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利尔化学(002258):草铵膦和氯代吡啶类除草剂领先企业,工艺技术构筑核心护城河
上 市 公 司 基础化工 2025 年 09 月 30 日 利尔化学 (002258) ——草铵膦和氯代吡啶类除草剂领先企业,工艺技术构筑 核心护城河 报告原因:首次覆盖 增持(首次评级) | 市场数据: | 2025 年 09 月 29 日 | | --- | --- | | 收盘价(元) | 12.77 | | 一年内最高/最低(元) | 13.33/7.72 | | 市净率 | 1.3 | | 股息率%(分红/股价) | 3.13 | | 流通 A 股市值(百万元) | 10,205 | | 上证指数/深证成指 | 3,862.53/13,479.43 | 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) | 9.80 | | 资产负债率% | 43.87 | | 总股本/流通 A 股(百万) | 800/799 | | 流通 B 股/H 股(百万) | -/- | 一年内股价与大盘对比走势: 09-30 10-31 11-30 12-31 01-31 02-28 03-31 04-30 05-31 06- ...
晨会报告:洁雅股份(301108)深度:优质湿巾制造商,国际品牌大客户订单催化业绩拐点-20250930
Company Overview - Jieya Co., Ltd. is a high-quality wet wipe manufacturer established in 1999, with major clients including Woolworths, Kimberly-Clark, Johnson & Johnson, Procter & Gamble, Babycare, and Dongfang Zhenxuan [2][13] - The company experienced a decline in performance in 2024 due to a drop in wet wipe orders post-pandemic, with projected revenue and net profit of 54.7 million and 1.9 million respectively, resulting in a net profit margin of 3.5% [2][13] - In the first half of 2025, the company showed signs of recovery with revenue of 310 million, a year-on-year increase of 8.8%, and a net profit of 33 million, up 22.6%, leading to a net profit margin recovery to 10.5% [2][13] Industry Analysis - The global wet wipe market is steadily growing, with a retail market size projected to reach 18.4 billion USD in 2024, reflecting a year-on-year growth of 2.7% [3][13] - In 2024, the top 10 companies in the global wet wipe market hold a combined market share of 41.3%, with Procter & Gamble and Kimberly-Clark being the largest players, holding 13.9% and 11.3% market shares respectively [3][13] - The Chinese wet wipe market is expected to exceed 12.9 billion CNY in 2024, with a year-on-year growth of 4.3%, and the top 10 brands holding a market share of 48.0% [3][13] Company Performance and Strategy - Jieya Co., Ltd. has a significant net profit margin advantage over competitors, with a net profit margin of 10.5% in the first half of 2025 compared to 4.08% for Hangzhou Guoguang, which reported revenue of 458 million and a net profit of 19 million [4][13] - The company has established strong relationships with international brand clients, with the top five clients accounting for 77.6% of revenue, and foreign sales increasing by 46.2% year-on-year in the first half of 2025 [4][13] - Jieya is expanding its production capacity with a new factory in the United States, which is expected to produce 15 billion wet wipes annually, further enhancing its global market presence [4][13] Financial Projections - The company forecasts net profits of 77 million, 107 million, and 144 million for 2025, 2026, and 2027 respectively, representing year-on-year growth rates of 297.2%, 38.1%, and 34.7% [13] - The current market capitalization is estimated at 3.5 billion, with corresponding price-to-earnings ratios of 45, 33, and 24 for the years 2025 to 2027 [13]
研报掘金丨中银证券:维持利尔化学“买入”评级,部分产品价格回暖带动业绩改善
Ge Long Hui A P P· 2025-09-24 06:29
Group 1 - The core viewpoint of the article highlights that Lier Chemical achieved a net profit attributable to shareholders of 271 million yuan in the first half of the year, representing a year-on-year increase of 191.21% [1] - In the second quarter, the net profit attributable to shareholders was 118 million yuan, showing a year-on-year growth of 160.75%, but a quarter-on-quarter decrease of 23.22% [1] - The overall industry sentiment in the pesticide sector remains low, although some products have seen an increase in both sales and prices year-on-year [1] Group 2 - The subsidiary, Jiangsu Jiankada, benefited from increased sales of its main products, with revenue and net profit rising by 5.72% and 11.06% respectively, reaching 513 million yuan and 55 million yuan [1] - The company is continuously developing new products and projects across various regions, indicating strong future growth potential [1] - The company plans to issue an interim dividend of 2 yuan per 10 shares (including tax), corresponding to a dividend payout ratio of 59.17% for the first half of the year [1] Group 3 - The company is optimistic about its competitiveness in the fields of chloropyridine herbicides, glyphosate, and glufosinate ammonium, with scale effects and technological advantages solidifying its future growth [1] - The investment rating for the company is maintained at "Buy" [1]
