隆平高科(000998)：国内种业主业稳健 巴西玉米业务减亏

Core Viewpoint - The domestic rice and corn seed industry is performing steadily, with significant improvements expected in the company's performance by 2025, driven by revenue growth and reduced losses in Brazil [1][2]. Group 1: Domestic Seed Industry Performance - The domestic rice and corn seed sectors are stable, with the rice business maintaining a market share of over 20% and steady revenue, while the corn sector is expanding regionally and by variety to mitigate industry downturn risks [1]. - The company is expected to achieve a net profit attributable to shareholders of approximately 130 to 190 million yuan in 2025, representing a year-on-year increase of 14% to 67%, with an EPS of 0.09 to 0.13 yuan [1]. Group 2: Brazil Operations and Financial Improvements - The transformation efforts in Brazil are showing results, with revenue and gross margin improvements driven by marketing policy adjustments, cost control, and loan restructuring, leading to an 8 percentage point increase in gross margin and significant loss reduction [1]. - The company has improved its financial expenses through a capital increase and strategic financing, raising 2.2 billion yuan, which has significantly enhanced its capital structure and reduced interest expenses by over 10% year-on-year [1]. Group 3: Future Outlook and International Expansion - The company is well-positioned to capitalize on opportunities during the industry's downturn for external expansion, promoting stability in the domestic seed sector [2]. - The rice seed sector has growth potential in international markets, while the corn business in Brazil is gradually stabilizing, with a significantly optimized debt structure, potentially leading to profitability by 2026 [2]. - The company is expected to achieve net profits of 185 million, 386 million, and 679 million yuan for the years 2025, 2026, and 2027, respectively, with corresponding EPS of 0.13, 0.26, and 0.46 yuan [2].