坚持“三调”定位，公司业绩创历史新高

Investment Rating - The report maintains a "Buy" rating for Guoguang Co., Ltd. (002749) [1] Core Views - The company achieved record high performance, with 2023 revenue reaching 1.859 billion yuan, a year-on-year increase of 12.82%, and a net profit of 302 million yuan, up 165.89% year-on-year [3][4] - In Q1 2024, the company reported revenue of 366 million yuan, a 9.25% increase year-on-year, and a net profit of 68 million yuan, up 24.24% year-on-year [3] - The company plans to distribute a cash dividend of 2.5 yuan per 10 shares (before tax) [3] - The significant increase in sales and profitability is attributed to the rigid demand for agricultural products and the rapid growth of the plant growth regulator market, with pesticide sales increasing by 24.86% in 2023 [3][4] - The company expanded its registration certificates and dealer network, acquiring 16 new registration certificates in 2023, including 10 for plant growth regulators [3][4] - Ongoing construction of production lines for high-efficiency and environmentally friendly formulations is expected to support long-term growth [3] Financial Summary - 2023 revenue was 1.859 billion yuan, with a growth rate of 12.82% [4] - 2023 net profit was 302 million yuan, with a growth rate of 165.89% [4] - Projected EPS for 2024-2026 are 0.82 yuan, 0.97 yuan, and 1.14 yuan respectively [3][4] - The company’s gross margin reached 41.69% in 2023, an increase of 3.79 percentage points year-on-year [3]