Investment Rating - The investment rating for the company is "Accumulate" (maintained) [1] Core Views - The company's revenue and net profit showed some recovery in Q3 2024, with Q3 revenue at 112 million yuan, a year-on-year decrease of 6.51% but a quarter-on-quarter increase of 567.63%. The net profit for Q3 was 13 million yuan, a year-on-year increase of 23.69% and a quarter-on-quarter increase of 330.17% [2][3] - The company is actively expanding its product range to drive steady growth, increasing R&D investment to meet diverse market demands and maintain market share amid intensifying competition [3] - Due to increased market competition, the company's profit forecasts for 2024, 2025, and 2026 have been slightly adjusted downwards, with expected net profits of 72 million yuan, 80 million yuan, and 90 million yuan respectively [3] Financial Performance Summary - For 2024, the company is projected to have total revenue of 514.24 million yuan, a year-on-year decrease of 3.74%, and a net profit of 71.78 million yuan, a year-on-year decrease of 9.62% [1][3] - The company's earnings per share (EPS) for 2024 is expected to be 0.43 yuan, with a price-to-earnings (P/E) ratio of 28.86 based on the current price [1][3] - The company has maintained stable expense ratios despite increased R&D spending, with sales, management, R&D, and financial expense ratios at 8.10%, 4.76%, 2.45%, and -0.73% respectively [2]
秋乐种业：2024年三季报点评：玉米种短期略有承压，长期有望持续增长