事件概述 公司发布2025 年三季报，报告期内，公司前三季度实现营业收入122.60 亿元，同比-2.28%；实现归母 净利润1.65 亿元，同比-10.17%；实现扣非归母净利润0.80 亿元，同比+33.63%。其中，Q3 单季度实现 营业收入39.83 亿元，同比+9.86%；实现归母净利润0.54 亿元，同比+601.80%；实现扣非归母净利润 0.45 亿元，同比+290.86%。 分析判断: Q3 业绩表现亮眼，主业盈利能力持续增强 2025 年前三季度，公司营收同比小幅下滑，归母净利润同比下降，主要系去年同期投资收益等非经常 性损益基数较高所致。然而，公司核心主业盈利能力显著改善，前三季度扣非归母净利润实现0.80 亿 元，同比大幅增长33.63%。Q3 单季度业绩尤为亮眼，扣非归母净利润同比增速高达290.86%，带动归 母净利润同比大增601.80%。同时，公司经营质量持续提升，前三季度经营活动产生的现金流量净额达 4.38 亿元，同比大幅增长164.39%，主要系购买商品、接受劳务支付的现金减少所致，彰显了公司强大 的经营韧性。 精细化工板块运营稳健，薄荷醇技改产线运行良好公司的精细化工板 ...

证券研究报告|公司点评报告 [Table_Date] 2025 年 11 月 06 日 [Table_Title] Q3 业绩逆势大幅增长，彰显主业发展韧性 [Table_Title2] 辉隆股份(002556) | [Table_DataInfo] 评级： | 增持 | 股票代码： | 002556 | | --- | --- | --- | --- | | 上次评级： | 买入 | 52 周最高价/最低价： | 7.47/4.92 | | 目标价格： | | 总市值(亿) | 55.09 | | 最新收盘价： | 5.82 | 自由流通市值(亿) | 55.04 | | | | 自由流通股数(百万) | 945.62 | [Table_Summary] 事件概述 公司发布 2025 年三季报，报告期内，公司前三季度实现营业收入 122.60 亿元，同比-2.28%；实现归母净利润 1.65 亿元，同比-10.17%；实现扣非归母净利润 0.80 亿元，同比+33.63%。其中，Q3 单季度实现营业收入 39.83 亿元，同比+9.86%；实现归母净利润 0.54 亿元，同比+601.80%；实现扣非归母净 ...

Company Overview - Anhui Huilong Agricultural Means of Production Co., Ltd. is a leading enterprise in the agricultural input distribution industry in China, focusing on fertilizers, pesticides, and fine chemicals [5][6][13] - The company is recognized as the first listed enterprise in the supply and marketing cooperative system and is committed to serving the "three rural issues" [3][5] Financial Performance - For the first half of 2025, the company reported a revenue of approximately 8.28 billion yuan, a decrease of 7.22% compared to the same period last year [2][18] - The net profit attributable to shareholders was approximately 111 million yuan, down 36.87% year-on-year [2][18] - The total assets increased by 7.68% to approximately 11.66 billion yuan compared to the end of the previous year [2] Business Segments - The main business segments include agricultural inputs, which accounted for 80.33% of total revenue, and fine chemical products, which contributed 7.20% [18] - The company has established a comprehensive service model that integrates production, distribution, and agricultural services, enhancing its market competitiveness [14][16] Industry Position - The agricultural input industry is crucial for modern agricultural development, providing essential materials such as seeds, fertilizers, and pesticides [4] - The company ranks third among China's agricultural input distribution enterprises in terms of comprehensive competitiveness [5][13] Strategic Initiatives - The company is actively pursuing a strategy of "industry and trade integration," focusing on enhancing production capabilities and expanding its market reach [7][11] - It has developed a robust distribution network with 79 logistics centers and over 4,200 franchise stores across 20 major agricultural provinces [7][14] Innovation and R&D - The company emphasizes technological innovation and has established a research institute to drive product development and improve agricultural technology [15][16] - It has successfully developed a full industrial chain for fine chemicals, breaking foreign monopolies in key product areas [12][15] Market Expansion - The company has expanded its export markets, reaching over 60 countries and regions, thereby enhancing its international competitiveness [7][14] - It is committed to providing comprehensive agricultural services, including technical training and support for farmers, to improve agricultural productivity [10][16]