利尔化学(002258):部分产品价格回暖带动2025H1业绩同比改善
Investment Rating - The report maintains a "Buy" rating for the company [1][5] Core Views - The company has shown significant improvement in its performance for the first half of 2025, with total revenue reaching RMB 4.507 billion, a year-on-year increase of 35.36%, and a net profit attributable to shareholders of RMB 270.55 million, up 191.21% year-on-year [3][9] - The report highlights the company's competitive edge in the chlorinated pyridine herbicide sector, supported by scale effects and technological advantages, which are expected to bolster future growth [3][5] Financial Performance Summary - For the first half of 2025, the company reported total revenue of RMB 4,506.89 million, a 35.36% increase from RMB 3,329.53 million in the same period of 2024 [9] - The gross profit margin improved to 18.53%, up 1.43 percentage points year-on-year, with a notable increase in revenue from the pesticide raw materials segment, which grew by 62.67% to RMB 2,757 million [8][9] - The company plans to distribute a cash dividend of RMB 2 per 10 shares, reflecting a payout ratio of 59.17% for the first half of 2025 [3] Earnings Forecast - The earnings per share (EPS) estimates for 2025, 2026, and 2027 are projected to be RMB 0.56, RMB 0.70, and RMB 0.87, respectively, with corresponding price-to-earnings (PE) ratios of 21.7x, 17.4x, and 14.0x [5][7] - The report indicates an upward revision in profit forecasts due to the recovery in prices of certain products, with expected revenue growth rates of 10.8%, 11.0%, and 10.2% for the years 2025 to 2027 [7][16] Market Position and Competitive Landscape - The company is positioned as a leading player in the chlorinated pyridine herbicide industry, benefiting from a recovery in prices of certain products and an increase in sales volume [5][8] - The report emphasizes the company's extensive production capabilities across multiple locations, making it a significant producer of herbicides in China [8][9]
利尔化学:上半年净利润增长191.21% 拟10派2元
Zhong Zheng Wang· 2025-08-28 05:19
Core Viewpoint - Li Er Chemical reported significant growth in revenue and net profit for the first half of 2025, indicating strong operational performance and market position in the agrochemical industry [1][2]. Financial Performance - The company achieved a revenue of 4.507 billion yuan, representing a year-on-year increase of 35.36% [1]. - The net profit attributable to shareholders was 271 million yuan, up 191.21% year-on-year [1]. - The non-recurring net profit reached 272 million yuan, marking a 241.02% increase compared to the previous year [1]. - A profit distribution plan was announced, proposing a cash dividend of 2 yuan per 10 shares (including tax) [1]. Industry Position - Li Er Chemical is the largest domestic research and production base for chlorinated pyridine herbicides and a major producer of glyphosate and its raw materials [1]. - The company ranks among the top in China for the production and export of chlorinated pyridine herbicides and glyphosate [1]. - Products have been exported to over 30 countries and regions, establishing long-term strategic partnerships with major global agrochemical companies [1]. Technological Advancements - The company is the second globally to master the integrated catalytic chlorination technology for pyridine compounds, following Dow AgroSciences [1]. - It is the first in China to achieve large-scale synthesis of glyphosate and its raw materials, leveraging its technological advantages [1]. - Continuous innovation in the production process of glyphosate has led to the development of high-value patents, with a focus on global patent deployment [1]. - Research and development investment reached 143 million yuan during the reporting period [1]. Operational Strategy - The company emphasizes compliance, safety, environmental protection, quality, and cost as core operational principles [2]. - Efforts are made to optimize existing processes to enhance product competitiveness and ensure timely completion of key projects [2]. - The company is focusing on strengthening strategic customer relationships and expanding into new markets while accelerating the development of new products [2]. - Some products experienced an increase in both sales volume and prices compared to the previous year [2].
