XACIG(SH:600596) Tianfeng Securities·2025-09-17 07:44Investment Rating - The investment rating for the company is "Accumulate" [5] Core Views - The company reported a revenue of 8.058 billion yuan in the first half of 2025, a decrease of 5.1% year-on-year, with a net profit attributable to shareholders of 69.07 million yuan, down 47.7% year-on-year. In Q2 2025, revenue was 4.436 billion yuan, a decrease of 1.7% year-on-year but an increase of 22.4% quarter-on-quarter, with a net profit of 35.94 million yuan, up 74.6% year-on-year and 8.5% quarter-on-quarter [1][2][3] Summary by Sections Financial Performance - In H1 2025, the company achieved a gross profit of 868 million yuan, an increase of 3.7% year-on-year, with a gross margin of 10.8%, up 0.9 percentage points year-on-year. In Q2 2025, the gross profit was 513 million yuan, up 25.6% year-on-year and 44.3% quarter-on-quarter, with a gross margin of 11.6%, up 2.5 percentage points year-on-year and 1.8 percentage points quarter-on-quarter [3] - The company incurred credit impairment losses and asset impairment losses totaling 84 million yuan in H1 2025, impacting net profit levels [3] Business Segments - In the crop protection segment, the company reported sales revenue of 2.87 billion yuan in H1 2025, an increase of 14.8% year-on-year, with a total sales volume of 152,000 tons, up 16.0% year-on-year. In Q2 2025, revenue was 1.77 billion yuan, up 23.4% year-on-year and 60.1% quarter-on-quarter, with a sales volume of 91,000 tons, up 25.4% year-on-year and 47.3% quarter-on-quarter [2] - In the organic silicon segment, revenue in H1 2025 was 1.87 billion yuan, down 14.5% year-on-year, with a sales volume of 132,000 tons, down 8.3% year-on-year. In Q2 2025, revenue was 999 million yuan, down 6.6% year-on-year but up 12.2% quarter-on-quarter, with a sales volume of 72,000 tons, up 1.4% year-on-year and 19.1% quarter-on-quarter [2] Profit Forecast - The company expects to recover from the current industry downturn, projecting net profits attributable to shareholders of 210 million yuan, 620 million yuan, and 790 million yuan for 2025, 2026, and 2027 respectively [4]