国光股份：植物生长调节剂行业龙头，作物全程方案发展空间广阔

Investment Rating - The report assigns an "Outperform" rating to the company for the first time [6]. Core Views - The company is a leader in the plant growth regulator industry with over 30 years of operational history, holding more than 130 registration certificates, which accounts for approximately 8% of the national total [2]. - The company has demonstrated stable operations and a commitment to shareholder returns, with a continuous and stable dividend distribution policy, achieving a dividend payout ratio of 79.87% in 2023 [1][27]. - The introduction of a comprehensive crop solution centered on plant growth regulators is expected to drive significant growth, with a target of promoting the solution across 1 million acres in 2024 [3]. Summary by Sections Company Overview - The company is a family-owned enterprise specializing in the research, production, and sales of plant growth regulators and high-efficiency water-soluble fertilizers [19]. - It has established itself as the largest enterprise in terms of sales and registration certificates in the domestic plant growth regulator market [2]. Financial Performance - From 2015 to 2023, the company's revenue grew from 605 million to 1.86 billion, with a CAGR of 15.07%, while net profit increased from 134 million to 302 million, with a CAGR of 10.69% [30]. - The company achieved a net profit of 302 million in 2023, a year-on-year increase of 165.89% [30]. Profitability and Margins - The company's gross margin has improved significantly, recovering to 49.92% in the first half of 2024, following a period of decline due to rising raw material prices [2][32]. - The plant growth regulator segment has shown robust growth, with revenue increasing from 426 million to 791 million from 2020 to 2023, representing an 85.52% growth [36]. Future Outlook - The company forecasts net profits of 365 million, 430 million, and 501 million for 2024, 2025, and 2026, respectively, with diluted EPS projected at 0.84, 0.99, and 1.15 [3]. - The stock is considered to have a valuation range of 15.96 to 17.64, indicating a potential upside of 12% to 23.79% compared to the current price of 14.25 [3].