Sichuan Guoguang Agrochemical Co., Ltd.
002749.SZ · SHZ
Company research
Sichuan Guoguang Agrochemical Co., Ltd. (002749.SZ) is a Chengdu-based agrochemical company founded in 1984 and listed on the Shenzhen Stock Exchange in 2015, with a market capitalization of approximately CNY 3.6 billion. The company engages in the research, development, manufacture, marketing, and distribution of a broad range of agrochemical products, including plant growth regulators — where it holds a leading position in China — water-soluble fertilizers, fungicides, insecticides, bio-pesticides, and herbicides, serving the agriculture, horticulture, garden maintenance, and forestry protection sectors. With over 289 pesticide registration certificates, 79 fertilizer registration certificates, and 204 patents, Guoguang has established a strong domestic footprint across China's key regional markets while also exporting its products internationally to countries including the United States, Japan, Korea, Malaysia, Vietnam, Pakistan, and Egypt. Under the leadership of Chairman and CEO Jie He, the company employs approximately 2,098 full-time staff and continues to expand through strategic acquisitions and increased R&D investment, reporting operating revenue of CNY 1.523 billion for the first three quarters of 2025, a year-on-year increase of 6.09%.
Research reports
The report reviews 2025 results and 2026Q1, noting stable revenue growth but weaker net profit due to a large back-tax payment, while highlighting strong growth in volumes for agrochemical and fertilizer products and continued high-margin operations. It emphasizes capacity expansion, the company’s leading position in plant growth regulators, very high cash dividend payout ratios, and revised 2026–2028 profit forecasts under a “增持” (Accumulate) rating, alongside risks from product and raw-material price volatility, demand, policy execution, and project progress.
国信证券股份有限公司 · April 20, 2026国光股份（002749.SZ）—— 主营业务稳健经营，高分红比例延续Guosen’s note on the 2025 annual report and 2026Q1 explains that underlying operations remain solid, with modest revenue growth, stable high margins in core agrochemical and fertilizer segments, and robust operating cash flow, even though back taxes temporarily depressed net profit. It focuses on the company’s crop full-solution model built around plant growth regulators, sustained very high dividend payout (cash dividends exceeding annual net profit), and lowered but still growing 2026–2028 earnings forecasts, while maintaining an “优于大市” (Outperform) rating and flagging risks from raw-material price swings, downstream demand and solution promotion.
太平洋证券股份有限公司 · August 26, 2025国光股份2025年中报点评：坚持“三调”定位，利润体量和盈利能力同步提升This mid-year report shows 2025H1 revenue up about 7% and net profit up about 6%, with margin expansion driven by higher sales of high-margin plant growth regulator products and still-benign raw-material costs, resulting in a sales gross margin above 47% and over 51% for agrochemicals. It highlights the firm’s “三调” (“three adjustments”) strategic positioning, accelerated promotion of full-solution marketing combining product, technology and service, sharply increased R&D and new registrations that reinforce its domestic leadership, and a maintained “买入” (Buy) rating with detailed 2024–2027 EPS and valuation forecasts plus standard risks around raw-material prices, demand, and project execution.
国信证券股份有限公司 · August 8, 2025国光股份（002749.SZ）：上半年归母净利润增长6.05%，分红比例延续较高水平The 2025H1 review reports revenue growth of roughly 7% and a 6% increase in net profit attributable to shareholders, driven by strong sales of plant growth regulators, improved product mix, and lower input costs, which lifted overall gross margin to about 47% and agrochemical gross margin above 51%. It stresses the company’s distinctive crop full-solution strategy, high shareholder returns via an interim cash dividend payout of over 80% of half-year earnings, and forecasts for 2025–2027 earnings and PE multiples under an “优于大市” (Outperform) rating, while noting key risks including raw-material volatility, weaker-than-expected downstream demand, and slower-than-expected rollout of full solutions.