LMGF(SZ:002734) Guoxin Securities·2025-05-25 14:39Investment Rating - The investment rating for the company is "Outperform the Market" [5][7]. Core Views - The company's performance in 2024 was impacted by a global agricultural chemical inventory destocking cycle, but a significant improvement in profitability is expected in the first quarter of 2025 due to price increases in several main products [2][5]. - The company has successfully registered several active ingredients in the Brazilian market, which is anticipated to enhance overseas sales in the coming years [3][4]. Summary by Sections Financial Performance - In 2024, the company achieved operating revenue of 4.237 billion yuan, a year-on-year increase of 0.32%, and a net profit attributable to shareholders of 81 million yuan, up 31.11% year-on-year [2][6]. - The first quarter of 2025 saw a significant turnaround, with net profit reaching 108 million yuan, a year-on-year increase of 1373.23% and a quarter-on-quarter increase of 258.51% [2][30]. Product Pricing and Market Trends - Key products such as甲维盐 and 阿维菌素 have seen price increases from 500,000 and 350,000 yuan per ton to 715,000 and 515,000 yuan per ton respectively since mid-March 2024 [3]. - The price of 代森锰锌 rose from 23,500 yuan per ton to 25,000 yuan per ton since March 2025, indicating a positive trend in product pricing [3][33]. New Business Developments - The company has accelerated its new business layout, acquiring a 51% stake in 德彦智创, which focuses on AI-driven pesticide creation and synthetic biology, opening new growth opportunities [4][38]. - Strategic partnerships with companies like BASF aim to advance the development and commercialization of new pesticides in China [4][38]. Profit Forecast - The company is expected to achieve net profits of 402 million, 478 million, and 522 million yuan for the years 2025, 2026, and 2027 respectively, with corresponding EPS of 0.95, 1.13, and 1.24 yuan [5][50]. - The projected operating revenues for 2025, 2026, and 2027 are 4.958 billion, 5.255 billion, and 5.513 billion yuan respectively, reflecting a growth trajectory [6][50].