优创项目稳步推进，南北布局巩固公司龙头地位。辽宁优创一期第一阶段项目快速推进产能爬坡，已调 试产品全部达设计产能。优创项目已被列入中国中化"十四五"规划重点建设项目，1H25 辽宁优创实现 营收5.52 亿元，预计到2026 年实现年营业收入15 亿元，净利润1 亿元，预计到2030 年实现年营业收入 40 亿元，净利润5 亿元。优创项目的推进有助于解决子公司沈阳科创目前面临的瓶颈问题，优化公司的 生产布局，形成南北均衡布局，打开远期成长空间，巩固公司龙头地位。 投资建议：展望后市，海外市场库存低位，新周期备货启动将推动部分产品需求恢复，同时政策引导行 业集中度提升，产能出清后中期价格将有上升空间，农药产品毛利率将逐步恢复上升，公司有望受益于 农药行业底部修复带来的需求增量。同时，公司优创项目有望带来新一轮成长，预计公司25-27年归母 净利润分别为13.4、15.2、17.4 亿元，同比增速为+11.62%、+13.65%、+13.86%，对应PE 分别为21、 19、16 倍，维持"强烈推荐"评级。 事件：8 月21 日晚，公司发布2025 年半年度报告。1H25 公司实现营业总收入62.34 亿元，同比 ...

一、募集资金基本情况 （一）首次公开发行实际募集资金金额、资金到位时间 公司经中国证券监督管理委员会证监发行字[2018]1604 号文核准，由主承销 商光大证券通过深圳证券交易所系统采用网上按市值申购向社会公众投资者直 接定价发行的方式，向社会公开发行了人民币普通股（A 股）股票 3,000 万股， 发行价为每股人民币 14.33 元，共计募集资金总额为人民币 42,990.00 万元，扣 除券商承销佣金及保荐费 2,800.00 万元（不含税，其中前期已支付 200 万元）后 的募集资金为 40,390.00 万元，已由主承销商光大证券于 2018 年 11 月 28 日汇入 公司募集资金监管账户，其中：中国建设银行股份有限公司仙居支行 行 359775443902 银行账户 8,269.00 万元、中国农业银行股份有限公司仙居县支 行 19945101040048377 银行账户 6,000.00 万元、中国工商银行股份有限公司仙居 支行 1207051129201362812 银行账户 6,000.00 万元。另扣减招股说明书印刷费、 审计费、律师费、评估费和网上发行手续费等与发行权益性证券相关的新增 ...

| 证券代码：605033 证券简称：美邦股份 公告编号：2025-042 | | | | | --- | --- | --- | --- | | 陕西美邦药业集团股份有限公司 | | | | | 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 | | | | | 或者重大遗漏，并对其内容的真实性、准确性和完整性承担个别及连带责任。 | | | | | 根据上海证券交易所《上海证券交易所上市公司自律监管指引第3号行业信 | | | | | 息披露：第十三号——化工》的有关规定，陕西美邦药业集团股份有限公司（以 | | | | | 下简称"公司"）现将公司2025年上半年主要经营数据披露如下： | | | | | 一、主要产品的产量、销量及收入实现情况（不含税） | | | | | 主要产品 | | | | | （吨） | | （吨） | 金额（万元） | | 杀菌剂 | 3,033.70 | 3,188.00 | 25,260.21 | | 杀虫剂 | 1,677.17 | 2,029.64 | 16,126.67 | | 其它 | 1,282.02 | 1,214.48 | 6,880. ...

主要产品 2025 年 1-6 月产量 （吨） 2025 年 1-6 月销量 （吨） 2025 年 1-6 月销售 金额（万元） 杀菌剂 3,033.70 3,188.00 25,260.21 杀虫剂 1,677.17 2,029.64 16,126.67 其它 1,282.02 1,214.48 6,880.43 一、主要产品的产量、销量及收入实现情况（不含税） 三、主要原材料的价格变动情况（不含税） | 主要原材料 | 2025 年 1-6 月平均 进价（万元/吨） | 2024 年 1-6 月平均 进价（万元/吨） | 变动比率（%） | | --- | --- | --- | --- | | 苯醚甲环唑 | 8.47 | 8.91 | -4.98 | | 吡唑醚菌酯 | 14.22 | 15.19 | -6.36 | | 氟啶虫酰胺 | 24.65 | 30.02 | -17.89 | | 甲维盐 | 62.47 | 46.33 | 34.84 | | 甲基硫菌灵 | 2.98 | 3.39 | -12.16 | 证券代码：605033 证券简称：美邦股份 公告编号：2025-042 陕西美邦药业集团 ...

