LMGF(SZ:002734) Guoxin Securities·2025-07-13 13:21Investment Rating - The investment rating for the company is "Outperform the Market" [5][16][21] Core Views - The company is expected to achieve significant growth in net profit for the first half of 2025, with estimates ranging from 260 to 280 million yuan, representing a year-on-year increase of 719.25% to 782.27% [1][8] - The increase in profit is attributed to rising sales and prices of key products, improved gross margins, and increased investment income from associated companies [1][8] - The company has successfully registered several key products in the Brazilian market, which is expected to enhance overseas sales in the coming years [2][10] Summary by Sections Financial Performance - For 2025, the company forecasts a net profit of 529 million yuan, a staggering increase of 550.5% compared to the previous year [4][16] - The earnings per share (EPS) is projected to be 1.26 yuan for 2025, with a corresponding price-to-earnings (PE) ratio of 16.7 [4][16] Product Pricing and Market Trends - The prices of key products such as甲维盐 and 阿维菌素 have increased significantly, with甲维盐 rising from 500,000 yuan/ton to 705,000 yuan/ton and 阿维菌素 from 350,000 yuan/ton to 500,000 yuan/ton since March 2024 [2][11] - The market price for 代森锰锌 has increased from 23,500 yuan/ton to 25,000 yuan/ton, contributing to improved profitability [2][10] New Business Developments - The company has accelerated its new business layout, including a 51% stake acquisition in 德彦智创, which focuses on AI-driven pesticide development [3][16] - Strategic partnerships with various technology companies aim to develop innovative agricultural products, potentially creating high-barrier new products and growth opportunities [3][16]