Lier Chemical (002258) 新浪财经·2025-04-03 12:37Core Viewpoint - In 2024, Lier Chemical reported a decline in revenue and net profit, primarily due to the continuous drop in the price of glyphosate, which has significantly impacted the company's financial performance [1][2][3] Financial Performance - In 2024, the company achieved operating revenue of 7.311 billion yuan, a year-on-year decrease of 6.9% [1] - The net profit attributable to shareholders was 215 million yuan, down 64.3% year-on-year, while the net profit after deducting non-recurring gains and losses was 201 million yuan, a decline of 66.4% [1] - The gross profit margin was 16.1%, down 7.3 percentage points year-on-year, and the net profit margin was 4.1%, down 5.7 percentage points year-on-year [1] - The return on equity (ROE) was 2.8%, a decrease of 5.5 percentage points year-on-year [1] - In Q4 2024, the company reported a revenue of 2.12 billion yuan, an increase of 15.1% year-on-year, and a net profit of 83 million yuan, up 89.9% year-on-year [1][2] Product Segment Performance - The pesticide raw materials segment generated revenue of 4.101 billion yuan, down 14.5% year-on-year, despite a sales volume increase of 7.7% [2] - The pesticide formulation segment saw revenue of 1.5 billion yuan, a decrease of 9.4% year-on-year, with a sales volume increase of 16.1% [2] - The pesticide intermediates segment experienced a revenue increase of 42.5% year-on-year, reaching 779 million yuan, driven by changes in the weight of different priced intermediates [2] Market Conditions - The pesticide industry did not show significant recovery in 2024, with intense market competition and most pesticide product prices remaining at low levels [3] - The average price of glyphosate in 2024 was 54,000 yuan per ton, a decrease of 34% year-on-year, continuing a downward trend since 2021 [3] Cost Management and Project Development - The company has optimized existing product processes to reduce costs and enhance efficiency, improving the competitiveness of older products [4] - The company is actively advancing the construction of a 10,000-ton/year glyphosate project and has completed registration for glyphosate formulations in eight countries [4] Shareholder Returns - The company plans to distribute a cash dividend of 2 yuan per 10 shares, totaling approximately 160 million yuan, which represents 74.34% of the net profit attributable to shareholders [5] - This move is aimed at enhancing shareholder returns and improving the company's competitive position in the industry [5] Future Outlook - Revenue forecasts for 2025, 2026, and 2027 are projected at 7.349 billion, 8.110 billion, and 8.755 billion yuan, respectively, with net profits of 420 million, 567 million, and 738 million yuan [6]