上 市 公 司 基础化工 — Q2 业绩符合预期，行业景气触底回升，公司再迎成 长周期 报告原因：有业绩公布需要点评 | 买入（维持） | | --- | | 市场数据： | 2025 年 08 月 22 日 | | --- | --- | | 收盘价（元） | 69.88 | | 一年内最高/最低（元） | 70.88/46.12 | | 市净率 | 2.5 | | 股息率%（分红/股价） | 0.97 | | 流通 A 股市值（百万元） | 28,231 | | 上证指数/深证成指 | 3,825.76/12,166.06 | | 注："股息率"以最近一年已公布分红计算 | | | 基础数据: | 2025 年 06 月 30 日 | | --- | --- | | 每股净资产（元） | 27.43 | | 资产负债率% | 38.98 | | 总股本/流通 A 股（百万） | 405/404 | | 流通 B 股/H 股（百万） | -/- | 一年内股价与大盘对比走势： 08-22 09-22 10-22 11-22 12-22 01-22 02-22 03-22 04-22 05-22 06-22 ...

事件： 公司发布 2025 年中报，实现营收62.3 亿元，同比增9.4%，实现归母净利润8.1 亿元，同比增5.6%。其 中25Q2 单季度营收29.9 亿元 ，同比增18.6%，归母净利润3.7 亿元，同比增11.1%。 点评： 主要产品销量增加，公司业绩同比增长 25H1 公司原药和制剂收入分别为36.6 亿元、11.7 亿元，同比分别增10.0%、降2.8%，其中原药销量5.67 万吨同比增13.4%，均价6.45 万元/吨同比降3.0%；制剂销量2.81 万吨同比增0.1%，均价4.16 万元/吨同 比降2.9%。得益于新产能释放，公司上半年销量同比增长，但产品价格仍有所承压。25H1 公司毛利率 23.6%，同比降0.6pct，净利率12.9%，同比降0.5pct。25H1 公司经营性现金流净额17.3 亿元，同比降 34.3%，主要系公司购买原料、商品支付的现金同比增加。 海外库存去化，农药景气有望回升 前期受行业新增产能冲击以及海外农化巨头去库影响，多数农药产品价格持续下跌。当前全球农药分销 渠道库存经过持续消化已降至相对合理水平，叠加农药协会开展"正风治卷"行动，看好后续农药行业景 气修复。 ...

Investment Rating - The report maintains a "Buy" rating for the company [5][11]. Core Viewpoints - The agricultural chemical industry is showing signs of recovery after a period of destocking, with the company expected to enter a new growth cycle [3][10]. - The company is positioned as a leading player in the domestic pesticide market, benefiting from its integration with Syngenta and its strong product portfolio [10][22]. - The company's financial forecasts indicate a significant increase in net profit from 14.07 billion yuan in 2025 to 20.41 billion yuan in 2027, with corresponding PE ratios of 17, 14, and 12 [11][12]. Industry Overview - The global agricultural chemical market is transitioning from destocking to capacity reduction, with a clear signal of recovery in the industry [3][10]. - The demand for pesticides is expected to stabilize as global inventory levels return to normal, supporting price recovery for key products [3][12]. - The company is well-positioned to capitalize on the recovery due to its strong market share and competitive advantages in the production of pyrethroids [10][12]. Company Performance and Financial Projections - The company’s total revenue is projected to grow from 11.53 billion yuan in 2025 to 14.65 billion yuan in 2027, with a compound annual growth rate of approximately 10.5% [4][11]. - The gross profit margin is expected to improve from 23.9% in 2025 to 25.1% in 2027, reflecting operational efficiencies and product pricing power [4][11]. - The company’s return on equity (ROE) is forecasted to increase from 12.1% in 2025 to 13.9% in 2027, indicating enhanced profitability [4][11]. Product and Market Position - The company has a comprehensive product line in the pesticide sector, including insecticides, herbicides, and fungicides, with a strong focus on pyrethroids [10][22]. - The company’s production capacity for key products like Kungfu pyrethroid is significant, with a capacity of 8,500 tons, and prices are currently at historical lows, indicating potential for future price increases [10][12]. - The company is actively expanding its production capabilities, particularly at the Huludao base, which is expected to enhance its market share further [10][12].

