hailir(SH:603639)2024-04-30 05:32Investment Rating - The report maintains an "Outperform" rating for the company [4] Core Views - The company reported a revenue of 4.398 billion yuan for 2023, a year-on-year decrease of 3%, while the net profit attributable to shareholders was 473 million yuan, an increase of 2.9% year-on-year [4] - The company plans to distribute a cash dividend of 5 yuan per 10 shares, with a cash dividend ratio of 35.93% [4] - The construction of the Hengning base is progressing steadily, which is expected to support future growth [4] Financial Summary - For 2023, the company achieved a revenue of 4.398 billion yuan and a net profit of 473 million yuan, with a gross margin of 31.0% and a net margin of 10.8% [10][22] - The first quarter of 2024 saw a revenue of 1.147 billion yuan, a year-on-year decrease of 6.7%, and a net profit of 91 million yuan, a year-on-year decrease of 40.4% [10][22] - The company’s projected net profits for 2024, 2025, and 2026 are 456 million yuan, 569 million yuan, and 735 million yuan respectively, with corresponding price-to-earnings ratios of 12, 9, and 7 [10][22] Business Performance - The company's pesticide business faced challenges in 2023, with a sales volume of 55,200 tons, an increase of 18% year-on-year, but revenue decreased by 4% to 4.293 billion yuan [4] - The average price of pesticide products fell by 18% year-on-year, impacting overall revenue [4] - The company is expected to launch new products in the coming two years, which will inject new growth momentum [4]