晨光生物：营收恢复增长，棉籽亏损及减值致利润承压

Investment Rating - The investment rating for the company is not explicitly stated in the provided documents, but the context suggests a neutral to cautious outlook based on recent performance and future expectations [19]. Core Insights - The company reported a revenue of 5.23 billion yuan for the first three quarters of 2024, reflecting a year-on-year increase of 1.1%, while the net profit attributable to shareholders was 63 million yuan, down 84.3% year-on-year [2]. - The revenue for Q3 2024 was 1.73 billion yuan, showing a year-on-year increase of 15.6%, but the net profit was negative at -37 million yuan, a decline of 137.3% year-on-year, primarily due to losses in cottonseed and asset impairment [2]. - The plant extraction business showed steady growth with a revenue of 2.33 billion yuan in the first three quarters, up 11.1% year-on-year, while the cottonseed business revenue was 2.63 billion yuan, down 5.8% year-on-year [3][4]. Summary by Sections Financial Performance - For the first three quarters of 2024, the gross margin decreased by 4.9 percentage points to 7.4%, with Q3 gross margin down 7.8 percentage points to 5.5% due to increased raw material supply and weak downstream demand [5]. - The company expects net profits for 2024 to be 150 million yuan, with EPS projected at 0.31 yuan, and a gradual recovery in profits anticipated in 2025 and 2026 [6][8]. Business Segments - The plant extraction segment is performing well, with key products like chili red and lutein showing stable sales and growth, while the cottonseed segment is under pressure due to increased competition and fluctuating commodity prices [3][4]. - The company is actively developing its health food segment, achieving over 120 million yuan in revenue, a year-on-year increase of 11.5% [3]. Market Position and Strategy - The company is recognized as a leader in the plant extraction industry, with a focus on diversifying its product offerings and enhancing market share in high-margin products [13]. - The long-term trend of increasing market share remains strong, with expectations for improved profitability as the company continues to adjust its operational strategies [7].