Investment Rating - The investment rating for the company is "Outperform the Market" [3][11]. Core Views - The company's overseas business has declined, leading to increased foreign exchange losses and short-term pressure on profitability. For the first three quarters of 2024, the company achieved operating revenue of 2.881 billion yuan, a year-on-year decrease of 14.46%, primarily due to intensified competition in the domestic and international corn seed markets and persistently low grain prices. The net profit attributable to the parent company was -475 million yuan, a year-on-year improvement of 17.82%, mainly benefiting from investment income from the equity transaction of Longping Bio. The non-recurring net profit attributable to the parent company was -874 million yuan, a year-on-year increase in loss of 113.21% [1][5][7]. Summary by Sections Financial Performance - In Q3 2024, the company reported operating revenue of 299 million yuan, a quarter-on-quarter decrease of 41.33% and a year-on-year decrease of 60.27%. The net profit attributable to the parent company was -587 million yuan, a quarter-on-quarter decrease of 1805.18% and a year-on-year decrease of 40.49% [1][5]. - For the 2023/2024 operating year, total seed revenue was 8.736 billion yuan, a year-on-year increase of 9.55%, with total sales volume of 293 million kilograms, a year-on-year increase of 6.96%. Corn seed sales revenue was 5.492 billion yuan, a year-on-year increase of 8.83%, accounting for 62.87% of total sales [1][5]. Expense Analysis - The company experienced a significant increase in expenses, with sales expenses for Q1-Q3 2024 amounting to 493 million yuan, a year-on-year increase of 10.91%, resulting in a sales expense ratio of 17.10%. Management expenses were 651 million yuan, a year-on-year decrease of 15.24%, with a management expense ratio of 22.61%. R&D expenses were 440 million yuan, a year-on-year increase of 9.19%, with an R&D expense ratio of 21.25%. Financial expenses increased by 73.03% year-on-year to 609 million yuan, leading to a financial expense ratio of 21.15% [1][5][6]. Profitability Metrics - The gross profit margin decreased by 12.56 percentage points year-on-year to 28.24%, while the net profit margin decreased by 6.68 percentage points to -29.72% [1][6][7]. - The company has adjusted its net profit forecasts for 2024-2026 to 370 million, 620 million, and 730 million yuan respectively, with earnings per share projected at 0.28, 0.47, and 0.55 yuan, corresponding to a price-to-earnings ratio of 40, 23, and 20 times [1][5][8].

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company's performance is supported by the simultaneous increase in both the quantity and price of rice seeds, while efforts to streamline operations are aiding in high-quality development [1] - The company has reported significant growth in rice seed revenue and volume, with a 22.11% year-on-year increase in revenue to 1.938 billion yuan and a 15.87% increase in sales volume to 53.88 million kilograms [5] - Despite challenges in the corn seed market, the company maintains a positive outlook for future profitability as grain prices recover [6] Summary by Relevant Sections Financial Performance - For the 2023-2024 business year, rice seed revenue reached 1.938 billion yuan, with a sales volume of 53.88 million kilograms and an average price of 35.97 yuan per kilogram [5] - Corn seed revenue was 5.492 billion yuan, with a sales volume of 180 million kilograms, reflecting an 8.83% year-on-year increase in revenue and a 9.82% increase in sales volume [5] - The company reported a revenue of 2.881 billion yuan for the first three quarters of 2024, a decrease of 14.46% year-on-year, with a net loss of 475 million yuan [6] Profitability Forecast - The forecast for net profit for 2024-2026 is adjusted to 202 million yuan, 738 million yuan, and 944 million yuan respectively, with corresponding EPS of 0.15, 0.56, and 0.72 yuan [6] - The current stock price corresponds to a P/E ratio of 71.3 for 2024, 19.5 for 2025, and 15.3 for 2026 [6] Strategic Initiatives - The company is actively working on asset disposal to enhance operational efficiency, including the planned transfer of a 49% stake in Xinglong Seed Industry for 138 million yuan [7] - A significant inventory impairment loss of 133 million yuan was recorded in Q3 2024, primarily due to falling corn seed prices [7]

证券代码：000998 证券简称：隆平高科 袁隆平农业高科技股份有限公司投资者关系活动记录表 编号：2024-09 | --- | --- | --- | --- | --- | |----------------|--------------------------------------------------------|--------------|-------|-------| | | | | | | | 投资者关系活动 | ☑ 特定对象调研 | □分析师会议 | | | | 类别 | □ 媒体采访 | □ 业绩说明会 | | | | | □ 新闻发布会 | □路演活动 | | | | | ☑ 现场参观 | | | | | | □ 其他 （请文字说明其他活动内容） | | | | | 参与单位名称及 | 详见投资者参会清单 | | | | | 人员姓名 | | | | | | 时间 | 2024 年 10 月 31 日 | | | | | 地点 | 河北巡天农业科技有限公司（张家口宣化现代农业产业园区） | | | | | 接待人员姓名 | 董事长 刘志勇 | | | | | | 监事会主席 袁定 ...

