隆平高科：公司信息更新报告：稻种业绩高速增长，瘦身健体进展顺利

Investment Rating - The investment rating for the company is "Buy" (maintained) [2][3] Core Views - The leading company in the seed industry has shown stable performance, and the restructuring efforts are progressing smoothly. The earnings forecast remains unchanged, with expected net profits of 548 million, 676 million, and 854 million for 2024-2026 [3][4]. Financial Performance Summary - In H1 2024, the company reported revenue of 2.582 billion, a year-on-year decrease of 1.28%. The net profit attributable to the parent company was 111 million, showing a turnaround from loss, while the non-recurring net profit was -258 million [3]. - The revenue for Q2 2024 was 510 million, a year-on-year decline of 39.14%, with a net profit of 34 million, also indicating a turnaround [3]. - The main non-operating item in H1 2024 was a gain from the disposal of non-current assets amounting to 350 million, primarily from the disposal of equity in Longping Biology [3]. Segment Performance - Rice Seed: H1 2024 revenue reached 837 million, a year-on-year increase of 19.61%, with a gross margin of 39.55% [5]. - Corn Seed: H1 2024 revenue was 1.228 billion, down 9.87%, with a gross margin of 18.13% [5]. - Other Seeds: Revenue from vegetable and fruit seeds was 87 million, a year-on-year decrease of 31.03%, with a gross margin of 50.54% [5]. Research and Development - In H1 2024, the company invested 296 million in R&D, maintaining over 60 breeding stations for rice and corn domestically and internationally, with a total experimental area of nearly 16,000 acres [4]. Market Position - The company is a global leader in hybrid rice seeds and ranks first in China for hybrid corn seeds, with strong positions in other crops such as peppers and cucumbers [4]. Valuation Metrics - The current stock price is 9.45, with a market capitalization of 12.445 billion. The projected P/E ratios for 2024-2026 are 29.7, 24.1, and 19.1 respectively [7].