联化科技(002250) - 2016年11月14日投资者关系活动记录表

Group 1: Agricultural Business Insights - The cyclical nature of the pesticide industry has led to a decrease in overall demand for pesticide intermediates in 2016, but communication with clients indicates that business in 2017 is expected to improve significantly compared to 2016 [1] - Mergers and restructuring among upstream clients, such as DuPont and Dow's merger, are likely to reduce and optimize the supplier list, which could benefit the company as a preferred supplier due to its competitive advantages in customized services [1] - The company currently has no plans to expand into the pesticide or pharmaceutical formulation fields, despite recognizing significant growth potential in the custom services for intermediates and active ingredients [1] Group 2: Pharmaceutical Business Strategy - The global market for pharmaceuticals is large, and the company's strategy focuses on the production of advanced intermediates and active pharmaceutical ingredients, aligning with client expectations [2] - The company targets innovative pharmaceutical companies rather than generic drug firms, emphasizing the importance of innovation and reliability as key supplier characteristics [2] - Many clients have chosen the company as their preferred strategic partner, entrusting it with the production of their marketed products and involving it in their R&D efforts, ensuring stable future business development [2] Group 3: Operational Challenges and Market Dynamics - The Texas facility's production halt due to a safety incident has impacted the company's performance, but production is being restored in an orderly manner, with expectations to return to normal levels by the end of November [2] - Fluctuations in raw material prices can affect profit margins for the company's proprietary products; however, for the custom processing business, which charges processing fees, the impact is minimal due to many products being under patent protection [2] - The company has established three major divisions for functional chemicals, aiming to integrate existing resources and expand product offerings, balancing custom processing and proprietary product development [2]