興櫃股王正瀚帶頭農業生技夯 2016-05-13 15:24 【撰文／陳怡婷】最近，櫃檯買賣中心決定，股票市場掛牌產業將新增「農業(生物)科技業」，未來初次申請上櫃公司或上櫃公司申請為農業科技業類股者，需先取得農委會之核可，且最近二年度營業收入或最近一年度營業收入來自農業科技項目分別達50％或80％以上者，始得劃分為農業科技業類。其實，為展現發展農業生技決心，早在2014年行政院生技產業策略諮議會議(簡稱生技諮議會議，簡稱BTC)，就首度將「農業生技」納入討論。生技策略會議中，更把農業生技作為重點討論項目，率先以動物疫苗、生技農藥(肥料)等創新項目為重點。科技會報指出，2013年台灣農業生技產值僅80多億元，政府近期積極建構屏東農業生技園區、引進國際農業生技大廠結盟，希望將台灣推向國際。在競爭力上，如瑞寶(6479)的豬藍耳病疫苗在台銷售已經超越國際大廠百靈家同類產品，而正瀚(6534)、F-龍燈(4141)生產的植物保護劑也有不錯成績，是個好的發展基礎。其實，隨著全球工業發展和人口增加，氣候惡化的趨勢越來越嚴重，尤其是隨著全球暖化，引發的乾旱、澇害、紫外線、鹽鹼化的增強的幾率也日益頻繁。氣候惡化輕則降低作物的產量和品質，重則使作物絕收。提高作物在不良環境下的生存能力，成為植物科學界和農業界面臨的最重大問題之一。植物生長劑大廠正瀚生技，以研發為重心的農業生物科技公司，製造和銷售的植物生長調節劑和專業微量元素肥料，主要使用在農業和園藝業。正瀚賣的不是一般的肥料，看看台肥(1722)、興農(1712)本益比都低於15倍，F-龍燈年年受匯率動盪和淡旺季明顯影響業績，但正瀚本益比卻能夠超過20倍，讓人不禁好奇正瀚特別在哪？
產品皆為專利產品毛利率高達80％ 而且，正瀚生技毛利率高達80％，高於同業F-龍燈的40～45％，因正瀚的所有產品配方均具有專利，類似新藥公司，而龍燈以品牌學名藥為主，品牌學名藥是以專利過期後之有效成份進行改良，廠商仍需有自行研發之能力，因此毛利率仍高於一般農藥學名藥廠。同業更直言，若F-龍燈是農業生技裡的學名藥，正瀚就是新藥研發公司。與傳統賣肥料不同，正瀚的產品賣價是使用者(農民)反饋回來的。吳正邦解釋道，正瀚產品的售價多少，主要是看能為使用者(農民)創造多少效益。因此，當產品一開發出來，正瀚就直接從美國農業化學品大廠Agrium(艾格瑞)的客戶中，挑選農地面積較大的大農戶來試用。如果農民願意購買這個農藥，以增加獲利，艾格瑞會留下約5成的獲利，剩下的5成獲利則全給了正瀚。「如果成本1元，售價低於2元，我們就不做了！」、「寧可把這產品送別人，做毛利率50％的東西是很辛苦的！」吳正邦說。正瀚董事長吳正邦原於美國成立CP Bio Inc.，專門開發植物生長調節劑與高效肥料，吳正邦於2013年11月回台成立正瀚生技，並於2014年將CP Bio20項農業化學產品登記證陸續買回。目前正瀚生技的營運總部位於彰化縣線西鄉工業區，擁有植物生理、細胞發育、基因表達、化學分析等GLP實驗室，生產基地為正瀚100％持有的子公司CH Biotech，位於美國加州。
美大廠Agrium間接持股3成 2015年在與美大廠Agrium結盟效益發揮下，營收獲利雙雙大成長，股價也穩坐興櫃股王。Agrium同時也是正瀚主要客戶，北美地區銷售主要都由Agrium負責，而正瀚則為Agrium進行前端產品設計，2014更獲Agrium子公司Loveland與Tenfold，分別投資25％及5％股權，持股近3成，讓彼此的關係更為緊密，2015年Agrium已占正瀚營收78％。Agrium2015年營收為148億美元，是目前全球前3大農業營養物質的主要零售供應商，在美國市占率約為25％，在全球掌握1400家零售機構，能夠得到Agrium子公司入股，可見正瀚的技術獲得相當肯定。2015年，正瀚植物生長調節劑營收占比為71％，肥料25％，其他3％，正瀚以外銷為主，2015年光是美國就占營收98％。法人預期，隨新產品上市數量累積長賣，且透過大廠銷售的效益發揮，正瀚的營收獲利將進入高度成長的蜜月期，待中科高等研究園區完工，研發新品能量還將數倍跳升。
生長調節劑像植物的營養液、添加劑 很多人可能以為，正瀚的產品是基改農藥，其實不然，董事長吳正邦表示，公司研發出的植物生長調節劑，就像是「植物的營養液、添加劑」，能助植物健康生長。就如同公司的發展理念，是以科學研究孕育技術革新，以技術革新驅動產品創新。同時利用植物基因組、蛋白組和代謝組的知識，用科學系統探索農業生產中影響產量、品質、安全和抗性等核心問題，企圖開發對農作物和環境友好的農科產品。吳正邦進一步解釋，正瀚所做的「植物營養劑」類似「荷爾蒙」概念，以化學等原理刺激植物的基因表現，例如幫助種子吸收到更多養分、長出肥壯的幼苗等，藉此優化經濟作物的質量。而正瀚高效肥料主要產品為A C - 9 7 ( 葉面營養液)、Photo Gro(葉面營養液)、Weather King(植物氣候調理劑)、微量元素(硼、鋅、鈣、鎂、鐵、鉬)等，由於目前市面上肥料具利用效率低之問題，氮、磷、鉀這3大主流肥料的利用效率均不足50％，造成礦產資源流失、能源浪費、水污染與土壤酸化等問題，因此，正瀚致力於研究植物吸收、轉運和分配肥料的基礎科學，開發顯著提升肥料利用效率的新型態產品，如作物高效全營養肥、高效氮磷鉀肥，以及高效的微量元素肥料。而植物生長調節劑也被稱作植物激素，參與植物自休眠、萌芽、開花、結果、落葉等一系列生長各階段之生理作用，一般所需之濃度低，約小於1mM，人工合成之植物生長調節劑是以化學或發酵方法生產，其與植物內生激素有類似分子構造和生理活性，可促進和抑制植物生長與分化等生理作用，目前正瀚產品主要為MegaGro(I B A與C y t o k i n i n s，早期根發育)、HappyGro(Cytokinins，增加細胞分裂)、GA3(Gibberellicacid，促進莖的伸長等)，讓植物能更有效利用水分和營養素，並幫助植物克服環境逆境及提高對疾病的免疫力，提升作物的產量、品質和保存期。
