Investment Rating - The report assigns a "Buy" rating for the company, marking it as the first recommendation [1][8]. Core Insights - The company achieved a total revenue of 4.237 billion yuan in 2024, with a slight year-on-year growth of 0.32%, while the net profit attributable to shareholders reached 81 million yuan, reflecting a significant increase of 31.11% [4]. - In Q1 2025, the company reported a total revenue of 1.211 billion yuan, showing a year-on-year growth of 22.28% and a quarter-on-quarter growth of 35.57%. The net profit attributable to shareholders surged to 108 million yuan, marking a year-on-year increase of 1373.23% and a quarter-on-quarter increase of 258.81% [4]. Summary by Sections Revenue and Market Performance - The company's overall revenue remained stable in 2024, with a notable divergence between domestic and international markets. The domestic market faced pressure due to intensified competition and fluctuations in agricultural product prices, leading to a 1.30% decline in revenue. In contrast, the international market contributed 1.436 billion yuan, accounting for 33.89% of total revenue, with a year-on-year increase of 3.64% [5]. Production Capacity and Cost Management - The company has a production capacity of 132,700 tons for formulations and 110,200 tons for active ingredients, with utilization rates of 85.98% and 78.86% respectively. Although the capacity remains industry-leading, the utilization rates are relatively low. The gross margins for key products, including agricultural fungicides, insecticides, and veterinary drugs, improved year-on-year, standing at 27.54%, 15.06%, and 21.46% respectively [5]. Research and Development - The company increased its R&D investment to 162 million yuan in 2024, with a 9.56% rise in the number of R&D personnel. The establishment of a synthetic biology laboratory and the development of new products, such as herbicide intermediates and fungicides, are expected to drive future growth [6][7]. Profit Forecast - The company is projected to achieve net profits of 260 million yuan, 374 million yuan, and 462 million yuan for the years 2025, 2026, and 2027 respectively, with corresponding price-to-earnings ratios of 21.3, 14.8, and 11.9 [8][10].