Investment Rating - The report maintains a "Neutral" investment rating for the company [1]. Core Views - The company reported a slight improvement in Q3 performance, with Q3 revenue of 112 million yuan, a year-on-year decrease of 6.51%, and a net profit attributable to shareholders of 7.735 million yuan, down 21.29% year-on-year [1]. - The overall gross margin for Q3 was 21.50%, indicating some recovery compared to Q2, but the company has not yet returned to the performance levels of the past two years [1]. - The decline in the corn seed business is attributed to industry sluggishness and product replacement, with supply expected to exceed demand in 2024 [1]. - The company is in the process of promoting new products, which may help it gradually recover from the current downturn as industry conditions improve [1]. - The peanut and wheat businesses are expected to improve as the peak sales season approaches [1]. - The seed industry is supported by national policies, and leading companies are expected to continue growing, benefiting from government support [1]. - The company has adjusted its revenue forecasts for 2024-2026, expecting revenues of 467 million yuan, 440 million yuan, and 445 million yuan, with corresponding net profits of 5 million yuan, 12 million yuan, and 30 million yuan [1][3]. Financial Summary - For 2023, the company reported revenue of 534.24 million yuan, with a growth rate of 22.10%. The forecast for 2024 is a revenue of 467.32 million yuan, reflecting a decrease of 12.53% [3]. - The net profit for 2023 was 79.42 million yuan, with a profit growth rate of 28.68%. The forecast for 2024 shows a significant drop to 4.98 million yuan, a decrease of 93.73% [3]. - The earnings per share (EPS) for 2023 was 0.48 yuan, with a forecasted EPS of 0.03 yuan for 2024 [3].

Investment Rating - The investment rating for the company is "Accumulate" (maintained) [1] Core Views - The company's revenue and net profit showed some recovery in Q3 2024, with Q3 revenue at 112 million yuan, a year-on-year decrease of 6.51% but a quarter-on-quarter increase of 567.63%. The net profit for Q3 was 13 million yuan, a year-on-year increase of 23.69% and a quarter-on-quarter increase of 330.17% [2][3] - The company is actively expanding its product range to drive steady growth, increasing R&D investment to meet diverse market demands and maintain market share amid intensifying competition [3] - Due to increased market competition, the company's profit forecasts for 2024, 2025, and 2026 have been slightly adjusted downwards, with expected net profits of 72 million yuan, 80 million yuan, and 90 million yuan respectively [3] Financial Performance Summary - For 2024, the company is projected to have total revenue of 514.24 million yuan, a year-on-year decrease of 3.74%, and a net profit of 71.78 million yuan, a year-on-year decrease of 9.62% [1][3] - The company's earnings per share (EPS) for 2024 is expected to be 0.43 yuan, with a price-to-earnings (P/E) ratio of 28.86 based on the current price [1][3] - The company has maintained stable expense ratios despite increased R&D spending, with sales, management, R&D, and financial expense ratios at 8.10%, 4.76%, 2.45%, and -0.73% respectively [2]

