Investment Rating - The investment rating for the company is "Buy" and is maintained [10]. Core Views - The company reported a revenue of 13.3 billion yuan for 2024, representing a year-on-year increase of 15.8%, but the net profit attributable to shareholders decreased by 41.6% to 450 million yuan [2][7]. - In Q1 2025, the company achieved a revenue of 2.69 billion yuan, which is a slight decrease of 0.3% year-on-year and a significant decrease of 23.5% quarter-on-quarter, while the net profit attributable to shareholders increased by 68.0% year-on-year and 136.6% quarter-on-quarter to 260 million yuan [2][7]. - The company plans to distribute a cash dividend of 4.1 yuan per 10 shares, which amounts to a total of 290 million yuan, accounting for 64.2% of the net profit attributable to shareholders for 2024 [7]. Summary by Sections Financial Performance - For 2024, the company achieved a total revenue of 13.3 billion yuan, with a gross profit margin of 19.8%, down 1.4 percentage points year-on-year, and a net profit margin of 4.0%, down 3.4 percentage points year-on-year [12]. - The company experienced a significant increase in financial expenses, up 1930.4% year-on-year, primarily due to substantial foreign exchange losses amounting to 550 million yuan in 2024 [12]. Market and Industry Analysis - The global pesticide market is entering a mature phase, but it still experiences significant cyclical fluctuations. The demand for agricultural chemicals, including pesticides, is expected to grow steadily due to the continuous increase in global population [12]. - The company is a leader in the domestic pesticide formulation industry, with a strong global presence, including over 110 subsidiaries and operations in more than 100 countries [12]. Strategic Initiatives - The company has established a five-year strategic plan focusing on increasing the proportion of TOC business, expanding operations in North America and the EU, enhancing the share of insecticides and fungicides, and strengthening the development of biopesticides [12]. - The revenue contribution from the Mode C business model increased from 33.82% to 37.65% year-on-year, indicating a positive trend in market penetration [12]. Future Projections - The company is projected to achieve net profits of 1.02 billion yuan, 1.36 billion yuan, and 1.62 billion yuan for the years 2025, 2026, and 2027, respectively [12].
润丰股份（301035）：24年汇兑影响明显，25年精彩开场