Investment Rating - The report maintains an "Accumulate" rating for the company [1] Core Views - The introduction of new corn varieties is expected to help the company expand its market in the Huanghuaihai region, with a forecast of steady growth in 2025 [1][7] - The company's revenue for 2024 is projected to be 336.66 million yuan, representing a year-on-year increase of 16.80%, while the net profit attributable to shareholders is expected to reach 82.60 million yuan, up 55.21% year-on-year [1][7] - The report highlights the company's strong performance in the corn business, particularly in North China, East China, and Northwest regions, where sales have rapidly increased [7] Financial Projections - Total revenue projections for the company are as follows: - 2023: 288.24 million yuan - 2024: 336.66 million yuan - 2025: 403.00 million yuan - 2026: 462.91 million yuan - 2027: 531.75 million yuan - Year-on-year growth rates for total revenue are projected at 45.85% for 2023, 16.80% for 2024, and 19.71% for 2025 [1][8] - Net profit attributable to shareholders is forecasted to be: - 2023: 53.22 million yuan - 2024: 82.60 million yuan - 2025: 90.87 million yuan - 2026: 103.26 million yuan - 2027: 117.19 million yuan - Year-on-year growth rates for net profit are expected to be 28.73% for 2023, 55.21% for 2024, and 10.01% for 2025 [1][8] Market Data - The closing price of the company's stock is 33.23 yuan, with a market capitalization of 2,358.41 million yuan [5] - The company has a price-to-earnings (P/E) ratio of 27.09 based on the latest diluted earnings per share [1][5]