中农立华生物科技股份有限公司2025 年半年度报告 公司代码：603970 公司简称：中农立华 中农立华生物科技股份有限公司 中农立华生物科技股份有限公司2025 年半年度报告 中农立华生物科技股份有限公司2025 年半年度报告 中农立华生物科技股份有限公司2025 年半年度报告 中农立华生物科技股份有限公司2025 年半年度报告 重要提示 一、 本公司董事会及董事、高级管理人员保证半年度报告内容的真实性、准确性、完整性，不 存在虚假记载、误导性陈述或重大遗漏，并承担个别和连带的法律责任。 二、 公司全体董事出席董事会会议。 三、 本半年度报告未经审计。 四、 公司负责人苏毅、主管会计工作负责人李灿美及会计机构负责人（会计主管人员）李灿美 声明：保证半年度报告中财务报告的真实、准确、完整。 五、 董事会决议通过的本报告期利润分配预案或公积金转增股本预案 无 六、 前瞻性陈述的风险声明 √适用 □不适用 本报告涉及的未来计划、发展战略等前瞻性陈述不代表公司盈利预测，不构成公司对投资者 的实质承诺，敬请投资者注意投资风险。 七、 是否存在被控股股东及其他关联方非经营性占用资金情况 否 八、 是否存在违反规定决策程 ...

证券研究报告 基础化工 | 农化制品 北交所|首次覆盖报告 hyzqdatemark 2025 年 08 月 26 日 | 基本数据 | 2025 | 年 08 | 月 | 25 日 | | --- | --- | --- | --- | --- | | 收盘价（元） | | | | 4.48 | | 一 年 内 最 高 / 最 | 低 | | | 5.09/4.02 | | （元） | | | | | | 总市值（百万元） | | | | 5,491.58 | | 流通市值（百万元） | | | | 5,409.63 | | 总股本（百万股） | | | | 1,225.80 | | 资产负债率（%） | | | | 56.02 | | 每股净资产（元/股） | | | | 4.16 | 证券分析师 赵昊 SAC：S1350524110004 zhaohao@huayuanstock.com 王宇璇 SAC：S1350525050003 wangyuxuan@huayuanstock.com 市场表现： 颖泰生物(920819.BJ) 投资评级： 增持（首次） ——全产业链农药领先企业，静待行业周期反转 投 ...

2025 年 8 月 23 日 公司研究 事件：公司发布 2025 年半年度报告。2025 年上半年，公司实现营收 62.34 亿 元，同比增长 9.38%；实现归母净利润 8.06 亿元，同比增长 5.60%；实现扣非 后归母净利润 7.96 亿元，同比增长 7.86%。2025Q2，公司单季度实现营收 29.93 亿元，同比增长 18.63%，环比减少 7.64%；实现归母净利润 3.71 亿元，同比 增长 11.06%，环比减少 14.72%。 点评： 原药产销量稳步提升，提质增效期间费用率降低。2025H1，公司原药业务实现 营收 36.55 亿元，同比增长 10.0%；实现产量 5.78 万吨，同比增长 17.1%；实 现销量 5.67 万吨，同比增长 13.4%。制剂业务实现营收 11.7 亿元，同比减少 2.8%；实现产量 2.55 万吨，同比增长 6.0%；实现销量 2.81 万吨，同比增长 0.1%。 2025H1，公司原药业务销量及销售额实现逆势增长，一方面得益于公司采用灵 活策略大力拓展区域市场以抵消关税问题对美业务的影响，另一方面则得益于辽 宁优创产能的逐步释放。费用端，公司持续开展提 ...