Financial Performance - Operating revenue for the first nine months of 2024 decreased by 28.63% to CNY 163,495,540.75, down from CNY 229,089,960.59 in the same period of 2023[4] - Net profit attributable to shareholders decreased by 48.88% to CNY 9,215,462.95 for the first nine months of 2024, compared to CNY 18,028,069.18 in 2023[4] - The company's weighted average return on equity based on net profit attributable to shareholders was 1.73%, down from 3.70% in the previous year[4] - The company's operating revenue for the first nine months of 2024 was ¥104,196,102.61, a decrease of 34.3% compared to ¥158,561,674.50 in the same period of 2023[24] - Operating profit for the first nine months of 2024 was -¥4,727,022.63, compared to a profit of ¥9,191,713.36 in the same period of 2023, indicating a significant decline[24] - The net profit for the first nine months of 2024 was -¥4,677,028.42, a stark contrast to the net profit of ¥11,220,998.94 in the same period of 2023[24] - The company's total profit for the first nine months of 2024 was -¥4,677,028.42, compared to ¥11,220,998.94 in 2023, indicating a significant downturn in profitability[24] Cash Flow - The company reported a net cash flow from operating activities of CNY -36,732,633.07 for the third quarter of 2024, a decline of 188.80% compared to CNY 41,366,288.63 in the same period of 2023[4] - Cash flow from operating activities decreased by 56.92% to ¥21,861,059.93, primarily due to reduced cash received from sales of goods and services[6] - Operating cash inflow for the first nine months of 2024 was CNY 304,233,973.83, a decrease of 22.8% compared to CNY 394,215,133.55 in the same period of 2023[26] - Net cash flow from operating activities for the first nine months of 2024 was CNY 21,861,059.93, down 56.9% from CNY 50,739,456.62 in the previous year[26] - Cash inflow from sales of goods and services for the first nine months of 2024 was CNY 285,967,555.25, down 25.5% from CNY 383,402,255.03 in 2023[26] - The ending cash and cash equivalents balance for the first nine months of 2024 was CNY 270,962,199.95, down from CNY 301,323,826.00 in 2023, a decrease of 10.1%[27] Assets and Liabilities - Total assets increased by 16.15% to CNY 887,787,063.47 as of September 30, 2024, compared to CNY 764,348,367.35 at the end of 2023[4] - Total liabilities reached ¥368,103,179.99, compared to ¥220,839,946.82, reflecting an increase of approximately 66.7%[17] - The company's equity decreased to ¥519,683,883.48 from ¥543,508,420.53, a decline of about 4.4%[17] - Total assets reached CNY 874,064,698.42, an increase of 15.9% compared to CNY 754,540,345.76[20] - Total liabilities increased to CNY 358,240,867.61, up 78.2% from CNY 200,999,486.53[19] Research and Development - Research and development expenses increased by 47.18% to CNY 10,037,379.72, reflecting the company's commitment to enhancing research capabilities[5] - Research and development expenses increased to ¥9,563,330.79 in 2024 from ¥6,254,670.33 in 2023, reflecting a growth of 53.7%[24] Investments - The company’s financial assets increased by 160.11% to CNY 130,054,000.00 due to the purchase of financial products during the reporting period[5] - Investment income increased to ¥2,215,752.28, a rise of 143.61% due to increased financial management income[6] - Cash inflow from investment activities increased significantly to CNY 730,550,933.47 in 2024, compared to CNY 311,024,114.30 in 2023, marking a growth of 134.0%[26] - Cash inflow from the recovery of investments was CNY 719,213,000.00 in 2024, significantly higher than CNY 310,000,000.00 in 2023, reflecting a growth of 132.5%[28] Shareholder Information - The total number of unrestricted shares increased to 160,561,325, representing 97.19% of total shares[8] - The company distributed dividends amounting to ¥33,040,000.00, an increase of 33.33% compared to the previous period[6] - The company has no pledged or judicially frozen shares among its top ten shareholders[11]

证券代码：831087 证券简称：秋乐种业 公告编号：2024-072 河南秋乐种业科技股份有限公司 第四届董事会第二十二次会议决议公告 本公司及董事会全体成员保证公告内容的真实、准确和完整，没有虚假记 载、误导性陈述或者重大遗漏，并对其内容的真实性、准确性和完整性承担个 别及连带法律责任。 7.召开情况合法、合规、合章程性说明： 本次会议的召集与召开、议案的审议程序等，均符合《公司法》《公司章 程》及相关法律、法规、规范性文件的规定。 一、会议召开和出席情况 （一）会议召开情况 1.会议召开时间：2024 年 10 月 25 日 2.会议召开地点：公司三楼会议室 3.会议召开方式：现场+通讯会议 4.发出董事会会议通知的时间和方式：2024 年 10 月 22 日以电话、书面相结 合方式发出 5.会议主持人：董事长侯传伟 6.会议列席人员：公司第四届董事会董事、监事、高级管理人员 本议案无需提交股东大会审议。 （二）会议出席情况 会议应出席董事 9 人，出席和授权出席董事 9 人。 董事覃坤因工作原因以通讯方式参与表决。 二、议案审议情况 （一）审议通过《公司 2024 年第三季度报告的议案》 1.议案内容 ...

