CCGB(300138) 华鑫证券·2025-04-09 05:23Investment Rating - The report maintains a "Buy" investment rating for the company [1] Core Views - The company reported a total revenue of 6.994 billion yuan in 2024, a year-on-year increase of 2%, but the net profit attributable to shareholders decreased by 80% to 94 million yuan due to asset impairment losses in the cottonseed business [4][9] - The first quarter of 2025 is expected to show a significant recovery, with net profit projected to be between 90 to 120 million yuan, representing a year-on-year increase of 133% to 211% [4][9] - The company is adjusting its operational strategy to mitigate losses from cottonseed products and is expected to see continuous improvement in profitability in 2025 [6][9] Summary by Sections Financial Performance - In 2024, the company's gross margin decreased by 4 percentage points to 7.96%, primarily due to a decline in raw material and product prices [5] - The revenue from cottonseed products in 2024 was 3.475 billion yuan, down 2% year-on-year, with a gross margin decrease of 3 percentage points to 0.18% [6] - The plant extraction business generated revenue of 3.129 billion yuan in 2024, an increase of 8% year-on-year, with expectations for continued growth in 2025 [7] Profitability Forecast - The report forecasts earnings per share (EPS) for 2025-2027 to be 0.73, 0.94, and 1.07 yuan respectively, with corresponding price-to-earnings (PE) ratios of 16, 12, and 11 times [9][11] - The company is expected to see a recovery in profitability as raw material prices stabilize and operational strategies are refined [9] Market Position and Strategy - The company is focusing on enhancing its main product advantages and rapidly expanding its product lineup, particularly in the plant extraction segment [7] - The strategy includes strict execution of procurement based on order profitability, which is anticipated to improve the cottonseed business's profit margins in 2025 [6][9]