Investment Rating - The report maintains an "Accumulate" investment rating for the company [1][20]. Core Views - The company's performance in 2023 met expectations, but Q1 2024 faced short-term pressure due to the introduction cycle of new corn varieties and changes in peanut seed sales models, alongside increased R&D expenses [1][10]. - The company achieved total revenue of 534 million yuan in 2023, a year-on-year increase of 22.10%, with a net profit attributable to shareholders of 79.42 million yuan, up 28.68% year-on-year [1][4]. - The issuance of production and operation licenses for genetically modified corn and soybeans marks a historic change in the industry, with the company expected to benefit from increased market share and profitability [1][20]. Financial Performance Summary - In Q1 2024, the company reported revenue of 35.06 million yuan, with a net profit of 1.59 million yuan, reflecting a significant decline of 83.71% year-on-year [1][3]. - The company's gross margin for 2023 was 32.09%, a decrease of 0.66 percentage points year-on-year, while the net margin increased by 0.76 percentage points to 14.87% [3][15]. - R&D expenses in Q1 2024 were 2.71 million yuan, a year-on-year increase of 70.93%, representing 7.73% of revenue, up 4.87 percentage points from Q1 2023 [3][10]. Revenue and Profit Forecast - The company is projected to achieve net profits of 85 million yuan, 106 million yuan, and 138 million yuan for 2024, 2025, and 2026 respectively, with corresponding EPS of 0.52 yuan, 0.64 yuan, and 0.84 yuan [20][4]. - Revenue is expected to grow from 585 million yuan in 2024 to 771 million yuan in 2026, with growth rates of 9.42%, 14.20%, and 15.50% respectively [4][15]. Market Position and Strategy - The company has a strong competitive position with its core varieties, which are expected to accelerate development through platform resources [1][20]. - The company aims to expand its market presence in northern and southwestern spring corn markets and enhance its wheat business in the Huanghuai North and Northwest regions [1][20].
秋乐种业：2023年年报及2024年一季报点评：业绩短期承压，加强研发巩固核心竞争力