Investment Rating - The investment rating for the company is "Buy" (首次) [1] Core Views - The company is positioned as a leader in the grain storage sector, benefiting from a new round of large-scale grain storage construction in China, which is expected to contribute to its growth [5] - The cold chain logistics sector is anticipated to experience growth as the economy recovers, with the company expected to benefit from this cyclical demand [5] - The introduction of "new agricultural productivity" is likely to accelerate the adoption of automation in grain storage, presenting significant opportunities for the company [5] Financial Performance Summary - Revenue projections for the company are as follows: - 2022: 2,698 million RMB - 2023: 2,414 million RMB (down 10.51%) - 2024E: 2,655 million RMB (up 9.96%) - 2025E: 3,250 million RMB (up 22.42%) - 2026E: 4,071 million RMB (up 25.24%) [4] - Net profit forecasts are: - 2022: 169 million RMB - 2023: 218 million RMB (up 29.03%) - 2024E: 222 million RMB (up 1.97%) - 2025E: 283 million RMB (up 27.63%) - 2026E: 360 million RMB (up 27.09%) [4] - Earnings per share (EPS) estimates are: - 2022: 0.33 RMB - 2023: 0.42 RMB - 2024E: 0.43 RMB - 2025E: 0.55 RMB - 2026E: 0.70 RMB [4] Market Position and Growth Potential - The company is recognized as a leading entity in grain storage design and engineering, with a strong foundation in technology and a significant market share [5] - The current challenges in grain storage, such as insufficient capacity and outdated facilities, are driving a new wave of construction and modernization, which the company is well-positioned to capitalize on [5] - The cold chain logistics market is expected to expand significantly, with the company’s subsidiary, Huashang International, being a key player in this sector [5]
中粮科工：粮仓赛道领军者，“农业新质生产力”有望贡献新成长性-20250227