Investment Rating - The report maintains an "Outperform" rating for the company [1][9]. Core Views - The company's profit in 2024 was significantly impacted by exchange rate losses, but channel expansion is progressing well. Revenue is expected to grow significantly in 2025, with an improved gross profit margin (GPM). There is optimism regarding increased profit flexibility from the European and American markets in 2025-2026 [1][9]. - The company reported a revenue of RMB 13.30 billion for 2024, representing a year-on-year increase of 15.77%, while the net profit attributable to shareholders was RMB 450 million, down 41.63% year-on-year. In Q1 2025, the revenue was RMB 2.69 billion, a slight decrease of 0.26% year-on-year, but the net profit attributable to shareholders increased by 67.98% year-on-year to RMB 257 million [4][9]. - The company focused on growing its TO C business in 2024, with the revenue share rising from 33.82% in 2023 to 37.65% in 2024. The GPM for the TO C business was 28.99%, up 0.09% year-on-year [4][9]. - The company has strengthened its biopharmaceutical segment, achieving first-year sales of approximately USD 10 million and obtaining over 1000 new pesticide registrations, totaling over 7700 registrations by the end of 2024 [4][9]. Financial Summary - For 2024, the company achieved a revenue of RMB 13.30 billion, with a year-on-year growth of 15.77%. The net profit attributable to shareholders was RMB 450 million, down 41.63% year-on-year. The Q4 2024 revenue was RMB 3.51 billion, up 18.38% year-on-year, while the net profit was RMB 109 million, up 119.23% year-on-year [2][4][9]. - The forecasted earnings per share (EPS) for 2025-2027 are RMB 3.65, 4.83, and 5.95, respectively, with a 2025 price-to-earnings (PE) ratio of 20.0x, setting a target price of RMB 73.00 [1][9].
润丰股份（301035）：2024年年报及2025年一季报点评：汇兑拖累全年业绩，渠道建设持续推进