CCGB(SZ:300138) ZHONGTAI SECURITIES·2024-08-31 03:00Investment Rating - The report maintains a "Buy" rating for the company with a market price of 7.16 [1] Core Views - The company experienced a significant decline in net profit in the first half of 2024, with a year-on-year decrease of 66.06% [1] - The revenue for the first half of 2024 was 34.91 billion yuan, representing a year-on-year growth of 66.57% [1] - The report highlights the stable growth of the plant extraction business, while the cottonseed business has negatively impacted overall profitability [2][3] Financial Performance Summary - Revenue Forecasts: - 2022A: 6,296 million yuan - 2023A: 6,872 million yuan - 2024E: 6,849 million yuan - 2025E: 7,621 million yuan - 2026E: 8,411 million yuan - Growth rates: 2023A (9.1%), 2024E (-0.3%), 2025E (11.3%), 2026E (10.4%) [1][3] - Net Profit Forecasts: - 2022A: 434 million yuan - 2023A: 480 million yuan - 2024E: 233 million yuan - 2025E: 424 million yuan - 2026E: 509 million yuan - Growth rates: 2023A (10.5%), 2024E (-51.4%), 2025E (81.9%), 2026E (20.1%) [1][3] - Earnings Per Share (EPS): - 2022A: 0.81 yuan - 2023A: 0.90 yuan - 2024E: 0.44 yuan - 2025E: 0.80 yuan - 2026E: 0.96 yuan [1][3] - Cash Flow and Profitability: - Cash flow per share: 2023A (1.38 yuan), 2024E (-1.10 yuan), 2025E (1.36 yuan), 2026E (1.50 yuan) [1] - Return on equity (ROE): 2023 (14%), 2024E (6%), 2025E (10%), 2026E (11%) [1] - Valuation Ratios: - Price-to-earnings (P/E) ratio: 2023A (8.0), 2024E (16.4), 2025E (9.0), 2026E (7.5) [1] - Price-to-book (P/B) ratio: 2023A (1.1), 2024E (1.0), 2025E (0.9), 2026E (0.9) [1]