Investment Rating - The investment rating for the company is "Buy" (maintained) [4] Core Insights - The company reported a revenue of 5.7 billion yuan in H1 2024, a year-on-year increase of 13%, but the net profit attributable to shareholders decreased by 57% to 182 million yuan, primarily due to a downturn in the pesticide industry and significant foreign exchange losses amounting to 258 million yuan [2][6] - The company's financial cost rate increased from -2.89% in the same period last year to 5.47% due to these foreign exchange losses [2][6] - The company's TO C business revenue share rose from 31% in H1 2023 to 38% in H1 2024, with a gross margin of 29.21%, reflecting a year-on-year increase of 0.60 percentage points [6] - The overseas pesticide demand showed significant improvement, with a 54% increase in export volume of pesticide formulations in Q2 2024 compared to the previous year [6] - The company acquired a manufacturing base in the United States in March 2024, which is expected to contribute to growth in the EU and North American markets [6] Financial Summary - For H1 2024, the company achieved a revenue of 5.7 billion yuan, with a net profit of 182 million yuan, and a non-recurring net profit of 176 million yuan [6] - The projected revenues for 2024, 2025, and 2026 are 13.6 billion yuan, 15.9 billion yuan, and 18.3 billion yuan, respectively, with year-on-year growth rates of 18%, 17%, and 15% [6][7] - The expected net profits for the same years are 700 million yuan, 1.1 billion yuan, and 1.3 billion yuan, with growth rates of -8%, 50%, and 26% [6][7] - The current price corresponds to a PE ratio of 15 times for 2024 [6]
润丰股份：景气低迷，汇兑损失致盈利承压