水稻种子盈利能力提升显著，“两隆”协同助力业绩向好 推荐

Investment Rating - The report maintains a "Recommended" rating for the company [1][2]. Core Insights - The company has significantly improved its profitability in rice seed production, aided by the synergy from its dual-brand strategy [1]. - In 2023, the company reported a revenue of 92.23 billion yuan, a year-on-year increase of 22.45%, with domestic and international segments contributing 53.37 billion yuan and 38.86 billion yuan respectively [1]. - The net profit attributable to shareholders was 2.00 billion yuan, reversing from a loss of 8.33 billion yuan in the previous year [1]. - The gross profit margin for 2023 was 39.76%, an increase of 0.93 percentage points year-on-year [1]. - The company experienced a decline in performance in Q1 2024, primarily due to losses from its Brazilian operations, despite strong domestic sales of rice and corn seeds [1]. Financial Performance Summary - The company forecasts revenues of 106.21 billion yuan for 2024, with a growth rate of 15.15%, and expects net profits to reach 5.87 billion yuan, reflecting a growth rate of 193.27% [3]. - The earnings per share (EPS) are projected to be 0.45 yuan for 2024 and 0.59 yuan for 2025, with corresponding price-to-earnings (PE) ratios of 28 and 21 [2][3]. - The total assets are expected to decrease to 24,995.05 million yuan in 2024, down from 27,747.98 million yuan in 2023 [4]. Seed Production and Market Position - The company achieved a rice seed revenue of 17.77 billion yuan in 2023, a year-on-year increase of 36.5%, maintaining a market share of 18% in China [1]. - The corn seed segment generated a total revenue of 60.30 billion yuan, a year-on-year increase of 16.87%, with a market share of nearly 10% in the domestic market [1]. - The company is actively advancing breeding research and has made significant progress in the commercialization of genetically modified organisms, which is expected to enhance future performance [2][1].