此会议的内容包括但不限于视频音频文字记录内容等信息感谢您的理解与配合中泰证券对违反上述要求的行为保留追究法律责任的权利市场有风险投资需谨慎本会议信息仅供参考不代表任何投资建议本公司不对任何人因使用本会议中的信息所引致的任何损失负担任何责任好各位投资者大家上午好我是中泰农业的何嘉博欢迎大家参加我们 欢迎大家参加我们中泰证券春季策略会的线上交流部分那么今天呢今天上午很高兴邀请到灯海总业的董立元总为我们分享这个公司的情况那相信大家来说呢已经阅读了公司的这个年报和一级报那么来说呢我想呢我们就今天呢为了节约时间我们直接进入到这个投资者的提问环节直接进入提问环节那么呢那我们会助理那我们播报一下提问方式 大家好如需提问电话端的参会者请先按话机上的信号键再按数字一网络端的参会者您可以在直播间互动区域内文字提问或点击旁边的举手按钮申请语音提问谢谢大家好如需提问电话端的参会者请先按话机上的信号键再按数字一网络端的参会者您可以在直播间互动区域内文字提问或点击旁边的举手按钮申请语音提问谢谢 下面有请委员7625参会者提问你好我这边有几个问题想和您请教一下第一个问题就是因为我们也看到今年整个粮食的价格是比较低迷的那公司是否会面临比较大 ...

研究院战略合作协议的公告 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、合作协议签署概述 证券代码：002041 证券简称：登海种业 公告编号：2024-013 山东登海种业股份有限公司 关于与山东农业大学签署共建山东农业大学登海玉米产业 为深入学习贯彻党的二十大精神，落实种业强国、乡村振兴、粮 食安全等国家重大战略，实现种业科技自立自强、种源自主可控，推 动民族种业振兴，本着"合作共享，互利共赢"的原则，经双方友好 协商，近日山东登海种业股份有限公司（以下简称"公司"或者"登 海种业"）与山东农业大学签署了《共建山东农业大学登海玉米产业 研究院战略合作协议》（以下简称"合作协议"）。 本事项不构成关联交易，亦不构成《上市公司重大资产重组管理 办法》规定的重大资产重组，该事项无需公司董事会及股东大会审议。 二、合作方介绍 山东农业大学是农业农村部、国家林业和草原局、山东省人民政 府共建高校，国家首批卓越农林人才教育培养计划改革试点高校，是 山东省首批五所应用基础型特色名校之一，是山东省高水平大学"冲 一流"建设高校，是首届全国文明校园。该校现已经发展成为 ...

Investment Rating - The report maintains a "Buy" rating for the company, indicating an expectation of strong performance relative to the market [24]. Core Insights - The company reported a revenue of 1.55 billion yuan in 2023, a year-on-year increase of 17.1%, with a net profit of 256 million yuan, up 1.0% year-on-year [27]. - The company is expected to benefit from the commercialization of genetically modified corn, with six varieties already approved, positioning it to capture market share [27]. - The report anticipates a decline in average selling prices for corn seeds in 2024 due to market conditions, leading to revised profit forecasts for 2024-2025 [27]. Financial Summary - Total revenue for 2022 was 1.326 billion yuan, projected to grow to 1.669 billion yuan in 2024, and 2.111 billion yuan by 2026 [3]. - The gross profit margin for 2023 was 28.8%, down from the previous year, primarily due to rising production costs [27]. - The net profit for 2024 is projected at 300 million yuan, with a growth rate of 15.0% expected in 2025 [20].

2024年04月29日 证券研究报告|公司研究|公司点评 | --- | --- | --- | |---------------------------------------------------------------------|----------------------------------------------------|------------| | | | | | 登海种业（002041） | 投资评级 | 买入 | | 周期有望改善,生物育种打开空间 | | 维持评级 | | | 2024年04月26日 | | | 报告摘要 | 收盘价(元): | 9.76 | | ◆ 收入较快增长，种子行情影响盈利 | 公司基本数据 | | | 2023 年公司实现营业收入 15.52元,同比增长 17.06%;归母净利润 | 总股本(百万股) | 880.00 | | | 总市值(百万) | 8,588.80 | | 2.56 亿元,同比增长 1.01%,扣非净利润 1.77 亿元,同比增长 9.35%。公 | 流通股本(百万股) | 880.00 | | 司主营种业，玉米种子是主要品类。23 ...

