== 农林牧渔 2025 年 08 月 26 日 晨光生物 (300138) 业绩符合预期，植提新品变化积极 报告原因: 有业绩公布需要点评 撸持(维持) 联系人 王子昂 (8621)23297818× wangza@swsresearch.com | 市场数据: | 2025年08月25日 | | --- | --- | | 收盘价（元） | 14.20 | | 一年内最高/最低（元） | 14.44/6.91 | | 市净率 | 2.1 | | 股息率%（分红/股价） | 0.92 | | 流通 A 股市值(百万元) | 5,656 | | 上证指数/深证成指 | 3,883.56/12,441.07 | 注："股息率"以最近一年已公布分红计算 | 基础数据: | 2025年06月30日 | | --- | --- | | 每股净资产 (元) | 6.75 | | 资产负债率% | 64.40 | | 总股本/流通 A 股 (百万) | 483/398 | | 流通 B 股/H 股 (百万) | | 年内股价与大盘对比走势： 相关研究 证券分析师 몸昌 A0230516010001 lvchang@sws ...

Core Viewpoint - The company reported a slight decline in revenue but a significant increase in net profit and earnings per share, indicating strong operational efficiency and profitability despite revenue challenges [1][2]. Financial Performance - In Q1 2025, the company achieved revenue of 1.716 billion yuan, a year-on-year decrease of 0.9% [1]. - The net profit attributable to shareholders was 109 million yuan, reflecting a year-on-year increase of 183.7% [1]. - Basic earnings per share (EPS) reached 0.2266 yuan, up 212.6% year-on-year [1]. Business Segment Analysis - The cottonseed business has returned to normal operations, while the plant extraction business has exceeded expectations [2]. - The plant extraction segment generated revenue of 867 million yuan, a year-on-year increase of 13.8%, with a gross margin improvement of 2.15 percentage points [2]. - The cottonseed segment reported revenue of 760 million yuan, a year-on-year decrease of 9.5%, with a gross margin of approximately 6.1% [2]. Market Strategy - The company adopted a strategy of "price for volume," leading to increased sales volume and revenue growth in various product lines [3]. - The price of chili red pigment significantly decreased, resulting in a revenue increase of approximately 7% due to volume elasticity [3]. - The company capitalized on domestic raw material cost advantages to expand into overseas markets, with chili extract sales doubling and contributing to a revenue increase of about 24% [3]. Long-term Outlook - The company is focused on long-term advantages, expanding overseas planting bases, and making breakthroughs in new businesses such as traditional Chinese medicine and health products [3]. - The company anticipates maintaining high growth rates in performance as major products return to a cyclical uptrend [3]. Investment Recommendation - The company is a leading player in the plant extract sector, with stable profitability in key products and a strong growth trajectory in market share [4]. - The ongoing construction of the Zambia plantation is expected to further reduce costs, and the health product business shows significant potential for growth [4]. - Projected EPS for 2025-2027 is 0.67, 0.83, and 1.00 yuan, with corresponding price-to-earnings ratios of 16.3X, 13.1X, and 10.9X, maintaining a "buy" rating [4].