Forbon(SZ:300387) Great Wall Securities·2025-09-11 02:59Investment Rating - The report maintains a "Buy" rating for the company, expecting a stock price increase of over 15% relative to the industry index in the next six months [5][18]. Core Viewpoints - The company is leveraging technological innovation to drive cost reduction and increased production in agriculture, aiming for a global strategic layout [1][10]. - The company's revenue for the first half of 2025 was 685 million yuan, a year-on-year increase of 6.5%, while net profit attributable to shareholders was 61 million yuan, a year-on-year decrease of 12.47% [1][2]. - The decline in profitability is attributed to the rising costs of fertilizer additives and biological products outpacing revenue growth [2][10]. Financial Performance Summary - Revenue projections for 2025-2027 are 1.417 billion yuan, 1.705 billion yuan, and 2.171 billion yuan, respectively, with year-on-year growth rates of 14.7%, 20.3%, and 27.4% [1][10]. - Net profit attributable to shareholders is expected to reach 123 million yuan, 172 million yuan, and 244 million yuan for the same period, with growth rates of 31.7%, 39.4%, and 42.2% [1][10]. - The company's return on equity (ROE) is projected to improve from 8.3% in 2025 to 12.9% in 2027 [1][10]. Market Development Summary - The company has made significant progress in expanding its agricultural chemical additives market, achieving a 0.3% year-on-year growth in domestic additive revenue to 188 million yuan and a 9.14% increase in overseas additive revenue to 309 million yuan in the first half of 2025 [4][10]. - The company has established partnerships with leading agricultural platforms to promote nitrogen-fixing products and nematode control products, enhancing its market presence [9][10].