Investment Rating - The report gives a "Buy" rating for the company [9][18]. Core Views - The company's performance in H1 2025 shows significant improvement, with revenue of 6.5 billion and a net profit of 560 million, reflecting year-on-year increases of 15% and 206% respectively [6][7]. - The Model C business is gaining traction, contributing 40.1% to revenue in H1 2025, with a gross margin of 30.2%, indicating a positive trend for future growth [8][9]. Financial Performance - In H1 2025, the company achieved a revenue of 6.5 billion, up 15% year-on-year, and a net profit of 560 million, up 206% year-on-year. The gross margin was 21.4%, an increase of 1.2 percentage points, and the net margin was 9.6%, an increase of 5.8 percentage points [6][7]. - In Q2 2025, revenue reached 3.8 billion, a year-on-year increase of 29% and a quarter-on-quarter increase of 43%. The net profit for Q2 was 300 million, up 932% year-on-year and 16% quarter-on-quarter [6][7]. Product Segment Performance - The herbicide segment generated revenue of 4.7 billion, up 11% year-on-year, with a gross margin of 19.3%, an increase of 0.9 percentage points. The insecticide segment achieved revenue of 1.06 billion, up 34%, with a gross margin of 28.2%, an increase of 1.1 percentage points. The fungicide segment had revenue of 670 million, up 16%, with a gross margin of 24.6%, an increase of 2.4 percentage points [7]. Future Outlook - The company is expected to achieve revenues of 15 billion, 17.1 billion, and 19.4 billion in 2025, 2026, and 2027 respectively, with net profits of 1.15 billion, 1.36 billion, and 1.66 billion. The corresponding P/E ratios are projected to be 19, 16, and 13 [8][10]. - The company aims to increase its To C business proportion, expand its North American and EU operations, and enhance its insecticide and fungicide segments, indicating a strong growth potential [8].
润丰股份（301035）：公司动态研究：2025H1业绩同比改善，ModelC渐入佳境