长江商报奔腾新闻记者 徐佳 农化上市公司巍华新材（603310.SH）将并购下游客户延伸产业链。 值得一提的是，本次交易前，巍华新材还为禾裕泰提供生产所需的部分中间体，该类中间体是禾裕泰生 产氟啶胺、吡氟酰草胺等农药原药的关键原材料。 此外，禾裕泰现有产品耗用的其中3个主要原料，均是巍华新材及控股子公司的主要产品。 然而，长江商报奔腾新闻记者注意到，2024年和2025年上半年，禾裕泰的营业收入分别为4.64亿元、 2.02亿元，净利润-1411.99万元、-491.2万元。 截至2025年6月末，禾裕泰资产总额7.78亿元，负债总额5.23亿元，净资产2.55亿元。 11月18日晚间，巍华新材发布资产收购计划。公司控股子公司浙江方华化学有限公司（以下简称"方华 化学"）拟以现金方式收购江苏禾裕泰化学有限公司（以下简称"禾裕泰"）70%的股权，交易对价1.54亿 元，资金来源为自有资金及银行贷款。本次交易完成后，禾裕泰将成为上市公司控股孙公司。 此次收购是巍华新材延伸现有产品链，提升核心竞争力的重要举措，但禾裕泰尚未盈利。 资料显示，巍华新材主营农药原药、制剂及中间体，业务布局覆盖除草剂、杀菌剂等多品类农化产 ...

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]