Nutrichem(BJ:833819) KAIYUAN SECURITIES·2026-02-12 13:25Investment Rating - The investment rating for the company is "Outperform" (Maintain) [2] Core Views - The company is expected to see a gradual recovery in its main business profitability, driven by a focus on product pricing recovery and ongoing improvements in the agricultural chemical industry [4] - The company reported a preliminary net profit attributable to shareholders of -250 million yuan for 2025, a year-on-year reduction in losses of 57.45%, with revenue of 5.531 billion yuan, down 2.27% year-on-year [4] - The adjustment in export tax policies for agricultural chemicals is expected to accelerate the industry's transition towards high-quality development, benefiting companies with strong production capabilities and overseas registration [5] - The company is projected to have over 50% of its revenue coming from overseas by 2024, with strong growth in overseas demand anticipated to support ongoing performance recovery [6] Financial Summary - The company's total market capitalization is 4.793 billion yuan, with a circulating market capitalization of 4.737 billion yuan [2] - The estimated revenues for 2025-2027 are projected to be 5.531 billion yuan, 6.379 billion yuan, and 7.239 billion yuan respectively, with year-on-year growth rates of -2.3%, 15.3%, and 13.5% [7] - The estimated net profit for 2025-2027 is projected to be -250 million yuan, 105 million yuan, and 201 million yuan respectively, with corresponding EPS of -0.20, 0.09, and 0.16 yuan [4][7] - The company's P/E ratios for 2026 and 2027 are estimated to be 45.7 and 23.8 respectively [4][7]