众兴菌业（002772）：双孢菇盈利突出，2025Q1利润逆势增长

Investment Rating - The investment rating for the company is "Accumulate" [1] Core Views - The company reported a slight decline in revenue but a significant increase in net profit for Q1 2025, with revenue at 473 million yuan, down 2.89% year-on-year, and net profit at 48.2 million yuan, up 38.72% year-on-year [2][3] - The increase in net profit is attributed to several factors, including the temporary shutdown of some production projects, a decrease in raw material costs, and capitalized interest on infrastructure projects leading to lower financial expenses [3] - The price of enoki mushrooms has been continuously declining, prompting the company to adjust production and optimize operations, which helped mitigate overall losses [4] - The company's button mushroom business remains profitable and stable, effectively offsetting losses from the enoki mushroom segment, with revenue from button mushrooms at 1.079 billion yuan, up 7.39% year-on-year, and a gross margin of 34.81% [5] Summary by Sections Financial Performance - In Q1 2025, the company achieved operating revenue of 473 million yuan, a slight decrease of 2.89% year-on-year, while net profit attributable to shareholders was 48.2 million yuan, an increase of 38.72% year-on-year [2][3] - For the full year 2024, the company reported total revenue of 1.935 billion yuan, a growth of 0.21%, with enoki mushroom revenue at 838 million yuan, down 8.06%, and button mushroom revenue at 1.079 billion yuan, up 7.39% [4][5] Production and Market Dynamics - The company has adjusted its production strategy in response to the declining prices of enoki mushrooms, which have seen a significant drop of 18% year-on-year to 5.14 yuan/kg in 2024 [4] - The button mushroom segment has a higher market share and profitability due to lower competition and higher barriers to entry, with a gross margin increase of 2.94 percentage points year-on-year [5] Investment Recommendations - The company is positioned as a leading player in the edible mushroom industry, with a projected revenue of 2.118 billion yuan for 2025, down from previous estimates of 2.734 billion yuan [6] - The forecast for net profit in 2025 has been adjusted to 186 million yuan, with EPS revised to 0.47 yuan, maintaining an "Accumulate" rating based on a PE ratio of 16 for 2025 [6]