联化科技股份有限公司投资者关系活动记录表 过单一客户依赖问题，后续随着业务发展植保事业部逐步与多 家头部客户建立合作。我们的医药板块目前也处于发展阶段， 与多家头部客户均建立合作关系，相信随着客户管线成功进入 商业化阶段未来医药板块一定会有更大的规模及更多的长期 战略大客户。医药板块也不断致力于服务好每一个客户。 3、公司 24 年及 25 年一季度财报数据改善明显，请问公司展 望未来业务预期如何？市占率是否能进一步提升？ 公司始终秉承大客户战略，致力于解决客户需求，提供低 成本、高效率、高质量的产品及服务交付，前五大客户收入占 比超 50%。基于此战略，公司相信随着市场及客户的不断发展， 公司始终保持客户粘性，跟随全球领先的客户共同进步，不断 提升能力及业绩，促进公司的长期发展。 4、目前行业内看到的国内农化企业原药及制剂业务发展迅速， 公司未来是否会有往下游做的规划？ 5、公司新能源业务是否有固态电池的布局？如何看待未来固 态电池的发展？ 证券代码：002250 证券简称：联化科技 编号：20250609 | 投资者关系活动类别 | √特定对象调研 □分析师会议 | | | --- | --- | --- ...

风险提示：原材料及产品价格大幅波动、宏观经济下行。 毛利率提升明显，费用有所下降。公司第一季度调整后毛利同比增长5%，达到3.03 亿美元（毛利率为 30.3%），去年同期为2.88 亿美元（毛利率27.2%）。公司2025 年第一季度毛利与毛利率同比提升，主 要原因在于新售出存货成本降低的积极作用，超越了价格下降与汇率波动的负面影响。第一季度调整后 营业费用为2.07 亿美元，去年同期为2.16 亿美元，同比减少的主要原因包括：公司坚持严格管理营业费 用，包括"奋进"计划的各项举措发挥作用，以及汇率走势有利。调整后财务费用为5,400 万美元，去年 同期为7,000 万美元，同比减少的主要原因是：套保成本减少；以及公司在过去十二个月实现正向现金 流，提升资金管理效能，从而缩减了支付的债务利息。 北美区业务呈现增长。公司北美区业务同比增长，一部分体现了当地农化市场渠道库存恢复到前些年的 常态水平，市场需求改善的趋势；另一方面与公司在北美的业务结构相关。公司在北美区的一块主要业 务是消费者与专业解决方案业务，即将植保产品应用于非农业领域，如家庭园艺、高尔夫草坪养护、酒 店餐厅卫生除虫等，该业务与当地经济景气度和 ...

[Table_Title] 研究报告 Research Report 8 May 2025 安道麦 Adama (000553 CH) 25Q1 净利润扭亏为盈，北美区业务呈现增长 Net Profit turned loss into profit in 25Q1, North American business achieves growth. 孙小涵 Xiaohan Sun xh.sun@htisec.com [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 English translation ...

[Table_Title] 研究报告 Research Report 8 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 English translation of the disclaimer) 25Q1 净利润实现扭亏为盈。第一季度销售额为 10 亿美元，以美元计算同比减少约 5%，以人民币计算同比减 少 4%，以固定汇率计算同比减少 3%，主要反映了销量持平，价格下降 4%以及汇率波动不利的影响。大部分 区域渠道存货水平进一步改善，公司销量总体保持稳定，主要受土耳其业务减少（ ...

2025 年 5 月 6 日 公司研究 25Q1 扭亏为盈，行业景气回升可期 ——安道麦 A（000553.SZ）2025 一季报点评 要点 事件：公司发布 2025 年一季报。2025Q1，公司单季度实现营收 71.73 亿元， 同比减少 4.48%，环比减少 9.94%；实现归母净利润 1.51 亿元，同环比均扭亏 为盈；实现扣非后归母净利润 1.02 亿元，同环比均扭亏为盈。 点评： 毛利率及现金流显著改善，25Q1 扭亏为盈。2025Q1，公司销量同比基本持平， 销售均价（以美元计）同比下降 4%。得益于前期高价库存的持续性消化，25Q1 公司新售出存货成本降低，从而使得公司整体毛利率显著改善。按人民币计， 25Q1 公司毛利率同比提升 2.9pct 至 27.2%。费用率方面，除管理费用率外， 25Q1 公司销售、研发、财务费用率均有所降低。由于"奋进"转型计划的推进， 公司相关的重组与咨询成本增加，导致管理费用率同比提升 1.5pct 至 5.2%。 25Q1，公司销售、研发、财务费用率同比分别下降 1.1pct、0.04pct、4.6pct。 现金流方面，25Q1 公司经营活动产生的现金流量净额 ...

