Investment Rating - The report assigns an "Accumulate" rating for the company, indicating a positive outlook for its future performance [3][6]. Core Viewpoints - The company maintains its competitive advantage in the Southwest region while expanding its market presence in the Huanghuaihai region, aiming to create a second growth curve through the promotion of key products [3][5]. - The company is recognized as a key player in the agricultural industry, focusing on high-yield, stable, and resilient hybrid corn seed research, production, and sales [5][13]. - The report highlights the potential for growth driven by rising grain prices and the acceleration of genetically modified (GM) crop adoption [5][42]. Summary by Relevant Sections Market Performance - As of June 20, 2025, the company's closing price is 23.57 yuan, with a total market capitalization of approximately 2.34 billion yuan and a circulating market value of about 1.37 billion yuan [1]. Financial Forecast and Valuation - Projected revenues for 2023 to 2027 are as follows: 288 million yuan (2023), 337 million yuan (2024), 431 million yuan (2025), 553 million yuan (2026), and 687 million yuan (2027), with corresponding growth rates of 45.85%, 16.80%, 28.16%, 28.19%, and 24.27% [4]. - The expected net profit attributable to shareholders for the same period is 53 million yuan (2023), 83 million yuan (2024), 93 million yuan (2025), 114 million yuan (2026), and 139 million yuan (2027), with growth rates of 28.73%, 55.21%, 12.39%, 22.79%, and 22.03% respectively [4][6]. Business Overview - The company has a strong foothold in the Southwest region, with a market share increase from 4.84% in 2021 to 5.97% in 2022, indicating a solid competitive position [5][58]. - The company is actively expanding into the Huanghuaihai and Northeast regions, with significant growth in sales of its flagship product, Kangnongyu 8009, contributing to revenue increases [5][35]. Growth Drivers - The report emphasizes the importance of GM crop commercialization, with the company having successfully developed and approved its GM corn variety, Kangnong 20065KK, which is set for demonstration planting in 2025 [5][53]. - The company is expected to benefit from rising grain prices, with corn prices increasing by 13.1% as of June 11, 2025, which may stimulate demand for its products [5][45]. Management and Strategy - The management team possesses extensive experience in the seed industry, with a focus on innovation and market expansion strategies [5][33]. - The company plans to enhance its production capacity through investment projects aimed at improving seed processing and storage capabilities [5][40].
康农种业（837403）：保持西南地区优势，黄淮海地区大单品放量打造第二增长曲线