证券代码：831087 证券简称：秋乐种业 公告编号：2024-073 2.会议召开地点：公司三楼会议室 3.会议召开方式：现场+通讯会议 4.发出监事会会议通知的时间和方式：2024 年 10 月 22 日以书面和通讯结合方式 发出 河南秋乐种业科技股份有限公司 第四届监事会第二十次会议决议公告 本公司及监事会全体成员保证公告内容的真实、准确和完整，没有虚假记 载、误导性陈述或者重大遗漏，并对其内容的真实性、准确性和完整性承担个 别及连带法律责任。 一、会议召开和出席情况 （一）会议召开情况 1.会议召开时间：2024 年 10 月 25 日 5.会议主持人：监事会主席赵博 6.召开情况合法、合规、合章程性说明： 本次会议的召集与召开、议案的审议程序等，均符合《公司法》《公司章 程》及相关法律、法规、规范性文件的规定。 （二）会议出席情况 会议应出席监事 5 人，出席和授权出席监事 5 人。 监事王世杰、张昊飞因工作原因以通讯方式参与表决。 二、议案审议情况 （一）审议通过《公司 2024 年第三季度报告的议案》议案 1.议案内容： 具体内容详见公司于同日在北京证券交易所信息披露平台（www.bse.cn） ...

证券代码：831087 证券简称：秋乐种业 公告编号：2024-070 河南秋乐种业科技股份有限公司 关于使用闲置自有资金购买理财产品进展的公告 本公司及董事会全体成员保证公告内容的真实、准确和完整，没有虚假记 载、误导性陈述或者重大遗漏，并对其内容的真实性、准确性和完整性承担个 别及连带法律责任。 一、 授权委托理财情况 （一）审议情况 河南秋乐种业科技股份有限公司（以下简称"公司"）于 2024 年 4 月 17 日召开第四届董事会第十九次会议审议通过了《关于使用闲置自有资金购买理 财产品的议案》，在确保日常经营资金需求和资金安全的前提下，公司拟使用 闲置自有资金不超过人民币 2 亿元进行委托理财。相关内容详见公司在北京证 券交易所（www.bse.cn）披露的《河南秋乐种业科技股份有限公司关于使用自 有闲置资金购买理财产品的公告》（公告编号：2024-021）。 （二）披露标准 根据《北京证券交易所股票上市规则（试行）》相关规定，交易的成交金额 占上市公司最近一期经审计净资产的 10%以上，且超过 1,000.00 万元的，应当 予以披露；上市公司连续 12 个月滚动发生理财的，以该期间最高余额为成交 ...

Investment Rating - The report maintains an "Accumulate" investment rating for the company, indicating a projected relative increase of 5% to 15% compared to the CSI 300 index over the next six months [2][14]. Core Insights - The company's performance in the first half of 2024 fell short of expectations, with a significant decline in revenue and a shift to net losses. The company reported a revenue of 51.79 million yuan, down 52.75% year-on-year, and a net loss attributable to shareholders of 4.27 million yuan, compared to a profit in the previous year [2][3]. - The corn seed market is experiencing oversupply, leading to increased returns of corn seeds and a decline in revenue. The average price of corn in China dropped to 2,389 yuan per ton, marking a decrease of 13.22% quarter-on-quarter and 14.59% year-on-year, the lowest since October 2020 [2][3]. - The company is increasing its research and development (R&D) investments to maintain its core competitiveness, with R&D expenses amounting to 7.30 million yuan, representing 14.10% of revenue, an increase of 66.16% year-on-year [3]. Financial Performance Summary - For the first half of 2024, the company reported: - Revenue from corn seeds: 12.14 million yuan, down 82.07% year-on-year, with a gross margin of 12.38% [3]. - Revenue from peanut seeds: 34.36 million yuan, down 11.08% year-on-year, with a gross margin of 18.18% [3]. - Revenue from wheat seeds: 2.51 million yuan, with a gross margin of 20.68% [3]. - The company forecasts net profits of 3.9 million yuan, 6.3 million yuan, and 8.6 million yuan for 2024, 2025, and 2026 respectively, with corresponding earnings per share (EPS) of 0.23 yuan, 0.38 yuan, and 0.52 yuan [3][5]. Market Context - The corn seed industry is facing a challenging environment with strong supply and weak demand, leading to price declines. The report anticipates a potential balance in supply and demand in the third quarter of 2024 [2][3]. - The report highlights the ongoing commercialization of biotechnology in breeding, which may provide growth opportunities for related seed companies in the future [2].

