Investment Rating - The report assigns a "Buy" rating for the company, marking its first coverage [2][9]. Core Views - The company is positioned as a leading multinational crop protection firm with a comprehensive global marketing network, focusing on both traditional export and overseas self-registration sales models to drive growth [3][14]. - The company is expected to experience significant growth in overseas business due to its established sales network and ongoing investment in a "Fast Market Entry Platform" aimed for completion between 2025 and 2029 [3][73]. - The report forecasts the company's revenue and net profit for 2024-2026, predicting revenues of 118.50 billion, 128.30 billion, and 145.90 billion yuan, with corresponding net profits of 8.41 billion, 11.36 billion, and 13.52 billion yuan [9][4]. Summary by Sections 1. Global Marketing Network - The company has established a robust global marketing network, operating in over 90 countries with multiple subsidiaries and representative offices [14][20]. - The company’s revenue from overseas markets, particularly South America, constitutes a significant portion of its total revenue, indicating a strong international presence [20][25]. 2. Market Growth and Cost Trends - The crop protection market is expected to grow steadily, driven by increasing global food demand due to population growth, despite challenges such as urbanization reducing arable land [32][36]. - The cost of developing new pesticide products is rising, creating barriers to entry, but the company benefits from its early mover advantage in obtaining registration certificates [5][41]. 3. Fast Market Entry Platform - The "Fast Market Entry Platform" is a strategic initiative to enhance the company's global marketing capabilities, allowing for rapid expansion in target markets [72][73]. - The company plans to complete the construction of this platform in all major markets outside the US, Canada, and Japan by 2024, with a focus on building local teams for brand development [73][76]. 4. Financial Projections - The report projects earnings per share (EPS) for 2024, 2025, and 2026 to be 3.02, 4.08, and 4.85 yuan, respectively, with corresponding price-to-earnings (P/E) ratios of 16.0, 11.9, and 10.0 [4][9]. - The company’s revenue and net profit are expected to recover as the agricultural market stabilizes and the company continues to expand its overseas operations [25][36].

本公司及董事会全体成员保证信息披露内容真实、准确和完整，没有虚假 记载、误导性陈述或重大遗漏。 重要提示： 1、本次会议不存在变更、否决提案的情况； 2、本次股东大会不涉及变更前次股东大会决议。 一、会议召开和出席情况 1、会议通知情况 山东潍坊润丰化工股份有限公司（以下简称"公司"）2023 年年度股东大会 通知于 2024 年 4 月 26 日以公告形式发出，具体内容详见公司在巨潮资讯网 （www.cninfo.com.cn）上披露的《关于召开 2023 年年度股东大会的通知》（公 告编号：2024-022）。 2、会议召开日期、时间 证券代码：301035 证券简称：润丰股份 公告编号：2024-026 山东潍坊润丰化工股份有限公司 2023 年年度股东大会决议公告 - 1 - （1）现场会议召开时间：2024 年 5 月 16 日（星期四）下午 14:00 （2）网络投票时间：2024 年 5 月 16 日（星期四），其中： ①通过深圳证券交易所互联网系统投票的时间为：2024 年 5 月 16 日 9:15- 15:00； ②通过深圳证券交易所交易系统进行网络投票的时间为：2024 年 5 月 16 ...

证券代码：301035 证券简称：润丰股份 公告编号：2024-025 山东潍坊润丰化工股份有限公司 2、股东持股情况： 截至本公告日，上述股东持有公司股份情况如下： 关于高级管理人员减持股份的预披露公告 公司高级管理人员沈婕、邢秉鹏保证向本公司提供的信息内容真实、准确、 完整，没有虚假记载、误导性陈述或重大遗漏。 本公司及董事会全体成员保证公告内容与信息披露义务人提供的信息一致。 特别提示： 1、山东潍坊润丰化工股份有限公司（以下简称"公司"、"润丰股份"或 "发行人"）总裁沈婕女士持有润丰股份59,920股（占公司总股本比例0.0215%）， 计划在本减持计划预披露公告之日起十五个交易日后的三个月内（窗口期不减 持），以集中竞价方式减持公司股份不超过 14,980 股(不超过公司总股本比例 0.0054%)。 2、公司财务总监、董事会秘书邢秉鹏先生持有润丰股份 84,450 股（占公 司总股本比例 0.0303%），计划在本减持计划预披露公告之日起十五个交易日后 的三个月内（窗口期不减持），以集中竞价方式减持公司股份不超过 21,113 股 (不超过公司总股本比例 0.0076%)。 公司于近日收到润丰股 ...

SHANDONG WEIFANG RAINBOW CHEMICAL CO., LTD Operating Summary for the First Quarter of 2024 2024 First Quarter Report of Rainbow To be a Global Leading Crop Protection Company 2. The legal representative of the Company, the chief accountant in charge, and the chief of the accounting institution (accounting supervisor), stated that the financial report in the Quarterly Report is true, accurate and complete. 3. Whether the First Quarter Report is audited □ Yes No The Company and all members of the Board of Dir ...

2023 ANNUAL REPORT SHANDONG WEFANG RAINBOW CHEMICAL CO., LTD Stock abbreviation: Rainbow Chemical Stock code: 301035 Annual Report 2023 To be a Global Leading Crop Protection Company 2 Annual Report 2023 To be a Global Leading Crop Protection Company | Team | In 2023, the Company continued to step up efforts in recruiting | Team | The marketing and registration team has rapidly expanded through domestic campus | | --- | --- | --- | --- | | Building | talents through various means such as campus recruitment ...

