Investment Rating - The investment rating for the company is "Outperform" (maintained) [1] Core Views - The company's Q2 performance met expectations, with a continued recovery in industry sentiment [1] - The agricultural pesticide industry is experiencing a recovery, with inventory depletion largely completed and downstream demand gradually improving [5] - The company is leveraging its integrated supply chain advantages to maintain stable profitability despite challenges in raw material prices and sales volume [5] Financial Data and Profit Forecast - Total revenue for 2025H1 was 1,890 million yuan, with a year-on-year decline of 17.4% [4] - The net profit attributable to the parent company for 2025H1 was 351 million yuan, down 15% year-on-year [4] - The company forecasts net profits of 740 million yuan, 902 million yuan, and 1,067 million yuan for 2025, 2026, and 2027 respectively, with corresponding P/E ratios of 15, 12, and 10 [5][6] - The gross margin for Q2 was 30.92%, showing a year-on-year increase of 0.61 percentage points [5] Market Data - As of August 19, 2025, the closing price was 12.03 yuan, with a market capitalization of 10,951 million yuan [1] - The stock has a dividend yield of 2.24% based on the most recent dividend announcement [1] - The company’s price-to-book ratio is 1.1, indicating a reasonable valuation relative to its net assets [1]

[Table_Main] 证券研究报告 | 公司点评 桐昆股份(601233.SH) 2025 年 05 月 12 日 买入（维持） 所属行业：石油石化/炼化及贸易 当前价格(元)：10.83 证券分析师 王华炳 资格编号：S0120524100001 邮箱：wanghb3＠tebon.com.cn 研究助理 市场表现 -43% -34% -26% -17% -9% 0% 9% 17% 26% 2024-05 2024-09 2025-01 桐昆股份 沪深300 | 沪深300对比 | 1M | 2M | 3M | | --- | --- | --- | --- | | 绝对涨幅(%) | 8.30 | -11.95 | -11.16 | | 相对涨幅(%) | 3.98 | -9.47 | -9.96 | | 资料来源：德邦研究所，聚源数据 | | | | 相关研究 1.《桐昆股份(601233.SH)：静待桐花 映日开，方得昆玉照朝晖》，2025.1.27 桐昆股份(601233.SH)：盈利水 平显著提升，稳步扩产龙头巩固 投资要点 事件： 点评： 郝逸璇 邮箱：haoyx＠tebon.com.cn 盈 ...