证券代码：831087 证券简称：秋乐种业 公告编号：2024-069 河南秋乐种业科技股份有限公司 关于使用部分闲置募集资金进行现金管理的进展公告 本公司及董事会全体成员保证公告内容的真实、准确和完整，没有虚假记 载、误导性陈述或者重大遗漏，并对其内容的真实性、准确性和完整性承担个 别及连带法律责任。 公司本次以部分闲置募集资金购买银行产品的金额合计 3,000 万元。截至 本公告日，公司闲置募集资金现金管理的未到期产品余额为人民币 3,000 万 元。 二、 本次委托理财情况 | 受托方 | | 产品名 | 产品金 | 预计年化 | 产品 | 收益 | 投资 | 资金 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 名称 | 产品类型 | 称 | 额（万 | 收益率 | 期限 | 类型 | 方向 | 来源 | | | | 共赢慧 | 元） | （%） | | | | | | 中信银 | | 信汇率 | | | | | | | | | | 挂钩人 | | | | | 银行 | | | 行股份 | 银行结 | | | | | 保本 | | ...

Investment Rating - The investment rating for the company is "Accumulate" (maintained) [1] Core Views - The company's performance in H1 2024 has declined due to a significant drop in revenue and net profit, primarily attributed to low corn grain prices and a surplus in the corn seed market, leading to increased returns of corn seeds [2] - The overall market is characterized by oversupply, resulting in decreased sales of corn and soybean seeds, which has negatively impacted revenue [2] - The company has increased its R&D investment, which has slightly raised its expense ratios, indicating a commitment to enhancing its research capabilities [2] - Future profit forecasts have been adjusted downward due to intensified market competition, with expected net profits for 2024, 2025, and 2026 being 0.83 billion, 0.87 billion, and 0.98 billion respectively, reflecting growth rates of 4%, 6%, and 12% [2] Summary by Sections Financial Performance - In H1 2024, the company reported total revenue of 0.52 billion, a year-on-year decrease of 52.75%, and a net profit of -0.04 billion, down 159.89% [2] - The gross margin for H1 2024 was 17.67%, a decrease of 11.66 percentage points year-on-year, with corn seed and peanut seed gross margins at 12.38% and 18.18% respectively [2] Revenue Breakdown - Revenue from corn seeds and peanut seeds in H1 2024 was 0.12 billion and 0.34 billion, representing declines of 82.07% and 11.08% year-on-year [2] R&D and Expenses - The company has increased its R&D expenses, with sales, management, R&D, and financial expense ratios rising year-on-year [2] Profit Forecasts - The revised profit forecasts for the company indicate a net profit of 0.83 billion in 2024, 0.87 billion in 2025, and 0.98 billion in 2026, with growth rates of 4%, 6%, and 12% respectively [2]

证券代码：831087 证券简称：秋乐种业 公告编号：2024-063 河南秋乐种业科技股份有限公司 第四届董事会第二十一次会议决议公告 本公司及董事会全体成员保证公告内容的真实、准确和完整，没有虚假记 载、误导性陈述或者重大遗漏，并对其内容的真实性、准确性和完整性承担个 别及连带法律责任。 一、会议召开和出席情况 （一）会议召开情况 1.会议召开时间：2024 年 8 月 26 日 2.会议召开地点：公司三楼会议室 3.会议召开方式：现场＋通讯会议 4.发出董事会会议通知的时间和方式：2024 年 8 月 16 日以电话、书面相结 合方式发出 5.会议主持人：董事长侯传伟 6.会议列席人员：公司第四届董事会董事、监事、高级管理人员 7.召开情况合法、合规、合章程性说明： 本次会议的召集与召开、议案的审议程序等,均符合《公司法》《公司章程》 及相关法律、法规、规范性文件的规定。 （二）会议出席情况 会议应出席董事 9 人，出席和授权出席董事 9 人。 董事覃坤因工作原因以通讯方式参与表决。 二、议案审议情况 （一）审议通过《关于公司 2024 年半年度报告及摘要的议案》 1.议案内容： 根据北京证券交易所相关 ...