Investment Rating - The report maintains a "Neutral" investment rating for the company [1]. Core Views - The company reported a slight improvement in Q3 performance, with Q3 revenue of 112 million yuan, a year-on-year decrease of 6.51%, and a net profit attributable to shareholders of 7.735 million yuan, down 21.29% year-on-year [1]. - The overall gross margin for Q3 was 21.50%, indicating some recovery compared to Q2, but the company has not yet returned to the performance levels of the past two years [1]. - The decline in the corn seed business is attributed to industry sluggishness and product replacement, with supply expected to exceed demand in 2024 [1]. - The company is in the process of promoting new products, which may help it gradually recover from the current downturn as industry conditions improve [1]. - The peanut and wheat businesses are expected to improve as the peak sales season approaches [1]. - The seed industry is supported by national policies, and leading companies are expected to continue growing, benefiting from government support [1]. - The company has adjusted its revenue forecasts for 2024-2026, expecting revenues of 467 million yuan, 440 million yuan, and 445 million yuan, with corresponding net profits of 5 million yuan, 12 million yuan, and 30 million yuan [1][3]. Financial Summary - For 2023, the company reported revenue of 534.24 million yuan, with a growth rate of 22.10%. The forecast for 2024 is a revenue of 467.32 million yuan, reflecting a decrease of 12.53% [3]. - The net profit for 2023 was 79.42 million yuan, with a profit growth rate of 28.68%. The forecast for 2024 shows a significant drop to 4.98 million yuan, a decrease of 93.73% [3]. - The earnings per share (EPS) for 2023 was 0.48 yuan, with a forecasted EPS of 0.03 yuan for 2024 [3].
秋乐种业点评报告：Q3业绩略有改善，恢复增长仍需时日