Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company has optimistic pre-sale conditions for seeds in 2025, with contract liabilities amounting to 213 million yuan [1] - The company is actively expanding its market in the Huanghuaihai region and increasing R&D investment, with a sales expense ratio of 20.33%, up 8.85 percentage points year-on-year [2] - The company has a significant increase in prepayments and contract liabilities, indicating a positive sales outlook for 2024-2025 [3] Financial Summary and Valuation Indicators - For the first three quarters of 2024, the company achieved revenue of 51.8831 million yuan, a year-on-year decrease of 4.85%, and a net profit attributable to the parent company of 9.5407 million yuan, a year-on-year increase of 20.04% [1] - The projected net profits for 2024-2026 are 63 million yuan, 69 million yuan, and 78 million yuan, respectively, with corresponding EPS of 0.89 yuan, 0.97 yuan, and 1.09 yuan per share [1] - The current price-to-earnings (P/E) ratios are 16.6, 15.2, and 13.4 for the years 2024, 2025, and 2026, respectively [1] Market Expansion and R&D Investment - The company is increasing its R&D expenses, with a research expense ratio of 16.55%, up 5.72 percentage points year-on-year [2] - The company has adjusted its subsidiary structure to optimize internal management and reduce costs, exiting its controlling subsidiary in Ningxia [2] Sales Outlook - The company has a prepayment of 109 million yuan, a year-to-date increase of 1201.98%, indicating strong pre-sale activity [3] - The contract liabilities of 213 million yuan represent a year-to-date increase of 1038.16%, suggesting a positive sales outlook for the upcoming quarters [3]
康农种业：北交所信息更新：2025年种子预售情况乐观，合同负债2.13亿元