构建研发优势,技术创新助力或迎新机：雅本化学通过“农药中间体——医药中间体——环保产品——特种化学品”多元化业务布局，实现研发与生产协同，综合竞争力显著。1）研发优势：在手性合成、含氮杂环合成、生物酶催化、微通道连续流技术等领域拥有核心技术积累，全面覆盖高效生产和绿色制造需求；2）技术突破：成功实现无水重氮甲烷的工业化连续生产，提升了生产安全性与可持续性；3）业务拓展与合作优势：深耕全球农药和医药产业链，与多家跨国公司建立了长期稳定的战略合作关系。此外，公司在太仓、如东、盐城等地的生产基地，以及上海张江、松江等地的研发中心，将进一步提升其产业链一体化能力，为抗病毒药物中间体等新业务放量奠定坚实基础，并持续推动公司在全球市场的战略升级与扩展。Key investment points
Event: In December 2024, the company's R&D team successfully published an article on the industrial application of continuous flow in the internationally renowned journal “Organic Process Research & Development” (OPR&D), which showcased the company's technological innovation capabilities, and also provided an efficient and convenient way for the company to synthesize α-halogenated ketones and other key intermediates on an industrial scale in the pharmaceutical and agrochemicals industry.
The market environment is severe, and performance is under pressure: In the first three quarters of 2024, the company achieved operating income of 0.94 billion yuan (-14.6% YoY), net profit attributable to mother of -0.057 billion yuan (-174.0% YoY), and net profit not attributable to mother of -0.066 billion yuan (-208.5% YoY). Among them, 2024Q3 achieved operating income of 0.351 billion yuan (YoY +41.4%, -5.0% month-on-month), net profit to mother of -0.005 billion yuan (+76.6% YoY, +26.9% month-on-month), and net profit of non-return to mother of -0.016 billion yuan (+41.8% YoY, -81.9% month-on-month).
Build R&D advantages, help or welcome new opportunities for technological innovation: Yaben Chemical has achieved R&D and production collaboration through a diversified business layout of “pesticide intermediates - pharmaceutical intermediates - environmentally friendly products - specialty chemicals”, and has remarkable comprehensive competitiveness. 1) R&D advantages: We have core technology accumulation in the fields of chiral synthesis, nitrogen-containing heterocyclic synthesis, bioenzyme catalysis, microchannel continuous flow technology, etc.; 2) Technological breakthroughs: successfully achieved continuous industrial production of anhydrous diazomethane, improving production safety and sustainability; 3) Business development and cooperation advantages: Deeply involved in the global pesticide and pharmaceutical industry chain, and established long-term and stable strategic partnerships with many multinational companies. In addition, the company's production bases in Taicang, Rudong, Yancheng and other places, as well as R&D centers in Zhangjiang and Songjiang, Shanghai, will further enhance its industrial chain integration capabilities, lay a solid foundation for the launch of new businesses such as antiviral drug intermediates, and continue to promote the company's strategic upgrading and expansion in the global market.
Profit forecast and investment rating: Based on the company's operating conditions and the progress of the Lanzhou base construction, we lowered the company's net profit to mother for 2024-2025 to -0.08 billion yuan and -0.04 billion yuan respectively (previously estimated 0.23 and 0.3 billion yuan), and added a forecast of 0.006 billion yuan for 2026. According to the closing price on December 27, 2024, EPS for 2024-2025 was -0.09 and -0.05 yuan/share (previously estimated 0.24 and 0.31 yuan/share), respectively, and the 2026 EPS was 0.01 yuan/share. Considering that the company is vigorously promoting the construction of the Lanzhou base and actively exploring the pharmaceutical+health sector, we are optimistic about the company's long-term growth, but short-term performance is under pressure, and the rating was lowered to “increase”.
Risk warning: macroeconomic fluctuations; fluctuations in raw material prices; project commissioning progress falls short of expectations.
