Huaxin Securities: Maintains "buy" rating on Jiangshan Stock, performance expected to continue to grow.

Huaxin Securities research report pointed out that Jiangshan Stock Co. is one of the main domestic producers of glyphosate, currently having an annual capacity of 70,000 tons of glyphosate active ingredient, with 30,000 tons/year capacity of glycine method and 40,000 tons/year capacity of IDAN method. It is one of the first four glyphosate production enterprises in China to pass the environmental protection verification. The company is expected to achieve the production of 50,000 tons/year glyphosate capacity and 10,000 tons/year isopropylamine capacity before the end of 2025. In the first half of 2025, the company will continue to optimize its product layout based on changes in the market environment and demand structure, strengthen the marketing efforts of key products and core regions. The company will make every effort to promote the early production and effectiveness of incremental projects in Zhijiang and Guizhou, opportunistically implement mergers and reorganizations, and further cultivate new core competitiveness of the company. By implementing emission reduction, energy saving, technological innovation, and lean management, the company strives to reduce costs and increase efficiency, promote strategic transformation and high-quality development of the company. The company continuously promotes the production and effectiveness of incremental projects, and its performance is expected to continue to grow. It is forecasted that the company's net profit attributable to the parent company will be 657 million, 794 million, and 949 million yuan in 2025-2027, with corresponding PEs of 12.9, 10.7, and 8.9 times. The "buy" investment rating is maintained.