We forecast that the company's net profit from 2023-2025 will be 434 million yuan, 564 million yuan, 649 million yuan, and EPS will be 0.44 yuan, 0.57 yuan, and 0.65 yuan. Referring to companies in the same industry and considering the growth brought by the company's blueberry business, we gave the company a certain valuation premium. We gave the company 22 times PE in 2024, corresponding to the target price of 12.54 yuan, maintaining the “superior to the market” rating.

Risk warning

Fluctuations in blueberry prices

Extreme weather effects

Land construction progress falls short of expectations

Macroeconomic Fluctuations