CCGB(300138) 新浪财经·2025-05-09 02:48Core Viewpoint - In Q1 2025, the company reported a total revenue of 1.716 billion yuan, a slight decrease of 1% year-on-year, while the net profit attributable to shareholders increased significantly by 184% to 109 million yuan, indicating strong profitability improvement despite a slight revenue decline [1] Group 1: Financial Performance - The company's gross margin increased by 6 percentage points to 14.16%, primarily due to a significant decrease in raw material procurement costs, which enhanced profit margins [2] - The net profit margin rose by 5 percentage points to 6.48%, reflecting the company's ability to capitalize on low-cost raw materials and achieve high production efficiency, with multiple product sales reaching historical highs for the same period [2] Group 2: Business Segments - Revenue from the cottonseed business was 760 million yuan, a decrease of 9% year-on-year, mainly due to accounting standard adjustments; however, the business turned profitable due to market recovery and strict locking strategies [3] - The revenue from the plant extraction business increased by 14% to 867 million yuan, with significant growth in various product categories, including a 50% increase in food-grade lutein sales [3] - The company is actively promoting trial planting of marigold in Myanmar to enhance raw material cost advantages, and the new health food production line is expected to be operational in H2 2025, potentially expanding total capacity by 50% [3] Group 3: Profit Forecast - The company expects stable raw material prices and plans to continue strict locking strategies to mitigate price volatility risks, with rapid sales growth across various categories and ongoing improvement in core operations [4] - Earnings per share (EPS) are projected to be 0.73, 0.94, and 1.07 yuan for 2025-2027, with corresponding price-to-earnings (PE) ratios of 16, 12, and 11 times, maintaining a "buy" investment rating [4]