Revenue and Profit - Revenue for Q1 2024 was CNY 232,497,977.07, a decrease of 11.57% compared to CNY 262,932,208.54 in the same period last year[5] - Net profit attributable to shareholders was CNY 30,133,562.85, down 32.61% from CNY 44,718,132.09 year-on-year[5] - The company reported a 54.98% decline in net profit after deducting non-recurring gains and losses, amounting to CNY 13,856,322.25 compared to CNY 30,779,394.75 last year[5] - Total operating revenue for the current period was $232.50 million, a decrease of 11.6% from $262.93 million in the previous period[33] - Net profit for the current period was $32.05 million, a decline of 36.3% compared to $50.35 million in the previous period[33] - Basic and diluted earnings per share were both $0.0342, down from $0.0508 in the previous period[35] Cash Flow and Investments - The net cash flow from operating activities improved by 29.88%, reaching CNY -81,826,964.81 compared to CNY -116,694,910.47 in the previous year[5] - Cash inflow from operating activities totaled $166.54 million, a decrease of 14.6% from $194.96 million in the previous period[36] - The net cash flow from operating activities was -$81.83 million, an improvement from -$116.69 million in the previous period[38] - Total cash inflow from investment activities was $1.31 billion, down from $1.87 billion year-over-year[38] - The net cash flow from investment activities was $336.74 million, significantly higher than $79.13 million in the previous period[38] - Cash inflow from financing activities totaled $7.60 million, compared to $9.55 million in the prior year[38] - The net cash flow from financing activities was $600.10 thousand, a decrease from $9.11 million year-over-year[38] - The net increase in cash and cash equivalents was $255.51 million, contrasting with a decrease of $28.46 million in the previous period[38] - The ending balance of cash and cash equivalents was $678.79 million, up from $345.32 million year-over-year[38] Assets and Liabilities - The total assets at the end of the reporting period were CNY 4,689,539,733.36, a decrease of 2.35% from CNY 4,802,168,323.50 at the end of the previous year[5] - The total current liabilities decreased to RMB 698,007,674.66 from RMB 839,633,416.13, representing a reduction of about 16.8%[29] - The total non-current liabilities decreased to RMB 74,947,784.16 from RMB 77,997,242.43, reflecting a decline of about 3.2%[29] - The company's accounts payable decreased significantly to RMB 40,743,924.21 from RMB 83,690,566.12, a reduction of approximately 51.2%[29] Inventory and Receivables - The number of accounts receivable decreased by 31.69%, primarily due to the collection of payments from subsidiary businesses[12] - The company's inventory decreased to RMB 765,531,116.88 from RMB 854,525,383.78, indicating a decline of approximately 10.4%[25] Other Income and Expenses - Other income increased by 52.15% due to a rise in government subsidies recognized during the period[12] - The company reported a tax expense of $2.09 million, significantly higher than $0.44 million in the previous period[33] - Research and development expenses were $12.70 million, slightly down from $13.02 million in the previous period[33] - The company experienced a financial expense of -$8.05 million, compared to -$7.78 million in the previous period[33] Corporate Actions - The company has decided to liquidate its subsidiary Heilongjiang Denghai Jiukexin Seed Industry Co., Ltd. due to long-term operational difficulties and losses[22] - The company plans to establish a wholly-owned subsidiary in Xinjiang Chabuchar Xibo Autonomous County, as approved in a board meeting on February 1, 2024[22] Retained Earnings and Equity - The total equity attributable to the parent company increased to RMB 3,599,687,511.11 from RMB 3,569,553,948.26, showing a growth of about 0.8%[29] - The company's retained earnings increased to RMB 2,316,655,581.10 from RMB 2,286,522,018.25, indicating a growth of approximately 1.3%[29] Audit Status - The company has not yet audited the first quarter report for 2024[40]

