Investment Rating - The investment rating for the company is "Accumulate" (maintained) [1] Core Views - The company's performance in H1 2024 has declined due to a significant drop in revenue and net profit, primarily attributed to low corn grain prices and a surplus in the corn seed market, leading to increased returns of corn seeds [2] - The overall market is characterized by oversupply, resulting in decreased sales of corn and soybean seeds, which has negatively impacted revenue [2] - The company has increased its R&D investment, which has slightly raised its expense ratios, indicating a commitment to enhancing its research capabilities [2] - Future profit forecasts have been adjusted downward due to intensified market competition, with expected net profits for 2024, 2025, and 2026 being 0.83 billion, 0.87 billion, and 0.98 billion respectively, reflecting growth rates of 4%, 6%, and 12% [2] Summary by Sections Financial Performance - In H1 2024, the company reported total revenue of 0.52 billion, a year-on-year decrease of 52.75%, and a net profit of -0.04 billion, down 159.89% [2] - The gross margin for H1 2024 was 17.67%, a decrease of 11.66 percentage points year-on-year, with corn seed and peanut seed gross margins at 12.38% and 18.18% respectively [2] Revenue Breakdown - Revenue from corn seeds and peanut seeds in H1 2024 was 0.12 billion and 0.34 billion, representing declines of 82.07% and 11.08% year-on-year [2] R&D and Expenses - The company has increased its R&D expenses, with sales, management, R&D, and financial expense ratios rising year-on-year [2] Profit Forecasts - The revised profit forecasts for the company indicate a net profit of 0.83 billion in 2024, 0.87 billion in 2025, and 0.98 billion in 2026, with growth rates of 4%, 6%, and 12% respectively [2]
秋乐种业：2024年半年报点评：退货影响部分盈利，24H1业绩有所下滑