润丰股份：制剂出海龙头，向全球领先的作物保护公司迈进

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].