登海种业（002041）：粮价低迷叠加反常气候，2025H1营收业绩双降

Investment Rating - The investment rating for the company is "Buy" [20] Core Views - The company is experiencing a decline in both revenue and profit due to low grain prices and abnormal weather conditions, with a projected revenue of 369 million yuan for the first half of 2025, a year-on-year decrease of 9.41%, and a net profit of 35 million yuan, down 33.42% year-on-year [4][9] - The corn seed business has been particularly affected, generating revenue of 338 million yuan, a decrease of 12.04% year-on-year, while the gross margin improved to 29.08%, an increase of 3.93 percentage points [10][12] Summary by Sections Financial Performance - In the first half of 2025, the company reported revenue of 369 million yuan, down 9.41% year-on-year, and a net profit of 35 million yuan, down 33.42% year-on-year [4][9] - The corn business revenue was 338 million yuan, a decrease of 12.04% year-on-year, with a gross margin of 29.08%, up 3.93 percentage points [10] Business Segments - The rice business achieved revenue of 9.328 million yuan, a year-on-year increase of 53.50% - The vegetable seed business generated revenue of 9.9884 million yuan, down 6.98% year-on-year - The wheat business saw revenue of 3.0722 million yuan, a significant increase of 118.01% year-on-year [10] Research and Development - The company is actively investing in research and development, with an R&D expenditure of 43 million yuan in the first half of 2025, an increase of 13.72% year-on-year [11] - The company is advancing its biotechnology research center and has made significant progress in breeding and innovation, with six genetically modified corn varieties being promoted [11] Future Projections - Revenue projections for 2025-2027 are 1.29 billion yuan, 1.42 billion yuan, and 1.67 billion yuan, with year-on-year growth rates of 3.60%, 9.85%, and 18.02% respectively - Net profit projections for the same period are 177 million yuan, 187 million yuan, and 206 million yuan, with growth rates of 212.06%, 5.71%, and 10.03% respectively [12][14]