晨光生物：多产品共振筑底，新一季有望改善

Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected price increase of over 15% relative to the industry index in the next six months [1][13]. Core Views - The company is experiencing a multi-product resonance that is expected to stabilize and improve in the upcoming season. Despite a decline in revenue and net profit in the first half of 2024, the company is positioned for recovery with a focus on cost advantages and market expansion [1][5]. - The company has a strong market position in the plant extract sector, with stable development of key products and a robust growth trajectory for scalable varieties. The ongoing construction of overseas planting bases is anticipated to further reduce costs and enhance competitive advantages [5][6]. Financial Summary - Revenue: The company reported a revenue of 6,872 million yuan in 2023, with a projected slight decrease to 6,817 million yuan in 2024, followed by an increase to 7,839 million yuan in 2025 and 9,564 million yuan in 2026 [1][6]. - Net Profit: The net profit for 2023 was 480 million yuan, expected to drop significantly to 257 million yuan in 2024, before recovering to 426 million yuan in 2025 and 546 million yuan in 2026 [1][6]. - EPS: The earnings per share (EPS) are projected to be 0.48 yuan in 2024, increasing to 0.80 yuan in 2025 and 1.03 yuan in 2026 [1][6]. - ROE: The return on equity (ROE) is expected to decline to 6.3% in 2024, with a recovery to 9.6% in 2025 and 11.1% in 2026 [1][6]. - P/E Ratio: The price-to-earnings (P/E) ratios are projected to be 15.6x in 2024, 9.4x in 2025, and 7.3x in 2026 [1][6]. Product Performance - The plant extract business saw a revenue increase of 9.28% year-on-year, while the cottonseed business experienced a revenue decline of 13.61%. The overall sales performance of key products remains stable, although profit margins are under pressure due to pricing impacts [2][5]. - The company has successfully updated its inventory and achieved record sales in feed-grade lutein, with a significant increase in overseas raw material sourcing expected to enhance cost advantages [2][5].