事件：8 月21 日晚，公司发布2025 年半年度报告，1H25 公司实现营业总收入65.31 亿元，同比 +14.94%；实现归母净利润5.56 亿元，同比+205.62%；实现扣非归母净利润5.49 亿元，同比+211.85%。 2Q25 公司实现营业总收入38.44 亿元，同比+28.64%；实现归母净利润2.99 亿元，同比+932.30%；实现 扣非归母净利润2.93 亿元，同比+1094.39%。 投资建议：我们看好公司未来全球登记布局和ToC 渠道建设的全面深入以及产品一体化布局带来的利润 增量。预计公司2025-2027 年归母净利润分别为11.75、14.17、17.48 亿元，同比增速为+161.01%、 +20.58%、+23.40%。 全球作物保护市场需求将持续回暖。农药海外市场库存水平持续低位，全球市场对于作物保护品的需求 恢复正常且偏旺，种植者对于作物保护品的刚性消耗需求依旧正常。根据中国海关2025 年1-6 月份统计 数据，海关编码3808 项下的出口数量同比来看，2025 年1-6 月份出口数量同比上升17.07%，2025 年1-6 月份出口金额同比上升13.72%，说明全 ...

Investment Rating - The report maintains a "Buy" rating for the company [4][6]. Core Viewpoints - The company has a complete industrial chain in the silicon-based new materials sector, covering upstream silicon mining, organic silicon monomer synthesis, and downstream product manufacturing, making it the most comprehensive player in the domestic organic silicon industry [2]. - The company has established a fully integrated development model in crop protection, offering a complete range of herbicides and other agricultural products, and is a leader in global herbicide varieties [3]. - The company is accelerating its globalization efforts, establishing multiple overseas production bases and expanding its marketing network to over 130 countries and regions [3]. Summary by Sections Company Overview - The company has a registered capital of 15 million yuan for its new subsidiary, Zhejiang Xin'an Yushi Silicon Technology Co., Ltd., which focuses on synthetic materials and high-quality synthetic rubber sales [1]. Financial Forecasts - The company’s projected net profits for 2025, 2026, and 2027 are 283 million yuan (down 29.7%), 472 million yuan (down 12.6%), and 684 million yuan, respectively [4]. - Revenue is expected to grow from 14.63 billion yuan in 2023 to 18.59 billion yuan in 2027, with a compound annual growth rate of approximately 6.5% [5]. Profitability and Valuation - The company’s gross margin is projected to improve from 12.5% in 2023 to 13.4% in 2027, indicating a gradual recovery in profitability [12]. - The price-to-earnings (P/E) ratio is expected to decrease from 96 in 2023 to 20 in 2027, reflecting an anticipated recovery in earnings [13]. Market Position - The company is the only domestic player with full coverage of downstream terminal products, offering over 3,000 types of products across various applications [2]. - It has established partnerships with several Fortune 500 companies, enhancing its market presence and credibility [3].