LMGF(SZ:002734) Chang Jiang Shang Bao·2025-10-12 23:38Core Viewpoint - The company, Limin Co., Ltd. (002734.SZ), has reported a significant increase in profitability for the first three quarters of 2025, with a projected net profit of 384 to 394 million yuan, representing a year-on-year growth of 649.71% to 669.25% due to rising sales volumes and prices of its main products, improved gross margins, and increased investment income from affiliated companies [1][2]. Financial Performance - For Q3 2025, the company expects a net profit of 115 to 125 million yuan, reflecting a year-on-year increase of 490.85% to 542.23%, with a non-recurring net profit growth of 1993.39% to 2192.79% [2]. - In the first half of 2025, the company's product sales gross margin was 26.13%, an increase of 8.11% year-on-year, while accounts receivable decreased by 8.01% to 599 million yuan, and the debt-to-asset ratio was 47.78%, down 11.75% year-on-year [3]. Product Performance - The company's agricultural fungicides and insecticides showed steady growth, with fungicide revenue at 1.24 billion yuan and a gross margin of 33.77%, up 7.70% year-on-year; insecticide revenue was 748 million yuan with a gross margin of 24.32%, up 11.72% year-on-year. However, herbicides underperformed, generating 208 million yuan in revenue with a gross margin decrease of 7.47% [4]. Market Expansion - Limin Co., Ltd. is actively pursuing international expansion, with a focus on strategic markets in Africa, Southeast Asia, and Latin America. In the first half of 2025, overseas revenue reached 848 million yuan, a 22.42% increase year-on-year, accounting for 34.57% of total revenue [5][6]. - The company has made significant progress in Brazil, obtaining multiple registrations for its products, including the key fungicide, Mancozeb, which is crucial for its growth in the Brazilian market [6][7]. Industry Trends - The company is positioned to benefit from the increasing demand for its products, particularly in Brazil, where the market for Mancozeb is expected to grow due to rising soybean planting areas. The company has signed a registration agreement for Mancozeb in Brazil, which is the largest market for this product globally [7].