Investment Rating - The investment rating for the company is "Outperform the Market" [5] Core Views - The company's sales are under pressure due to a decline in corn prices and oversupply of corn seeds, leading to a significant drop in revenue and net profit for Q4 2024 [1][8] - The company has a strong reserve of high-quality corn varieties and is expected to benefit from the commercialization of genetically modified corn in the future [3][22] Summary by Sections Financial Performance - In 2024, the company achieved revenue of 1.246 billion yuan, a year-on-year decrease of 19.74%, with Q4 revenue at 667 million yuan, down 25.70% [1][8] - The net profit attributable to the parent company for 2024 was 57 million yuan, a decline of 77.86%, with Q4 showing a net loss of 2 million yuan, down 101.22% [1][8] - The gross margin for 2024 decreased by 0.64 percentage points to 28.13%, and the net margin fell by 12.56 percentage points to 6.72% [2][14] Sales and Revenue Breakdown - Corn seed revenue in 2024 was 1.073 billion yuan, down 20.78%, while other seeds such as wheat and rice also saw declines in revenue [2][25] - The company’s total revenue from all seeds was 1.246 billion yuan, with a significant drop in growth rate compared to previous years [25] Cost and Expenses - The total expense ratio increased to 19.04%, up 5.27 percentage points year-on-year, with sales, management, and R&D expenses all rising [2][14] - The company faced increased asset impairment losses, amounting to approximately 120 million yuan year-on-year [1][8] Cash Flow and Asset Management - Operating cash flow for 2024 was 128 million yuan, a decrease of 28.37%, with cash flow from operating activities as a percentage of revenue at 10.29% [3][20] - Inventory turnover days increased by 26.63% to 340.9 days, and accounts receivable turnover days rose by 49.29% to 12.60 days [3][20] Future Earnings Forecast - The company’s net profit forecasts for 2025 and 2026 have been revised down to 110 million yuan and 141 million yuan, respectively, with an expected net profit of 176 million yuan in 2027 [22][26] - The projected earnings per share for the next three years are 0.13 yuan, 0.16 yuan, and 0.20 yuan [22][26]

Summary of the Conference Call for Denghai Seeds Company Overview - **Company**: Denghai Seeds - **Industry**: Agricultural Seeds Key Financial Performance - **Q1 2025 Revenue**: Decreased by 30% year-on-year to 162 million yuan [2] - **Q1 2025 Net Profit**: Decreased by 18.37% year-on-year to 24.5977 million yuan [2] - **2024 Full Year Revenue**: 1.246 billion yuan, down 19.74% year-on-year [3] - **2024 Full Year Net Profit**: 56.6256 million yuan, down 77.86% year-on-year [3] Cost and Production Insights - **Manufacturing Cost Reduction**: Driven by increased yield and reduced soybean production costs [4] - **Average Corn Yield**: Increased from over 300 kg in 2023 to over 400 kg in 2024, significantly lowering production costs [4] - **Seed Pricing Trends**: Decline in seed product ex-factory prices and terminal prices due to falling grain prices [2][5] Market Demand and Product Strategy - **Market Demand Shift**: Increasing preference for low-cost, high-yield seeds; seeds with yields below 400 kg are losing competitiveness [2][7] - **Target Yield Values**: Northwest region target yield set at 3,600 yuan, Gansu region at approximately 4,200 yuan [8] Profitability and Margin Analysis - **Gross Margin Improvement**: Increased by 1.43 percentage points in Q4 2024 compared to the previous year; significant improvement in Q1 2025 [6] - **Factors for Margin Improvement**: Lower manufacturing costs, optimized product mix, and promotion of new disease-resistant varieties [6] Product Development and Innovation - **New Varieties**: Denghai 2219 and Denghai 997 approved for national promotion, focusing on disease resistance and high-density planting [4][25] - **Market Adaptation**: Introduction of new varieties to meet market demands for drought resistance and low-stature plants [19][27] Pricing and Sales Outlook - **Current Seed Prices**: Retail prices for seeds are estimated between 4 to 5 yuan, with expectations of low prices due to high inventory levels [9] - **Future Pricing Trends**: Anticipated continued pressure on seed prices due to market adjustments and expansion of genetically modified varieties [5][9] Regulatory and Market Environment - **Transgenic Corn Market**: Current market price for transgenic corn is around 70-80 yuan; price increases are not feasible due to market competition [10][13] - **Transgenic Area Expansion**: Expected to reach tens of millions of acres by 2025, with gradual policy relaxation [13][14] Climate Impact and Agricultural Challenges - **Climate Change Effects**: Extreme weather conditions significantly impact corn growth, leading to increased disease prevalence [23][24] - **Adaptation Strategies**: Focus on developing varieties with better resistance to climate-induced stresses [27][28] Conclusion - **Future Growth Potential**: Despite current challenges, the company is positioned to leverage new product developments and market trends to enhance profitability and market share in the agricultural seeds industry [12][15]

