中国农药行业2013年度报告

In 2013, China's pesticide industry had a fast development: according to National Bureau of Statistics of China, in 2013, pesticides' output of 335 pesticide enterprises (above designated size) got a YoY growth rate of 1.6%; while the total output value of pesticides increased to 20.98% YoY. What's more, the import and export quantity was up 16.31% YoY and 1.41% YoY respectively. As for price aspect, the annual average of CAPI achieved 104.87 in 2013. For environmental protection aspect, China's government pays more attention on pesticide industry. Major environmental measures include PMIDA export rebates cancelled, glyphosate (PMIDA) environmental protection scrutiny launched, pyridine anti-dumping case, etc. Environmental Protection Scrutiny was a hot topic in China's pesticide industry in 2013, and there was rigid demand from domestic and foreign market. These factors brought the high prosperity for pesticide industry. Other factors, such as complete digestive inventory and industrial structure adjustment, were also the key support. In 2013, the environmental protection scrutiny of glyphosate (PMIDA) was the driving force for the large enterprises, who have large-scale production capacity of glyphosate, to promote their sales and profit. The rising price of most pesticide technical brought a quick increase for the whole pesticide industry; the industrial structure adjustment, energy saving and emission reduction, and environmental protection scrutiny have regulated pesticide market, and curbed the operating of some substandard small businesses, which is good for large enterprises in China. It's estimated that the environmental protection policies will be stricter in the future, and this will benefit China's pesticide industry in the long run. For China's pesticide enterprises aspect, M&A and the recovery of pesticide industry boost their growths. Meanwhile, domestic listed pesticide enterprises saw performance on the whole in 2013. The total revenue of the 21 listed pesticide enterprises surpassed about USD9 billion, up 16.74% YoY. In this report, it presented an overview of the development of China's pesticide industry in 2013 and reviewed the different aspects of China's pesticide industry. It also forecasted the trend of China's pesticide industry in 2014 and analysed the investment opportunities and risk disclaimers at the end.