SDDSC(002041)

Search documents
登海种业:三季报业绩点评:业绩短期承压,长期优势明显
Tai Ping Yang· 2024-11-04 09:01
Investment Rating - The report maintains a "Buy" rating for the company with a target price of 12.15, indicating an expected increase of over 15% relative to the market index in the next six months [1][5]. Core Views - The company's revenue for the first three quarters of 2024 was 578 million yuan, a year-on-year decrease of 11.55%, with a net profit attributable to shareholders of 58.58 million yuan, down 38.57% year-on-year. The third quarter alone saw revenue of 170 million yuan, a slight increase of 0.01% year-on-year, but net profit dropped by 71.86% [1]. - The company is leveraging its brand advantage in the competitive seed market, particularly in corn seed products, to stabilize its core business despite a challenging market environment [1]. - The gross margin for the first three quarters was 27.31%, down 3.59 percentage points year-on-year, but it showed signs of recovery in Q3, rising to 31.93% from 24.45% in Q2 [1]. - The report anticipates a stabilization and potential recovery in gross margins for the seed business in 2025, driven by a rebound in corn demand and prices as pig farming recovers [1]. - The company has established early partnerships in biotechnology breeding, positioning itself to benefit from the accelerated commercialization of genetically modified crops, with expectations of increased market share in the coming years [1]. Financial Summary - The projected revenue for 2024 is 1.236 billion yuan, reflecting a decrease of 20.33% from 2023, with a net profit forecast of 236 million yuan, down 17.82% [2]. - The earnings per share (EPS) for 2024 is estimated at 0.27 yuan, with a price-to-earnings (PE) ratio of 38.24 [2]. - The company’s total assets are projected to grow from 4.802 billion yuan in 2023 to 5.293 billion yuan by 2025, indicating a positive long-term outlook [3].
登海种业:登海种业2023-2024业务年度经营情况报告
2024-11-04 03:47
山东登海种业股份有限公司 山东登海种业股份有限公司 证券代码:002041 证券简称:登海种业 公告编号:2024-022 2023-2024 业务年度经营情况报告 四、期末余额占比较大的库存商品品种结构情况 山东登海种业股份有限公司 二、总体经营情况 三、营业收入排名前五的业务大类经营情况 | 项 | 目 | 2023 | 年 | 10 | 月 1 | 日 | 2022 | 年 | 10 | 月 1 | 日 | 同比增减 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | | 2024 | 年 | 9 | 月 30 | 日 | 2023 | 年 | 9 | 月 30 | 日 | | | | (一)玉米种子 | | | | | | | | | | | | | | | 销售收入(万元) | | | | | 132,523.43 | | | | | 119,604.30 | | | 10.80% | | 占营业收入的比例 | | | | | 89.76% | | | | | 84 ...
登海种业:公司信息更新报告:玉米种价下挫致业绩承压,期待种价回暖改善盈利
KAIYUAN SECURITIES· 2024-11-01 13:51
Investment Rating - The investment rating for the company is "Buy" (maintained) [1][3] Core Views - The company's performance is under pressure due to a decline in corn seed prices, but there is an expectation for price recovery to improve profitability [2][4] - The company reported a significant increase in contract liabilities, indicating strong sales performance expected in Q4 [2][4] - The company is focusing on cost reduction and efficiency improvements to enhance profit margins, alongside increased R&D investment to support transgenic business growth [4][5] Financial Performance Summary - For the first three quarters of 2024, the company achieved revenue of 578 million yuan, a year-on-year decrease of 