Investment Rating - The investment rating for the company is "Outperform" (Maintain) [3] Core Views - The company, a leader in the domestic corn seed industry, is currently facing short-term performance pressure but is expected to see a turning point as it ramps up research and development and expands its distribution channels [3] - The overall corn seed market is experiencing oversupply and intense competition, leading to declines in both sales volume and price [3] - The company has adjusted its profit forecasts for 2025-2026 and introduced a new forecast for 2027, expecting net profits of 55 million, 67 million, and 77 million yuan respectively for those years [3] Financial Summary - In 2024, the company is projected to achieve revenue of 391 million yuan, a decrease of 26.77% year-on-year, with a net profit of 50 million yuan, down 36.49% [3][6] - The gross margin is expected to be 27.86%, down 4.23 percentage points, and the net margin is projected at 12.89%, down 1.98 percentage points [3] - For Q1 2025, revenue is expected to be 19.19 million yuan, a decline of 45.25%, with a net loss of 4.48 million yuan [3] Research and Development - The company increased its R&D expenditure to 2160.87 million yuan in 2024, a year-on-year growth of 17.98% [5] - Several of the company's corn varieties have been recognized for their disease resistance and high yield, with specific varieties selected as leading agricultural varieties in various provinces [5] Market Position and Strategy - The company is actively exploring online sales channels, including establishing its own e-commerce platform and collaborating with influencers and e-commerce teams [5] - The company aims to enhance its market position in the wheat and peanut seed markets, anticipating accelerated expansion in these areas [3]
秋乐种业（831087）：北交所信息更新：国内玉米种业领军者业绩短期承压，静待研发与渠道发力迎拐点