Investment Rating - The investment rating for the company is "Accumulate" (maintained) [1] Core Views - The company's performance in 2024 was significantly impacted by credit impairment losses, with a forecast of continued growth in 2025 [1] - Revenue is expected to grow substantially, with a projected total revenue of 1,256.63 million yuan in 2025, reflecting a year-on-year increase of 27.76% [1] - The net profit attributable to the parent company is forecasted to rebound sharply in 2025, reaching 41.06 million yuan, a significant increase of 416.59% compared to 2024 [1] - The company aims to enhance its market position by leveraging its state-owned background to secure more project orders and expand its operations across various sectors of the agricultural industry [8] Financial Summary - Total revenue for 2023 was 749.57 million yuan, with a year-on-year growth of 13.59% [1] - The company reported a net profit of 33.29 million yuan in 2023, which is a decrease of 32.85% compared to the previous year [1] - The earnings per share (EPS) for 2024 is projected to be 0.03 yuan, with a significant increase to 0.16 yuan in 2025 [1] - The price-to-earnings (P/E) ratio is expected to decrease from 279.32 in 2024 to 54.07 in 2025, indicating improved valuation as earnings recover [1] - The company’s gross margin is projected to slightly decline due to increased competition, with a gross margin of 15.49% in 2024 [9]