业绩符合预期，静待行业拐点

Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected price increase of over 15% in the next 6-12 months [2][9]. Core Views - The company's Q1 2024 performance met expectations, with revenue of 3.175 billion yuan, a year-on-year decrease of 29.43%, and a net profit attributable to shareholders of 429 million yuan, down 43.11% year-on-year [2]. - The decline in product prices has impacted short-term performance, with the raw material business revenue at 1.724 billion yuan, a price drop of 32.78% year-on-year, while the formulation business saw a revenue of 861 million yuan, with a price increase of 10.16% year-on-year [2]. - The company is investing in the Huludao project, which is expected to drive new growth, with ongoing projects valued at 1.609 billion yuan, including the production of various pesticide raw materials [2]. Summary by Sections Financial Performance - Q1 2024 revenue: 3.175 billion yuan, down 29.43% year-on-year - Q1 2024 net profit: 429 million yuan, down 43.11% year-on-year - Q1 2024 non-recurring net profit: 426 million yuan, down 40.22% year-on-year [2]. Business Segments - Raw material business revenue: 1.724 billion yuan, price at 69,100 yuan/ton, down 32.78% year-on-year - Formulation business revenue: 861 million yuan, price at 57,500 yuan/ton, up 10.16% year-on-year [2]. Price Trends - Current prices for key products are at historical lows, with specific products like the insecticide "Kongfu" at 107,000 yuan/ton and herbicide "Glyphosate" at 26,000 yuan/ton [2]. Future Projections - Expected net profits for 2024-2026: 1.763 billion yuan, 2.025 billion yuan, and 2.324 billion yuan respectively - EPS projections for the same period: 4.34 yuan, 4.98 yuan, and 5.72 yuan respectively - Current market valuation corresponds to PE ratios of 14.00X, 12.18X, and 10.61X for 2024-2026 [2].