2023年公司产销量进一步增长，优创项目提速

Investment Rating - The report maintains a "Buy" investment rating for the company [6][10][12] Core Views - The company reported a revenue of 11.478 billion yuan in 2023, a year-on-year decrease of 27.41%, and a net profit attributable to shareholders of 1.565 billion yuan, down 12.77% year-on-year [5][6] - The decline in revenue and profit was attributed to decreased overseas procurement demand and oversupply of raw materials in the domestic market, leading to a significant drop in pesticide prices [6][10] - Despite the challenges, the company achieved year-on-year growth in both raw material and formulation sales, demonstrating resilience as a market leader [6][10] - The company is actively expanding its sales layout and product offerings, including raw materials, formulations, seed coatings, and plant nutrition products, which contributed to an increase in sales volume in 2023 [10][12] - The company has ongoing projects, including the completion of the second phase of the Youjia Phase IV project and the upcoming commissioning of the Huludao Youchuang project in 2024, indicating a clear growth path [10][12] Financial Summary - In 2023, the company achieved a gross profit margin of 25.60%, a slight decrease of 0.08 percentage points year-on-year [6][10] - The average selling price of raw materials was 76,500 yuan per ton, down 29.54% year-on-year, while the average selling price of formulations was 46,900 yuan per ton, down 3.50% year-on-year [6][10] - The company’s earnings per share (EPS) for 2023 was 3.87 yuan, with operating cash flow per share at 5.89 yuan [5][6] - The projected EPS for 2024-2026 is expected to be 4.27 yuan, 4.92 yuan, and 5.44 yuan respectively [10][12]