业绩符合预期，看好公司渠道布局

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 [12][13]. Core Views - The company's revenue for 2023 was CNY 11.485 billion, a year-on-year decrease of 20.58%, with a net profit attributable to shareholders of CNY 771 million, down 45.44% year-on-year. In Q1 2024, revenue increased by 20.59% to CNY 2.693 billion, while net profit decreased by 16.39% to CNY 153 million [3][8]. - The global demand for agricultural chemical products remains stable, with a 10.53% year-on-year increase in export volume for the relevant product category in 2023, indicating a recovery in market demand [3]. - Raw material prices have dropped significantly, with 92% of tracked products experiencing price declines, some reaching historical lows. This oversupply situation is expected to persist due to increased production capacity in China and India [3][8]. - The company is enhancing its global marketing network, aiming to establish a "Rapid Market Entry Platform" in major markets by 2024, excluding the US, Canada, and Japan, and to expand its B-C business in at least 25 new target countries by the end of 2024 [3]. Summary by Sections Performance Overview - 2023 revenue: CNY 11.485 billion, down 20.58% year-on-year - 2023 net profit: CNY 771 million, down 45.44% year-on-year - Q1 2024 revenue: CNY 2.693 billion, up 20.59% year-on-year - Q1 2024 net profit: CNY 153 million, down 16.39% year-on-year [3][8]. Market Analysis - Global agricultural chemical market demand is stable, with a 10.53% increase in export volume in 2023 [3]. - Raw material prices have significantly decreased, with 92% of products declining in price, indicating a supply surplus [3][8]. Strategic Initiatives - The company plans to complete the "Rapid Market Entry Platform" in major markets by 2024 and expand its B-C business in at least 25 new countries by the end of 2024 [3]. Profit Forecast and Valuation - Revised net profit forecasts for 2024, 2025, and 2026 are CNY 976 million (-30.68%), CNY 1.141 billion (-32%), and CNY 1.306 billion, respectively. Corresponding EPS are CNY 3.50, CNY 4.10, and CNY 4.69. The current stock price corresponds to PE ratios of 16.44, 14.06, and 12.28 for the respective years [3][8].