广信股份（603599）：公司简评报告：半年报业绩短期承压，农药行业景气有望改善

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company's performance in the first half of 2025 is under short-term pressure, but the pesticide industry is expected to improve [1] - The company reported a revenue of 1.89 billion yuan in H1 2025, a year-on-year decrease of 17.36%, and a net profit attributable to shareholders of 351 million yuan, down 14.95% year-on-year [5] - The company has optimized inventory management, significantly reducing inventory to 430 million yuan, which accounts for 2.86% of total assets, a year-on-year decrease of 51.14% [5] - The company is expanding its product chain by leveraging phosgene resources, enhancing its competitive advantage in the market [5] Summary by Sections Financial Performance - In H1 2025, the company achieved total revenue of 1.89 billion yuan, down 17.36% year-on-year, and a net profit of 351 million yuan, down 14.95% year-on-year [5] - The sales expenses increased by 50.41% to 34.98 million yuan, while management expenses decreased by 18.99% to 159 million yuan [5] - R&D expenses decreased by 40.75% to 93.25 million yuan [5] Revenue and Profit Forecast - The forecast for total revenue from 2025 to 2027 is adjusted to 4.701 billion yuan, 5.731 billion yuan, and 6.282 billion yuan respectively [5] - The net profit attributable to shareholders is forecasted to be 837 million yuan, 1.095 billion yuan, and 1.164 billion yuan for the same period [5] - The corresponding EPS for these years is projected to be 0.92 yuan, 1.20 yuan, and 1.28 yuan [5] Market and Industry Outlook - The pesticide industry is expected to see improvements due to various policies aimed at enhancing regulation and reducing illegal production [5] - The company is focusing on extending its product chain into fine chemicals, pesticides, and pharmaceutical intermediates, which is expected to optimize production costs [5]