WINALL(300087) Tianfeng Securities·2024-10-27 09:14Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected relative return of over 20% within the next six months [6][14]. Core Insights - The company reported a revenue of 2.055 billion yuan for the first three quarters of 2024, representing a year-on-year increase of 32.26%. However, the net profit attributable to the parent company was a loss of 0.84 billion yuan, a significant decline of 892.84% year-on-year [2]. - For the 2023-2024 business year, the total revenue is projected to be 4.489 billion yuan, reflecting a year-on-year growth of 30.17% [2]. - The company has seen a strong increase in seed sales, with total sales revenue of 2.66 billion yuan for the main seed categories, up 24.3% year-on-year, and total seed volume of 192,000 tons, up 33.4% year-on-year [3]. - The company has successfully launched new hybrid rice varieties and expanded its product offerings in corn and wheat seeds, contributing to the overall growth in sales [3][5]. - The company has increased its research and development expenditure to 60 million yuan in the first three quarters of 2024, a year-on-year increase of 20.1%, focusing on biotechnology and transgenic varieties [5]. Financial Summary - The company's revenue for 2022 was 3,490.54 million yuan, with projections of 4,102.90 million yuan for 2023 and 4,800.48 million yuan for 2024, indicating a growth rate of 17.54% for 2023 and 17.00% for 2024 [8][10]. - The net profit attributable to the parent company for 2022 was 233.34 million yuan, with projections of 273.86 million yuan for 2023 and 306.85 million yuan for 2024, reflecting growth rates of 17.37% and 12.05% respectively [8][10]. - The company's earnings per share (EPS) is projected to increase from 0.25 yuan in 2022 to 0.29 yuan in 2023 and 0.32 yuan in 2024 [8][10]. - The price-to-earnings (P/E) ratio is expected to decrease from 39.10 in 2022 to 33.31 in 2023 and further to 29.73 in 2024, indicating improving valuation metrics [8][10]. Market Position and Strategy - The company is leveraging its strong relationship with its major shareholder, Syngenta, to enhance its research capabilities and expand its market reach [5]. - The company is actively engaging in order agriculture, collaborating with various brands to strengthen its sales and create a second growth curve [3][5]. - The increase in contract liabilities by 870 million yuan in Q3 2024 indicates a solid foundation for future sales growth in the seed industry [4].