润农节水：节水灌溉领先企业，前瞻布局智慧农业助力新增长

Investment Rating - The report assigns an "Accumulate" rating to the company for the first time [18]. Core Viewpoints - The company is recognized as a leading enterprise in water-saving irrigation, focusing on product research, manufacturing, and project design and construction [19][20]. - The company has experienced continuous revenue growth from 2018 to 2023, with revenues increasing from 435 million to 750 million yuan, representing a CAGR of 14.59% [13][19]. - The net profit for 2023 was 33 million yuan, a decrease of 33% year-on-year, primarily due to project delays caused by public health events [13][19]. Summary by Sections 1. Company Overview - The company was established in 2011 and specializes in water-saving irrigation products, having been listed on the North Exchange in 2020 and recognized as a national-level "Little Giant" enterprise in 2021 [19][20]. 2. Market Dynamics - The water-saving irrigation industry is characterized by low concentration and regional competition, with the company being one of the largest in North China [20][106]. - National policies are continuously promoting the water-saving irrigation industry, indicating significant growth potential [117][118]. 3. Financial Performance - The company's revenue is primarily derived from water-saving engineering, which accounted for over 50% of total revenue from 2018 to 2023 [13][16]. - The overall revenue trend is upward, but profitability has been impacted by project delays and increased costs, with gross and net profit margins declining [13][96]. 4. Future Outlook - The company is expected to see net profits of 47 million, 62 million, and 76 million yuan in 2024, 2025, and 2026, respectively, with corresponding P/E ratios of 18, 13, and 11 [22]. - The company is expanding its market presence and investing in research and development to enhance its product offerings and maintain a competitive edge [21][22].