Investment Rating - The report maintains a "Buy" rating for Longping High-Tech [1][4][6] Core Views - Longping High-Tech reported a Q3 revenue of 299 million RMB, a year-on-year decrease of 60.3%, and a net loss attributable to shareholders of 587 million RMB, indicating a worsening loss compared to the previous year [1][2] - The core business for the 2023/24 agricultural year shows growth in both volume and price, with potential long-term benefits from the commercialization of genetically modified crops [1][3] - The company has adjusted its 2024 profit forecast down to 200 million RMB from a previous estimate of 590 million RMB due to ongoing low corn prices [4][9] Summary by Sections Financial Performance - For Q3 2024, the company experienced a revenue decline of 60.3% year-on-year, primarily due to intense competition and falling prices in the domestic and international corn industry [2] - The gross margin for Q3 2024 was down by 1.9%, with significant asset impairment and credit loss provisions totaling 139 million RMB [2] - As of Q3 2024, the company's contract liabilities stood at 3.87 billion RMB, reflecting a year-on-year increase of 14.8% [2] Core Business Growth - In the 2023/24 operating year, the company achieved a total seed sales volume of 293 million kilograms, a year-on-year increase of 6.96%, and total revenue of 8.736 billion RMB, up 9.55% year-on-year [3] - The sales volume of rice seeds reached 53.88 million kilograms, a 16% increase, generating sales revenue of 1.94 billion RMB, a 22% increase [3] - Corn seed sales also grew, with a volume of 180 million kilograms, up 9.8%, and revenue of 5.49 billion RMB, up 8.8% [3] Profit Forecast and Valuation - The 2024 profit forecast has been revised down to 200 million RMB, while the profit estimates for 2025 and 2026 remain unchanged [4][9] - The target price for the stock is set at 14.85 RMB, based on a 21.84x PE ratio for 2025, reflecting the ongoing recovery in the corn seed industry [4][9]

证券代码：000998 证券简称：隆平高科 公告编号：2024-52 袁隆平农业高科技股份有限公司 关于转让湖南兴隆种业有限公司49%股权的公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚 假记载、误导性陈述或重大遗漏。 一、本次交易概述 袁隆平农业高科技股份有限公司（以下简称"公司"）全资子公司湖南隆平 种业有限公司（以下简称"隆平种业"）拟出售其持有的湖南兴隆种业有限公司 （以下简称"兴隆种业"）49%股权，对应注册资本 1,470 万元，实缴出资为 1,470 万元，转让价格为 13,832 万元。本次交易完成后，全资子公司隆平种业不再持有 兴隆种业股权；兴隆种业为公司全资子公司的参股公司，本次交易不会导致公司 合并范围发生变化。 公司第九届董事会第十五次（临时）会议以同意票 9 票，反对票 0 票，弃权 票 0 票，审议通过了《关于转让湖南兴隆种业有限公司 49%股权的议案》。根据 《深圳证券交易所股票上市规则》《深圳证券交易所上市公司自律监管指引第 1 号——主板上市公司规范运作》及《公司章程》等规定，本次交易不构成关联交 易，亦不构成《上市公司重大资产重组管理办法》规定的上市 ...

袁隆平农业高科技股份有限公司（以下简称"公司"）第九届监事会第九次 （临时）会议于 2024 年 10 月 30 日下午 3:00 在子公司河北巡天农业科技有限公 司（张家口宣化现代农业产业园区）以现场与视频相结合的方式召开。本次会议 的通知于 2024 年 10 月 24 日以电子邮件方式送达全体监事。本次会议由监事会 主席袁定江主持，会议应到监事 3 人，实到监事 3 人。本次会议的召集和召开符 合《中华人民共和国公司法》及《公司章程》的有关规定。经与会监事认真研究 审议，形成如下决议： 审议通过了《袁隆平农业高科技股份有限公司 2024 年第三季度报告》 经审核，监事会认为董事会编制和审议的《袁隆平农业高科技股份有限公司 2024 年第三季度报告》的程序符合法律法规及深圳证券交易所的规定，报告内 容真实、准确、完整地反映了公司的实际情况，不存在任何虚假记载、误导性陈 述或者重大遗漏。 证券代码：000998 证券简称：隆平高科 公告编号：2024-50 袁隆平农业高科技股份有限公司 第九届监事会第九次（临时）会议决议公告 本公司及监事会全体成员保证信息披露内容的真实、准确、完整，没有虚假 记载、误导性陈 ...

