秋乐种业：2024年三季报点评：公司业绩短期承压，Q3净利同比增长

Investment Rating - The investment rating for the company is "Accumulate" (maintained) [1] Core Views - The company's performance is under short-term pressure, with a year-on-year decline in revenue, but a quarter-on-quarter profit turnaround in Q3 [1] - The company achieved a revenue of 163 million yuan in the first three quarters of 2024, a decrease of 28.63% year-on-year, while the net profit attributable to the parent company was 9.22 million yuan, down 48.88% year-on-year [1] - The company is experiencing an oversupply of corn seeds, leading to increased returns of corn seeds in the first half of the year, which has negatively impacted revenue [1] - The company is strengthening its R&D efforts, with R&D expenses increasing by 47.18% year-on-year to 10.04 million yuan, representing a R&D expense ratio of 6.14% [1] Financial Performance Summary - For Q3 2024, the company reported revenue of 112 million yuan, a year-on-year decrease of 6.51%, but a net profit of 13.48 million yuan, a year-on-year increase of 23.69% [1] - The company expects to achieve net profits of 39 million yuan, 63 million yuan, and 86 million yuan for the years 2024, 2025, and 2026, respectively, with corresponding EPS of 0.23 yuan, 0.38 yuan, and 0.52 yuan [2][1] - The company's P/E ratios for 2024, 2025, and 2026 are projected to be 53.73, 33.00, and 24.13, respectively, indicating a reasonable valuation range based on industry peers [2][1] Industry Context - The industry is undergoing a historic transformation with the gradual commercialization of genetically modified corn and soybean seeds, supported by government policies [1] - The area of genetically modified crops is expanding annually, and as commercialization deepens, related companies are expected to see improvements in profitability and market share [1]