Investment Rating - The investment rating for the company is "Accumulate" (maintained) [5] Core Views - As of the end of Q3 2025, the company's contract liabilities increased by 65% year-on-year, while revenue and profit were under pressure due to concentrated customer returns [5][8] - The company has a strong market response for its core corn varieties, particularly in the Huanghuaihai region, which is expected to enhance overall gross margins if the product mix shifts further towards this area [8] - The company is expanding its product offerings across various domestic regions and has begun to see success in international markets, including potential entry into Brazil [8] Financial Summary - Revenue projections for the company are as follows: - 2023: 288 million RMB - 2024: 337 million RMB (growth of 16.80%) - 2025E: 399 million RMB (growth of 18.37%) - 2026E: 536 million RMB (growth of 34.39%) - 2027E: 675 million RMB (growth of 25.98%) [7] - Net profit forecasts are: - 2023: 53 million RMB - 2024: 83 million RMB (growth of 55.21%) - 2025E: 91 million RMB (growth of 9.78%) - 2026E: 114 million RMB (growth of 25.57%) - 2027E: 139 million RMB (growth of 22.45%) [7] - Earnings per share (EPS) estimates are: - 2023: 0.54 RMB - 2024: 0.83 RMB - 2025E: 0.91 RMB - 2026E: 1.15 RMB - 2027E: 1.40 RMB [7] - The company maintains a high market share in its traditional southwestern region while achieving significant expansion in the Huanghuaihai area [8]
康农种业（920403）：2025Q3末合同负债同比+65%，Q3客户集中退货致使营收和利润承压