农药价格下行致业绩承压，新型创制品种蓄势待发

Investment Rating - The report maintains a "Buy" rating for the company [21] Core Views - The company reported a revenue of 2.39 billion yuan for 2023, a year-on-year decrease of 20%, and a net profit attributable to shareholders of 192 million yuan, down 54% year-on-year [21] - The decline in performance is attributed to weak downstream demand and falling product prices, with a significant drop in revenue and profit in Q4 2023 [21] - Despite the current challenges, the company is progressing with the construction of three major production bases, which is expected to support future growth [21] Financial Summary - Total revenue for 2023 was 2.39 billion yuan, with a gross margin of 22.41% [21] - The company’s net profit margin was 8.05%, reflecting a decrease of 6.22 percentage points year-on-year [21] - The company plans to distribute a cash dividend of 1.2 yuan per 10 shares [21] Product Performance - The company sold 8,877 tons of pesticide raw materials in 2023, a 23% increase year-on-year, but revenue from this segment decreased by 6% to 1.71 billion yuan [21] - The average price of key products has declined significantly, with the average price of certain pesticides dropping by 33% year-on-year [21] Future Outlook - The company has several new product candidates in the pipeline, with ongoing construction of production facilities expected to enhance future capacity and growth potential [21] - The forecast for net profit for 2024 and 2025 has been adjusted to 241 million yuan and 335 million yuan, respectively, with a new estimate for 2026 at 445 million yuan [21]