NOPOSION(SZ:002215) EBSCN·2024-10-30 07:01Investment Rating - The report maintains a "Buy" rating for the company [4]. Core Views - The company reported a year-on-year increase in revenue and net profit for the first three quarters of 2024, driven by the blueberry business, which saw a significant revenue increase of 248.41% [1]. - Despite a decline in revenue and net profit in Q3 2024 compared to the previous quarter, the overall performance for the first three quarters remains strong [1]. - The company is the largest pesticide formulation enterprise in China and is positioned for long-term growth with a focus on high-end planting [1]. Summary by Sections Financial Performance - For the first three quarters of 2024, the company achieved revenue of 3.894 billion yuan, a year-on-year increase of 27.30%, and a net profit of 488 million yuan, up 74.07% year-on-year [1]. - In Q3 2024, revenue was 494 million yuan, down 3.50% year-on-year and down 68.57% quarter-on-quarter; net profit was -65 million yuan, a slight decrease compared to the previous year [1]. - The gross profit margin for the first three quarters of 2024 was 34.03%, an increase of 4.39 percentage points year-on-year [1]. Business Segments - The blueberry business contributed significantly to revenue growth, with sales reaching 1.115 billion yuan, marking a 248.41% increase year-on-year [1]. - The number of controlling distributors decreased from 27 to 17, leading to a 23.14% decline in consolidated sales revenue from these distributors [1]. - The pesticide formulation business experienced a revenue decline of 3.97% due to falling sales prices [1]. Production and Capacity - As of the end of 2023, the company had pesticide production capacities of 26,000 tons for insecticides, 18,000 tons for fungicides, and 25,000 tons for herbicides [1]. - The company has received approval for multiple product registration certificates, expanding the range of products available for use [1]. Profit Forecast and Valuation - The report maintains profit forecasts for 2024-2026, expecting net profits of 619 million yuan, 770 million yuan, and 859 million yuan respectively [1]. - The company is positioned for long-term growth, with a focus on high-end agricultural practices [1].