上 市 公 司 农林牧渔 2025 年 09 月 24 日 康农种业 (837403) ——育繁推一体化企业，品种制胜，扩大全国销售版图 报告原因：首次覆盖 买入（首次评级） | 市场数据： | 2025 年 09 月 23 日 | | --- | --- | | 收盘价（元） | 23.93 | | 一年内最高/最低（元） | 55.97/8.03 | | 市净率 | 4.9 | | 股息率%（分红/股价） | 0.84 | | 流通 A 股市值（百万元） | 1,389 | | 上证指数/深证成指 | 3,821.83/13,119.82 | | 注："股息率"以最近一年已公布分红计算 | | | 基础数据: | 2025 年 06 月 30 日 | | --- | --- | | 每股净资产（元） | 4.85 | | 资产负债率% | 39.21 | | 总股本/流通 A 股（百万） | 99/58 | 一年内股价与大盘对比走势： 09-23 10-23 11-23 12-23 01-23 02-23 03-23 04-23 05-23 06-23 07-23 08-23 09-23 0% 200% ...

Core Points - Fujian Province's Wan Nong Gao Ke Group Co., Ltd. has been awarded the Crop Seed Production and Management License (A Certificate), marking the third A Certificate issued by the Fujian Provincial Department of Agriculture and Rural Affairs this year [1] - The number of national-level integrated seed breeding and promotion enterprises in Fujian has increased to six [1] - National-level integrated seed breeding and promotion enterprises must hold the A Certificate and combine breeding, production, and management, with a nationwide operational scope [1] Company and Industry Summary - The A Certificate seed enterprises are characterized by strong research and breeding capabilities, large production and operational scales, and standardized production and operational behaviors [1] - For a long time, Fujian Province had only two national-level integrated seed breeding and promotion enterprises: Kewai Seed Industry Co., Ltd. and Nongyou Seedling (China) Co., Ltd. [1] - Since last year, four additional companies, including Yongfu Agricultural Technology Co., Ltd., Xiamen Huatai Wugu Seedling Company, Fujian Liusan Seed Industry Co., Ltd., and Wan Nong Gao Ke Group Co., Ltd., have received the A Certificate [1] - The integrated breeding and promotion model is seen as an important reflection of the comprehensive strength of seed enterprises, with A Certificate seed enterprises being key players in leading the development of the seed industry in Fujian [1]

Core Viewpoint - The article highlights the successful development of hybrid rice seed production in Ninghua County, Fujian Province, showcasing modern agricultural practices and the economic benefits derived from mechanization and cooperative farming models [3][4]. Group 1: Economic Impact - The area for hybrid rice seed production in Lake Village Town is close to 2,000 acres, with mechanized transplanting reducing costs by 220 yuan per acre compared to manual labor, resulting in a cost of only 160 yuan per acre [3]. - The total hybrid rice seed production area in Lake Village Town has reached over 8,000 acres, with an expected annual output value of 29 million yuan, benefiting over 500 villagers with an average annual income increase of over 20,000 yuan [3][4]. Group 2: Agricultural Development - Ninghua County has over 470,000 acres of arable land, with 340,000 acres of high-standard farmland, benefiting from a favorable climate and unique topography for rice seed production [4]. - The county has integrated seed production into its six major agricultural industry systems and aims to increase hybrid rice seed production area to over 57,000 acres by 2024, with 147 registered varieties [4]. Group 3: Industry Structure - Ninghua County is establishing a modern seed industry system that integrates breeding, propagation, and promotion, with a focus on a cooperative model involving seed enterprises, cooperatives, and farmers [4]. - More than 50 seed companies, including major players like Qianyin High-Tech and Longping High-Tech, have established production bases in the county, with 25 of these bases exceeding 1,000 acres [4]. Group 4: Future Plans - The county plans to enhance the seed production base towards standardization, mechanization, and information technology, aiming to make "Ninghua Rice Seed" a key driver for rural revitalization [5].

Core Viewpoint - The integration of agricultural enterprises and research institutions in Shandong has accelerated the promotion of high-yield wheat varieties, particularly the new variety "Luyuan 951," which shows significant potential for large-scale planting and high productivity [2][3]. Group 1: Wheat Variety Promotion - The "Luyuan 951" variety has been planted on 360 acres by a local cooperative, with expected yields reaching 800 kilograms per acre, showcasing its strong tillering ability and high resistance to lodging and diseases [2]. - The rapid increase in planting area from 30,000 acres in 2023 to 1.5 million acres in 2024 highlights the effectiveness of the collaboration between Shandong Academy of Agricultural Sciences and Luyuan Company [2][3]. Group 2: Research and Development Integration - The deep integration of research and enterprise allows for immediate feedback from farmers, enabling breeding goals to align closely with market demands, thus accelerating the transition from research to application [3]. - The seamless connection between variety approval and promotion can lead to a 2-3 year advancement in large-scale adoption compared to traditional methods [3]. Group 3: High-Quality Wheat Varieties - The "Jimai 44" variety, developed through similar integration efforts, has been recognized as one of the top domestic wheat varieties, outperforming U.S. hard red winter wheat and achieving a record yield of 808.6 kilograms per acre in 2022 [4]. - The demonstration area at the event showcased over 30 new wheat varieties, including "Luyuan 951" and "Jimai 44," indicating a strong focus on high-yield and disease-resistant wheat development [4].

Core Insights - The Sichuan Provincial Department of Agriculture and Rural Affairs conducted a field yield assessment for the "Luzhou Modern Agricultural Industrial Park 2024-2025 Quality Grain and Oil 'Breeding, Propagation, and Promotion' Integrated Service" project, achieving a significant breakthrough in rapeseed yield with an actual yield of 217.58 kg per mu [1][2] - The "Fule Oil No. 2" variety, known for its strong resistance, high yield, and suitability for mechanization, was used in the demonstration area of approximately 160 mu [1][2] - The yield of 217.58 kg per mu represents an increase of over 10% compared to the average yield of 194.5 kg per mu in Luzhou County last year [1] Summary by Sections - **Project Overview** - The project aims to provide integrated services for quality grain and oil production, focusing on the promotion of high-yield rapeseed varieties [1][2] - The demonstration area utilized the "Fule Oil No. 2" variety, which has multiple advantages including resistance to lodging and suitability for mechanized farming [1][2] - **Yield Assessment** - The yield assessment involved multiple steps including visual inspection, mechanical harvesting, area measurement, and moisture content determination [1] - The expert team confirmed the excellent performance of the "Fule Oil No. 2" variety, which is expected to drive further large-scale promotion [2] - **Collaboration and Innovation** - The project is supported by a collaborative mechanism involving research institutions and local enterprises, establishing a hybrid rapeseed efficient seed production base in Luzhou County [2] - The initiative has led to the formation of a technical system for efficient hybrid early-maturing rapeseed production in the southern Sichuan region, enhancing the core competitiveness of the province's rapeseed industry [2] - **Current Status and Future Prospects** - Luzhou County has been actively promoting quality rapeseed varieties and new technologies, with an estimated rapeseed planting area of about 260,000 mu and a projected yield of 50,000 tons [2]