辉隆股份（002556）：扣非净利大增，彰显主业韧性

Investment Rating - The investment rating for the company is "Buy" [1] Core Insights - The company reported a significant increase in non-recurring net profit, up 240.44% year-on-year, indicating strong resilience in its core business despite a slight decline in overall revenue [2][3] - The agricultural input business demonstrated robust profitability, with a slight revenue decline but an increase in gross margin, showcasing the effectiveness of the integrated supply chain strategy [4] - The fine chemicals segment performed well, with revenue growth and improved gross margins, contributing significantly to the company's profit [5] Summary by Sections Financial Performance - In Q1 2025, the company achieved revenue of 3.664 billion yuan, a year-on-year decrease of 3.51%, and a net profit attributable to shareholders of 82 million yuan, down 25.92%. However, the non-recurring net profit reached 53 million yuan, reflecting a substantial increase of 240.44% year-on-year [2][3] Business Segments - The agricultural input segment generated revenue of 11.560 billion yuan in 2024, showing a decline but with a gross margin increase of 0.66 percentage points to 5.14%, indicating enhanced profitability [4] - The fine chemicals segment reported revenue of 1.248 billion yuan in 2024, up 6.50%, with a gross margin increase of 5.73 percentage points to 16.85%, highlighting its role as a key profit driver [5] Investment Recommendations - The company is expected to maintain strong operational resilience in its agricultural input business due to its integrated supply chain strategy and established market position [6] - The fine chemicals segment is projected to continue contributing significant profit growth, supported by cost advantages and market expansion [6] - New projects, such as the chlorantraniliprole active ingredient, are anticipated to provide additional growth potential [6] Financial Forecasts - The revenue forecast for 2025 has been adjusted to 16.966 billion yuan, with net profit expectations revised to 210 million yuan. The earnings per share (EPS) forecast for 2025 is now 0.22 yuan [7][9]