11.55%, and a net profit attributable to shareholders of 58.58 million yuan, down 38.57% [3][5] - In Q3 2024, the revenue was 171 million yuan, showing a slight increase of 0.01% year-on-year, while the net profit was 5.85 million yuan, a significant drop of 71.86% [3][5] - The gross profit margin for Q1-3 2024 was 27.31%, down 3.32 percentage points year-on-year, and the net profit margin was 9.91%, down 5.53 percentage points year-on-year [2][3] Sales and Market Conditions - The sales of corn seeds have been sluggish, primarily due to a significant drop in domestic corn prices, which has pressured the company's sales performance [2][3] - The company anticipates a recovery in corn seed sales during the Q4 peak season, supported by a substantial increase in advance payments [2][4] R&D and Product Development - The company has increased its R&D expenditure to 24.01 million yuan in Q3 2024, a year-on-year increase of 91.81%, which is aimed at fostering innovation in breeding [4][5] - The company has successfully approved six transgenic corn varieties, ranking second among listed companies, which is expected to contribute positively to future performance [4][5] Financial Projections - The company forecasts net profits attributable to shareholders of 295 million yuan, 389 million yuan, and 499 million yuan for 2024, 2025, and 2026 respectively, with corresponding EPS of 0.34 yuan, 0.44 yuan, and 0.57 yuan [3][5] - The current stock price corresponds to P/E ratios of 31.1, 23.6, and 18.4 for the years 2024, 2025, and 2026 respectively [3][5]
登海种业:关于变更会计师事务所的公告
2024-10-29 10:22
山东登海种业股份有限公司 证券代码:002041 证券简称:登海种业 公告编号:2024-020 山东登海种业股份有限公司 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。 特别提示: 1.拟聘任的会计师事务所名称:中证天通会计师事务所(特殊普通合伙)(以 下简称"中证天通")。 2.原聘任的会计师事务所名称:中天运会计师事务所(特殊普通合伙)(以 下简称"中天运")。 3.变更会计师事务所的简要原因及前任会计师的异议情况:鉴于中天运已连 续为公司提供审计服务多年,为保持公司审计工作的独立性和客观性,综合考虑 公司业务发展和未来审计的需要,公司拟变更会计师事务所。公司已就该事项与 中天运进行了沟通说明,其已明确知悉本次变更事项并确认无异议。经公司履行 选聘程序后,拟聘任中证天通会计师事务所(特殊普通合伙)为公司 2024 年度 财务报告审计和内部控制审计机构。 4.公司董事会审计委员会、董事会对本次变更会计师事务所事项均无异议。 本次聘任事项尚需提交股东大会审议。 5.本次变更会计师事务所事项符合《国有企业、上市公司选聘会计师事务 所管理办法》(财会〔2023〕 ...
登海种业:关于召开2024年第一次(临时)股东大会的通知
2024-10-29 10:22
山东登海种业股份有限公司 本公司及董事会全体成员保证信息披露的内容真实、准确和完 整,没有虚假记载、误导性陈述或者重大遗漏 一、召开会议基本情况 (一)股东大会届次 本次召开的股东大会为山东登海种业股份有限公司(以下简称 "公司"或"本公司")2024年第一次临时股东大会。 (二)股东大会的召集人:公司董事会。 2024年10月29日召开的第八届董事会第十三次会议审议通过了 《关于召开2024年第一次临时股东大会的议案》,同意召开本次股 东大会。 (三)会议召开的合法、合规性:本次股东大会会议的召集、 召开符合有关法律、行政法规、部门规章、规范性文件和《公司章 程》等的规定。 证券代码:002041 证券简称:登海种业 公告编号:2024- 021 山东登海种业股份有限公司 关于召开2024年第一次临时股东大会的通知 本次股东大会采用现场投票与网络投票相结合的方式。本次股 东大会将通过深圳证券交易所交易系统和互联网投票系统 (http://wltp.cninfo.com.cn)向公司股东提供网络形式的投票平 台,公司股东可以在网络投票时间内通过深圳证券交易所交易系统 或互联网投票系统对本次股东大会审议事项进行 ...
登海种业:董事会决议公告
2024-10-29 10:22
山东登海种业股份有限公司 证券代码:002041 证券简称:登海种业 公告编号:2024-017 山东登海种业股份有限公司 第八届董事会第十三次会议决议公告 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。 山东登海种业股份有限公司(以下简称"公司")第八届董事会 第十三次会议通知于 2024 年 10 月 19 日以电子邮件方式发出,2024 年 10 月 29 日上午以通讯表决方式召开。会议应参会董事 9 人,实际 参会董事 9 人,会议召开的程序符合《公司法》和《公司章程》的规 定,会议合法有效。 会议经参会董事审议和表决,通过了如下决议: 一、审议通过了《山东登海种业股份有限公司 2024 年第三季度 报告》赞成票 9 票、反对票 0 票、弃权票 0 票。 详见公司 2024 年 10 月 30 日刊登在《中国证券报》、《证券时报》 及巨潮资讯网站(http://www.cninfo.com.cn)上的《山东登海种业 股份有限公司 2024 年第三季度报告》。 公司 2024 年第三季度报告中的财务信息及财务报表,已经公司 审计委员会 2024 年第四次 ...
