23年经营改善明显，两隆融合有望充分发挥协同作用

Investment Rating - The report maintains a "Strong Buy" rating for Longping High-Tech [2][3] Core Views - The company showed significant operational improvement in 2023, achieving a revenue of 9.223 billion yuan, a year-on-year increase of 22.45%, and a net profit of 200 million yuan, marking a turnaround from losses [2] - The integration of Longping Development is expected to fully leverage synergies, enhancing the company's growth potential [3] - The company’s domestic business contributed over 5 billion yuan in revenue, growing by 44.70% year-on-year, while the international segment contributed 3.886 billion yuan [2] - The main seed varieties, rice and corn, generated revenues of 1.777 billion yuan and 6.030 billion yuan respectively, with year-on-year growth of 36.50% and 16.87% [2] - The company is well-positioned in the Brazilian market, holding the third-largest market share for corn seeds [2][3] Financial Summary - In 2023, the company reported total revenue of 9.223 billion yuan, with a projected revenue growth rate of 18.37% for 2024 [4] - The forecasted net profit for 2024-2026 is expected to be 524 million yuan, 766 million yuan, and 1.021 billion yuan respectively, with corresponding EPS of 0.40, 0.58, and 0.78 yuan [3][4] - The company’s PE ratio is projected to decrease from 31 in 2024 to 16 in 2026, indicating improving valuation metrics [3][4] Business Overview - Longping High-Tech is an international seed company named after the "father of hybrid rice," Yuan Longping, with operations in seed production and agricultural services [5] - The company is a leader in various seed categories, including rice, corn, and vegetables, and is rapidly developing in other categories like wheat and cotton [5]