Core Insights - The report highlights Dazhu Laser (002008) as a global leader in intelligent manufacturing equipment, emphasizing its vertical integration advantage across various product lines, including information industry equipment, new energy equipment, semiconductor equipment, and general industrial laser processing equipment. The company is projected to achieve a CAGR of 11.77% in revenue and 11.36% in net profit from 2010 to 2024 [1][11]. Information Industry - The demand for PCB and consumer electronics equipment is expected to grow rapidly due to AI and export drivers. The PCB sector is benefiting from increased demand for AI servers and technological upgrades in smartphones and automotive electronics, particularly in Southeast Asia [1][11]. - Consumer electronics are seeing a surge in demand for AI terminal products, leading to a significant upgrade in equipment. The company maintains a high market share and anticipates a rapid increase in orders [1][11]. New Energy Sector - The new energy sector is witnessing a bottoming out of demand, with exports and new technologies driving equipment growth. Domestic battery companies are expanding overseas, and new technologies like solid-state batteries are emerging, creating new opportunities for the equipment industry [2][11]. - In the photovoltaic sector, high installation volumes and continuous technological iterations are expected to sustain demand. The company has secured bulk orders for key production equipment from mainstream battery manufacturers [2][11]. Semiconductor and New Display Equipment - The semiconductor industry is recovering, leading to increased equipment demand. Laser technology is becoming a critical processing method in semiconductor packaging [11]. - The new display sector is benefiting from laser technology applications, particularly in promoting the rapid industrialization of Micro LED displays [11]. General Industrial Equipment - The general industrial laser processing equipment market is large and showing steady demand growth, driven by increased penetration rates, power upgrades, and overseas exports. The domestic laser equipment market is estimated to be around 910 billion [11]. Investment Rating - The report initiates coverage with a "Buy" rating for Dazhu Laser, forecasting net profits of 1.074 billion, 1.575 billion, and 2.043 billion for 2025-2027. The current stock price corresponds to PE ratios of 32, 22, and 17 for the same years, which are significantly lower than the average PE ratios of comparable companies [2][11].

Investment Rating - The report maintains a "Buy" rating for the company [4] Core Views - In the first half of 2025, the company achieved revenue of 1.89 billion RMB, a year-on-year decrease of 17.36%, and a net profit attributable to shareholders of 351 million RMB, down 14.95% year-on-year [2] - Sales expenses increased by 50.41% year-on-year to 35 million RMB, primarily due to higher port fees during the reporting period [3] - The company forecasts net profits for 2025-2027 to be 816 million RMB, 967 million RMB, and 1.084 billion RMB respectively, with corresponding EPS of 0.896 RMB, 1.062 RMB, and 1.191 RMB [4] Summary by Relevant Sections Financial Performance - In the first half of 2025, the company's main pesticide raw material production was 9,500 tons, with sales of 14,000 tons at a price of 30,320.14 RMB/ton, reflecting a price increase of 4.86% year-on-year [3] - The production of main pesticide intermediates was 219,000 tons, with sales of 247,100 tons at a price of 1,722 RMB/ton, showing a significant price drop of 48.44% year-on-year [3] Profit Forecast and Valuation - The projected net profits for the company from 2025 to 2027 are 816 million RMB, 967 million RMB, and 1.084 billion RMB, with corresponding P/E ratios of 11.88X, 10.03X, and 8.95X [4] - The report indicates a gradual recovery in revenue growth, with expected growth rates of 16.39%, 11.31%, and 8.21% for the years 2025, 2026, and 2027 respectively [9]

Group 1 - The closing price of Guangxin Co., Ltd. on July 31 was 11.98 yuan, down 0.30 yuan from the previous trading day, representing a decline of 2.44% [1] - The trading volume on that day was 118,659 lots, with a transaction amount of 142 million yuan [1] - Guangxin Co., Ltd. specializes in the research, production, and sales of pesticide raw materials, formulations, and intermediates, including fungicides and herbicides [1] Group 2 - The company belongs to the pesticide and veterinary drug sector [1] - In response to investor inquiries on the interactive platform, the company stated that it has not yet produced mosquito repellent products [1] - On July 31, the net outflow of main funds was 3.33 million yuan, accounting for 0.03% of the circulating market value [1]

Core Viewpoint - Guangkang Biochemical (300804) focuses on the research, production, and sales of pesticide raw materials, intermediates, and formulations, with some products showing effectiveness in mosquito control [1] Company Overview - The company has not obtained the necessary registration qualifications for health pesticides, which are required for products used in public health pest control [1] - The company emphasizes the need to comply with relevant laws and regulations when using its products in the health pest control sector [1]

