CHANGQING(SZ:002391) EBSCN·2024-04-19 08:01Investment Rating - The report maintains a "Buy" rating for the company [3] Core Views - The company's performance in 2023 was under pressure due to declining pesticide prices, leading to a significant reduction in profit forecasts for 2024-2025. The expected net profits for 2024, 2025, and 2026 are projected to be 119 million, 208 million, and 287 million yuan respectively, with substantial downward adjustments of 67.5% and 52.1% for 2024 and 2025 [1][13] - Despite the challenges, the company is expected to benefit from the gradual production of new capacities, which supports the positive outlook for future performance [1] Financial Summary - The company reported a revenue of 3.614 billion yuan in 2023, a decrease of 14.83% year-on-year, and a net profit of 73 million yuan, down 72.13% year-on-year [13] - The revenue growth rates for the upcoming years are projected at 7.03% for 2024, 19.91% for 2025, and 14.96% for 2026, indicating a recovery trend [2] - The earnings per share (EPS) are expected to rise from 0.11 yuan in 2023 to 0.44 yuan in 2026 [2] Operational Insights - The company has been actively increasing its production capacity, with a total raw material capacity of 40,000 tons per year and additional projects expected to come online in 2024 [15] - The sales revenue from various product categories in 2023 showed a decline, with herbicides and insecticides experiencing significant drops in revenue [14] Market Performance - The company's stock price is currently at 4.87 yuan, with a market capitalization of approximately 31.64 billion yuan [3][16] - The stock has shown a relative performance decline of 17.37% over the past year [5]