Investment Rating - The investment rating for the company is maintained at "Accumulate" [1] Core Views - The Q3 performance of the company met expectations, and it is anticipated that the company will maintain growth throughout the year [1] - The company reported a slight decline in revenue for Q3, but net profit increased both year-on-year and quarter-on-quarter [2] - The company is actively expanding its market presence and increasing R&D investment, which is expected to drive growth [3] - The company is focusing on new variety breeding projects and expanding into new markets, particularly in the Huanghuaihai region [3] - Profit forecasts remain unchanged, with expected net profits for 2024-2026 being 0.62 billion, 0.69 billion, and 0.77 billion respectively, with corresponding growth rates of 16%, 12%, and 11% [4] Financial Summary - For the first three quarters of 2024, the company achieved total revenue of 0.52 billion, a year-on-year decrease of 4.85%, while net profit was 0.10 billion, an increase of 20.04% year-on-year [2] - In Q3 2024, the company reported revenue of 0.05 billion, a year-on-year decrease of 34.98% and a quarter-on-quarter decrease of 63.12%, while net profit was 0.02 billion, showing a year-on-year increase of 166.79% and a quarter-on-quarter increase of 173.76% [2] - The company's total revenue is projected to grow from 288.24 million in 2023 to 330.54 million in 2024, representing a year-on-year growth of 14.68% [1][4] - The company's P/E ratio is expected to decrease from 18.67 in 2023 to 16.12 in 2024, indicating a more attractive valuation over time [1][4]
康农种业：2024年三季报点评：Q3业绩符合预期，全年有望保持增长