NOPOSION(SZ:002215)2024-03-03 08:16Group 1: Business Overview - The pesticide sector is experiencing a peak season with recovering demand, leading to an expected increase in gross profit margins due to raw material price influences [1] - The blueberry segment is currently in peak season, with 6,200 tons shipped by February 27, 2024, and stable pricing observed [1] - Daily blueberry picking volume is approximately 200 tons, with the Hainan dragon fruit entering its peak harvesting season in Q1 and Q2 [2] Group 2: Production and Yield Expectations - The expected yield for Q1 2024 from the Yunnan region is stable, with a forecast of 9,000 tons, and the total season yield expected to exceed 20,000 tons [2] - The proportion of early spring blueberry yield in Q1 has increased from around 25% last year to 40-50% this year due to early promotion techniques and adjustments in planting structure [2] - The total planting area for blueberries is expected to exceed 30,000 acres by the 2025 season, with ongoing efforts to acquire suitable land for expansion [3] Group 3: Cost and Pricing Dynamics - Overall costs for the 2024 season are anticipated to rise due to increased scale and enhanced quality control measures, with an estimated cost of 38,000 yuan per ton [3] - The current firmness in blueberry prices is attributed to stable shipments during the Spring Festival and a lack of competitive pressure from other seasonal fruits [3] Group 4: Brand and Sales Strategy - The company is focusing on two main brands, "Midea Blue" and "Aimei Zhuang," with dedicated marketing centers established to strengthen market share [4] - The sales channel structure is dynamic, primarily involving key accounts (KA), regional distributors, and wholesale markets, with a shift towards KA customers as market acceptance increases [5] - The proportion of patented varieties in production is expected to rise, with 70-80% of the 20,000 acres planted this year being patented varieties, which are associated with higher quality and prices [5] Group 5: Market Challenges and Future Outlook - Land transfer difficulties and high compensation fees for clearing orchards are significant challenges for expansion, with limited availability of large-scale land for new bases [5] - The company is exploring new crop varieties but remains focused on enhancing blueberry cultivation, processing, and marketing capabilities [4]