广信股份（603599）：Q3业绩符合预期，静待行业景气稳步修复

Investment Rating - The report maintains an "Outperform" rating for the company [2] Core Views - The company's Q3 performance met expectations, with a revenue of 2.663 billion yuan, down 24% year-on-year, and a net profit of 520 million yuan, down 9% year-on-year, primarily due to the continued shutdown of glyphosate production [7] - The agricultural chemical industry is expected to gradually recover, with the company benefiting from its integrated supply chain and strong cash flow, which supports long-term project planning and upgrades [7] - The forecast for the company's net profit for 2025-2027 has been adjusted downwards to 703 million, 848 million, and 1.020 billion yuan respectively, reflecting ongoing challenges in glyphosate production [7] Financial Summary - For Q3 2025, the company reported a gross margin of 32.63%, an increase of 1.97 percentage points year-on-year, and a net margin of 21.98%, up 8.51 percentage points year-on-year [7] - The company's total revenue for 2025 is projected to be 3.978 billion yuan, with a year-on-year decline of 14.3%, followed by a recovery to 5.278 billion yuan in 2026 and 5.994 billion yuan in 2027 [6][8] - The company's earnings per share (EPS) for 2025 is estimated at 0.77 yuan, with a projected increase to 0.93 yuan in 2026 and 1.12 yuan in 2027 [6]