内容概况：农产品加工业是农业产业提质增效的最大空间，是统筹脱贫攻坚和乡村振兴的重要抓手，是 农业产业效益提升的重要途径。近年来，随着脱贫攻坚战取得全面胜利，贫困地区的交通条件、招商引 资、产业建设、民生保障等都发生了巨大变化。目前我国已经进入全面推进乡村振兴阶段，产业振兴是 乡村振兴的重要一环，乡村产业中农产品加工业是体量最大、产业关联度最高的产业。数据显示，2024 年全国规模以上农产品加工企业营业收入超18万亿元。农产品加工业的蓬勃发展，将成为推动乡村产业 振兴、促进农民增收致富的重要引擎，为乡村振兴战略的深入实施注入持久动力。 相关上市企业：苏垦农发（601952）、星光农机（603789）、敦煌种业（600354）、隆平高科 （000998）、梅安森（300275）、芭田股份（002170）、新洋丰（000902）、新希望（000876）、登海 种业（002041）、牧原股份（002714）等。 相关企业：浙江天顺控股集团有限公司、运鸿集团股份有限公司等。 关键词：乡村振兴战略、返乡入乡、国家农村产业融合发展示范园批准创建数量、国家现代农业产业 园、国家级农业产业强镇批准创建数量、规模以上农产品加工业 ...

据证券之星公开数据整理，近期登海种业（002041）发布2025年一季报。截至本报告期末，公司营业总 收入1.63亿元，同比下降30.04%，归母净利润2459.77万元，同比下降18.37%。按单季度数据看，第一 季度营业总收入1.63亿元，同比下降30.04%，第一季度归母净利润2459.77万元，同比下降18.37%。本 报告期登海种业三费占比上升明显，财务费用、销售费用和管理费用总和占总营收同比增幅达 42.85%。 本次财报公布的各项数据指标表现一般。其中，毛利率30.68%，同比增17.68%，净利率16.47%，同比 增19.47%，销售费用、管理费用、财务费用总计3089.89万元，三费占营收比19.0%，同比增42.85%，每 股净资产4.11元，同比增0.54%，每股经营性现金流-0.09元，同比增0.27%，每股收益0.03元，同比减 18.13% | 项目 | 2024年一季报 | 2025年一季报 | 同比增幅 | | --- | --- | --- | --- | | 营业总收入(元) | 2.32亿 | 1.63亿 | -30.04% | | 归母净利润(元) | 3013.36 ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company is facing challenges due to low grain prices leading to unsold seed inventory, with expectations for price recovery to support performance [1] - In 2024, the company's revenue decreased by 19.74% year-on-year to 1.246 billion yuan, and net profit attributable to shareholders dropped by 77.86% to 57 million yuan [4][6] - The first quarter of 2025 saw a revenue decline of 30.04% year-on-year to 163 million yuan, with a net profit of 25 million yuan, down 18.37% [4][6] - The company has adjusted its profit forecasts for 2025-2026 downwards and introduced a new forecast for 2027, expecting net profits of 173 million, 215 million, and 262 million yuan for 2025, 2026, and 2027 respectively [4][6] - The current stock price corresponds to a PE ratio of 52.4, 42.2, and 34.7 for 2025, 2026, and 2027 respectively [4][6] Financial Summary - In 2024, the company's gross margin was 28.13%, a decrease of 0.64 percentage points year-on-year, while the net profit margin was 6.72%, down 12.56 percentage points [5] - The company reported a significant increase in R&D expenses, which rose by 24.79% to 83 million yuan, reflecting ongoing investment in research projects [5] - The company recorded a provision for inventory impairment of 129 million yuan due to unsold corn seed inventory [6] - The company has three genetically modified corn varieties that passed preliminary review, increasing the number of marketable varieties [6] Financial Projections - Revenue projections for 2025-2027 are 1.166 billion, 1.358 billion, and 1.540 billion yuan respectively, with expected year-on-year growth rates of -6.4%, 16.4%, and 13.4% [7][9] - The projected net profit for 2025-2027 is 173 million, 215 million, and 262 million yuan, with corresponding EPS of 0.20, 0.24, and 0.30 yuan [7][9] - The company's return on equity (ROE) is expected to improve from 2.1% in 2024 to 7.3% in 2027 [9][10]

