Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected stock price increase of over 15% relative to the industry index in the next six months [5][18]. Core Views - The company is experiencing a performance recovery that exceeds expectations, with growth potential still present in the mid-term [1]. - The recovery in the cottonseed business is a significant factor contributing to the strong performance in the first half of the year, supported by favorable market conditions [2]. - The company is positioned as a leader in the plant extract sector, with stable profitability from key products and a strategic plan that is progressing steadily [9]. Financial Summary - **Revenue Forecast**: The company expects to achieve revenues of 6,872 million yuan in 2023, with a growth rate of 9.1%. Projections for 2024 and 2025 show revenues of 6,994 million yuan and 7,064 million yuan, respectively, with growth rates of 1.8% and 1.0% [1]. - **Net Profit**: The forecasted net profit for 2023 is 480 million yuan, with a year-on-year growth of 10.5%. However, a significant drop is expected in 2024, with a projected net profit of 94 million yuan, reflecting an 80.4% decline. A recovery is anticipated in 2025, with a net profit of 346 million yuan, representing a growth of 268.1% [1]. - **Earnings Per Share (EPS)**: The latest diluted EPS is projected to be 0.99 yuan in 2023, dropping to 0.19 yuan in 2024, and recovering to 0.72 yuan in 2025 [1][9]. - **Price-to-Earnings (P/E) Ratio**: The P/E ratio is expected to be 13.7 in 2023, soaring to 70.0 in 2024, and then stabilizing at 19.0 in 2025 [1][9]. Market Conditions - The cottonseed market is showing a stable upward trend, which has positively impacted the company's performance in the first half of the year [2]. - The company is expected to benefit from multiple growth drivers, including increased product volume, improved efficiency in overseas plantations, and a growing demand for health products [2].