格隆汇8月27日｜华鑫证券研报指出，利民股份作为国内杀菌剂行业的领军企业，公司2025年上半年农 用杀菌剂、农用杀虫剂销量保持增长。农用杀菌剂上半年实现营收12.40亿元，同比增长12.36%，占总 营收比重50.57%。巴西农产品种植面积增加及病菌灾害频发，推动杀菌剂和杀虫剂需求较高。公司已 在巴西市场成功获得代森锰锌、苯醚甲环唑、嘧菌酯、丙硫菌唑和硝磺草酮五项原药的自主登记。在国 内市场，公司通过江苏、河北、内蒙古等五大差异化定位的生产基地持续强化区域布局，进一步降低生 产成本，提升价格弹性。公司近年来在生物农药领域的研发工作取得了多项实质性进展，特别是在微生 物合成技术的应用方面。公司依托德彦智创平台，借助AI工具构建算力平台、数据平台、靶标数据库 及靶标资源平台，显著提升了创制化合物的开发效率，并缩短了新化合物的筛选周期。当前股价对应 PE分别为23.0、20.1、16.0倍，给予"买入"投资评级。 ...

利民股份发布 2025 年半年度业绩报告： 2025 年上半年公司实现营业收入24.52 亿元，同比增长 6.69%；实现归母净利润2.69 亿元，同比增长747.13%。Q2 单季度公司实现营业收入12.41 亿元，同比 下滑5.10%，环比增长2.52%；实现归母净利润1.61 亿元。 投资要点 杀菌剂业务稳健增长，国内外市场布局强化竞争力 作为国内杀菌剂行业的领军企业，公司2025 年上半年农用杀菌剂、农用杀虫剂销量保持增长。农用杀 菌剂上半年实现营收12.40 亿元，同比增长12.36%，占总营收比重50.57%。农用杀虫剂上半年实现营收 7.48 亿元，同比增长5.19%，占总营收30.51%。公司上半年积极推动海外市场拓展，海外市场营收同比 增加22.42%，占公司份额达到34.57%，较去年同期增加4.44 个百分点。巴西农产品种植面积增加及病 菌灾害频发，推动杀菌剂和杀虫剂需求较高。公司已在巴西市场成功获得代森锰锌、苯醚甲环唑、嘧菌 酯、丙硫菌唑和硝磺草酮五项原药的自主登记。在国内市场，公司通过江苏、河北、内蒙古等五大差异 化定位的生产基地持续强化区域布局，进一步降低生产成本，提升价格弹性。 ...

| 基本数据 | 2025-08-26 | | --- | --- | | 当前股价（元） | 21.23 | | 总市值（亿元） | 94 | | 总股本（百万股） | 441 | | 流通股本（百万股） | 400 | | 52 周价格范围（元） | 6.6-23.37 | | 日均成交额（百万元） | 492.08 | 2025 年 08 月 27 日 杀菌剂业务稳健增长，聚焦技术创新与市场拓展 —利民股份（002734.SZ）公司事件点评报告 买入(维持) 事件 | 分析师：张伟保 | S1050523110001 | | --- | --- | | zhangwb@cfsc.com.cn | | | 联系人：高铭谦 | S1050124080006 | | gaomq@cfsc.com.cn | | 市场表现 -50 0 50 100 150 200 250 300 (%) 利民股份 沪深300 资料来源：Wind，华鑫证券研究 相关研究 1、《利民股份（002734）：技术与 战略并驾，多维布局静候春耕旺 季》2025-05-06 利民股份发布 2025 年半年度业绩报告： 2025 年上半年公司 ...

8月26日，利民股份盘中上涨2.04%，截至10:10，报21.53元/股，成交2.61亿元，换手率3.09%，总市值 94.96亿元。 资料显示，利民控股集团股份有限公司位于江苏省新沂经济开发区经九路69号，成立日期1996年12月17 日，上市日期2015年1月27日，公司主营业务涉及农用杀菌剂原药及制剂的研发、生产和销售。主营业 务收入构成为：农用杀菌剂50.57%，农用杀虫剂30.51%，兽药9.34%，农用除草剂8.47%，其他0.96%， 其他农药0.15%。 利民股份所属申万行业为：基础化工-农化制品-农药。所属概念板块包括：小盘、年度强势、QFII持 股、合成生物、融资融券等。 截至6月30日，利民股份股东户数6.92万，较上期增加224.71%；人均流通股5774股，较上期减少 62.27%。2025年1月-6月，利民股份实现营业收入24.52亿元，同比增长6.69%；归母净利润2.69亿元，同 比增长747.13%。 分红方面，利民股份A股上市后累计派现9.18亿元。近三年，累计派现3.21亿元。 责任编辑：小浪快报 资金流向方面，主力资金净流入1964.74万元，特大单买入4379.31 ...

