LMGF(SZ:002734) Guoxin Securities·2025-10-10 15:25Investment Rating - The report maintains an "Outperform the Market" rating for the company [5][18]. Core Views - The company is expected to achieve significant year-on-year growth in net profit for the first three quarters of 2025, with estimates ranging from 384 million to 394 million yuan, representing a growth of 649.71% to 669.25% [1][8]. - The increase in profit is attributed to rising sales and prices of key products, improved gross margins, and increased investment income from affiliated companies [1][8]. - The company has signed a registration agreement for the sale of its product in Brazil, which is the largest market for the product globally, indicating strong future sales potential [2][13]. Summary by Sections Financial Performance - The company forecasts a net profit of 529 million yuan for 2025, with a projected earnings per share (EPS) of 1.26 yuan, corresponding to a price-to-earnings (PE) ratio of 15.4 [4][18]. - Revenue is expected to grow from 4.24 billion yuan in 2023 to 4.96 billion yuan in 2025, reflecting a growth rate of 17% [4][22]. Product Pricing and Market Trends - Key products such as甲维盐 and 阿维菌素 have seen price increases, with甲维盐 rising from 500,000 yuan/ton to 650,000 yuan/ton and 阿维菌素 from 350,000 yuan/ton to 455,000 yuan/ton since March 2024 [2][14]. - The price of代森锰锌 has increased from 23,500 yuan/ton to 27,500 yuan/ton since March 2025, contributing to improved profitability [2][13]. New Business Developments - The company has accelerated its new business layout by acquiring a 51% stake in 德彦智创, which focuses on global pesticide creation using AI technology [3][17]. - Strategic partnerships with various technology companies aim to develop innovative agricultural products, potentially leading to high-barrier new products and growth opportunities [3][17].