SDDSC(002041) 国联证券·2025-05-15 02:30Investment Rating - The investment rating for the company is "Buy" [18] Core Views - The company is experiencing a decline in revenue and profit due to low grain prices, with expectations for revenue and profit to decrease in 2025 [2][10] - The company is actively developing high-yield new varieties and increasing investment in research and development [12] - The company is projected to benefit from the commercialization of genetically modified corn, suggesting a potential for future growth despite current challenges [13] Summary by Sections Financial Performance - In 2024, the company achieved revenue of 1.246 billion yuan, a decrease of 19.74% year-on-year, with a net profit attributable to shareholders of 57 million yuan, down 77.86% year-on-year [10][14] - For Q1 2025, the company reported revenue of 163 million yuan, a year-on-year decrease of 30.04%, and a net profit of 25 million yuan, down 18.37% year-on-year [10] Business Segments - The corn business generated revenue of 1.073 billion yuan in 2024, a decrease of 20.78% year-on-year, with a gross margin of 29.50%, an increase of 0.33 percentage points [4][11] - The wheat business revenue was 108 million yuan, down 3.38% year-on-year, while the rice business revenue was 32 million yuan, down 30.61% year-on-year, and the vegetable seed business revenue was 13 million yuan, down 7.23% year-on-year [4][11] Research and Development - The company has successfully passed the approval for 20 new corn varieties and is increasing its R&D investment, with R&D expenses reaching 83 million yuan in 2024, up 24.79% year-on-year [12] - In Q1 2025, R&D expenses were 14 million yuan, an increase of 9.65% year-on-year [12] Future Projections - Revenue projections for 2025-2027 are 1.290 billion yuan, 1.418 billion yuan, and 1.673 billion yuan, with year-on-year growth rates of 3.60%, 9.85%, and 18.02% respectively [13][14] - Net profit projections for the same period are 177 million yuan, 187 million yuan, and 206 million yuan, with growth rates of 212.13%, 5.75%, and 10.06% respectively [13][14]