Investment Rating - The investment rating for the company is "Accumulate" (maintained) [1] Core Views - The new corn varieties are expected to help expand the market in the Huanghuaihai region, with steady growth anticipated in 2025 [1] - The company has increased its sales team and is focusing on expanding its market presence, particularly in the Huanghuaihai area, which has shown significant revenue growth [7] - The financial forecasts for 2025-2027 indicate a positive trend in revenue and net profit, with expected net profits of 0.91 billion, 1.03 billion, and 1.17 billion respectively [7] Financial Summary - Total revenue for 2023 is projected at 288.24 million, with a year-on-year growth of 45.85%. For 2024, revenue is expected to reach 336.66 million, growing by 16.80% [1] - The net profit attributable to the parent company for 2023 is estimated at 53.22 million, with a year-on-year increase of 28.73%. The forecast for 2024 is 82.60 million, reflecting a growth of 55.21% [1] - The earnings per share (EPS) for 2023 is projected at 0.75 yuan, increasing to 1.16 yuan in 2024 [1] - The price-to-earnings (P/E) ratio is expected to decrease from 42.05 in 2023 to 27.09 in 2024, indicating improved valuation [1] Market Data - The closing price of the stock is 33.23 yuan, with a market capitalization of 2,358.41 million [5] - The company has a price-to-book (P/B) ratio of 4.85 and a total circulating A-share market value of 1,401.01 million [5] Financial Projections - The company anticipates total revenue of 403 million in 2025, with a year-on-year growth of 19.71% [8] - The projected net profit for 2025 is 90.87 million, with a growth rate of 10.01% compared to 2024 [8] - The company's operating profit is expected to reach 92 million in 2025, with a corresponding net profit margin of 22.55% [8]
康农种业（837403）：2024年报、2025一季报点评：新玉米品种助力开拓黄淮海市场，25年有望持续稳健增长