公共卫生事件发生以来，各国重视粮食安全，农药产品采购热情提升，我国农药出口量维持高位，海外库存逐渐增加。今年上半年海外农药企业面临去库存的压力，多数农药产品价格步入下行通道。2023 年二季度，公司主要产品噻虫胺、虱螨脲、五氟磺草胺、氰氟草酯均价分别为9.46 万元/吨、18.54 万元/吨、131.11 万元/吨、13.67 万元/吨，分别同比-25.92%、-27.02%、-18.07%、-31.64%，分别环比-21.95%、-13.68%、-4.76%、-16.18%。2023 年上半年中国大陆和海外营业收入分别为3.08亿元和11.17 亿元，其中海外业务营收占比从去年同期的72.73%上升到78.41%，海外业务毛利率为31.06%，同比增加6.53pct。公司与跨国农药巨头科迪华、拜耳、先正达等公司保持长期合作关系，公司的农药产品市场占有率高，竞争格局好，随着海外业务的比例增加，公司的盈利能力有望得到持续提升。Event
According to the semi-annual report released by China Banner shares in 2023, the operating income in the first half of 2023 was 1.425 billion yuan, an increase of 6.14 percent over the same period last year. The net profit of 2023Q2 was 172 million yuan, a decrease of 3.94 percent over the same period last year. 2023Q2 realized operating income of 683 million yuan, an increase of 5.77 percent over the same period last year and a decrease of 7.95 percent compared with the previous year. The net profit of homing was 79 million yuan, an increase of 12.35 percent over the same period last year, and a decrease of 15.05 percent.
Pesticide prices are falling, and the proportion of overseas business continues to rise.
Since the occurrence of the public health incident, countries have attached importance to food security, increased enthusiasm for the procurement of pesticide products, China's pesticide exports have maintained a high level, and overseas stocks have gradually increased. In the first half of this year, overseas pesticide companies are facing the pressure of destocking, and the prices of most pesticide products have entered the downward channel. In the second quarter of 2023, the average prices of the company's main products were 946,000 yuan / ton, 1854 million yuan / ton, 131.11 million yuan / ton and 13.67 million yuan / ton respectively, compared with-25.92%,-27.02%,-18.07% and-31.64% respectively, compared with-21.95%,-13.68%,-4.76% and-16.18% respectively. Chinese mainland's and overseas revenues in the first half of 2023 were 308 million yuan and 1.117 billion yuan, respectively, of which the proportion of overseas revenue rose to 78.41 percent from 72.73 percent in the same period last year. The gross profit margin of overseas operations was 31.06 percent, an increase of 6.53pct over the same period last year. The company maintains a long-term cooperative relationship with multinational pesticide giants such as Codihua, Bayer and Syngenta. The company's pesticide products have a high market share and a good competition pattern. With the increase in the proportion of overseas business, the company's profitability is expected to continue to improve.
The synchronous development of the three bases, the production volume can be expected.
The company has three production bases: Nanjing, Huaian and Huaibei. According to the company announcement, the company has continued to promote projects in all three bases in 2023. Projects such as pentafluorosulfonamide in Nanjing base, difluorosulfonamide, oxazolyl and chlorobenzamide in Huaian base, oxazolone and glycyrrhizin in Huaibei base are scheduled to be put into production this year. The company not only consolidates the original superior varieties, but also achieves landing in the creation of pesticides, reflecting the company's outstanding R & D capabilities.
Investment advice:
We estimate that the homing net profit of the company from 2023 to 2025 will be 344, 450, 000, 000, The company focuses on the R & D and production of green pesticides, works closely with international pesticide giants, and has the advantages of industrial chain and R & D. the orderly promotion of the Huaibei project lays the foundation for the long-term growth of the company's performance and maintains the "buy" rating.
Risk hint: pesticide products fell and new projects were put into production less than expected.