那今天很荣幸的邀请到灯海总业的董毅袁总和大家进行分享那昨晚灯海的二三年的年报呢整体的营收也同比增长了17%玉米种子还有小麦和水稻的种子也有不错的增长势头那整体的扣飞后的恢复经历同比增长了9.35%也是实现了一个稳健的增长 那我们此前也提出灯海是率先受益于生物育种产业化的龙头同时也是杂交育种能力最优秀的这个育米种业这个杂交育种龙头那公司长期专注育米种业呢在种植资源的储备理解和应用上也是行业领先在品种的储备未来的判判案的这个推出上也是非常的扎实 随着生物育种的扩展急速公司也有有些收益并且引领格局的优化所以这个时点的年报实际上也很重要我们也是很荣幸袁总第一时间和我们来分享今天的会议核心就是投资者的提问的交流看大家有什么关心的问题我们直接进入互动环节袁总要不您简要和大家打个招呼 谢谢好 谢谢沈阳总 各位投资者各位老总上午好感谢有这么个机会年报披露完了之后能有这么个沟通这个时间咱们为了节省时间就是直接进入互动有什么是要提问的那么在一起咱们互相交流一下你看张总这样可以吧好的袁总谢谢那我们就直接这个开放提问请这个会议秘书公报两边提问方式谢谢大家好如需提问电话单的参会者请先按话机上的信号键再按数字一 网络端的参会者您可以在直 ...

Investment Rating - The investment rating for the company is to maintain attention on its performance [6]. Core Views - The company reported a stable growth in revenue, achieving 1.552 billion yuan in 2023, a year-on-year increase of 17.06%, with a net profit attributable to shareholders of 256 million yuan, up 1.01% year-on-year [3][20]. - The company benefits from the commercialization of genetically modified crops, with significant policy support for the seed industry, particularly in corn breeding [5]. - The company has successfully passed the approval of 16 new corn and wheat varieties, enhancing its market position [5]. Financial Performance and Forecast - Revenue projections for 2024-2026 are estimated at 1.797 billion yuan, 2.073 billion yuan, and 2.383 billion yuan, with year-on-year growth rates of 15.78%, 15.35%, and 14.98% respectively [6][21]. - The net profit for the same period is forecasted to be 290 million yuan, 379 million yuan, and 426 million yuan, with growth rates of 13.53%, 30.66%, and 12.18% respectively [6][21]. - Earnings per share (EPS) are expected to be 0.33 yuan, 0.43 yuan, and 0.48 yuan for 2024, 2025, and 2026 respectively [6][21]. Business Segments - The corn seed business accounted for 87.23% of total revenue, with a 15.25% increase in revenue to 1.354 billion yuan [20]. - The wheat seed business saw a revenue increase of 25.23% to 111 million yuan, while the rice seed business experienced a significant growth of 69.13%, reaching 45 million yuan [20].

