STANLEY(SZ:002588) Guohai Securities·2025-09-09 06:02Investment Rating - The report maintains a "Buy" rating for the company [1][10] Core Insights - The company has demonstrated growth in both volume and profit, with a revenue increase of 12.66% year-on-year to 6.391 billion yuan in the first half of 2025, and a net profit increase of 18.90% to 607 million yuan [3][10] - The company is focusing on optimizing its product structure and expanding its market presence, particularly in the horticultural sector, which saw an 88.9% increase in online retail sales [4][10] - The company is actively pursuing the construction of a complete industrial chain from phosphate chemicals to compound fertilizers, enhancing its competitive advantages in branding, marketing, and product development [10] Financial Performance - In the first half of 2025, the company's sales gross margin was 19.11%, up by 0.52 percentage points year-on-year, while the net profit margin was 9.46%, an increase of 0.70 percentage points [3][10] - The company reported a net cash flow from operating activities of -104 million yuan, a significant decline of 186.53% year-on-year, primarily due to increased cash payments for goods [5][10] - The company expects revenues of 13.2 billion yuan, 14.7 billion yuan, and 16 billion yuan for 2025, 2026, and 2027 respectively, with corresponding net profits of 1 billion yuan, 1.2 billion yuan, and 1.4 billion yuan [10][12] Market Performance - As of September 8, 2025, the company's stock price was 10.32 yuan, with a market capitalization of approximately 11.89 billion yuan [6][10] - The company's performance over the past 12 months has outpaced the CSI 300 index, with a 50.9% increase compared to the index's 38.3% [6][10] Dividend Policy - The company announced a cash dividend of 0.45 yuan per share, totaling approximately 51.84 million yuan, which represents 8.54% of the net profit attributable to shareholders for the first half of 2025 [9][10]