龍燈、台肥、興農各自表現 老牌農藥廠興農，旗下事業營收占比有60％為植物保護劑與肥料，次大事業群為主要分布在中彰投的楓康超市，占營收比重約28％，其他事業如日用塑化品、團膳、預拌混泥土事業合計則占營收約12％。興農植物保護劑60％為內銷，外銷40％裡中國與巴西市場占比最大，各占10～15％。隨北半球春耕旺季到，今年上半年植物保護劑業績持穩去年水準，而興農也持續看好楓康超市，今年預計再展店7間，並且將首度跨入新竹。法人預期，在巴西匯率回穩下，今年興農獲利有望恢復過去水準，EPS挑戰1.8元。至於台灣最大肥料生產廠台肥今年在不動產開發上將以南港C3中信人壽的權利金與租金為主，「無雙」僅剩10戶待在今年認列，不動產開發營收較前一年減少；至於轉投資朱肥的部分，則受限於尿素與異辛醇價格仍低，貢獻獲利也將較去年衰退，是以法人預期，今年台肥業績恐較去年有2成衰退。【完整內容請見《萬寶週刊》1176期】
Agrium Agrees to Take Equity Stake in CH Biotech R&D WEDNESDAY, NOVEMBER 05, 2014 CALGARY, AB--(Marketwired - November 05, 2014) - Agrium Inc. (TSX: AGU) (NYSE: AGU), through its subsidiary Loveland Products, Inc., and CH Biotech R&D Co., Ltd. ("CH Biotech"), an agricultural technology company that develops and markets plant health and nutrition technologies, today announced that Loveland Products has signed a definitive agreement to take an equity stake in CH Biotech. Under the terms of the agreement, Agrium will have the right to obtain exclusive, worldwide distribution rights to CH Biotech's existing plant health technologies as well as access to new product and technology opportunities. It will also allow CH Biotech to further collaborate with Agrium to expand their plant health-focused research and development initiatives. "This integrated strategic partnership and investment continues to build our offering of next-generation plant health technologies, allowing us to provide a diverse and highly complementary product portfolio to meet the changing needs of our grower customers around the world," said Brent Smith, Vice President of Agrium's Loveland Products. "We are highly focused on integrating and advancing our business and products with proprietary technologies, as evidenced by this and several other strategic investments made earlier this year. The pace at which technology in the plant health sector is advancing is rapid and we will continue to seek out complementary and innovative relationships in an effort to bring the advantages these products offer to the market in the most efficient manner." Agrium's Loveland Products currently markets and distributes several CH Biotech technologies including the brands Radiate®, NutriSync® and Consensus®, which are product technologies focused on improving root development, stress reduction, and nutrient utilization. "We are excited to increase our research and development initiatives with Agrium through Loveland Products," said Chen Pang Wu, Chairman and CEO of CH Biotech. "Our recently completed world class research