Summary of the Agricultural Chemical Industry Conference Call Industry Overview - The agricultural chemical industry is expected to experience a weak recovery in demand in 2025 after a downturn in 2023-2024, but oversupply in certain products will continue to face capacity reduction pressures, while some non-oversupplied products may see price increases. Currently, most product prices are at the bottom range, requiring catalytic factors for upward movement [1][6] - The export share of the agricultural chemical industry is approximately 60% to 80%, primarily targeting multinational companies and traders. During the pandemic, high safety stock levels led to increased domestic raw material orders, boosting demand and prices. However, since early 2023, prices have begun to decline as inventory levels decreased and new capacities came online [2] Market Dynamics - Attendance at the agricultural chemical exhibition dropped to a low point in 2024, reflecting market expectations of low pesticide prices. However, attendance rebounded in March 2025, indicating increased market interest and potential for product reversals, although the overall outlook remains one of weak recovery [3][5] - Key products such as Bacillus thuringiensis, Abamectin, and Methomyl have seen price increases due to demand from South American soybean rust and supply tightness from leading companies. Companies like Limin Co. have reported significant performance benefits from these price increases [1][4] Price Trends and Influencing Factors - Abamectin prices have risen approximately 30% from the bottom, with an expected further increase of 30%. Methomyl is experiencing similar trends, driven by increased demand for Chlorantraniliprole and reduced intermediate supply, with future price increases anticipated due to capacity constraints [10] - Limin Co. reported a first-quarter performance of approximately 110 million yuan, with expectations of reaching 800 million yuan in the future due to price increases in key products [11] Company Performance Highlights - Lier Chemical's first-quarter growth was primarily driven by the production of Pyraflufen-ethyl and Chlorantraniliprole, despite overall profitability challenges in the industry [4][15] - Yangnong Chemical's first-quarter performance was strong, with significant contributions from the Huludao project, projecting a net profit of 1.5 billion yuan for the year [16] - Xinda Co. is focusing on innovative drugs, with products like Sunflower Ketone contributing to revenue growth, and further potential from upcoming product registrations [13] Future Outlook - The overall judgment for the agricultural chemical industry is a weak recovery trend, with certain products expected to reverse. The market is closely monitoring price movements and potential catalysts for growth [5][6] - Companies such as Yangnong Chemical, Lier Chemical, and Guangxin Co. are expected to see performance improvements, with a focus on innovation and strategic collaborations [12][17] Additional Insights - The agricultural chemical industry is characterized by a competitive landscape with potential for further price increases in products like Abamectin and Methomyl due to supply constraints and rising demand [10][18] - The innovative drug sector within the agricultural chemical industry is gaining traction, with companies like Yangnong Chemical and Xinda Co. making significant advancements [8][12]

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 maintained at "Buy" with a target price of RMB 56.61 [8][9]. Core Views - The final ruling on anti-dumping measures against imported chlorpyrifos from India is expected to boost domestic prices, which have been low for a long time. This is anticipated to positively impact the company's growth prospects, particularly with the Huludao project, leading to a gradual recovery in industry conditions [1][3]. - The company has reported a significant increase in the average market prices of its main products as of May 8, 2025, indicating a potential upward trend in profitability [3]. - The company's Huludao project is progressing well, with construction completed ahead of schedule, which is expected to contribute positively to future profits [4]. Summary by Sections Anti-Dumping Measures - The Ministry of Commerce announced the final ruling on anti-dumping investigations against imported chlorpyrifos from India, with anti-dumping duties ranging from 48.4% to 166.2% to be implemented for five years starting May 7, 2025. This is expected to alleviate price suppression from imports [1][2]. Price Trends and Market Conditions - The average market prices for key products such as high-efficiency fluorochlorpyrifos and others have shown slight increases compared to early 2025, suggesting a potential recovery in the agricultural chemical market [3]. Project Development - As of the first quarter of 2025, the company has reported ongoing construction projects valued at RMB 1.76 billion, with the Huludao project expected to enhance profitability as production ramps up [4]. Financial Forecasts - The company forecasts net profits of RMB 1.35 billion, RMB 1.55 billion, and RMB 1.75 billion for 2025, 2026, and 2027 respectively, reflecting year-on-year growth rates of 13%, 15%, and 13% [5][7]. - Earnings per share (EPS) are projected to be RMB 3.33, RMB 3.81, and RMB 4.31 for the same years [5][7]. Valuation Metrics - The company is assigned a price-to-earnings (P/E) ratio of 17 times for 2025, based on comparable company analysis, leading to a target price of RMB 56.61 [5][9].