Investment Rating - The report assigns a "Buy" investment rating for the company, marking its first coverage [8]. Core Insights - The company has experienced a year-on-year increase in the production and sales volume of pesticide intermediates, despite a decline in revenue due to falling prices of its main products [4][3]. - The company plans to enhance its research and development efforts, with a focus on building a Shanghai R&D center and improving collaboration with the Chengdu center [5]. - The company aims to become a global leader in pesticides and fine chemicals, with several key projects expected to be completed and operational in 2025 [6]. Financial Performance - In 2024, the company reported total revenue of 7.311 billion yuan, a decrease of 6.88% year-on-year, and a net profit attributable to shareholders of 215 million yuan, down 64.34% year-on-year [3][10]. - The company’s production volume for pesticide and intermediates reached 151,600 tons in 2024, representing a year-on-year increase of 24.59%, while sales volume was 149,000 tons, up 23.94% year-on-year [4]. - The financial expense ratio increased due to rising interest expenses, with the company planning to increase effective R&D investment in the coming years [5]. Earnings Forecast - The forecast for net profit attributable to shareholders for 2025, 2026, and 2027 is 455 million yuan, 571 million yuan, and 703 million yuan respectively, with corresponding price-to-earnings ratios of 15.7, 12.5, and 10.2 [8][10].

Core Viewpoint - Li'er Chemical (002258) has shown a decline in revenue and net profit for 2024, but the production and sales of pesticide intermediates have increased significantly, leading to a positive outlook for future growth [2][3][6]. Financial Performance - In 2024, the company achieved total revenue of 7.311 billion yuan, a decrease of 6.88% year-on-year, and a net profit attributable to shareholders of 215 million yuan, down 64.34% year-on-year [2]. - For Q4 2024, the company reported revenue of 2.123 billion yuan, an increase of 15.10% year-on-year and 14.21% quarter-on-quarter, with a net profit of 83 million yuan, up 89.94% year-on-year and 113.98% quarter-on-quarter [2]. Production and Sales Growth - The production of pesticide and intermediate products reached 151,600 tons in 2024, a year-on-year increase of 24.59%, while sales volume was 149,000 tons, up 23.94% year-on-year [3]. Cost and Expenses - The financial expense ratio increased due to rising interest expenses, with sales, management, financial, and R&D expense ratios changing by +0.38, -0.78, +0.23, and -0.23 percentage points respectively [4]. Future Plans - The company plans to continue advancing key projects in 2025, aiming to establish itself as a leading global player in pesticides and fine chemicals. Key projects include the Jingzhou base and the second phase of the Bide Biochemical project [5]. - The company emphasizes high-quality development and aims to enhance product quality while reducing production costs [5]. Profit Forecast - The company forecasts net profits of 455 million yuan, 571 million yuan, and 703 million yuan for 2025, 2026, and 2027 respectively, with corresponding price-to-earnings ratios of 15.7, 12.5, and 10.2 times [6].

Investment Rating - The report maintains a "Strong Buy" rating for Lier Chemical [2][4] Core Views - Lier Chemical's performance is under short-term pressure, with a significant decline in revenue and profit due to falling prices of core pesticide products. The company reported a revenue of 7.311 billion yuan in 2024, down 6.87% year-on-year, and a net profit of 215 million yuan, down 64.34% year-on-year [3] - The industry is currently at the bottom of the cycle, with expectations for a recovery in the future as excess capacity is optimized and weaker competitors exit the market. This will enhance the competitive advantage of leading companies like Lier Chemical [3][4] - The demand for glyphosate is expected to grow significantly, driven by the promotion of new genetically modified products and the ongoing industrialization of genetically modified crops in China. Lier Chemical is well-positioned in the glyphosate market and has established strategic partnerships with multinational companies [4] Financial Performance Summary - In 2024, Lier Chemical's revenue from the pesticide raw material segment decreased by 14.45% to 4.101 billion yuan, while the pesticide formulation segment saw a 9.42% decline to 1.500 billion yuan. The overall profit margin for the raw material segment fell by 9.36 percentage points to 16.90% [3] - The company forecasts net profits of 429 million yuan, 591 million yuan, and 766 million yuan for 2025, 2026, and 2027, respectively, with corresponding earnings per share (EPS) of 0.54 yuan, 0.74 yuan, and 0.96 yuan [4][6]

