Investment Rating - The investment rating for the company is "Accumulate" [1] Core Views - The company is experiencing a significant increase in revenue due to the continuous expansion into new markets, particularly in the southwest region of China, driven by government initiatives for high-standard farmland construction [7] - The company reported a total revenue of 302 million yuan in H1 2025, a year-on-year increase of 5.80%, while the net profit attributable to shareholders decreased by 47.05% to 5.27 million yuan, primarily due to credit impairment losses [7] - The company is actively developing a smart agriculture platform and expanding its market presence, including new ventures in Hubei and enhanced operations in several provinces [7] Financial Summary - Total revenue projections for the company are as follows: 2023A: 749.57 million yuan, 2024A: 983.58 million yuan, 2025E: 1,218.07 million yuan, 2026E: 1,509.00 million yuan, and 2027E: 1,809.83 million yuan, with year-on-year growth rates of 13.59%, 31.22%, 23.84%, 23.88%, and 19.94% respectively [1] - The net profit attributable to shareholders is projected to be 33.29 million yuan in 2023A, 7.95 million yuan in 2024A, 41.01 million yuan in 2025E, 53.43 million yuan in 2026E, and 67.12 million yuan in 2027E, with significant growth expected in 2025 [1] - The company's earnings per share (EPS) is forecasted to be 0.13 yuan in 2023A, 0.03 yuan in 2024A, 0.16 yuan in 2025E, 0.20 yuan in 2026E, and 0.26 yuan in 2027E [1]

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]