润农节水（830964）：2025中报点评：计提信用减值损失影响25Q2业绩，公司持续加大新市场开拓

Investment Rating - The investment rating for the company is "Accumulate" [1] Core Views - The company is experiencing a significant increase in revenue due to the continuous expansion into new markets, particularly in the southwest region of China, driven by government initiatives for high-standard farmland construction [7] - The company reported a total revenue of 302 million yuan in H1 2025, a year-on-year increase of 5.80%, while the net profit attributable to shareholders decreased by 47.05% to 5.27 million yuan, primarily due to credit impairment losses [7] - The company is actively developing a smart agriculture platform and expanding its market presence, including new ventures in Hubei and enhanced operations in several provinces [7] Financial Summary - Total revenue projections for the company are as follows: 2023A: 749.57 million yuan, 2024A: 983.58 million yuan, 2025E: 1,218.07 million yuan, 2026E: 1,509.00 million yuan, and 2027E: 1,809.83 million yuan, with year-on-year growth rates of 13.59%, 31.22%, 23.84%, 23.88%, and 19.94% respectively [1] - The net profit attributable to shareholders is projected to be 33.29 million yuan in 2023A, 7.95 million yuan in 2024A, 41.01 million yuan in 2025E, 53.43 million yuan in 2026E, and 67.12 million yuan in 2027E, with significant growth expected in 2025 [1] - The company's earnings per share (EPS) is forecasted to be 0.13 yuan in 2023A, 0.03 yuan in 2024A, 0.16 yuan in 2025E, 0.20 yuan in 2026E, and 0.26 yuan in 2027E [1]