登海种业(002041) - 2024 Q3 - 季度财报
2024-10-29 10:22
Revenue and Profit - Revenue for Q3 2024 was CNY 170,550,759.43, a slight increase of 0.01% compared to the same period last year, while year-to-date revenue decreased by 11.55% to CNY 578,243,392.83[2] - Net profit attributable to shareholders for Q3 2024 was CNY 5,847,962.00, down 71.86% year-on-year, and year-to-date net profit decreased by 38.57% to CNY 58,583,351.87[2] - Total operating revenue for the current period is ¥578,243,392.83, a decrease of 11.5% compared to ¥653,722,860.97 in the previous period[15] - Net profit for the current period is ¥57,327,759.10, a decline of 43.2% from ¥100,965,395.03 in the previous period[16] - Comprehensive income attributable to the parent company is ¥55,729,035.44, compared to ¥95,361,501.33 in the previous period[17] Cash Flow - The net cash flow from operating activities for the year-to-date period was CNY 119,835,662.44, a decrease of 57.79% compared to the previous year[2] - The net cash flow from operating activities for Q3 2024 was ¥119,835,662.44, a decrease of 57.8% compared to ¥283,874,823.67 in Q3 2023[19] - Cash flow from operating activities is ¥908,918,052.30, a decrease of 20.5% compared to ¥1,143,148,010.79 in the previous period[18] - The cash outflow from operating activities was ¥789,082,389.86, compared to ¥859,273,187.12 in Q3 2023, indicating a reduction of 8.2%[19] Assets and Liabilities - Total assets at the end of the reporting period were CNY 5,099,987,027.00, reflecting a growth of 6.20% compared to the end of the previous year[2] - Current assets totaled CNY 4,263,449,147.15, up from CNY 4,020,082,336.88, indicating an increase of about 6.1%[13] - Total liabilities as of September 30, 2024, were CNY 1,106,785,659.77, up from CNY 839,633,416.13, reflecting an increase of approximately 31.9%[13] - Total liabilities amount to ¥1,189,282,478.06, an increase of 29.6% from ¥917,630,658.56 in the previous period[14] Shareholder Information - The number of ordinary shareholders at the end of the reporting period was 65,760, with the largest shareholder holding 53.21% of the shares[8] - Total equity attributable to shareholders increased by 0.76% to CNY 3,596,623,970.60 compared to the end of the previous year[2] - Total equity attributable to shareholders of the parent company is ¥2,310,571,053.69, slightly up from ¥2,286,522,018.25 in the previous period[14] Research and Development - Research and development expenses increased by 40.53% year-on-year, indicating a focus on enhancing R&D capabilities[5] - Research and development expenses increased to ¥61,673,048.23, up 40.5% from ¥43,885,387.88 in the previous period[15] Government Support and Financing - The company received government subsidies amounting to CNY 10,800,202.98 during the reporting period, contributing positively to its financial performance[3] - The company experienced a 100.64% increase in short-term borrowings, primarily due to increased loans for production funding[5] - The company’s long-term borrowings stood at CNY 6,000,000.00, reflecting a new financing strategy to support growth initiatives[13] Inventory and Prepayments - The company reported a significant increase in prepayments, up 216.92% year-on-year, attributed to increased advance payments for seed production[4] - Inventory increased to CNY 917,546,234.15 from CNY 854,525,383.78, marking a rise of about 7.4%[12] Future Outlook - The company plans to enhance its market presence and revenue through the introduction of new product lines and technologies[11] - The company has received approval for three genetically modified corn varieties, enhancing its product portfolio for future market expansion[11]
登海种业:监事会决议公告
2024-10-29 10:22
山东登海种业股份有限公司 第八届监事会第十二次会议决议公告 二、审议通过了《关于变更会计师事务所的议案》,赞成票 7 票,反对票 0 票,弃权票 0 票; 同意聘任中证天通会计师事务所(特殊普通合伙)为公司 2024 年度审计机构。 本公司及监事会全体成员保证信息披露的内容真实、准确和完 整,没有虚假记载、误导性陈述或者重大遗漏。 山东登海种业股份有限公司(以下简称"公司")第八届监事会 第十二次会议通知于 2024 年 10 月 19 日以传真、电子邮件方式发出, 2024 年 10 月 29 日上午 10:30,以通讯表决方式召开,会议应参会 监事 7 名,实际参会监事 7 名,董事会秘书原绍刚先生列席参加;会 议的召开程序符合《公司法》和《公司章程》的有关规定、会议合法 有效。 会议经参会监事审议和表决,形成如下决议: 一、审议通过了《山东登海种业股份有限公司 2024 年第三季度 报告》,赞成票 7 票,反对票 0 票,弃权票 0 票。 经审核,监事会认为董事会编制和审议《山东登海种业股份有限 公司 2024 年第三季度报告》的程序符合法律、行政法规及中国证监 会的规定,报告内容真实、准确、完整地反映 ...
