国光股份（002749）：2025年H1业绩同比增长6%，高分红延续注重股东回报

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company achieved a year-on-year revenue growth of 7.33% and a net profit growth of 6.05% in H1 2025, driven by increased sales of high-margin products and lower raw material prices [4][5] - The company maintains a high dividend payout ratio of 81%, emphasizing shareholder returns [6] - The company is advancing its convertible bond projects, which are expected to enhance its core competitiveness [7][8] Financial Performance - In H1 2025, the company reported revenue of 1.119 billion yuan and a net profit of 231 million yuan, with a gross margin of 47.42% [4][5] - The second quarter of 2025 saw a revenue of 734 million yuan, marking an 8.47% year-on-year increase and a 90.44% quarter-on-quarter increase [4] - The company’s product segments include a pesticide segment with revenue of 781 million yuan (up 7.8% year-on-year) and a fertilizer segment with revenue of 298 million yuan (up 7.0% year-on-year) [5][12] Future Projections - Revenue projections for 2025, 2026, and 2027 are 2.368 billion yuan, 2.828 billion yuan, and 3.383 billion yuan respectively, with corresponding net profits of 453 million yuan, 543 million yuan, and 652 million yuan [9][10] - The company is expected to maintain a PE ratio of 16, 13, and 11 for the years 2025, 2026, and 2027 respectively, indicating a positive outlook for growth [10][18]