GLONGHUI July 19丨Dongwu Securities Research Report pointed out that Yaben Chemical (300261.SZ) has built a new pesticide original drug and pesticide intermediate project, and the industry chain continues to expand. In the short term, project funding comes from Ranwo Technology's own capital and self-financing, which has little impact on the company's performance and financial situation. In the long run, the promotion of this project will enable the extension of the company's industrial chain, enhance the autonomous and controllable capabilities of the supply chain, and facilitate the healthy development of the company. The company has appointed a new deputy general manager with rich R&D experience. Its forward-looking vision of the industry will help the company achieve the strategic goals of diversified development. In addition, the company explored other segments of fine chemicals, and the business blossomed more. It covers the entire pesticide industry chain, has the ability to produce pesticide intermediates, original drugs and preparations, and is equipped with a chemical synthesis workshop to meet the routine and specialized customization needs of customers. The company actively promoted base construction in Lanzhou, expanded the upstream and downstream industrial chain, and maintained the company's net profit of 1.8, 2.3, and 300 million yuan in 2025, respectively. Based on the closing price on July 18, 2023, the corresponding PE was 50, 38, and 30 times. Considering the company's first-mover advantage and cost advantage in the field of Kangkuan intermediates and the company's active development in the pharmaceutical+health sector, we are optimistic about the company's growth and maintain the “buy” rating.