LMGF(SZ:002734) Huaxin Securities·2025-08-27 07:27Investment Rating - The report maintains a "Buy" investment rating for the company [9] Core Views - The company's fungicide business shows steady growth, focusing on technological innovation and market expansion [5] - The company achieved a revenue of 2.452 billion yuan in the first half of 2025, representing a year-on-year increase of 6.69%, with a net profit of 269 million yuan, up 747.13% year-on-year [4] - The company is enhancing its competitiveness through a robust domestic and international market layout, with overseas market revenue increasing by 22.42% [5] Summary by Sections Market Performance - The company has maintained growth in sales of agricultural fungicides and insecticides, with fungicide revenue reaching 1.24 billion yuan, up 12.36% year-on-year, and insecticide revenue at 748 million yuan, up 5.19% year-on-year [5] Financial Performance - The company reported a significant increase in operating cash flow, with a net cash flow from operating activities of 91.44 million yuan, up 180.08% year-on-year [6] Technological Innovation - The company has made substantial progress in the field of biopesticides, particularly in microbial synthesis technology, enhancing its R&D capabilities and market responsiveness [7][8] - The establishment of a synthetic biology laboratory marks a significant advancement in the company's technological reserves in biopesticides [8] Profit Forecast - The company is projected to achieve net profits of 407 million yuan, 465 million yuan, and 584 million yuan for the years 2025, 2026, and 2027 respectively, with corresponding EPS of 0.92 yuan, 1.05 yuan, and 1.32 yuan [9][11]