Investment Rating - The investment rating for the company is "Accumulate" (maintained) [5] Core Views - The company has seen a significant increase in contract liabilities, up 410% year-on-year, indicating strong market acceptance of its corn seed products [6] - In H1 2025, the company reported operating revenue of 45.87 million yuan, a decrease of 2.68% year-on-year, while net profit attributable to shareholders was 8.69 million yuan, an increase of 12.22% year-on-year [6] - The company is focusing on expanding its overseas market and enhancing its domestic "big product" strategy, with successful collaborations and research advancements [6] Summary by Sections Market Performance - The closing price as of August 20, 2025, was 25.28 yuan, with a one-year high of 55.97 yuan and a low of 7.96 yuan [3] Financial Performance - In H1 2025, the company achieved a gross margin of 39.46%, an increase of 13.5 percentage points year-on-year [6] - The company’s contract liabilities reached 110 million yuan, reflecting a strong pre-sale performance for the 2025-2026 sales season [6] Revenue and Profit Forecast - The forecasted net profit for 2025-2027 is 93 million, 114 million, and 139 million yuan respectively, with corresponding P/E ratios of 27.1, 22.0, and 18.1 [6][7] - Revenue is expected to grow from 431 million yuan in 2025 to 687 million yuan in 2027, with a compound annual growth rate of approximately 24.27% [7] Strategic Initiatives - The company has established a new international division to expand its market reach, particularly in Southeast Asia, Africa, and South America [6] - Collaborations with ten research institutions have led to significant advancements in seed variety development [6]
康农种业（837403）：2025H1合同负债同比增长410%，期待销售旺季业绩表现