Investment Rating - The report maintains a "Buy" rating for the company [2] Core Insights - The company reported a Q3 performance improvement, with revenue reaching 10.91 billion yuan, a year-on-year increase of 12%, and a net profit of 890 million yuan, reflecting a significant year-on-year growth of 160% [8] - The company's operational quality continues to improve, with a focus on enhancing efficiency and product quality, particularly in its Model C business, which has seen a revenue increase of 22% year-on-year [8] - The company is strategically expanding its global marketing network and aims to become a leading global crop protection company, leveraging its position in China's agricultural chemical sector [8] Financial Data and Profit Forecast - Total revenue projections for the company are as follows: 2024: 13.30 billion yuan, 2025: 14.65 billion yuan, 2026: 16.02 billion yuan, and 2027: 17.59 billion yuan, with respective year-on-year growth rates of 15.8%, 10.1%, 9.4%, and 9.8% [6][9] - The forecasted net profit for 2025 is 1.15 billion yuan, with a projected PE ratio of 19, and for 2026 and 2027, the net profits are expected to be 1.40 billion yuan and 1.69 billion yuan, with PE ratios of 15 and 13 respectively [6][9] - The gross margin is expected to improve from 19.8% in 2024 to 23.3% by 2027, indicating a positive trend in profitability [6]
润丰股份（301035）：Q3业绩同、环比提升，经营质效持续优化