CCGB(SZ:300138) Xinda Securities·2025-04-28 08:46Investment Rating - The report assigns a positive investment rating, indicating a reversal trend in the company's performance [1]. Core Views - The company achieved a significant increase in net profit in Q1 2025, with a year-on-year growth of 183.69%, while total revenue slightly decreased by 0.92% [1][3]. - The report highlights that the plant extraction business has shown strong performance, with revenues of 867 million yuan, up 13.78% year-on-year, while the cottonseed business saw a decline in revenue by 9.49% [3]. - The gross profit margin improved to 14.16%, an increase of 5.95 percentage points year-on-year, driven by changes in product mix and lower raw material costs [3]. - The report anticipates a turnaround in the cottonseed business and stable growth in the plant extraction business, projecting significant profit increases in the coming years [3]. Financial Performance Summary - In Q1 2025, the company reported total revenue of 1.716 billion yuan, with a net profit of 109 million yuan and a non-recurring net profit of 95.92 million yuan [1]. - The gross profit margin for Q1 was 14.16%, with the plant extraction segment achieving a margin of 20.18% [3]. - The report forecasts revenues of 6.722 billion yuan, 7.347 billion yuan, and 8.392 billion yuan for 2025, 2026, and 2027 respectively, with corresponding net profits of 346 million yuan, 421 million yuan, and 563 million yuan [4].