Investment 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 company's plant extraction business showed strong performance, with revenue growth of 13.78%, while the cottonseed business experienced a decline of 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 continued recovery in the company's profitability, particularly in the cottonseed business, which is expected to turn profitable [3]. Financial Summary - For 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 projected revenues for 2025-2027 are 6.722 billion yuan, 7.347 billion yuan, and 8.392 billion yuan, respectively, with corresponding net profits of 346 million yuan, 421 million yuan, and 563 million yuan [4]. - The report indicates a significant increase in earnings per share (EPS) from 0.72 yuan in 2025 to 1.17 yuan in 2027, reflecting a positive growth trajectory [4].
晨光生物:Q1业绩大增,反转趋势确立-20250428