Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The report highlights that exchange losses have negatively impacted the company's performance, but there is optimism regarding the company's long-term growth potential [1][3] - The company aims to become a global leader in crop protection, with significant investments in IT and process improvements to enhance global operational capabilities [2] - The company is focusing on increasing its ToC (To Consumer) business share and expanding its product registration globally, particularly in high-barrier markets [2] Financial Performance Summary - For the first three quarters of 2024, the company achieved total revenue of 9.785 billion yuan, a year-on-year increase of 14.86% [1] - The net profit attributable to the parent company for the same period was 342 million yuan, a decrease of 52.67% year-on-year [1] - In Q3 2024, the company reported total revenue of 4.103 billion yuan, up 18.07% year-on-year and 37.30% quarter-on-quarter [1] - The net profit for Q3 2024 was 160 million yuan, down 46.25% year-on-year but up 451.86% quarter-on-quarter [1] Future Earnings Forecast - The company’s projected net profits for 2024, 2025, and 2026 are 542 million yuan, 807 million yuan, and 1.045 billion yuan respectively, with year-on-year growth rates of -29.7%, +48.9%, and +29.5% [3][5] - The expected P/E ratios for the same years are 25X, 17X, and 13X [3] Strategic Growth Initiatives - The company has outlined four main growth strategies in its new five-year plan: increasing the share of ToC business, expanding operations in North America and the EU, enhancing the share of insecticides and fungicides, and strengthening the development of the biopesticide segment [2]
润丰股份：汇兑损失拖累公司业绩，看好公司远期成长