康农种业(920403)：玉米种子黑马，品种迭代领先

投资要点： | [Table_Finance] 财务摘要(百万元) | 2023A | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业总收入 | 288 | 337 | 362 | 537 | 669 | | (+/-)% | 45.9% | 16.8% | 7.4% | 48.6% | 24.6% | | 净利润(归母) | 53 | 83 | 78 | 114 | 149 | | (+/-)% | 28.7% | 55.2% | -5.9% | 46.7% | 30.8% | | 每股净收益(元) | 0.54 | 0.83 | 0.78 | 1.15 | 1.50 | | 净资产收益率(%) | 19.6% | 16.9% | 14.1% | 17.6% | 19.4% | | 市盈率(现价&最新股本摊薄) | 45.76 | 29.48 | 31.33 | 21.36 | 16.32 | | 资料来源：Wind，国泰海通证券研究 | | | | | | 股票研究 /[Table_Date] 2026. ...