浙江永太科技股份有限公司投资者关系活动 记录表 编号：2025-02 | 投资者关系活动类别 | 特定对象调研 分析师会议 | | --- | --- | | | 媒体采访 业绩说明会 | | | 新闻发布会 路演活动 | | | 现场参观 其他 | | 活动参与人员 | 公司董事长：王莺妹 | | | 独立董事：张伟坤 | | | 董事、副总经理、财务总监：陈丽洁 | | | 董事会秘书、副总经理：张江山 | | | 通过全景网"投资者关系互动平台"（https://ir.p5w.net） | | | 参与业绩说明会的投资者 | | 时间 | 2025 年 4 月 30 日 （周三）15:00-17:00 | | 地点 | 网络平台 | | 形式 | 线上交流 | | | 公司就投资者在本次说明会中提出的问题进行了回复： | | | 1、公司 2024 年营业收入扣除后金额为 4,578,191,74 | | | 9.45 元，较 2023 年有所增长。请问这一增长的主要驱 | | | 动因素是什么？公司未来如何维持或进一步提升这一 | | | 增长趋势？ | | | 感谢您的提问！2024 ...

Investment Rating - The report maintains a "Buy" rating for the company [1]. Core Views - The company reported better-than-expected performance in Q4 2024, with a focus on optimizing the supply chain for its plant protection business [5][6]. - The company's revenue for 2024 was 5.68 billion yuan, a decrease of 11.88% year-on-year, but it achieved a net profit of 103 million yuan, marking a return to profitability [5][6]. - The plant protection business experienced a revenue decline due to falling pesticide prices, but gross margins improved due to technological innovation and management optimization [6][7]. - The company is expanding its supply chain layout with a new production base in Malaysia, enhancing its service offerings across the product lifecycle [7]. Summary by Sections Financial Performance - In Q4 2024, the company achieved a revenue of 1.32 billion yuan, down 7.44% year-on-year, but net profit reached 70.64 million yuan, a significant increase of 285% quarter-on-quarter [5]. - For Q1 2025, revenue was 1.51 billion yuan, up 3.02% year-on-year and 14.55% quarter-on-quarter, with a net profit of 49.72 million yuan, reflecting a year-on-year growth of 1747% [5]. Business Segments - The pharmaceutical segment generated 1.29 billion yuan in revenue, down 13.3% year-on-year, but gross margin improved by 13.1 percentage points to 48.0% [6]. - The plant protection segment had a revenue of 3.59 billion yuan, down 15.4% year-on-year, with a gross margin increase of 5.8 percentage points to 20.1% [6]. Future Outlook - The company has revised its profit forecasts for 2025-2027, expecting net profits of 305 million yuan, 415 million yuan, and 536 million yuan respectively, reflecting a positive outlook based on industry recovery and improved margins [8][9]. - The report highlights the company's ongoing projects in the pharmaceutical sector, including six validation projects, with a focus on API and innovative drug intermediates [7][8].

