荃银高科：H1收入快增长，水稻种子出口高增

Investment Rating - The report assigns a "Recommended" rating for the company, indicating a positive outlook for investment [2][45]. Core Insights - The company reported a revenue of 1.411 billion yuan for H1 2024, representing a year-on-year increase of 30.62%. However, it experienced a net loss of 22 million yuan, a shift from a profit of 39 million yuan in H1 2023 [1][32]. - The significant revenue growth is attributed to a substantial increase in the order grain business and a slight rise in seed business revenue, particularly in rice seed exports [1][2]. - The company is actively investing in research and development, with R&D expenses amounting to 38.29 million yuan in H1 2024, a 19.47% increase year-on-year [2][45]. Summary by Sections Financial Performance - In H1 2024, the company achieved a revenue of 1.411 billion yuan, with Q2 revenue reaching 738 million yuan, a 59.50% increase year-on-year. The gross margin for H1 was 17.59%, down 7.17 percentage points from the previous year [1][32]. - The company reported a net loss of 22 million yuan for H1 2024, compared to a profit of 39 million yuan in H1 2023. The net profit after excluding non-recurring items was a loss of 39 million yuan [1][32]. Business Segments - The order grain business saw a revenue increase of 111.96% in H1 2024, while rice seed revenue grew by 14.09%. The company’s rice seed business remains a key revenue driver, with a gross margin of 31.19% [1][16]. - The company is expanding its product offerings in corn and wheat seeds, with corn seed revenue growing by 45.31% in 2023 [26][32]. Research and Development - The company follows a research model that emphasizes independent development while collaborating with domestic research institutions and universities. In H1 2024, it introduced four new national-approved and 19 provincial-approved hybrid rice varieties [2][45]. - The company aims to leverage the commercialization of genetically modified crops to enhance its performance, with plans to enter the top three in corn seed sales by 2025 [26][30]. Future Outlook - The company is projected to achieve net profits of 346.31 million yuan, 476.24 million yuan, and 569.31 million yuan for 2024, 2025, and 2026, respectively, indicating a strong growth trajectory [45][46]. - The expected earnings per share (EPS) for 2024, 2025, and 2026 are 0.37 yuan, 0.50 yuan, and 0.60 yuan, respectively, with corresponding price-to-earnings (PE) ratios of 17, 12, and 10 [45][46].