Investment Rating - The investment rating for the company is "Buy" (maintained) with a current price of 60.45 CNY and a target price of 72.60 CNY [1]. Core Views - The company reported a significant decline in performance due to a downturn in the agricultural chemical industry, with a 21% year-on-year decrease in revenue for 2023, totaling 11.5 billion CNY, and a 45% drop in net profit to 770 million CNY [2][3]. - Despite the challenges, the company is accelerating the promotion of its high-margin Model C business, which has increased its revenue share from 26.71% in 2022 to 33.82% in 2023, contributing to a slight increase in overall gross margin [3]. - The company is actively investing in the North American and European markets, with a budget of approximately 40 million USD for regulatory approvals in 2024, expecting to start seeing returns from 2026 [4]. Financial Performance Summary - In Q1 2024, the company achieved a revenue of 2.7 billion CNY, a 21% increase year-on-year, while net profit decreased by 16% to 150 million CNY [2]. - The gross margin for Q1 2024 improved to 20.10%, up 1.35 percentage points year-on-year, driven by the increasing share of Model C revenue, which reached 37.17% [3]. - Revenue projections for 2024-2026 are estimated at 13.6 billion CNY, 15.9 billion CNY, and 18.3 billion CNY, respectively, with corresponding growth rates of 18%, 17%, and 15% [5]. Valuation and Earnings Forecast - The forecasted net profits for 2024-2026 are 1 billion CNY, 1.2 billion CNY, and 1.5 billion CNY, with growth rates of 31%, 21%, and 23% respectively [5]. - The company is assigned a target PE ratio of 20 times for 2024, leading to a target price of 72.60 CNY [5].

%% research.95579.com %% 丨证券研究报告丨 公司研究丨点评报告丨润丰股份（ ） 301035.SZ [Table_Title] 表现靓丽，补库引领需求弹性 Model C 报告要点 [公Ta司ble2_0S2u3m年m实ar现y]收入114.8亿元（同比-20.6%），实现归属净利润7.7亿元（同比-45.4%）， 实现归属扣非净利润 7.6 亿元（同比-46.2%）。其中 Q4 单季度实现收入 29.7 亿元（同比 +16.6%），实现归属净利润0.49亿元（同比-53.9%），实现归属扣非净利润0.46亿元（同比- 56.3%）。2024Q1，公司实现收入26.9亿元（同比+20.6%），实现归属净利润1.5亿元（同比 ...

2024 年 04 月 29 日 公司研究 评级：买入 (维持 ) 研究所： [Table_Title] 业绩环比改善，持续拓展 模式 2024Q1 To-C 证券分析师： 李永磊 S0350521080004 liyl03@ghzq.com.cn 证券分析师： 董伯骏 S0350521080009 ——润丰股份（ ） 年年报及 年 301035 2023 2024 dongbj@ghzq.com.cn 联系人 ： 杨丽蓉 S0350122080038 一季报点评 yanglr@ghzq.com.cn 最近一年走势 事件： 2024年4月25日，润丰股份发布2023年年度报告：2023年实现营业 收入114.8亿元，同比下降20.6%；实现归母净利润7.7亿元，同比下降 45.4%；实现扣非后归母净利润7.6亿元，同比下降46.2%；销售毛利率 21.2%，同比增长0.9个pct，销售净利率7.4%，同比下降2.9个pct； 经营活动现金流净额为-13.5亿元。 2023年Q4单季度，公司实现营业收入29.7亿元，同比+16.6%，环比 -14.7%；实现归母净利润为0.5亿元，同比-53.9%，环比-83. ...

Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected price increase of over 15% in the next 6-12 months [12][13]. Core Views - The company's revenue for 2023 was CNY 11.485 billion, a year-on-year decrease of 20.58%, with a net profit attributable to shareholders of CNY 771 million, down 45.44% year-on-year. In Q1 2024, revenue increased by 20.59% to CNY 2.693 billion, while net profit decreased by 16.39% to CNY 153 million [3][8]. - The global demand for agricultural chemical products remains stable, with a 10.53% year-on-year increase in export volume for the relevant product category in 2023, indicating a recovery in market demand [3]. - Raw material prices have dropped significantly, with 92% of tracked products experiencing price declines, some reaching historical lows. This oversupply situation is expected to persist due to increased production capacity in China and India [3][8]. - The company is enhancing its global marketing network, aiming to establish a "Rapid Market Entry Platform" in major markets by 2024, excluding the US, Canada, and Japan, and to expand its B-C business in at least 25 new target countries by the end of 2024 [3]. Summary by Sections Performance Overview - 2023 revenue: CNY 11.485 billion, down 20.58% year-on-year - 2023 net profit: CNY 771 million, down 45.44% year-on-year - Q1 2024 revenue: CNY 2.693 billion, up 20.59% year-on-year - Q1 2024 net profit: CNY 153 million, down 16.39% year-on-year [3][8]. Market Analysis - Global agricultural chemical market demand is stable, with a 10.53% increase in export volume in 2023 [3]. - Raw material prices have significantly decreased, with 92% of products declining in price, indicating a supply surplus [3][8]. Strategic Initiatives - The company plans to complete the "Rapid Market Entry Platform" in major markets by 2024 and expand its B-C business in at least 25 new countries by the end of 2024 [3]. Profit Forecast and Valuation - Revised net profit forecasts for 2024, 2025, and 2026 are CNY 976 million (-30.68%), CNY 1.141 billion (-32%), and CNY 1.306 billion, respectively. Corresponding EPS are CNY 3.50, CNY 4.10, and CNY 4.69. The current stock price corresponds to PE ratios of 16.44, 14.06, and 12.28 for the respective years [3][8].