Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company's 2023 annual report shows a revenue of 11.485 billion yuan (YoY -21%) and a net profit attributable to shareholders of 771 million yuan (YoY -45%), with a gross margin of 21.19% [1] - In Q4 2023, the company achieved a revenue of 2.966 billion yuan (YoY +17%, QoQ -15%) and a net profit of 49 million yuan (YoY -54%, QoQ -83%), which aligns with the performance forecast [1] - The company reported a revenue of 2.693 billion yuan in Q1 2024 (YoY +21%, QoQ -9%) and a net profit of 153 million yuan (YoY -16%, QoQ +209%), indicating that the quarterly performance is generally in line with expectations [1] - The company is focusing on enhancing its global marketing network and accelerating its global registration layout, which is expected to support long-term growth [1] Financial Summary - In 2023, the company's total revenue was 11.485 billion yuan, with a significant decline in herbicide revenue to 8.423 billion yuan (YoY -31%) and an increase in insecticide revenue to 1.544 billion yuan (YoY +54%) [2][7] - The projected revenues for 2024, 2025, and 2026 are 13.767 billion yuan, 16.330 billion yuan, and 19.377 billion yuan, respectively, with expected growth rates of 19.9%, 18.6%, and 18.7% [2][7] - The net profit attributable to shareholders is forecasted to be 1.010 billion yuan in 2024, 1.323 billion yuan in 2025, and 1.700 billion yuan in 2026, with corresponding growth rates of 31.0%, 31.0%, and 28.4% [2][7] Market Data - As of April 25, 2024, the closing price of the company's stock was 55.81 yuan, with a market capitalization of 4.986 billion yuan [3] - The company's price-to-earnings ratio is projected to be 15, 12, and 9 for the years 2024, 2025, and 2026, respectively [2][3] Strategic Initiatives - The company is actively expanding its C-end business to capture market share during the industry's downturn, with a focus on channel and inventory management to maintain stable profit margins [1] - The company has completed the acquisition of a pesticide formulation factory in Texas, USA, to accelerate its market expansion in the U.S. [1]
24Q1业绩基本符合预期，战略规划稳步推进带来长期增长动力