证券代码：000998 证券简称：隆平高科 公告编号：2024-54 袁隆平农业高科技股份有限公司 2023-2024 业务年度经营情况报告 本公司及董事会全体成员保证公告内容真实、准确和完整，没有虚假记载、 误导性陈述或者重大遗漏。 重要提示：本公告所载的财务数据为公司财务部门初步核算数据，未经审计， 敬请广大投资者注意投资风险。 2 | 占总营业收入的比例 | 1.61% | 1.72% | -0.11% | | --- | --- | --- | --- | | 销售数量（公斤） | 803,432.48 | 1,031,426.00 | -22.10% | | 占种子销售数量的比例 | 0.27% | 0.38% | -0.11% | 四、期末余额占比较大的库存商品品种结构情况 一、业务年度期间：2023 年 10 月 1 日-2024 年 9 月 30 日 | 项目 | 2023 | 年 10 月 1 | 日 | 2022 年 | 10 月 | 1 | 日 | 同比增减 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | 202 ...

证券代码：000998 证券简称：隆平高科 公告编号：2024-49 袁隆平农业高科技股份有限公司 第九届董事会第十五次（临时）会议决议公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假 记载、误导性陈述或重大遗漏。 一、董事会会议召开及审议情况 袁隆平农业高科技股份有限公司（以下简称"公司"）第九届董事会第十五 次（临时）会议于 2024 年 10 月 30 日下午 2:00 在子公司河北巡天农业科技有限 公司（张家口宣化现代农业产业园区）以现场与视频相结合的方式召开。本次会 议的通知于 2024 年 10 月 24 日以电子邮件方式送达公司全体董事、监事和高级管 理人员。本次会议由董事长刘志勇主持，会议应到董事 9 人，实到董事 8 人。董 事罗永根因公出差，委托董事长刘志勇代其出席和表决。本次会议的召集和召开 符合《中华人民共和国公司法》及《袁隆平农业高科技股份有限公司章程》（以 下简称《公司章程》）的有关规定。经与会董事认真研究审议，形成如下决议： （一）审议通过了《袁隆平农业高科技股份有限公司 2024 年第三季度报告》 本报告的详细内容见公司同日刊登在《中国证券报》《上海证券 ...

袁隆平农业高科技股份有限公司 关于开展外汇衍生品交易可行性分析报告 一、开展外汇衍生品交易业务的背景 袁隆平农业高科技股份有限公司（以下简称"公司"）随着国际化进程积极推进， 国际业务布局不断深入，公司在海外拥有多家子公司，其中重要控股子公司主要业务位 于境外，境外经营主体经营收支均以当地货币进行结算，同时其持有美元和人民币借款， 借款到期时需以当地货币结汇后偿还。公司及重要控股子公司日常经营中使用外币结算， 预计将持续面临汇率、利率波动的风险。为更好的对冲汇率和利率波动风险，锁定交易 成本，降低经营风险，公司在遵守国家政策法规的前提下，综合考虑持有外币借款和外 币交易的规模以及未来外汇波动预测，不以投机为目的，基于严守保值原则，开展外汇 衍生品业务。 公司拟开展的外汇衍生品业务包括但不限于：远期业务、掉期业务、互换业务及其 他外汇衍生产品业务，严禁使用任何带有投机目的或性质的外汇衍生产品。公司开展外 汇衍生品交易业务的主要币种为美元及其他货币。交易对手方为经营稳健、资信良好、 具有金融衍生品交易业务经营资格的银行等金融机构。 （三）资金来源 公司及控股子公司开展外汇衍生品交易业务资金来源为使用一定比例的银行 ...

证券代码：000998 证券简称：隆平高科 公告编号：2024-51 袁隆平农业高科技股份有限公司 关于开展外汇衍生品套期保值交易业务的公告 本公司及董事会全体成员保证公告内容真实、准确和完整，没有虚假记载、 误导性陈述或者重大遗漏。 特别提示： 1. 业务基本情况：为规避和防范外汇风险，降低风险敞口，袁隆平农业高科 技股份有限公司（以下简称"公司"）及控股子公司拟在遵守国家政策法规的前 提下，基于套期保值目的，不以投机为目的，并严守保值原则，在具有合法资格、 实力和资信较强的金融机构开展外汇衍生品交易业务。总额度不超过 2 亿美元（或 等值人民币），自董事会审议通过之日起 12 个月内有效。拟开展的外汇衍生品业 务包括但不限于：远期业务、掉期业务、互换业务及其他外汇衍生产品业务，严 禁使用任何带有投机目的或性质的外汇衍生产品。公司开展外汇衍生品交易业务 的主要币种为美元、雷亚尔、人民币等。 2.审议程序：公司于 2024 年 10 月 30 日召开第九届董事会第十五次（临时） 会议，审议通过了《关于开展外汇衍生品套期保值交易业务的议案》，审计委员 会发表了同意的意见。本次事项在公司董事会审批权限范围内，无需 ...