Group 1 - The report highlights that the "anti-involution" policies are being implemented, which are expected to benefit the chemical industry. The central government has emphasized the need for industry self-discipline and the elimination of inefficient production capacity [1][10][11] - The chemical industry is identified as a "disaster area" for involution competition, with some product sales prices significantly below production costs, leading to prolonged losses. Under the backdrop of national measures to address this issue, these industries are expected to rebound [2][11] Group 2 - The report notes that the chemical new materials sector on the North Exchange experienced a weekly increase of 1.71%, with all sub-sectors showing positive growth. The sectors with the highest weekly increases include professional technical services (+4.19%) and textile manufacturing (+2.90%) [3][21][22] - Individual stocks within the chemical new materials sector that performed well include Zhongyu Technology (+16.79%), Litong Technology (+9.98%), and Huitong New Materials (+7.34%) [3][25][26] Group 3 - The report provides insights into the price trends of chemical products, indicating fluctuations in various materials. For instance, Brent crude oil prices decreased by 1.2%, while TDI prices increased by 2.6% and natural rubber prices rose by 3.4% [29][32][37] - The report also mentions that the prices of polyethylene increased by 0.6%, while ABS prices fell by 0.7% [45][49] Group 4 - The report includes a company announcement regarding KQ Co., which has postponed its fundraising project to September 2026 to ensure the project's effectiveness and mitigate risks [4][53] - Minshida reported a revenue of 237 million yuan for the first half of 2025, representing a year-on-year growth of 27.91%, with a net profit of 63.03 million yuan, up 42.28% year-on-year [4][54]

Group 1 - The article reports that Shunyi Co., Ltd. has been penalized by the Yangshan Customs for violating customs regulations, specifically for exporting pesticides without the required documentation [1][2] - The company declared two shipments of 20% Pesticide A and 20% Pesticide B, each weighing 7160.4 kg, with a total declared value of FOB $62,730 [1] - The actual goods exported were found to be 480g/L of Pesticide B, which required a specific export permit that was not submitted [1] Group 2 - The penalty imposed on Shunyi Co., Ltd. is a fine of RMB 89,000 [2] - Shunyi Co., Ltd. was established in December 1998 and has a registered capital of RMB 28.906 million, with total assets amounting to RMB 2.9 billion [2] - The company specializes in the production and sale of over 50 varieties of agricultural chemicals, including pesticides and pharmaceutical intermediates, and holds several domestic patents [2]

Investment Rating - The investment rating for the company is "Buy" and is maintained [5][6]. Core Views - The company has shown stable growth in performance, with a recovery in agricultural chemical industry sentiment [3]. - The company reported a decrease in revenue for 2024, with total revenue of 104.35 billion yuan, down 9.09% year-on-year, and a net profit attributable to the parent company of 12.02 billion yuan, down 23.19% year-on-year [6]. - The company is expected to benefit from the agricultural industry's replenishment cycle, with projected net profits for 2025-2027 being 13.28 billion yuan, 15.76 billion yuan, and 17.74 billion yuan, respectively [6]. Financial Summary - Revenue projections for 2024A, 2025E, 2026E, and 2027E are 104 billion yuan, 119 billion yuan, 135 billion yuan, and 145 billion yuan, with growth rates of -9.09%, 13.79%, 13.85%, and 7.53% respectively [4][7]. - The EBITDA for the same years is projected to be 21.03 billion yuan, 24.75 billion yuan, 27.74 billion yuan, and 30.13 billion yuan [4]. - The earnings per share (EPS) are expected to be 2.96 yuan, 3.27 yuan, 3.88 yuan, and 4.36 yuan for 2024A, 2025E, 2026E, and 2027E respectively [4][7]. - The company’s price-to-earnings (P/E) ratio is projected to decrease from 20.30 in 2024A to 13.76 in 2027E [4][7].