Revenue and Profit - Revenue for Q1 2025 was CNY 162,646,807.82, a decrease of 30.04% compared to CNY 232,497,977.07 in the same period last year[4] - Net profit attributable to shareholders was CNY 24,597,739.66, down 18.37% from CNY 30,133,562.85 year-on-year[4] - Net profit after deducting non-recurring gains and losses was CNY 4,123,772.78, a significant decline of 70.24% compared to CNY 13,856,322.25 in the previous year[4] - Total operating revenue for the current period was ¥162,646,807.82, a decrease of 30% compared to ¥232,497,977.07 in the previous period[15] - Net profit for the current period was ¥26,783,647.91, down 16% from ¥32,046,609.60 in the previous period[16] - Earnings per share (EPS) decreased to ¥0.0280 from ¥0.0342, representing a decline of 18%[16] Assets and Liabilities - The company's total assets decreased by 2.24% to CNY 4,769,032,284.73 from CNY 4,878,071,041.66 at the end of the previous year[4] - The total current assets are reported at ¥3,912,842,749.98, down from ¥4,012,606,530.60 at the beginning of the period[13] - The total liabilities decreased from ¥853,571,255.63 to ¥681,434,444.86 during the reporting period[13] - The company's inventory stands at ¥791,113,871.16, down from ¥840,862,539.38[12] - The total assets amount to ¥4,769,032,284.73, a decrease from ¥4,878,071,041.66[13] - Total liabilities decreased to ¥795,481,543.42 from ¥931,303,948.26, a reduction of about 15%[14] - Total equity increased to ¥3,973,550,741.31 from ¥3,946,767,093.40, reflecting a growth of approximately 1%[14] Cash Flow - Cash flow from operating activities showed a slight improvement, with a net outflow of CNY 81,604,393.44, compared to CNY 81,826,964.81 in the same period last year, reflecting a 0.27% change[4] - Cash inflow from investment activities was ¥1,020,493,734.95, down from ¥1,313,967,455.42, indicating a decrease of about 22%[17] - Cash outflow for investment activities was ¥916,335,905.31, compared to ¥977,232,346.09 in the previous period, showing a reduction of approximately 6%[17] - The net cash flow from investment activities decreased significantly by CNY 232,577,279.69, primarily due to reduced purchases and redemptions of financial products[8] - The ending balance of cash and cash equivalents was CNY 448,285,907.29, down from CNY 678,789,795.57 year-over-year, showing a decrease in liquidity[18] - The net increase in cash and cash equivalents for the quarter was CNY 22,440,113.12, a significant drop from CNY 255,508,247.62 in the previous year[18] Shareholder Information - The total number of common shareholders at the end of the reporting period is 67,877[9] - The largest shareholder, Laizhou Agricultural Academy, holds 53.21% of the shares, totaling 468,223,255 shares[9] - The company has no preferred shareholders or related matters reported[11] - The company has not reported any changes in the participation of major shareholders in margin trading[10] Other Financial Metrics - The company reported a 42.30% increase in prepaid accounts compared to the beginning of the year, primarily due to prepayments for seed production in 2025[7] - Other income increased by 107.67% year-on-year, mainly due to an increase in government subsidies recognized during the period[8] - The company experienced a 6996.00% increase in asset disposal income, attributed to the disposal of assets by a subsidiary[8] - The company's weighted average return on equity decreased to 0.68% from 0.84% in the previous year[4] - Deferred income increased to ¥105,920,227.49 from ¥71,442,364.90, representing a growth of about 48%[14] - Cash flow from financing activities totaled CNY 23,013,323.08, an increase from CNY 6,999,896.90 in the previous year, reflecting a significant growth in financing activities[18] - The net cash flow from financing activities was negative at CNY -113,323.08, compared to a positive CNY 600,103.10 in the same period last year, indicating a shift in financing strategy[18] - The company did not undergo an audit for the first quarter report, which may affect the perception of financial reliability[19]

登海种业（002041）公告，2025年第一季度营业收入1.63亿元，同比下降30.04%。净利润2459.77万 元，同比下降18.37%。 ...

