Investment Rating - The investment rating for the company is "Outperform" (Maintain) [1] Core Views - The company, QiuLe Seed Industry, has faced short-term pressure in the corn seed sector, with a reported revenue of 163 million yuan for the first three quarters of 2024, reflecting a decrease of 28.63% year-on-year. The net profit attributable to the parent company was 9.22 million yuan, down 48.88% year-on-year. However, in Q3 2024, the company achieved a revenue of 112 million yuan, a decline of 6.51%, but the net profit attributable to the parent company increased by 23.69% to 13.48 million yuan [2][4] - The company has been recognized as a national key leading enterprise in agriculture, which is expected to enhance its core competitiveness through increased investment in research and development [4] - The seasonal characteristics of the seed industry indicate that most revenue recognition occurs in the fourth quarter, suggesting that investors should closely monitor the potential revenue release in this period [5] Financial Summary - For 2024, the company is projected to have a revenue of 510 million yuan, a decrease of 4.6% year-on-year, with a net profit of 66 million yuan, down 16.8% year-on-year. The gross margin is expected to be 28.0% [5] - The company has increased its R&D expense ratio to 6.1%, up 3.2 percentage points year-on-year, indicating a commitment to innovation and development [4] - The earnings per share (EPS) for 2024 is projected to be 0.40 yuan, with corresponding price-to-earnings (P/E) ratios of 36.9, 32.6, and 28.7 for 2024, 2025, and 2026 respectively [2][5]
秋乐种业：北交所信息更新：国家重点龙头企业玉米种子短期承压，2024Q3归母净利润+23.69%