Investment Rating - The report maintains a "Buy" rating for the company, indicating an expectation of strong performance relative to the market [24]. Core Insights - The company reported a revenue of 1.55 billion yuan in 2023, a year-on-year increase of 17.1%, with a net profit of 256 million yuan, up 1.0% year-on-year [27]. - The company is expected to benefit from the commercialization of genetically modified corn, with six varieties already approved, positioning it to capture market share [27]. - The report anticipates a decline in average selling prices for corn seeds in 2024 due to market conditions, leading to revised profit forecasts for 2024-2025 [27]. Financial Summary - Total revenue for 2022 was 1.326 billion yuan, projected to grow to 1.669 billion yuan in 2024, and 2.111 billion yuan by 2026 [3]. - The gross profit margin for 2023 was 28.8%, down from the previous year, primarily due to rising production costs [27]. - The net profit for 2024 is projected at 300 million yuan, with a growth rate of 15.0% expected in 2025 [20].
玉米种业稳步增长,制种成本上涨盈利承压