证券研究报告 登海种业 (002041 CH) 24 年玉米种子供过于求，减值计提拖累业绩 2024 年，受玉米价格走低、市场信心不足等因素影响，种子销售低迷不畅， 国内玉米种子市场供过于求；同时审定品种数量较多，同质化竞争激烈，公 司营收 yoy-20%，其中玉米种子/小麦种子实现营收 10.7/1.1 亿元，同比下 滑 21%/3.4%。盈利端来看：1）公司 2024 年毛利率为 28.1%、同比下降 0.64pct，主系水稻种子毛利率同比大幅下滑拖累，玉米种子毛利率则受制 种成本下降带动小幅提升 0.33pct 至 29.5%。2）公司玉米品种因受病害及 市场偏好耐密型品种冲击，又叠加反常气候等影响因素，种子滞销库存积压， 基于此，公司计提资产减值损失 1.29 亿元，盈利表现受此拖累。最终公司 归母净利润 yoy-78%、24Q4 出现亏损。 粮食自主可控预期或加强，中长期有望受益转基因商业化 贸易摩擦下粮食安全战略意义突出，自主可控预期有望加强。2025/4/8，中 共中央、国务院印发《加快建设农业强国规划（2024－2035 年）》，强调"加 快以种业为重点的农业科技创新"，推动种业自主创新全面突 ...

Core Insights - Shandong Denghai Seed Industry Co., Ltd. reported significant changes in key financial metrics for the year 2024, including a 77.86% decline in net profit and a 24.79% increase in R&D expenses, indicating challenges and opportunities in its operations [1][3]. Revenue Performance - The company achieved a revenue of 1,245,664,505.89 yuan in 2024, down 19.74% from 1,551,975,042.78 yuan in 2023 [2]. - The agricultural segment accounted for 100% of the revenue, with corn seed sales contributing 1,072,539,747.99 yuan, representing 86.10% of total revenue and a 20.78% decline year-on-year [2]. - Revenue from the northern region was 1,180,709,723.10 yuan, down 15.52%, while the southern region saw a drastic decline of 57.92%, generating only 64,954,782.79 yuan [2]. Profitability Analysis - The net profit attributable to shareholders was 56,625,639.65 yuan, a sharp decrease of 77.86% from 255,783,003.82 yuan in 2023 [3]. - The company's core operating profitability faced severe challenges, as the net profit excluding non-recurring items turned negative at -23,637,879.76 yuan, compared to a profit of 177,344,840.06 yuan in the previous year, marking a 113.33% decline [4]. Earnings Per Share - Basic earnings per share fell to 0.0643 yuan, down 77.88% from 0.2907 yuan in 2023 [5]. - The diluted earnings per share also showed a significant drop, reflecting the company's declining profitability and reduced returns to shareholders [5]. Expense Overview - Sales expenses increased by 2.57% to 72,678,144.16 yuan, likely due to intensified market competition [6]. - Management expenses rose by 3.69% to 113,350,564.64 yuan, attributed to the expansion of the company's operations [6]. - R&D expenses grew by 24.79% to 83,215,979.09 yuan, indicating a commitment to innovation and enhancing core competitiveness [6]. R&D and Personnel - R&D investment amounted to 86,419,693.13 yuan, representing 6.94% of revenue, an increase from 4.53% in 2023 [7]. - The number of R&D personnel decreased by 2.81% to 173, but the proportion of employees with a master's degree increased by 44.44%, suggesting an improvement in the quality of the R&D team [7]. Cash Flow Situation - The net cash flow from operating activities was 128,136,431.70 yuan, down 28.37% from 178,886,548.03 yuan in 2023, primarily due to a decrease in cash received from sales [9]. - The net cash flow from investing activities improved to -114,590,721.58 yuan, a reduction of 15.96% compared to the previous year [9]. - The net cash flow from financing activities showed a significant increase in outflow, reaching -10,981,463.90 yuan, compared to a positive inflow of 6,962,632.38 yuan in 2023 [9].

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：2025-013 山东登海种业股份有限公司 关于召开2024年度股东会的通知 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）股东会届次 本次召开的股东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年度股东会。 （二）股东会的召集人：公司董事会。 2025年4月21日召开的第八届董事会第十五次会议审议通过了《关于召开 2024年度股东会的议案》，同意召开本次股东会。 （三）会议召开的合法、合规性：本次股东会会议的召集、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。 （四）会议召开的日期、时间 1．现场会议召开时间：2025年5月13日（星期二）下午14:00 2．网络投票时间 （1）通过深圳证券交易所交易系统进行网络投票的时间为2025年5月13日 上午9:15-9:25,9:30-11:30，下午13:00-15:00。 （2）通过深圳证券交易所互联网投票系统进行投票的时间为2025年5月13 日上 ...