CCGB(SZ:300138) Xinda Securities·2025-04-09 08:10Investment Rating - The report assigns a "Buy" rating for the company, indicating a strong performance relative to the benchmark [10]. Core Insights - The company's performance has shown improvement quarter by quarter, with a significant recovery expected in the upcoming periods [3][4]. - The company reported a total revenue of 6.994 billion yuan in 2024, a year-on-year increase of 1.79%, but a substantial decline in net profit by 80.40% to 94.05 million yuan [3][4]. - The first quarter of 2025 is projected to see a net profit of 90 million to 120 million yuan, representing a year-on-year increase of 133.21% to 210.95% [3]. Revenue and Profit Analysis - The company's revenue from plant extract business reached 3.129 billion yuan, up 8.25% year-on-year, while cottonseed business revenue decreased by 2.07% to 3.475 billion yuan [3]. - Domestic revenue was 5.941 billion yuan, an increase of 6.24%, while international revenue fell by 17.68% to 1.053 billion yuan [3]. - The gross profit margin for 2024 was 7.96%, down 3.65 percentage points year-on-year, with the plant extract business margin at 15.39% and cottonseed business margin at 0.18% [3]. Performance Recovery and Share Buyback - The company's performance has turned positive since Q4 of the previous year, with Q1 of 2025 showing a significant recovery in the cottonseed business [3]. - To enhance investor confidence, the company repurchased shares worth 492 million yuan, accounting for 9.32% of the total share capital [3]. Earnings Forecast - The company is expected to see a revenue increase to 7.055 billion yuan in 2025, with net profit projected at 330 million yuan, reflecting a significant recovery from previous years [4]. - The forecast for 2026 and 2027 indicates continued growth, with revenues of 7.750 billion yuan and 8.944 billion yuan, and net profits of 449 million yuan and 642 million yuan respectively [4].