets for pesticides, with sales of $25.08 billion and $22.07 billion in 2022, respectively [9] Company Positioning - Taihe Co., Ltd. focuses on the research, production, and sales of pesticide products and functional chemicals, with a strong emphasis on meeting international market demands since its establishment in 2004 [4] - The company has achieved significant revenue from its core products, with fungicides generating ¥1.187 billion (31.07% of total revenue) and herbicides generating ¥1.879 billion (49.18% of total revenue) in 2023 [4] - Taihe Co., Ltd. has established a robust research and development (R&D) system, with 363 patents (73 overseas) and participation in national key research plans [6] Technological Advancements - The company has developed a systematic technological advantage in key synthesis techniques, significantly reducing production costs and enhancing environmental performance [6][7] - Taihe Co., Ltd. has established long-term partnerships with international agricultural giants, ranking 6th in domestic pesticide exports in 2023 [8] - The company has expanded its product offerings in functional chemicals, increasing their share from 4.07% in 2021 to 14.07% in the first half of 2024 [5] Strategic Development - Taihe Co., Ltd. is transitioning from imitation to innovation by establishing a dedicated team for new pesticide creation and investing in the development of new compounds [11][12] - The company has successfully navigated the entire product development process, leading to the successful registration of new products, including the self-created compound that received export registration in July 2024 [13] - The company aims to leverage its technological capabilities and market insights to capture opportunities in high-potential overseas markets [9][10]

Core Insights - The chairman of Taihe Co., Tian Xiaohong, emphasizes the importance of the pesticide industry for food security and agricultural productivity, highlighting the need for safe and environmentally friendly agricultural chemicals [2][3][4] - Taihe Co. has transitioned from merely trading pesticides to integrating research, production, and technology, aiming to innovate and compete with global agricultural giants [3][4] - The company has developed key products such as Bacillus amyloliquefaciens, 2,4-D, and pyraclostrobin, which are significant in the global market, with Bacillus amyloliquefaciens holding a 60% market share [6][7] Industry Context - The global population growth poses challenges for food security, with the need for increased agricultural productivity being critical, where pesticides play a vital role [3][4] - China produces 70% to 80% of the world's pesticides but still lags behind major global players in high-end agricultural products [3][4] - The pesticide industry is currently facing overcapacity and a "micro-profit era," prompting companies like Taihe to innovate and adapt to maintain competitiveness [8] Company Strategy - Taihe Co. has focused on R&D, with over 3% of its revenue allocated to innovation since 2021, resulting in 363 patents, including 73 overseas [8][9] - The company plans to use funds from its IPO to enhance its core product line of fungicides and develop a complete product line [8][9] - Future investments will target the construction of new production capacities for green pesticides, aligning with international agricultural trends [9][10]

报告中称，25Q1化工景气底部，企业端延续量增价减，春季行情涨价逻辑对板块的估值修复力度较为 有限。2025.2国内制造业PMI位于荣枯线上方。化工需求侧国内房地产新建商品房销售显著回暖，核心 城市率先回稳;新能源车销量维持高增长，以旧换新政策有望加速需求释放;社零增速平稳，促消费政策 持续发力。供给侧欧盟化工生产乏力已对下游制造业造成影响，国内维持稳健增长，但化工总体仍位于 产能扩张阶段，供过于求对价格的短期压制因素仍在。 量增价减表现为企业增收不增利，化工大宗价差短期仍在历史底部，利润向上游转移，对应资源型企业 ROE相对高位。从估值修复程度看，虽然年后化工在钛白粉、有机硅、氟化工、农化、香精香料等板块 均有涨价逻辑演绎，但看子板块整体的PB分位，修复的力度仍然有限。机构持仓方面，4Q24主动基金 降低化工板块配置，偏资源侧炼油化工板块为主要加仓方向。从交易的时间窗口期看，当前化工子板块 位于底部也有两年时间跨度了，离反转或已不远。 方正证券发布研报称，制冷剂进入需求旺季，涨价确定性强。制冷剂已经进入需求旺季，制冷剂企业生 产负荷逐步提升，行业产量和库存同比提升，旺盛的下游需求带动制冷剂价格上行，二季度价 ...

