CCGB(SZ:300138) Huaxin Securities·2024-02-03 16:00Investment Rating - The report maintains a "Buy" rating for the company [12] Core Views - The company's performance is in line with expectations, with stable growth across various product lines [12] - The company is expected to achieve a revenue of 6.872 billion yuan in 2023, representing a 9% year-on-year increase [12] - The net profit is projected to be 486 million yuan, reflecting an 11.9% increase compared to the previous year [12] Summary by Sections Business Performance - The company’s main product, chili red, has seen sales exceed 10,000 tons, and the sales of food-grade lutein have increased by 30% [12] - The company plans to continue technological upgrades to enhance research and development barriers and improve production competitiveness [12] Financial Forecast - The forecast for 2023-2025 includes an EPS of 0.91, 1.09, and 1.26 yuan respectively, with corresponding PE ratios of 12, 10, and 9 times [12] - Revenue is expected to grow from 6.872 billion yuan in 2023 to 8.795 billion yuan in 2025, with growth rates of 9.1% and 13.3% respectively [13] Profitability Metrics - The return on equity (ROE) is projected to improve from 13.7% in 2023 to 15.3% in 2025 [15] - The net profit margin is expected to increase from 7.1% in 2023 to 7.7% in 2025 [15]