Investment Rating - The investment rating for the company is "Buy" (maintained) [1][3]. Core Views - The company achieved significant growth in 2023, with revenue reaching 1.552 billion yuan, a year-on-year increase of 17.06%, and a net profit attributable to shareholders of 256 million yuan, up 1.01% year-on-year. The fourth quarter of 2023 saw revenue of 898 million yuan, a 17.84% increase year-on-year, and a net profit of 160 million yuan, up 13.85% year-on-year. The growth is attributed to stable sales in the corn seed business and the expected growth from transgenic seeds [3][4]. - The company maintains its profit forecasts for 2024-2025 and introduces a new forecast for 2026, expecting net profits of 295 million yuan, 389 million yuan, and 499 million yuan for 2024, 2025, and 2026 respectively. The corresponding EPS for these years is projected to be 0.34 yuan, 0.44 yuan, and 0.57 yuan, with current stock prices corresponding to P/E ratios of 28.6, 21.7, and 16.9 times [3][4]. Summary by Sections Revenue and Profitability - In 2023, the company's corn seed revenue was 1.353 billion yuan, a year-on-year increase of 15.25%, with a gross margin of 29.17%, down 4.07 percentage points year-on-year. The demand for corn seeds remains strong due to stable corn prices and supportive government policies [4]. - Other seed revenues for wheat, rice, and vegetables were 111 million yuan, 45 million yuan, and 14 million yuan, showing year-on-year increases of 25.23%, 69.13%, and a decrease of 6.04% respectively [4]. Financial Forecasts - The company forecasts revenue growth to 1.8 billion yuan in 2024, 2.196 billion yuan in 2025, and 2.821 billion yuan in 2026, with year-on-year growth rates of 16.0%, 22.0%, and 28.5% respectively [33]. - The projected net profit for 2024 is 295 million yuan, increasing to 389 million yuan in 2025 and 499 million yuan in 2026, with corresponding year-on-year growth rates of 15.3%, 31.9%, and 28.3% [33]. Cost Management - The company has seen a continuous optimization in sales and management expense ratios, with 2023 rates at 4.57% for sales and 7.04% for management, reflecting a year-on-year decrease of 0.06 percentage points and 0.37 percentage points respectively. R&D expenses increased by 34.29% year-on-year to 67 million yuan [3][17].

资料来源：公司公告、Wind、国信证券经济研究所整理 重要声明 请务必阅读正文之后的免责声明及其项下所有内容 分析师声明 4 深圳 深圳市福田区福华一路 125 号国信金融大厦 36 层 邮编：518046 总机：0755-82130833 证券研究报告 | 2024年04月24日 收入维持增长，毛利率有所承压。公司 2023 年实现营业收入 15.52 亿元， 同比+17.06%，主要系国内商品粮价格和惠农政策对农民种粮积极性起 到支撑，公司 2023 年种子销量同比+22.29%。公司 2023 年实现归属于 母公司所有者的净利润 2.56 亿元，同比+1.01%，主要系国内玉米种子 市场竞争加剧，且制种成本有所上升，导致公司整体毛利率同比 -2.51pct 至 28.77%。 公司优质玉米品种储备充足，有望充分受益转基因落地。公司在历经近 50 年玉米育种研发创新和高产攻关，完成了以掖单 2 号、掖单 6 号、掖单 13 号、登海 661 与登海 605、登海 618 为代表的 5 代玉米杂交种的进步性替代， 引领了中国杂交玉米的发展方向，现有品种储备丰富，品种高产高抗特性突 出，2022 年公司杂交玉 ...

Investment Rating - The report assigns a "Buy" rating to the company, indicating an expected relative increase of over 15% compared to the CSI 300 index in the next six months [2][14]. Core Insights - The company's revenue for 2023 reached 1.552 billion yuan, representing a year-on-year growth of 17.06%. The net profit attributable to shareholders was 256 million yuan, with a growth of 1.01% year-on-year. In Q4 alone, revenue was 898 million yuan, up 17.84%, and net profit was 160 million yuan, up 13.85% [1]. - The corn seed business generated 1.353 billion yuan in revenue, accounting for 87.23% of total revenue, with a growth of 15.25% year-on-year. The significant growth was attributed to increased downstream demand and competitive product strength [1]. - The company has a strong product matrix with multiple new corn varieties approved in 2023, enhancing its competitive advantage in the seed industry [1]. Financial Summary - For 2023, the company reported a gross margin of 29.39%, a decrease of 2.5 percentage points from the previous year, primarily due to rising seed production costs driven by higher corn prices [1]. - The projected net profits for 2024, 2025, and 2026 are 278 million yuan, 395 million yuan, and 492 million yuan, respectively, with corresponding growth rates of -3.90%, 42.74%, and 24.79% [4]. - The estimated price-to-earnings (PE) ratios for the next three years are 29.96, 21.03, and 16.90, indicating a decreasing trend [4].