and development center in Taiwan is dedicated to discovering and developing novel technologies that create significant value and an excellent return on investment for growers. This partnership will allow us to further expand and grow that portfolio around the world." Earlier this year, Agrium announced that it had taken a controlling interest in Agricen, an agricultural technology company delivering innovative biochemical-based solutions and products for plant nutrition. Agrium also recently announced a commercialization and technology development agreement for soil and plant health nutritional products with Actagro, a premier developer, manufacturer, and marketer of environmentally sustainable soil and plant health technology solutions.
About Agrium Agrium Inc. is a major Retail supplier of agricultural products and services in North America, South America and Australia and a leading global Wholesale producer and marketer of all three major agricultural nutrients and the premier supplier of specialty fertilizers in North America. Agrium's strategy is to provide the crop inputs and services needed to feed a growing world. We focus on maximizing shareholder returns by driving continuous improvements to our base businesses, pursuing value-added growth opportunities across the crop input value chain and returning capital to shareholders.
About Loveland Products, Inc. Loveland Products, Inc. offers a complete line of high-performance input products to the global agricultural and professional non-crop industries. Loveland Products' diversified portfolio of premium products consists of seed treatment, plant nutrition, fertilizer, adjuvant and crop protection products, which are available through Agrium Retail in North America, South America and Australia, and through distribution partners in over 40 countries globally. Loveland Products strives to bring new, unique products and technologies to the marketplace to provide innovative solutions to problems across the agricultural and professional non-crop industries. For more information, please visit www.lovelandproducts.com.
About CH Biotech R&D Co., Ltd CH Biotech is a research and development based plant science biotechnology company that develops, manufactures, and markets plant health and nutrition technologies. Based in Taiwan, CH Biotech offers unique, science-based technology focused on improving plant growth, yield, and quality across a wide range of crops around the world.
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