2025 年 03 月 03 日 行业周报 看好/维持 基础化工 基础化工 化工周报（2/24-3/2）： 需求旺季到来，磷酸一铵、氯化钾、尿素、制冷剂等价格上涨 ◼ 走势比较 (20%) (10%) 0% 10% 20% 30% 24/2/28 24/5/11 24/7/23 24/10/4 24/12/16 25/2/27 基础化工 沪深300 相关研究报告 <<化工周报（2/17-2/23）：春耕临近 推动尿素、氯化钾价格上涨；科技突 破 有 望 拉 动 电 子 材 料 需 求 >>-- 2025-02-24 <<化工周报（2/5-2/9）：库存偏紧推 动氯化钾价格上涨；AI 应用有望拉 动电子材料需求>>--2025-02-10 <<化工周报（1/13-1/19）：三代制冷 剂毛利继续走扩；快速去库推动涤纶 长丝价格上涨>>--2025-01-20 证券分析师：王亮 E-MAIL：wangl@tpyzq.com 分析师登记编号：S1190522120001 证券分析师：王海涛 E-MAIL：wanght@tpyzq.com 分析师登记编号：S1190523010001 报告摘要 1.重点行业和产品情况 ...

基础化工 2025 年 03 月 03 日 行业周报 看好/维持 基础化工 化工周报（2/24-3/2）： 需求旺季到来，磷酸一铵、氯化钾、尿素、制冷剂等价格上涨 (20%) (10%) 0% 10% 20% 30% 24/2/28 24/5/11 24/7/23 24/10/4 24/12/16 25/2/27 基础化工 沪深300 相关研究报告 <<化工周报（2/17-2/23）：春耕临近 推动尿素、氯化钾价格上涨；科技突 破 有 望 拉 动 电 子 材 料 需 求 >>-- 2025-02-24 <<化工周报（2/5-2/9）：库存偏紧推 动氯化钾价格上涨；AI 应用有望拉 动电子材料需求>>--2025-02-10 <<化工周报（1/13-1/19）：三代制冷 剂毛利继续走扩；快速去库推动涤纶 长丝价格上涨>>--2025-01-20 证券分析师：王亮 E-MAIL：wangl@tpyzq.com 分析师登记编号：S1190522120001 证券分析师：王海涛 E-MAIL：wanght@tpyzq.com 分析师登记编号：S1190523010001 报告摘要 1.重点行业和产品情况跟踪 磷酸一铵 ...

基础化工 | 证券研究报告 — 行业周报 2025 年 3 月 3 日 化工行业周报 20250302 国际油价小幅下跌，磷酸一铵、氯化钾价格上涨 3 月份建议关注：1、三四月份旺季可能涨价的品种，如农化、纺织化学用品、制冷剂等；2、年 报季报行情，如大型能源央企、轻烃裂解子行业龙头公司等；3、下游行业快速发展，建议关注 部分电子材料、新能源材料公司；4、宏观经济整体预期改善，行业龙头价值公司进入长期可配 置区间。 行业动态 投资建议 截至 3 月 2 日，SW 基础化工市盈率（TTM 剔除负值）为 21.50 倍，处在历史（2002 年至今） 的 56.77%分位数；市净率（MRQ）为 1.81 倍，处在历史水平的 11.96%分位数。SW 石油石 化市盈率（TTM 剔除负值）为 10.29 倍，处在历史（2002 年至今）的 9.28%分位数；市净率 （MRQ）为 1.21 倍，处在历史水平的 2.77%分位数。3 月份建议关注：1、三四月份旺季可 能涨价的品种，如农化、纺织化学用品、制冷剂等；2、年报季报行情，如大型能源央企、 轻烃裂解子行业龙头公司等；3、下游行业快速发展，建议关注部分电子材料、新能源 ...

Investment Rating - The report maintains an "Overweight" rating for the basic chemical industry [5] Core Insights - The report emphasizes the recovery of chemical prices, driven by seasonal demand and cost opportunities, recommending resilient companies with long-term growth potential and new material leaders [2][5] - The overall market performance shows a notable recovery in chemical prices, with 32 products increasing in price and 38 decreasing, indicating a general improvement in industry sentiment [5][11] - The report highlights the potential for supply-demand dynamics to improve from 2025 onwards, with policies aimed at addressing overcapacity and enhancing market conditions [5][12] Summary by Sections Market Performance - The Shanghai Composite Index increased by 0.97%, while the ChiNext Index rose by 2.99% during the week of February 17-21, with the basic chemical index up by 1.76%, ranking 9th among 30 sectors [7] - Key chemical products such as liquid chlorine and sulfur saw significant price increases, with liquid chlorine in East China rising by 19.67% [5][11] Investment Recommendations - Recommended companies include Wanhu Chemical, Hualu Hengsheng, and Longbai Group, which are expected to benefit from domestic demand [5][12] - New material leaders such as Ruifeng New Materials and Blue Sky Technology are also highlighted for their growth potential [5][12] Key Company Tracking - Wanhu Chemical's MDI prices remained stable, with a slight decrease in certain product prices, indicating a cautious market outlook [16] - Yaxiang Co. is noted for its strategic overseas expansion to mitigate high tariff pressures from the U.S. [21][22] - Juhua Co. is projected to benefit from a favorable refrigerant market cycle, with significant expected profit growth in 2024 [24][25]