Group 1: Company Operations and Performance - The UK factory's annual capacity utilization rate is increasing, and it is expected to improve its operating conditions in 2025 [1][3] - The Malaysian factory is currently in the construction phase, with future investments dependent on order conditions [1][3] - The company has achieved profitability in the first quarter of 2025 due to exchange gains from the UK subsidiary [2][3] Group 2: Market and Strategic Outlook - The company does not currently plan any mergers or strategic partnerships to overcome market bottlenecks [1] - The company focuses on business expansion, R&D, and project construction to enhance value and protect shareholder interests [2] - The company anticipates steady growth across its business segments in 2025, particularly in plant protection, pharmaceuticals, and functional chemicals [2][3] Group 3: Financial Management and Shareholder Value - The company is implementing a valuation enhancement plan that includes operational improvements, investor relations management, and cash dividends [3] - Measures to manage market volatility and enhance shareholder returns include share buybacks and employee stock ownership plans [3] - The company aims to maintain compliance with environmental regulations while promoting sustainable development [4] Group 4: Environmental and Sustainability Initiatives - The company has been disclosing its sustainability management efforts for four consecutive years and is implementing a greenhouse gas inventory system [3][4] - Future plans include the gradual implementation of carbon reduction strategies to achieve carbon neutrality [4] - All projects are constructed in accordance with environmental protection requirements, ensuring compliance with national regulations [4]

Core Insights - Despite an 11.88% year-on-year decline in revenue to 5.677 billion yuan, the company achieved a significant profit rebound, with total profit increasing by 159.94% to 241 million yuan and net profit attributable to shareholders rising by 122.17% to 103 million yuan, successfully reversing previous losses [1] - The company aims to become a global leader in chemical and technology solutions, focusing on differentiated development and enhancing core competitiveness through a strategy of "focus, foresight, and alliances" [1] Business Segments - The crop protection segment remains the core pillar, contributing 3.590 billion yuan, accounting for 63.25% of total revenue. The company has established a supply chain system covering the entire product lifecycle through its production bases in China, the UK, and Malaysia [2] - The pharmaceutical CDMO segment generated revenue of 1.285 billion yuan, benefiting from the growing demand for outsourced R&D in innovative drugs. The company has formed partnerships with several leading pharmaceutical firms and is expanding its CRO platform [2] Future Strategy - The company plans to expand mature businesses, including small molecule CDMO, starting materials, GMP intermediates, and advanced raw materials. It will also invest in emerging businesses such as peptide CDMO and radioactive drug-related CDMO [3] - Despite revenue pressures, the company maintains a strong commitment to R&D, with R&D expenses reaching 291 million yuan, accounting for 5.13% of revenue. The company holds 160 domestic and international invention patents [3] International Strategy - The company's overseas strategy is proactive, with the UK base serving as a gateway to the European market and the Malaysian project as a key foothold in Southeast Asia. This multi-regional capacity configuration reduces geopolitical risks and allows for customized solutions based on client needs [3] Shareholder Returns - The company returned nearly 98 million yuan to shareholders through cash dividends and share buybacks, representing 94.84% of net profit, demonstrating management's commitment to investor returns [4] - The company has implemented a mechanism for shared interests between shareholders and employees, binding core talent through capital increases and employee stock ownership plans [4] Outlook - The company is positioned for a higher quality leap as a "chemical solutions provider," warranting continued market attention [5]

点击注册小程序 风险提示： 产品及原材料价格波动，下游需求不及预期，环保及安全生产风险，汇率波动风险。 发布日期： 2025-03-17 特别申明： 免责声明 本订阅号中所涉及的证券研究信息由光大证券研究所编写，仅面向光大证券专业投资者客户，用作新媒体形势下研究 信息和研究观点的沟通交流。非光大证券专业投资者客户，请勿订阅、接收或使用本订阅号中的任何信息。本订阅号 难以设置访问权限，若给您造成不便，敬请谅解。光大证券研究所不会因关注、收到或阅读本订阅号推送内容而视相 关人员为光大证券的客户。 报告摘要 毛利率及现金流同比改善，费用提升及资产减值致使业绩承压 24年，公司植保产品实现销量64.4万吨，同比小幅减少1.3%，植保产品平均价格同比下跌9.5%；精细化工 产品实现销量142.9万吨，同比减少8.5%，精细化工产品平均价格同比上涨6.2%。分区域来看，24年公司 在EAME（欧洲、非洲及中东）、拉美、亚太市场的销售额同比分别下滑8.1%、19.2%、12.3%，在北美市 场的销售额同比增长5.0%。得益于高价原料库存的去化，以及产品组合质量改善的积极作用，24年公司毛 利率同比提升2.1pct至22.9 ...