WINALL(300087) 财通证券·2024-10-28 01:23Investment Rating - The investment rating for the company is "Overweight" (maintained) [1] Core Views - The company's Q3 revenue increased by 36.00% YoY, but the net profit attributable to shareholders turned from profit to loss, with a loss of 84.33 million yuan in the first three quarters, and a loss of 62.10 million yuan in Q3, a YoY decrease of 115.74% [2] - The company has increased its overseas sales efforts, leading to a decline in gross profit margin. The gross profit margin for the first three quarters of 2024 was 16.49%, a YoY decrease of 6.40 percentage points. The overseas revenue for the first three quarters of 2024 was 351 million yuan, a YoY increase of 177 million yuan, or 98.30% [3] - The company's operating performance for the 2023-2024 business year was excellent, with total operating revenue of 4.489 billion yuan, a YoY increase of 30.17%, and total sales volume of 798 million kilograms, a YoY increase of 46.93% [3] - The company is a leader in the "breeding, propagation, and promotion" integration of the seed industry, and is expected to achieve operating revenue of 5.132 billion yuan, 6.243 billion yuan, and 7.518 billion yuan in 2024-2026, with net profit attributable to shareholders of 306 million yuan, 356 million yuan, and 412 million yuan, respectively [3] Financial Data and Forecasts - The company's revenue for 2022A, 2023A, 2024E, 2025E, and 2026E is forecasted to be 3.491 billion yuan, 4.103 billion yuan, 5.132 billion yuan, 6.243 billion yuan, and 7.518 billion yuan, respectively, with revenue growth rates of 38.47%, 17.54%, 25.09%, 21.64%, and 20.42% [3] - The net profit attributable to shareholders for 2022A, 2023A, 2024E, 2025E, and 2026E is forecasted to be 233 million yuan, 274 million yuan, 306 million yuan, 356 million yuan, and 412 million yuan, respectively, with net profit growth rates of 38.03%, 17.37%, 11.78%, 16.18%, and 15.88% [3] - The EPS for 2022A, 2023A, 2024E, 2025E, and 2026E is forecasted to be 0.25 yuan, 0.29 yuan, 0.32 yuan, 0.38 yuan, and 0.44 yuan, respectively, with PE ratios of 64.40, 28.90, 29.80, 25.65, and 22.13 [3] - The ROE for 2022A, 2023A, 2024E, 2025E, and 2026E is forecasted to be 13.60%, 14.05%, 14.85%, 14.84%, and 15.18%, respectively [3] Business Performance by Product Category - Rice seeds revenue increased by 23.25%, accounting for 39.51% of total revenue [3] - Grain crops revenue increased by 78.91%, accounting for 23.47% of total revenue [3] - Corn seeds revenue increased by 27.63%, accounting for 10.31% of total revenue [3] - Wheat seeds revenue increased by 25.28%, accounting for 9.42% of total revenue [3] - Cotton revenue decreased by 31.46%, accounting for 5.16% of total revenue [3]