公司22 年各项收入增长，农药价格下行的大背景下，公司价格有一定韧性。分业务来看，2022 年公司农药原药业务实现营业收入18.1 亿元，同比+51.31%，上半年价格：26.55 万元/吨，下半年价格：24.09 万元/吨，在农药价格大幅下行的背景下，公司下半年价格比上半年下降9.25%，有一定韧性；农药制剂业务实现收入1.67 亿元，同比+14.14%；农药中间体业务实现收入5.77 亿元，同比+96.4%，上半年价格：14.99 万元/吨，下半年价格：15.17万元/吨，价格基本保持平稳。从费用来看，2022 年度公司销售费用3496 万元，同比+23.78%，主要系本期销售量大幅增加导致；管理费用1.55 亿元，同比+14.16%，主要系本期职工薪酬以及确认股权激励费用增加所致；本期财务费用-2238.4 万元，同比-364.68%，主要系本期汇兑收益增加所致。本期研发费用交上期增加 7029.1 万元，同比22.53%，主要系本期研发投入增加所致。Brief performance review
On April 26, the company released its report for the first quarter of 2023. The company achieved revenue of 742 million yuan in the first quarter of 2023, +6.48% year on year; Guimu's net profit was 93 million yuan, -14.55% year on year;
Management analysis
The company's prices are resilient against the backdrop of various revenue increases and pesticide prices falling in '22. By business, in 2022, the company's pesticide raw materials business achieved revenue of 1.81 billion yuan, +51.31% year on year; price for the first half of the year: 265,500 yuan/ton, price for the second half of the year: 249,900 yuan/ton. Against the backdrop of a sharp decline in pesticide prices, the company's price in the second half of the year fell 9.25% from the first half of the year, which was somewhat resilient; the pesticide formulation business achieved revenue of 577 million yuan, +14.14% year on year; the pesticide intermediates business achieved revenue of 577 million yuan, +96.4% year on year, price in the first half of the year: 149,900 yuan/ton, Prices for the second half of the year: 151,700 yuan/ton, and prices remained stable. In terms of expenses, the company's sales expenses in 2022 were 34.96 million yuan, +23.78% year on year, mainly due to a sharp increase in sales volume in the current period; management expenses of 155 million yuan, +14.16% year on year, mainly due to the increase in employee remuneration and confirmed equity incentive expenses in the current period; and current financial expenses of 22.384 million yuan, -364.68% year on year, mainly due to the increase in exchange earnings in the current period. R&D expenses for the current phase increased by 702.91 million yuan in the previous period, or 22.53% over the same period last year, mainly due to the increase in R&D investment in the current phase.
There are plenty of projects currently under construction to support the company's future growth. Judging from the information disclosed in the first quarterly report, the company currently has fixed assets of 1,477 million yuan and projects under construction of 512 million yuan. Looking at each project, Ning Yitai has 2 projects undergoing trial production, Guorui Chemical has 1 project undergoing trial production, and the headquarters has 2 projects undergoing trial production. We believe that the continuous commissioning and implementation of the above projects will help the company further expand production capacity and enhance profitability.
Profit Forecasts, Valuations, and Ratings
Prices of the company's main products fell, but the new capacity expansion brought about an increase in volume. We revised the company's net profit of 2023-2025 to be 471 million yuan (-4.3%), 583 million yuan (-5.2%), and 767 million yuan (-3.8%), respectively; EPS was 1.52 yuan, 1.88 yuan and 2.47 yuan respectively, and the corresponding PE was 11.75X/9.49X/7.22X respectively, maintaining the purchase rating.
Risk warning
There is a risk of product prices falling, and there is a risk that raw material prices will fluctuate greatly; the progress of new projects falls short of expectations.
