国光股份分析师会议-20250725

Report Summary 1. Report Industry Investment Rating - No relevant information provided. 2. Report Core View - The plant growth regulator industry has a large market capacity and its growth rate is higher than the average growth rate of the pesticide industry. The industry structure with small and scattered enterprises is beneficial to leading companies. Guoguang Co., Ltd. is taking various measures to increase its market share and actively return to shareholders [22][23]. 3. Section Summaries 3.1. Research Basic Information - The research object is Guoguang Co., Ltd., belonging to the pesticide and veterinary medicine industry. The reception time was on July 25, 2025. The listed company's reception staff included Li Chao, the representative of the securities affairs of Guoguang Co., Ltd., and Xiang Yang, the deputy minister of the securities investment department of Guoguang Co., Ltd. [16] 3.2. Detailed Research Institutions - The research institutions included securities companies such as Industrial Securities Co., Ltd., Changjiang Securities Co., Ltd., and Citic Securities Co., Ltd.; fund management companies such as China - Europe and Huatai - PineBridge Fund Management Co., Ltd.; and other institutions like Shanghai Shibei Nengxin Private Fund Management Partnership (Limited Partnership) [17]. 3.3. Research Institution Proportion - No relevant information provided. 3.4. Main Content Data - Marketing Staff: In 2025, the company recruited more than 300 fresh university graduates, and the scale of the technical marketing and technical service team exceeded 1,000 [21]. - Industry Pattern: There are about 450 enterprises in the plant growth regulator industry (including about 110 original drug registration enterprises). As of the end of 2024, there were 1,734 registration certificates in China, with 33 enterprises having 10 or more registration certificates, totaling 632 registration certificates. The industry is fragmented, which is beneficial to leading enterprises [22]. - Shareholder Return: The company's 2024 annual general meeting approved the 2025 interim dividend plan, and it will actively return to shareholders in 2025 according to the "Three - Year (2024 - 2026) Shareholder Return Plan" [23]. - Industry Growth Rate: The growth rate of the plant growth regulator industry is higher than the average growth rate of the pesticide industry due to its short application time in China and large market capacity [23]. - Raw Material Price: The prices of pesticide raw materials required for the company's main plant growth regulator preparation products have been relatively stable this year [24]. - Market Share Increase: The company's measures to increase market share include product - side actions (new product development, product optimization, increasing registration certificates, and field efficacy tests), production - side actions (strengthening quality management and improving supply capacity), and marketing - service - side actions (matching technical service personnel, enhancing service capabilities, optimizing the dealer system, and increasing the number of core channel partners) [25]. - Gross Margin of Full - Process Solutions: The gross margin of products in the full - process solutions has hardly changed. The company promotes full - process solutions to provide one - stop solutions and professional services, achieving a win - win situation for the company, channels, and growers [26]. - Gross Margin Increase in Q1 2025: The reasons for the increase in gross margin in the first quarter of 2025 were the change in product sales structure (increased sales of high - gross - margin products) and lower prices of some raw materials compared to the same period last year [27].