GLONGHUI July 7 | Dongwu Securities Research Report pointed out that Yaben Chemical (300261.SZ) focuses on the development and production of plant protection products, pharmaceutical intermediates and nutritional health products, and is in a leading position in the domestic fine chemical industry. In 2023, the company clearly proposed a “2+X” strategy: vigorously develop the two core businesses of “innovative pesticides” and “innovative pharmaceuticals”, and explore the vertical development of the industrial chain on the basis of existing diversified business development. During the epidemic, with excellent technical strength and rapid market response capabilities, the company rapidly scaled up antiviral drug intermediates in the pipeline, achieved good economic benefits while expanding customer relationships, laying a solid foundation for follow-up cooperation. Considering the company's first-mover advantage and cost advantage in the field of Kangkuan intermediates, as well as the company's vigorous promotion of base construction in Lanzhou, actively exploring the pharmaceutical+health sector, and optimistic about the company's growth, the coverage was given a “buy” rating for the first time.