Lier Chemical (002258) 证券时报网·2025-03-31 14:53Core Viewpoint - Lier Chemical's 2024 annual report shows disappointing performance, with revenue and net profit falling significantly below analyst expectations [1][2] Financial Performance - Total revenue for 2024 reached 7.311 billion yuan, a year-on-year decrease of 6.88% [2] - Net profit attributable to shareholders was 215 million yuan, down 64.34% year-on-year, compared to analyst expectations of approximately 237 million yuan [2] - Gross margin was 16.06%, a decline of 31.18%, marking the lowest level in 20 years [2] - Net margin stood at 4.08%, down 58.23% year-on-year [2] - Total operating cash flow per share was 0.39 yuan, a decrease of 66.7% [2] Market Conditions - The decline in performance is attributed to intensified competition in the core product, glyphosate, leading to price drops and reduced gross margins [3] - Despite an increase in pesticide raw material sales, the significant drop in sales prices has negatively impacted overall performance [3] Acquisition Plans - Lier Chemical aims to enhance its competitive edge through the acquisition of Shandong Huimeng, focusing on industry chain integration [4] - However, uncertainties surround the acquisition due to Shandong Huimeng's ongoing environmental assessments and governance issues [4][5] - Legal disputes involving Shandong Huimeng's actual controller may hinder the acquisition process [4][5] Financing Activity - On March 28, Lier Chemical recorded a net repayment of 6.9938 million yuan in financing, the highest net repayment since December 2, 2024 [6] - The company also experienced a net repayment of 43,200 shares in securities lending over the past five trading days [6]