LMGF(SZ:002734) KAIYUAN SECURITIES·2025-08-18 11:13Investment Rating - The investment rating for the company is "Buy" (maintained) [1][6][16] Core Views - The company's Q2 performance exceeded expectations, with a significant increase in net profit and revenue driven by rising product prices and improved gross margins [6][8] - The company is actively innovating in synthetic biology and other new fields, which may create new growth curves in the future [8] Financial Performance Summary - In H1 2025, the company achieved revenue of 2.452 billion yuan, a year-on-year increase of 6.69%, and a net profit attributable to the parent company of 269 million yuan, a year-on-year increase of 747.13% [6] - Q2 2025 saw a single-quarter revenue of 1.241 billion yuan, a year-on-year decrease of 5.10%, but a net profit of 161 million yuan, a year-on-year increase of 299.54% and a quarter-on-quarter increase of 48.66% [6] - The company has adjusted its profit forecasts for 2025-2027, expecting net profits of 503 million yuan, 575 million yuan, and 666 million yuan respectively, with corresponding EPS of 1.14 yuan, 1.30 yuan, and 1.51 yuan [6][9] Product Price Trends - The average price of Dazomet and Bacillus amyloliquefaciens increased in Q2 2025, contributing to the company's performance [7] - The average price of Dazomet was 24,253 yuan/ton, up 2.62% quarter-on-quarter, while Bacillus amyloliquefaciens averaged 28,676 yuan/ton, up 4.28% quarter-on-quarter [7] Innovation and Future Growth - The company views technological innovation as a core engine for high-quality development, with multiple platforms for research and development [8] - The company is focusing on advanced technologies such as RNAi biopesticides and small peptide biopesticides, which may lead to new product offerings and revenue streams [8]