大北农：24半年报业绩改善，转基因性状许可费已部分预收

Investment Rating - The investment rating for the company is "Buy" with a target price indicating a potential return of over 20% within the next six months [5]. Core Views - The company is expected to improve its financial performance, with a projected reduction in losses for the first half of 2024 compared to the previous year, indicating a decrease in net loss by 76.75% to 80.62% [1]. - The feed business is operating normally, with a slight decline in sales volume due to the reduction in pig production capacity, but cost-cutting measures have helped maintain stable profit contributions [2]. - The company has received prepayments for transgenic traits, with an expected increase in corn planting area by 15% to 20% in 2024, indicating a strong growth potential in the seed industry [3]. Summary by Sections Financial Performance - The company forecasts a net loss of 1.5 billion to 1.8 billion yuan for the first half of 2024, with a projected net profit of 0.29 billion to 0.59 billion yuan for Q2 2024 [1]. - Revenue is expected to grow significantly, with projected revenues of 41.21 billion yuan in 2024, up from 33.39 billion yuan in 2023, reflecting a growth rate of 23.42% [4]. - The company anticipates an EPS of 0.03 yuan in 2024, with further increases to 0.30 yuan and 0.31 yuan in 2025 and 2026, respectively [4]. Business Segments - The feed business is stable despite a slight decline in sales volume, with the company implementing cost-reduction strategies [2]. - The pig farming segment has shown improvement, with sales volume reaching 2.8482 million pigs and revenue of 4.631 billion yuan in the first half of 2024 [2]. - The company has made significant strides in the seed business, particularly in transgenic corn, with a strong pipeline of products and a leading position in technology [3]. Market Outlook - The company is well-positioned to benefit from the anticipated recovery in pig prices in the second half of 2024, which is expected to drive profitability in the pig farming segment [2]. - The commercial application of transgenic corn is expected to open new growth avenues for the company, supported by a robust variety reserve [3].