登海种业:半年度非经营性资金占用及其他关联资金往来情况汇总表
2024-08-27 11:21
编制单位:山东登海种业股份有限公司 单位:人民币万元 | 非经营性资金占用 | | 占用方与上市公司的 | 上市公司核算的会计 | 2024年期初占用资金 | 2024年半年度占用累 计发生金额(不含利 | 2024年半年度占用资 | 2024年半年度偿还累 2024年半年度期末占 | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | 资金占用方名称 | 关联关系 | 科目 | 余额 | 息) | 金的利息(如有) | 计发生金额 用资金余额 | | 占用形成原因 | 占用性质 | | 控股股东、实际控制人及其附属企业 | | | | | | | | | | 非经营性占用 | | 小计 | | | | | | | | | | | | 前控股股东、实际控制人及其附属企业 | | | | | | | | | | 非经营性占用 | | 小计 | | | | | | | | | | | | 其他关联方及其附属企业 | | | | | | | | | | 非经营性占用 | | 小计 | | | | | | | | ...
登海种业(002041) - 2024 Q2 - 季度财报
2024-08-27 11:21
Financial Performance - The company's operating revenue for the first half of 2024 was ¥407,692,633.40, a decrease of 15.63% compared to ¥483,197,074.84 in the same period last year[11]. - The net profit attributable to shareholders was ¥52,735,389.87, down 29.29% from ¥74,576,285.18 year-on-year[11]. - The net profit after deducting non-recurring gains and losses was ¥10,830,439.02, reflecting a significant decline of 71.91% from ¥38,551,935.65 in the previous year[11]. - The basic earnings per share decreased by 29.28% to ¥0.0599 from ¥0.0847 in the same period last year[11]. - The company's total assets at the end of the reporting period were ¥4,726,848,942.96, a decrease of 1.57% from ¥4,802,168,323.50 at the end of the previous year[11]. - The net assets attributable to shareholders increased slightly by 0.59% to ¥3,590,609,338.13 from ¥3,569,553,948.26 at the end of the previous year[11]. - The company reported a net cash flow from operating activities of -¥126,799,071.41, an improvement of 53.84% compared to -¥274,691,898.52 in the same period last year[11]. Market and Competition - The company reported a significant focus on new variety research and promotion, highlighting the challenges of long development times and high costs associated with breeding new crop varieties[2]. - The seed industry is characterized by seasonality, with the majority of revenue and profit concentrated in the months of November-December and January-June of the following year[2]. - The overall market for corn seeds is experiencing a slowdown in supply and demand, with a notable increase in return rates for corn seeds by the end of June[15]. - The company is facing increased competition due to the rapid introduction of new technologies and products in the market[2]. - The company continues to focus on expanding its market presence while navigating the challenges posed by counterfeit products and illegal seed operations[2]. Research and Development - The company is actively involved in the development of new seed varieties and has seen a notable increase in the number of genetically modified corn and soybean varieties approved for production[15]. - The company has established a stable development model in crop breeding, aligning with national industrial development policies[16]. - R&D investment increased by 19.81% to CNY 37,968,891.89 from CNY 31,690,815.54 year-on-year[24]. - Research and development expenses increased to CNY 37.66 million in the first half of 2024, up 19.9% from CNY 31.37 million in the first half of 2023[71]. Financial Position - The company's cash and cash equivalents at the end of the period amounted to CNY 1,459,045,090.33, representing 30.87% of total assets[28]. - The total current assets decreased to ¥3,914,233,051.93 from ¥4,020,082,336.88, indicating a decline of about 2.6%[64]. - The company’s short-term borrowings increased by 140.13%, attributed to loans for seed production funding[21]. - The total liabilities decreased from CNY 917,630,658.56 to CNY 826,676,670.70, a reduction of about 9.89%[66]. - The total equity increased to CNY 3.35 billion in the first half of 2024, compared to CNY 3.33 billion in the same period of 2023[71]. Corporate Governance - The company has not reported any changes in its registered address or contact information during the reporting period[8]. - The company’s legal representatives and financial officers have confirmed the accuracy and completeness of the financial report[1]. - The annual shareholders' meeting had a participation rate of 60.95% on May 13, 2024[43]. - The company does not plan to distribute cash dividends or issue bonus shares for the half-year period[44]. Risk Factors - The overall inventory in the corn seed industry remains high, which poses a market risk for the company[2]. - The company is sensitive to natural disasters, which can directly affect seed yield and quality during critical production periods[1]. - The company emphasizes the importance of adhering to national agricultural policies, which could impact operations if there are significant changes[1]. Social Responsibility - The company donated 3,000 RMB to the Changji Disabled Persons' Federation during the reporting period[46]. - The company has no significant environmental issues or administrative penalties reported during the period[46]. Accounting Policies - The company adheres to the accounting standards set by the Ministry of Finance, ensuring that financial statements reflect the true financial condition and operating results[97]. - The company uses the effective interest method to recognize interest income on financial assets measured at amortized cost, with impairment losses recognized in profit or loss[112]. - The company recognizes revenue when it fulfills its performance obligations, which occurs when customers gain control of the related goods or services[167].