国光股份（002749）：2024年年报点评：业绩创新高，多个区域营收实现高速增长

Investment Rating - The report maintains a "Recommended" rating for Guoguang Co., Ltd. (002749.SZ) [4] Core Views - Guoguang Co., Ltd. achieved a record high performance in 2024, with total revenue of 1.986 billion yuan, a year-on-year increase of 6.79%, and a net profit attributable to shareholders of 367 million yuan, up 21.52% year-on-year [1][2] - The company's gross profit margin improved steadily, reaching 45.43%, an increase of 3.88 percentage points year-on-year, driven by cost optimization and the deepening promotion of comprehensive crop solutions [2] - The company is focusing on the large field market, with significant growth in sales volume for both pesticides and fertilizers, and plans to expand production capacity in 2025 [3][4] Summary by Sections Financial Performance - In 2024, Guoguang Co., Ltd. reported total revenue of 1.986 billion yuan and a net profit of 367 million yuan, with a gross profit margin of 45.43% [1][2] - The company plans to distribute a cash dividend of 3 yuan per 10 shares [1] Growth Drivers - The increase in net profit is attributed to cost optimization and the successful penetration of comprehensive crop solutions, with pesticide sales reaching 33,500 tons (up 11.81% year-on-year) and fertilizer sales at 91,700 tons (up 14.10% year-on-year) [2] - The company added 588 new distributors, expanding its market coverage [2] Market Expansion - Guoguang Co., Ltd. is accelerating its penetration into the large field market, with comprehensive solutions for rice and corn sold over approximately 700,000 acres in key regions [3] - The company plans to enhance its production capacity with new projects in 2025, including 50,000 tons of water-soluble fertilizer and 15,000 tons of raw material synthesis [3] Research and Development - In 2024, the company invested 66.94 million yuan in R&D, a year-on-year increase of 6.68%, and obtained new pesticide and fertilizer registration certificates [4] - The company is expanding its global presence, with new registrations in Myanmar and Australia, and has a network of over 6,200 distributors [4] Profit Forecast - The forecast for net profit attributable to shareholders is 444 million yuan in 2025, 524 million yuan in 2026, and 636 million yuan in 2027, with corresponding PE ratios of 15x, 13x, and 11x [5][9]