NOPOSION(SZ:002215) EBSCN·2024-05-08 00:32Investment Rating - The report maintains an "Accumulate" rating for the company, indicating a positive outlook for its long-term development [1][14]. Core Views - The company reported a revenue of 4.12 billion yuan for 2023, a decrease of 3.41% year-on-year, and a net profit attributable to shareholders of 236 million yuan, down 28.26% year-on-year. However, the Q1 2024 results showed significant improvement with a revenue of 1.83 billion yuan, up 35.76% year-on-year, and a net profit of 454 million yuan, an increase of 108.03% year-on-year [1]. - The fresh consumption business has shown remarkable growth, with a year-on-year revenue increase of 278.76% in 2023, driven by the strategic focus on blueberries and successful production and sales tasks [1]. - The company is the largest pesticide formulation enterprise in China and is expanding its high-end planting industry, which is expected to open a second growth curve [1]. Summary by Sections Financial Performance - In 2023, the company achieved a revenue of 4.12 billion yuan and a net profit of 236 million yuan. The Q4 2023 revenue was 1.06 billion yuan, showing a 0.08% year-on-year increase and a 107.03% quarter-on-quarter increase [1]. - For Q1 2024, the company reported a revenue of 1.83 billion yuan, a 35.76% year-on-year increase, and a net profit of 454 million yuan, reflecting a 108.03% year-on-year increase [1]. Business Segments - The pesticide formulation business saw a revenue decline of 10.56% year-on-year, while the fresh consumption business experienced a significant revenue increase of 278.76% year-on-year [1]. - The company has a strong focus on blueberries as a strategic crop, with plans to expand production areas and enhance marketing channels [1]. Capacity and Product Registration - As of the end of 2023, the company had a total production capacity of 2.6 million tons for insecticides, 1.8 million tons for fungicides, and 2.5 million tons for herbicides, among others [1]. - The company holds 1,467 pesticide product registration certificates, covering major pests and diseases affecting key crops [1]. Profit Forecast and Valuation - The report maintains profit forecasts for 2024-2025 and introduces a forecast for 2026, expecting net profits of 619 million yuan, 770 million yuan, and 859 million yuan respectively [1].