SDDSC(SZ:002041) Guolian Securities·2024-04-24 23:30Investment Rating - The investment rating for the company is to maintain attention on its performance [6]. Core Views - The company reported a stable growth in revenue, achieving 1.552 billion yuan in 2023, a year-on-year increase of 17.06%, with a net profit attributable to shareholders of 256 million yuan, up 1.01% year-on-year [3][20]. - The company benefits from the commercialization of genetically modified crops, with significant policy support for the seed industry, particularly in corn breeding [5]. - The company has successfully passed the approval of 16 new corn and wheat varieties, enhancing its market position [5]. Financial Performance and Forecast - Revenue projections for 2024-2026 are estimated at 1.797 billion yuan, 2.073 billion yuan, and 2.383 billion yuan, with year-on-year growth rates of 15.78%, 15.35%, and 14.98% respectively [6][21]. - The net profit for the same period is forecasted to be 290 million yuan, 379 million yuan, and 426 million yuan, with growth rates of 13.53%, 30.66%, and 12.18% respectively [6][21]. - Earnings per share (EPS) are expected to be 0.33 yuan, 0.43 yuan, and 0.48 yuan for 2024, 2025, and 2026 respectively [6][21]. Business Segments - The corn seed business accounted for 87.23% of total revenue, with a 15.25% increase in revenue to 1.354 billion yuan [20]. - The wheat seed business saw a revenue increase of 25.23% to 111 million yuan, while the rice seed business experienced a significant growth of 69.13%, reaching 45 million yuan [20].