辉隆股份分析师会议-20251030

Group 1: Research Basic Information - The research object is Huilong Co., Ltd., belonging to the fertilizer industry, with a reception time of October 30, 2025. The listed company's reception staff includes Director and Board Secretary Xu Min, and Qiao Lu from the Securities Investment Department [16] Group 2: Detailed Research Institutions - The research institutions include Huaxi Securities, Haoke Fund, Founder Securities, Guojin Securities, Huafu Securities, CICC, Minsheng Securities, Northeast Securities, Huachuang Securities, and Huaan Securities. The relevant personnel from these institutions are Wei Xinxin, Lu Xin, Lin Jiandong, Ren Jianbin, Wei Zhengyu, Wang Tianhe, Li Jiahao, Chen Kenuo, Shen Qihao, and Wang Qiangfeng respectively [17] Group 3: Main Content Company Performance - In the first three quarters of 2025, the company achieved a net profit attributable to the parent of 165 million yuan. In the third quarter, it achieved a net profit attributable to the parent of 53.8 million yuan, a year - on - year increase of 602%, and a non - recurring net profit attributable to the parent of 45.41 million yuan, a year - on - year increase of 291%. The net operating cash flow in the first three quarters was 440 million yuan, a year - on - year increase of 164%. The improvement was mainly due to the stable development of the agricultural materials sector [20] Business Development - The company deepened its network layout, with the domestic sales of the fertilizer business progressing steadily and exports increasing significantly compared to last year. The pesticide business continued to implement the national layout strategy, and its profitability continued to improve. The 14 agricultural service centers quickly allocated resources during sudden weather changes, and the drying outlets provided "immediate collection and drying" services. In fine chemicals, Haihua Technology reduced comprehensive costs through "procurement, production, sales, inventory, and management" integration and energy - saving technological transformation and actively expanded overseas markets [20] Interaction Q&A - Reasons for growth in Q3 2025: The significant year - on - year increase in net profit attributable to the parent and cash flow in Q3 2025 was due to the prominent channel network advantages in the agricultural materials circulation industry, the optimization of the business structure to increase the sales of high - margin varieties, and the good development of agricultural comprehensive services with enhanced customer stickiness [20][21] - Reasons for stable gross profit margin: The company adjusted its product structure to increase the sales proportion of high - margin categories and carried out cost - reduction and efficiency - improvement measures to balance the impact of rising raw material costs on profits [23] - Layout in the context of a unified national market: As a leading enterprise in the agricultural materials circulation industry of the supply and marketing cooperative system, the company optimized its business model, established holding companies in over 20 major agricultural provinces (autonomous regions), built 70 distribution centers and over 4000 franchised stores, and focused on building a modern agricultural comprehensive service model [24] - Production and sales of menthol products: The company completed the technological transformation project of menthol production capacity from 3000 tons/year to 5000 tons/year in 2024, and the production line is operating well. The product is sold both at home and abroad, with a stable market and customers [25] - Cost - reduction and efficiency - improvement of Haihua Technology: Haihua continued technological innovation and product upgrading, improved the process route, adjusted the proportion of long - term contracts, and actively explored domestic and overseas customers [26] - R & D achievements: The company carried out technological research on fine chemical products, agricultural application technologies, new special fertilizers, and new pesticide products through industry - university - research cooperation. Differentiated new fertilizers and pesticides are being gradually launched in the terminal market, which also drives the increase in the overall gross profit margin [28] - Impact of the "one license, one product" policy in the pesticide industry: The policy is beneficial for standardizing the pesticide market order and protecting the interests of growers, and the company has rich reserves of pesticide raw materials, preparations, and new product certificates [29] - Market value management measures: The company's management is optimistic about the company's future development, has launched measures such as shareholding increases by directors, supervisors, and senior management, share repurchases, and share repurchase cancellations, and will continue to focus on its main business and improve its management level [30]