华鑫证券：首次覆盖利尔化学给予买入评级

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].