Core Viewpoint - The company, Xian Da Co., Ltd. (603086.SH), is experiencing significant growth in its performance due to rising product prices and a strategic shift towards innovative product development, with a projected net profit increase of 24.43 to 28.35 times year-on-year for the first half of 2025 [1][2]. Group 1: Financial Performance - For the first half of 2025, the company expects a net profit between 130 million to 150 million yuan, marking a substantial increase compared to previous periods [1][2]. - In 2024, the company reported an operating income of 2.419 billion yuan, with a net loss of 25.8755 million yuan, which was a significant reduction in losses compared to 2023 [2]. - In Q1 2025, the company achieved an operating income of 543 million yuan, a year-on-year increase of 10.8%, and a net profit of 21.69 million yuan, successfully turning a profit [2]. Group 2: Product and Market Development - The main product, Acetochlor, has seen a price increase, with current market prices ranging from 120,000 to 160,000 yuan per ton, contributing to improved gross margins [3][4]. - The company has halted the expansion of homogeneous products and is focusing on innovative products, establishing a product matrix centered around Quinclorac, Pyrazosulfuron, and Benzoylpropionic acid [1][4]. - The company’s innovative herbicide Quinclorac has been promoted on over 2 million acres in 2024, with expectations to expand to 5 million acres in 2025 [4]. Group 3: Research and Development - The company has committed to a strategy of innovation-driven development, with total R&D expenses amounting to 559 million yuan from 2020 to 2024 [1][4]. - The company has developed a comprehensive innovation system covering synthesis, screening, pilot testing, and industrialization, with over 2,000 new compounds screened annually [4]. - The company plans to accelerate the global registration process for products like Pyrazosulfuron to strengthen its market position [6]. Group 4: Global Market Presence - The company’s products are sold in over 60 countries and regions, with overseas revenue accounting for 45% of total revenue [5]. - In 2024, the export volume of Acetochlor formulations increased by 88%, indicating strong competitive advantages in international markets [5].

先达股份 Shandong Cynda Chemical (603086 CH) 公司产品量价齐升，烯草酮价格持续上涨 Product volume and price have both increased; the price of clethodim continues to rise 孙小涵 Xiaohan Sun xh.sun@htisec.com [Table_Title] 研究报告 Research Report 20 May 2025 [Table_yemei1] 热点速评 Flash Analysis [(Table_summary] Please see APPENDIX 1 for English summary) [Table_yejiao1] 本研究报告由海通国际分销，海通国际是由海通国际研究有限公司，海通证券印度私人有限公司，海通国际株式会社和海通国 际证券集团其他各成员单位的证券研究团队所组成的全球品牌，海通国际证券集团各成员分别在其许可的司法管辖区内从事证 券活动。关于海通国际的分析师证明，重要披露声明和免责声明，请参阅附录。(Please see appendix for E ...

Core Viewpoint - The pesticide industry is gradually recovering after several years of downturn, with leading company XianDa achieving a turnaround in profitability in Q1 2025 [2][3]. Industry Recovery - The pesticide market in China saw 883 large-scale enterprises in 2024, a historical high, with total revenue increasing by 3.2% year-on-year, although total profit decreased by 3.4% [3]. - From September 2024, cumulative revenue began to show signs of recovery, indicating a gradual improvement in industry performance [3]. - XianDa reported a revenue of 2.419 billion yuan in 2024, with a net loss of 25.8755 million yuan, which was a significant reduction in losses compared to 2023 [3]. - In Q1 2025, XianDa achieved a revenue of 543 million yuan, a year-on-year increase of 10.8%, and a net profit of 21.69 million yuan, marking a successful turnaround [3]. Factors Contributing to Recovery - The industry has seen the elimination of outdated production capacity due to prolonged market stagnation, optimizing the supply-demand structure [4]. - The shift towards technology-driven transformation in Chinese pesticide companies, spurred by policy guidance, has provided new momentum for industry development [4]. Innovation as a Key Driver - Innovation has become a crucial lever for industry transformation, with 33 pesticide products recognized as patent-intensive in 2024, a year-on-year increase of 83.33%, and export value reaching 113.3 billion yuan [4]. - XianDa has increased its R&D investment to 4.6% of revenue, amounting to 111 million yuan in 2024, despite facing performance pressures [5][4]. - The company has established a comprehensive innovation system that enhances collaboration and risk management, significantly improving its R&D capabilities [6]. Management and Market Strategy - XianDa has adopted a "cylinder-shaped development model" to break down departmental barriers, fostering efficient collaboration among R&D, production, and marketing teams [8]. - The company has streamlined its product development cycle from 3-5 years to under 2 years through digital management systems [8]. - XianDa is focusing on creating innovative products, transitioning from selling raw materials to selling technology and leading market demand [9]. Global Market Expansion - XianDa aims to establish a strong presence in the global agricultural market, recognizing the need to enhance the international visibility of Chinese pesticide brands [10]. - The company is actively researching global pesticide registration policies to facilitate entry into high-end international markets [11]. - XianDa's products are currently sold in over 80 countries, with ambitions to build a globally influential Chinese agricultural brand [11].

投资建议：公司专注高端除草剂产品开发，并形成了差异化的制剂证件优势，未来随着公司新的创制药 产品上市以及新项目陆续投产，公司业绩有望保持快速增长。预计公司2025-2027 年归母净利润分别为 1.02、1.61、2.56亿元，同比增速分别为+495.98%、+57.23%、+58.66%，对应PE 分别为37X、23X、 15X。首次覆盖，给予"推荐"评级。 风险提示：1. 市场竞争风险；2. 原材料波动风险；3. 汇率变动风险；4. 安全环保风险等。 事件：据公司2024 年年度报告和2025 年1 季度报告，公司2024 年实现营业总收入24.19 亿元，同 比-1.68%；实现归母净利润-0.26 亿元，同比+75.14%；实现扣非归母净利润-0.38 亿元，同比+65.25%。 4Q24 公司实现营业总收入5.26 亿元，同比+32.93%，环比-15.14%；实现归母净利润-0.32 亿元，同比 +72.02%，环比-3072.19%；实现扣非归母净利润-0.36 亿元，同比+72.23%，环比-1912.64%。1Q25 公司 实现营业总收入5.43 亿元，同比+10.78%，环比+3.10%； ...

公司研究 25Q1 业绩同环比大幅提升，新项目建设稳步推进 ——先达股份（603086.SH）2024 年年报及 2025 年一季报点评 要点 事件：公司发布 2024 年年度报告及 2025 年一季报。24 年公司实现营业收入 24.19 亿元，同比-1.68%，实现归母净利润-0.26 亿元，同比增加 0.78 亿元。25Q1 公司实现营业收入 5.43 亿元，同比+10.78%，环比+3.10%；实现归母净利润 0.22 亿元，同比增加 3.55 亿元，环比增加 5.38 亿元。 2025 年 4 月 30 日 新项目建设稳步推进，海外市场核心产品销量大幅增长。24 年，公司的辽宁先 达生产基地一期至五期项目已成功投产并实现产值，进一步巩固了公司在核心原 药产能方面的优势。同时，公司新建"年产 1800 吨农药原药、年产 500 吨安全 剂项目"及"年产 20000 吨自动化综合制剂项目"已完成验收并试生产，重点 布局苯丙草酮、吡唑喹草酯等新产品生产及提升制剂加工能力，以满足国内市场 销售快速增长的需求。同时，24 年，公司海外市场核心产品销量实现大幅增长， 烯草酮制剂出口量同比增长 88%。烯草酮系列 ...