隆平高科：24半年报业绩预盈，转基因玉米种子布局领先

Investment Rating - The investment rating for the company is "Buy" with a target price indicating an expected return of over 20% within the next six months [5][14]. Core Views - The company is expected to achieve a net profit of between 90 million to 120 million yuan in the first half of 2024, marking a turnaround from a loss of 161 million yuan in the same period last year [1]. - The company has a strong position in the domestic seed industry, particularly in genetically modified corn and rice, which are showing good growth momentum [2]. - The company is expected to benefit from a strategic equity transfer that will increase investment income by approximately 340 million yuan [2]. - The company is facing challenges from increased foreign exchange losses and declining corn seed prices in Brazil, which may impact its performance [3]. Financial Performance Summary - The company's revenue is projected to grow significantly from 9.22 billion yuan in 2023 to 10.75 billion yuan in 2024, reflecting a growth rate of 16.60% [4]. - The net profit attributable to the parent company is expected to recover from a loss of 876.47 million yuan in 2022 to a profit of 539.96 million yuan in 2024 [4]. - The company's earnings per share (EPS) is forecasted to increase from 0.15 yuan in 2023 to 0.41 yuan in 2024 [4]. Market Position and Growth Drivers - The company leads in the approval of genetically modified corn varieties, with the highest number of approved varieties in the first batch, which will be promoted in 2024 [2]. - The rice segment has shown over 20% revenue growth in the first half of 2024 compared to the previous year, contributing positively to the overall performance [2]. - The company is implementing measures to mitigate foreign exchange risks, which are expected to stabilize its overseas business development [3].