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登海种业(002041):减值计提拖累盈利,关注转基因商业化
SDDSCSDDSC(SZ:002041) HTSC·2025-04-23 06:32

Investment Rating - The investment rating for the company is "Accumulate" with a target price of RMB 11.34 [6][7]. Core Views - The company's revenue for 2024 is RMB 1.246 billion, a year-on-year decrease of 19.74%, and the net profit attributable to the parent company is RMB 56.63 million, down 77.86% year-on-year, primarily due to significant asset impairment losses in Q4 2024 [1][2]. - The domestic corn seed market is oversupplied, leading to weak sales and intense competition, which has pressured the company's revenue and profitability [2][3]. - The company is expected to benefit from the commercialization of genetically modified (GM) crops, with several GM corn varieties already approved and more in the pipeline [3][4]. Revenue and Profitability - In 2024, the company achieved revenue of RMB 1.246 billion, with corn seed revenue at RMB 1.07 billion and wheat seed revenue at RMB 110 million, reflecting declines of 21% and 3.4% respectively [2][5]. - The gross margin for 2024 is projected to be 28.1%, a decrease of 0.64 percentage points year-on-year, influenced by a significant drop in rice seed margins [2][5]. - The company recorded an asset impairment loss of RMB 129 million, which significantly impacted profitability, resulting in a net loss in Q4 2024 [2][4]. Future Outlook - The company plans to increase its R&D investment, which reached RMB 83.22 million in 2024, a year-on-year increase of 25%, indicating a commitment to innovation and product development [3][4]. - The long-term outlook is positive due to the strategic emphasis on food security and agricultural innovation by the Chinese government, which may enhance the company's market position [3][4]. Financial Projections - The forecast for net profit attributable to the parent company for 2025 is RMB 161.47 million, a significant increase of 185.15% compared to 2024 [5][16]. - The projected revenue for 2025 is RMB 1.277 billion, reflecting a slight recovery from the previous year [5][16]. - The company is expected to maintain a strong market position as a leading corn seed producer, benefiting from the anticipated growth in the agricultural sector [4][5].