Investment Rating - The report maintains a "Strong Buy" rating for Lier Chemical [2][4] Core Views - Lier Chemical's performance is under short-term pressure, with a significant decline in revenue and profit due to falling prices of core pesticide products. The company reported a revenue of 7.311 billion yuan in 2024, down 6.87% year-on-year, and a net profit of 215 million yuan, down 64.34% year-on-year [3] - The industry is currently at the bottom of the cycle, with expectations for a recovery in the future as excess capacity is optimized and weaker competitors exit the market. This will enhance the competitive advantage of leading companies like Lier Chemical [3][4] - The demand for glyphosate is expected to grow significantly, driven by the promotion of new genetically modified products and the ongoing industrialization of genetically modified crops in China. Lier Chemical is well-positioned in the glyphosate market and has established strategic partnerships with multinational companies [4] Financial Performance Summary - In 2024, Lier Chemical's revenue from the pesticide raw materials segment decreased by 14.45% to 4.101 billion yuan, while the pesticide formulation segment saw a 9.42% decline to 1.500 billion yuan. The overall gross margin for the raw materials segment fell by 9.36 percentage points to 16.90% [3] - The company forecasts net profits of 429 million yuan, 591 million yuan, and 766 million yuan for 2025, 2026, and 2027, respectively, with corresponding earnings per share (EPS) of 0.54 yuan, 0.74 yuan, and 0.96 yuan [4][6]

Core Viewpoint - Lier Chemical's 2024 annual report reveals a significant decline in revenue and profit, attributed to falling product prices, leading to a drop in stock price [1][4]. Financial Performance - In 2024, Lier Chemical reported revenue of 7.311 billion yuan, a decrease of 6.88% year-on-year, and a net profit of 215 million yuan, down 64.34% [1]. - The company's earnings have reverted to levels seen eight years ago due to a sharp decline in the prices of its main products [1]. - The sales volume of pesticides and intermediates increased to 149,000 tons, up 23.94% from 2023, with raw pesticide sales at 59,300 tons and formulated pesticide sales at 69,900 tons, reflecting growth of 7.72% and 16.14% respectively [2]. Product Pricing and Margins - The average selling prices for raw pesticides and formulated pesticides fell by 20.57% and 21.97%, respectively, leading to a revenue drop for raw pesticides to 4.101 billion yuan and a gross margin of 16.90% [5]. - Formulated pesticides generated 1.500 billion yuan in revenue with a gross margin of 16.80%, both figures down from the previous year [5]. - The only product category showing revenue growth was pesticide intermediates, which contributed 779 million yuan, a 42.49% increase, although the gross margin decreased to 18.23% [5]. Market Conditions - The global pesticide market is experiencing weakness and intensified competition, with raw material prices continuing to decline [4]. - For instance, the price of glyphosate fell from 63,000 yuan per ton at the beginning of the year to 47,000 yuan per ton by year-end, marking a decline of over 25% [4]. Strategic Moves - Lier Chemical announced plans to acquire a controlling stake in Shandong Huimeng Biotechnology to expand its industrial chain [1][7]. - Shandong Huimeng, established in May 2023, specializes in the research, production, and sales of pesticide intermediates and raw materials, and has advanced production technologies [7]. - The acquisition is still in the planning stage and has not yet been formalized with any agreements [7][8].

2024 业绩符合市场预期 公司公布2024 年业绩：收入73.1 亿元，同比下降6.9%；归母净利润2.2亿元，同比下降64.3%，对应每 股盈利0.27 元，与业绩快报一致、符合市场预期。其中4Q24 公司实现收入21.2 亿元，同比增长 15.1%，归母净利润0.83 亿元，同比增长89.9%。 发展趋势 草铵膦价格持续向下，精草铵膦或是未来竞争关键。由于河北诚信等新增产能增加，草铵膦价格持续下 跌并创出历史新低。2024 年草铵膦均价5.43万元/吨，较2023 年同比下跌34%。1Q25（至3.26）均价约 4.59 万元/吨，同比-24.3%，环比-6.6%。向前看，由于精草铵膦更高效的除草效果，以及潜在的降本空 间，未来或是行业竞争关键。截至2024 年末，美国审批通过巴斯夫及三井化学精草铵膦原药登记，我 们看好未来潜在市场需求增量。 拟并购山东汇盟，强化精草铵膦及杀菌剂竞争力。公司近期公告，已与山东汇盟及其主要股东初步沟 通，拟收购山东汇盟控股权。山东汇盟拥有山东、安徽、黑龙江三大生产基地，其定向催化合成2,3-二 氯-5-三氟甲基吡啶（DCTF）技术、生物法生产L-高丝氨酸及精草铵膦技术均处 ...

