种业板块2024年中报总结：水稻种稳健发展，玉米种待行业拐点

Investment Rating - The report assigns an "Overweight" rating to the seed industry sector, maintaining the previous rating of "Overweight" [2][19]. Core Insights - The seed industry has shown steady growth in revenue and profit in the first half of 2024, with total revenue reaching 6.3 billion yuan, a year-on-year increase of 24.14%, and a net profit attributable to shareholders of 135 million yuan, up 270.9% year-on-year [5][7]. - The rice seed sector is experiencing stable growth, while the corn seed sector is facing revenue declines, awaiting an industry turning point [2][7]. - The report highlights the significant contribution of Longping High-Tech to industry profit growth, primarily from the disposal of equity in joint ventures, generating an investment income of 340 million yuan [5][11]. Summary by Sections Industry Revenue and Profit Growth - The seed industry reported a total revenue of 6.3 billion yuan in the first half of 2024, reflecting a year-on-year growth of 24.14%. The net profit attributable to shareholders was 135 million yuan, marking a substantial increase of 270.9% [5][7]. - In the second quarter, six seed companies collectively generated revenue of 2.331 billion yuan, a year-on-year increase of 6.42%, while the net profit attributable to shareholders was -7 million yuan, showing a year-on-year increase of 97.61% [5][7]. Rice Seed Development and Corn Seed Revenue Decline - The revenue from rice seeds has shown stable growth, with a year-on-year increase in the range of 15% to 25% in the first half of 2024. The hybrid rice seed industry has been steadily developing, with stable breeding costs and normal research and development iterations [7][11]. - In contrast, the revenue from corn seeds has declined, with leading companies experiencing a year-on-year decrease of 10% to 15%. This decline is attributed to lower product prices resulting from decreased breeding costs [7][9]. Investment Recommendations - The report expresses optimism about the seed industry sector, driven by policy support and technological advancements. It recommends Longping High-Tech and Qianyuan High-Tech as key investment targets, with Denge Seed Industry also identified as a beneficiary [14][13]. - The report provides specific stock recommendations along with their respective closing prices and earnings per share (EPS) forecasts for 2023 and 2024 [14].