公司点评 | 隆平高科 25Q3 营收实现逆势增长，净利润同比减亏 隆平高科（000998.SZ）25 年三季报点评 事件：公司发布 25 年三季报。25Q1~Q3 公司实现营收/归母净利润 28.41/-6.64 亿元，同比-1.39%/-39.62%，基本 EPS 为-0.47 元。25Q3 公司 实现营收/归母净利润 6.75/-5.00 亿元，同比+125.71%/+14.80%。 25Q3 营收逆势增长，净利润同比减亏。25Q3 公司营收同比+125.71%，原 因是强化市场研判与优化营销政策，加大市场开拓力度，子公司隆平发展收 入同比逆势+2.89 亿元。25Q3 归母净利润同比+14.80%，原因是（1）隆平 发展营收同比增加，毛利率同比+7.39pct，使得净利润同比增加。（2）公司 通过银团贷款有效降低了整体融资成本，有效控制汇率敞口风险，财务费用 同比下降。25Q1~Q3 归母净利润同比-39.62%，剔除 24 年公司转让隆平生 物 10.94%股权获得的 3.4 亿元投资收益后，Q1~Q3 净利润同比+18.60%， 原因是（1）通过组织结构优化、降本增效等举措提升了运营效率。（2）财 ...

Investment Rating - The investment rating for the company is "Accumulate" [6]. Core Views - The company reported a significant reduction in losses for the first half of 2025, with a net profit attributable to shareholders of -1.64 billion yuan, a year-on-year decrease of 247.26% [1]. - The company's main business remains stable, with a notable increase in seed production, achieving a production volume of 89.78 million kilograms, up 100.80% year-on-year [2]. - The capital structure has been optimized, with a fundraising of 1.2 billion yuan from a major shareholder, leading to a reduction in interest-bearing debt and an improvement in the asset-liability ratio [3]. - The company expects a significant increase in net profit attributable to shareholders over the next three years, forecasting 2.27 billion yuan in 2025, 3.65 billion yuan in 2026, and 4.76 billion yuan in 2027, representing year-on-year growth rates of 99.2%, 61.0%, and 30.3% respectively [4]. Summary by Sections Financial Performance - In the first half of 2025, the company achieved revenue of 2.166 billion yuan, down 16.11% year-on-year, with a basic EPS of -0.12 yuan [1]. - The second quarter of 2025 saw a revenue of 757 million yuan, an increase of 48.62% year-on-year, while the net profit attributable to shareholders was -162 million yuan, a decrease of 570.21% [1]. Business Segments - Revenue from rice seeds was 779 million yuan, down 6.98% year-on-year, but net profit increased by 4% [2]. - The Brazilian corn business generated revenue of 868 million yuan, up 2.11% year-on-year, with a 59.13% reduction in net losses [2]. - The specialized and innovative seed segment reported revenue of 250 million yuan, down 21.51% year-on-year [2]. Research and Development - The company has made significant advancements in R&D, with 26 national-level corn varieties submitted for approval and 9 genetically modified corn varieties publicly announced [3]. - The gross margin improved to 36.29% in the first half of 2025, up 4.55 percentage points year-on-year, attributed to better cost control and a recovery in the Brazilian corn seed market [3]. Future Outlook - The company anticipates continued growth in net profit, with projected figures of 2.27 billion yuan in 2025, 3.65 billion yuan in 2026, and 4.76 billion yuan in 2027, reflecting strong growth potential in the rice and corn seed sectors [4].