公司在年报中表示，2024年的农药行业未有明显复苏，市场竞争依然激烈，大部分农药产品价格仍在底 部盘整，虽然农药市场库存逐步回归正常水平，但总体市场仍是供大于需，给行业发展带来了一定影 响。 值得一提的是，过往作为利尔化学销售主阵地的海外市场收入也出现了萎缩。2024年度，公司国际销售 收入为34.37亿元，占总营收的比例为47.01%。2022年、2023年，公司国际销售收入分别为61.58亿元、 39.58亿元，占总营收的比例分别为60.76%、50.42%。 营收73.11亿元，同比下降6.87%；盈利2.15亿元，同比下降64.34%；毛利率16.06%(上一年为23.34%)。 这是利尔化学（002258）2024年的年度业绩。2.15亿元也是公司自2017年以来的最差盈利水平。 利尔化学是国内最大的氯代吡啶类除草剂系列农药产品研发及生产基地，以及国内大规模的草铵膦、精 草铵膦原药生产企业。 据中农立华（603970）近期发布的数据，草铵膦原药市场供需博弈，终端制剂竞争激烈，下游拿货谨 慎，报价4.7万元/吨；精草铵膦原药刚需采购，上游原药和终端制剂均竞争激烈，折百报价7.2万元/ 吨。 中农立华去 ...

（以 下简称"本次股东大会"），现就召开本次股东大会的相关事项通知如下： 一、召开会议的基本情况 证券代码：002258 股票简称：利尔化学 公告编号：2025-011 利尔化学股份有限公司 关于召开 2024 年年度股东大会通知的公告 本公司及董事会全体成员保证信息披露内容的真实、准 确和完整，没有虚假记载、误导性陈述或重大遗漏。 利尔化学股份有限公司（以下简称"公司"）第六届董事会第二十 次会议决定于 2025 年 4 月 18 日召开公司 2024 年年度股东大会 《中华人 民共和国证券法》 、《深圳证券交易所股票上市规则》、 《公司章程》等 法律、法规和相关规定。 现场会议时间：2025 年 4 月 18 日（星期五）14:40 网络投票时间：2025 年 4 月 18 日。其中，通过深圳证券交易所 （以下简称"深交所"）交易系统进行网络投票的具体时间为 2025 年 交所互联网投票系统投票的具体时间为 2025 年 4 月 18 日 9:15 至 -1- 合的方式。本次股东大会通过深交所交易系统和互联网投票系统 （http://wltp.cninfo.com.cn）向公司全体股东提供网络形式的投票平 ...

证券代码：002258 股票简称：利尔化学 公告编号：2025-010 利尔化学股份有限公司 关于 2024 年度利润分配预案的公告 本公司及董事会全体成员保证信息披露内容的真实、准确 和完整，没有虚假记载、误导性陈述或重大遗漏。 第六届董事会第二十次会议以 9 票同意、0 票反对、0 票弃权的表决结 果通过了《关于 2024 年度利润分配的议案》 ，公司第六届监事会第十二 次会议以 3 票同意、0 票反对、0 票弃权的表决结果通过了《关于 2024 年度利润分配的议案》。该项议案尚需提交公司 2024 年年度股东会审 议。现将相关事宜公告如下： 一、利润分配预案的基本情况 经中汇会计师事务所（特殊普通合伙）审计，2024 年度实现归属于 上市公司股东的净利润 215,336,804.61 元，其中：母公司实现净利润 末 实 际 可 供 股 东 分 配 的 利 润 2,430,508,107.76 元 。 资 本 公 积 为 根据中国证监会《关于进一步落实上市公司现金分红有关事项的通 知》《上市公司监管指引第 3 号—上市公司现金分红》及《公司章程》 的有关规定，鉴于公司正处于成长发展阶段，综合考虑行业特点以 ...

证券代码：002258 股票简称：利尔化学 公告编号：2025-012 利尔化学股份有限公司 第六届监事会第十二次会议决议公告 本公司及监事会全体成员保证信息披露内容的真实、准确 和完整，没有虚假记载、误导性陈述或重大遗漏。 四、会议以 3 票同意，0 票反对，0 票弃权的结果，审议通过了《公 司 2024 年度分配预案》。 五、会议以 3 票同意，0 票反对，0 票弃权的结果，审议通过了《公 司 2024 年年度报告正文及其摘要》。 经审核，监事会认为董事会编制和审核利尔化学股份有限公司 2024 年年度报告的程序符合法律、行政法规和中国证监会的规定，报告内容 真实、准确、完整地反映了公司的实际情况，不存在任何虚假记载、误 导性陈述或者重大遗漏。 六、会议以 3 票同意，0 票反对，0 票弃权的结果，审议通过了《关 于聘任 2025 年度审计机构的议案》。 一、会议以 3 票同意，0 票反对，0 票弃权的结果，审议通过了《公 司 2024 年度监事会工作报告》。 《公司 2024 年度监事会工作报告》的详细内容刊登于 2025 年 3 月 28 日的巨潮资讯网。 二、会议以 3 票同意，0 票反对，0 票弃 ...