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研報掘金丨國海證券:維持利民股份“買入”評級,上半年業績同比大幅改善
格隆匯 07-16 14:42

國海證券研報指出,受益於產品價格上升,利民股份2025H1業績同比大幅改善。主要由於公司主要產品銷量和價格同比上升、毛利率提升以及參股公司業績上升帶來投資收益增加。公司主導產品代森錳鋅國內市場佔有率約為70%-80%;阿維菌素國內市場佔有率約為25%-35%;甲維鹽國內市場佔有率約為20%-30%。且阿維菌素、甲維鹽、代森錳鋅等需求旺盛,目前公司滿負荷生產,在手銷售訂單充足。下半年進入南美市場銷售旺季,預計殺菌劑產品代森錳鋅、百菌清的市場需求支撐將帶來景氣持續上行。另外,公司加速研發平台建設,合成生物學實驗室於2024年10月正式建成並投入使用,有效提升了菌種性能、生物合成效率、酶催化能力、產品純度及生產經濟性。基於公司核心產品代森錳鋅、百菌清、阿維菌素、甲維鹽產品景氣度提升,調整公司盈利預測,維持“買入”評級。

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