利尔化学2025上半年净利预增近两倍 七大基地协同发展核心产品量价齐升
Chang Jiang Shang Bao· 2025-07-08 23:01
Core Viewpoint - Lier Chemical is expected to significantly increase its profitability in the first half of 2025, with a projected net profit of 265 million to 275 million yuan, representing a year-on-year growth of 185.24% to 196.00% due to rising prices and sales of its core product, glyphosate, alongside cost optimization efforts [1][2]. Group 1: Financial Performance - In 2023, Lier Chemical's revenue was 7.851 billion yuan, a decrease of 22.55% year-on-year, and the net profit was 604 million yuan, down 66.68% [2]. - In 2024, the company reported revenue of 7.311 billion yuan, a decline of 6.88% year-on-year, with a net profit of 215 million yuan, a drop of 64.34% [2]. - The company anticipates a strong recovery in 2025, with a significant increase in net profit driven by improved market conditions and strategic initiatives [2][3]. Group 2: Product and Market Dynamics - The price of glyphosate remains low, but the price of Lier Chemical's other core product, glufosinate, has rebounded from 23,500 yuan per ton in April 2025 to 25,500 yuan per ton by July 7, 2025, marking an increase of 8.5% [3]. - The company has expanded its market share in key regions such as Brazil and Argentina through a dual strategy of targeting large clients and overseas registrations [3]. - Domestic demand for glufosinate is rapidly increasing due to the promotion of genetically modified crops, supporting the company's production capacity growth [3]. Group 3: Capacity Expansion and Strategic Initiatives - Lier Chemical has established seven production bases in China, enhancing its competitive edge and ensuring a stable global supply chain [1][4]. - The company holds over 50% market share in glufosinate domestically and approximately 30% globally, benefiting from economies of scale [4]. - As of 2024, Lier Chemical's production capacities include 86,300 tons for active ingredients, 81,200 tons for formulations, and 123,500 tons for chemical products, with respective year-on-year growth rates of 43.4%, 36.2%, and 50.6% [4]. - The company is also pursuing acquisitions to further expand its industry chain, including a proposed acquisition of Shandong Huimeng Biotechnology Co., Ltd. [5].
核心产品价格低迷 利尔化学交出近8年最差成绩单
Core Viewpoint - Lier Chemical's 2024 annual performance shows a significant decline in revenue and profit, indicating ongoing challenges in the pesticide industry due to intense competition and market conditions [1][2]. Financial Performance - Revenue for 2024 was 7.311 billion yuan, a year-on-year decrease of 6.87% - Profit was 215 million yuan, down 64.34% year-on-year, marking the lowest profit level since 2017 - Gross margin was 16.06%, compared to 23.34% in the previous year [1]. Market Conditions - The pesticide industry has not shown significant recovery in 2024, with continued intense competition and most pesticide product prices remaining at low levels - Market inventory is gradually returning to normal, but overall supply exceeds demand, impacting industry development [1]. - The price for glyphosate raw materials is reported at 47,000 yuan/ton, while refined glyphosate raw materials are priced at 72,000 yuan/ton [1]. International Sales - International sales revenue for 2024 was 3.437 billion yuan, accounting for 47.01% of total revenue - This represents a decline from 6.158 billion yuan (60.76% of total revenue) in 2022 and 3.958 billion yuan (50.42% of total revenue) in 2023 [2]. Shareholder Information - The company plans to implement a profit distribution plan of "10 for 2 yuan (including tax)" for a total dividend of 160 million yuan - Shanghai Yuanhong Investment Management Co., Ltd. has become the seventh largest shareholder with 5.3327 million shares, valued at approximately 49.11 million yuan [3]. Future Outlook - The company anticipates significant adjustments in the supply structure of the industry, with opportunities arising from supply contraction and the introduction of new products - The global pesticide market is expected to show steady growth due to increasing food demand driven by population growth and the rapid development of genetically modified crops [3].