Investment Rating - The report maintains a "Buy-B" rating for the company, indicating a positive outlook for its stock performance in the near term [1]. Core Views - The agricultural chemical market is showing signs of recovery, with the Huludao project set to ramp up production soon [1]. - The company reported a revenue of 3.241 billion yuan for Q1 2025, reflecting a year-on-year increase of 2.04% and a quarter-on-quarter increase of 33.96% [2]. - The net profit attributable to shareholders for the same period was 435 million yuan, up 1.35% year-on-year and 146.77% quarter-on-quarter [2]. Financial Performance - In Q1 2025, the company achieved raw material revenue of 1.806 billion yuan, a year-on-year increase of 4.8% and a quarter-on-quarter increase of 13.1%, with a sales volume of 28,670 tons, up 14.8% year-on-year and 20.5% quarter-on-quarter [4]. - The formulation revenue for Q1 2025 was 871 million yuan, showing a year-on-year increase of 1.1% and a quarter-on-quarter increase of 451.7%, with a sales volume of 15,392 tons, up 2.8% year-on-year and 642.7% quarter-on-quarter [4]. - The average selling price for raw materials was 63,000 yuan per ton, down 8.77% year-on-year, but only 2.0% lower than the average price in 2024, indicating a price recovery trend [4]. Project Development - The Huludao project is expected to fully commence production in Q3 2025, with significant investments in fixed assets and ongoing construction [5]. - The project includes the production of various innovative pesticides, which are anticipated to enhance the company's market competitiveness [6]. Profit Forecast - The company is projected to achieve net profits of 1.41 billion yuan, 1.59 billion yuan, and 1.76 billion yuan for the years 2025, 2026, and 2027, respectively, with corresponding price-to-earnings ratios of 15, 13, and 12 times [6].