Group 1: Pharmaceutical and Medical Sector - The innovative drug sector has recently broken through a 160-day horizontal structure, with volume release not showing excessive volatility, indicating a potential entry point during the recent slight pullback [1] - The most concentrated sub-sector in innovative drugs is other biopharmaceuticals, with companies like Ailisi and Yifang Bio showing stronger trend characteristics [1] - The RSR industry has also turned positive, indicating a clearer signal for the sector's performance [3] Group 2: Daily Consumer Sector - The jewelry category experienced a significant reversal, suggesting a potential peak, but individual stocks may still present opportunities [4] - The dairy beverage category has seen a pullback, but companies like Miaokelando and New Dairy maintain a good upward trend in volume and price [5] - Yili Group is also considered, despite its larger market cap and slower growth, as it may be driven by trends similar to Haida Group in the feed sector [7] Group 3: Agricultural Sector - In the agricultural chain, the pesticide sub-sector is gaining attention, with Limin Co. leading the acceleration [9] - Companies like Lier Chemical are noted for their new herbicides that may replace glyphosate, positioning them as beneficiaries of market shifts [10] - A list of companies in the pesticide sector includes Limin Co. (46.61), Lier Chemical (17.29), and Jiangshan Co. (15.37), among others, indicating strong performance in agricultural chemicals [11] Group 4: Semiconductor Sector - The semiconductor sector is experiencing a continued volume pullback, but some companies are showing strong performance, suggesting a potential turning point [13] - A list of companies with consistent three-digit growth over two quarters includes Bochuang Technology and Zhongji Xuchuang, indicating strong fundamentals [14] - The sector remains under observation for potential recovery signals, particularly in the context of performance realization [13] Group 5: Wind Power Equipment Sector - The wind power equipment sector has seen several companies reversing from difficulties, with leading stocks being Dajin Heavy Industry and Xinqianglian [15] - The expansion of this sector may lead to follow-up from companies like Goldwind Technology and Jinlei Co. [15]

Investment Rating - The report assigns a "Buy" rating for the company, marking it as the first recommendation [1][8]. Core Insights - The company achieved a total revenue of 4.237 billion yuan in 2024, with a slight year-on-year growth of 0.32%, while the net profit attributable to shareholders reached 81 million yuan, reflecting a significant increase of 31.11% [4]. - In Q1 2025, the company reported a total revenue of 1.211 billion yuan, showing a year-on-year growth of 22.28% and a quarter-on-quarter growth of 35.57%. The net profit attributable to shareholders surged to 108 million yuan, marking a year-on-year increase of 1373.23% and a quarter-on-quarter increase of 258.81% [4]. Summary by Sections Revenue and Market Performance - The company's overall revenue remained stable in 2024, with a notable divergence between domestic and international markets. The domestic market faced pressure due to intensified competition and fluctuations in agricultural product prices, leading to a 1.30% decline in revenue. In contrast, the international market contributed 1.436 billion yuan, accounting for 33.89% of total revenue, with a year-on-year increase of 3.64% [5]. Production Capacity and Cost Management - The company has a production capacity of 132,700 tons for formulations and 110,200 tons for active ingredients, with utilization rates of 85.98% and 78.86% respectively. Although the capacity remains industry-leading, the utilization rates are relatively low. The gross margins for key products, including agricultural fungicides, insecticides, and veterinary drugs, improved year-on-year, standing at 27.54%, 15.06%, and 21.46% respectively [5]. Research and Development - The company increased its R&D investment to 162 million yuan in 2024, with a 9.56% rise in the number of R&D personnel. The establishment of a synthetic biology laboratory and the development of new products, such as herbicide intermediates and fungicides, are expected to drive future growth [6][7]. Profit Forecast - The company is projected to achieve net profits of 260 million yuan, 374 million yuan, and 462 million yuan for the years 2025, 2026, and 2027 respectively, with corresponding price-to-earnings ratios of 21.3, 14.8, and 11.9 [8][10].

Core Viewpoint - The article discusses the upcoming IPOs of two companies, Taihe Co., Ltd. and Xinkai Technology, highlighting their business models, financial performance, and investment plans. Group 1: Taihe Co., Ltd. - Taihe Co., Ltd. is a leading supplier of agricultural fungicides and herbicides in China, with a strong market presence and technological capabilities [2][3] - The company plans to issue shares at a price of 10.27 CNY per share, with a maximum subscription limit of 7,000 shares per account, requiring a market value of 70,000 CNY in the Shenzhen market for full subscription [3] - Taihe's revenue for 2022, 2023, and 2024 is projected to be 5.099 billion CNY, 3.868 billion CNY, and 4.214 billion CNY, respectively, with net profits of 649 million CNY, 346 million CNY, and 261 million CNY [3][4] - The funds raised will be invested in fungicide projects and a research and development center, including the production of various active ingredients [4] Group 2: Xinkai Technology - Xinkai Technology is a core supplier in the global organic pigment market, recognized as the top exporter of organic pigments in China for several consecutive years [2][5] - The company will issue shares at a price of 12.8 CNY per share, with a maximum subscription limit of 9,000 shares per account, requiring a market value of 90,000 CNY in the Shenzhen market for full subscription [5] - Xinkai's revenue for 2022, 2023, and 2024 is projected to be 1.192 billion CNY, 1.069 billion CNY, and 1.417 billion CNY, respectively, with net profits of 88 million CNY, 88 million CNY, and 111 million CNY [6] - The funds raised will be used for the construction of a research and development center and headquarters, as well as to repay bank loans [7]