辉隆股份(002556)：Q3扣非净利大幅增长 农资板块持续向好

Core Insights - The company reported a revenue of 12.26 billion yuan for the first three quarters of 2025, a year-on-year decrease of 2%, and a net profit attributable to shareholders of 165 million yuan, down 10% year-on-year. In Q3 2025, the company achieved a revenue of 3.983 billion yuan, an increase of 10% year-on-year, and a net profit of 54 million yuan, a significant increase of 602% year-on-year [1][2]. Financial Performance - The substantial growth in Q3's net profit excluding non-recurring items was primarily driven by the stable development of the agricultural input sector and increased exports [2]. - The gross profit margin for Q3 was 5.9%, a decrease of 1 percentage point year-on-year but an increase of 1 percentage point quarter-on-quarter. The expense ratio (including four fees and taxes) was 5.4%, down 1.1 percentage points year-on-year and up 0.5 percentage points quarter-on-quarter [2]. - The operating cash flow for the first three quarters was 440 million yuan, a year-on-year increase of 164% [2]. Business Development - The company is actively participating in the construction of a unified national market and is focused on optimizing its business model in line with rural revitalization and agricultural strength strategies. It has established over 70 distribution centers and more than 4,000 franchise stores across more than 20 major agricultural provinces, ranking among the top three in terms of network coverage and operational scale [3]. - The company has built 14 modern agricultural service centers in various locations, enhancing the quality of services provided to farmers. It is also focusing on research and development to support the construction of a strong agricultural nation through technological innovation [3]. Investment Outlook - The company is expected to achieve net profits attributable to shareholders of 200 million yuan, 280 million yuan, and 390 million yuan for the years 2025, 2026, and 2027, respectively, maintaining a "recommended" rating [4].