HUILONG(002556) 新浪财经·2025-04-25 06:40Core Insights - The company reported a revenue of 15.652 billion RMB for FY 2024, a decrease of 12% year-on-year, while the net profit attributable to shareholders was 169 million RMB, an increase of 121% year-on-year [1] - For Q1 2025, the company achieved a revenue of 3.664 billion RMB, a decrease of 4% year-on-year, with a non-recurring net profit of 53 million RMB, a significant increase of 240% year-on-year [1] - The company plans to distribute a cash dividend of 2 RMB per 10 shares to all shareholders [1] Financial Performance - FY 2024 revenue breakdown: Agricultural inputs 11.6 billion RMB, fine chemicals 1.2 billion RMB, and agricultural by-products and others 2.4 billion RMB, with year-on-year changes of -10%, +7%, and +7% respectively [1] - Gross margin for agricultural inputs, fine chemicals, and agricultural by-products was 5%, 17%, and 4%, with year-on-year changes of +0.7 percentage points, +5.7 percentage points, and -1.9 percentage points respectively [1] Business Strategy - The company is focusing on technological upgrades, capacity expansion, and cost reduction to enhance efficiency, with a recovery in the fertilizer industry [1] - The agricultural input and fine chemical sectors are expected to benefit from stable core channel resources and a solid distribution network, particularly during the spring plowing season [1] - The company is implementing a strategy of "deepening domestic and expanding overseas" in its pesticide business and enhancing its agricultural service system [2] Future Outlook - The company aims to strengthen collaboration and improve quality and efficiency, leveraging its integrated operations and brand advantages [2] - Key projects include the expansion of mint alcohol production capacity, biomass heating projects, and the expansion of sulfuric acid production lines [2] - Project construction is seen as a way to cultivate new growth points and stimulate new momentum [2] Investment Recommendation - The projected net profit attributable to shareholders for 2025-2027 is estimated at 200 million RMB, 270 million RMB, and 380 million RMB respectively, maintaining a "recommended" rating [3]