今日晚间，登海种业发布2025半年度报告，报告期内公司实现营业收入3.69亿元，同比下降9.41%；归 属于上市公司股东的净利润3511.24万元，同比下降33.42%。归属于上市公司股东的扣除非经常性损益 的净利润-432.61万元，同比盈转亏。 智通财经8月27日讯（记者 刘建）在玉米种子行业供需失衡、竞争白热化的当下，多家种企上半年玉米 种子营收遭遇"滑铁卢"，登海种业（002041.SZ）亦未能幸免。公司上半年玉米种子营收同比下降超1 成，半年度扣非净利润更是自上市以来首次陷入亏损，主业经营压力凸显。 具体来看，报告期内公司玉米种子、蔬菜种子和其他品种营收分别同比下降12.04%，6.98%和22.64%； 水稻种、小麦种和花卉营收分别同比增长53.50%、118.01%和6.85%。 值得一提的是，行业低迷背景下优势品种或才是突围关键，登海种业研发费用亦有所加码，报告期内公 司研发投入为4317.87万元，同比上升13.72%。 事实上，登海种业的业绩承压并非个例，而是当前玉米种子行业的普遍现状。从已披露的半年报来看， 今年上半年国内有多家上市种企的玉米种子业务均出现不同程度的营收下滑，行业整体处于 ...

Investment Rating - The investment rating for Longping High-Tech (隆平高科) is "Buy" (maintained) [1] Core Views - The company's performance is under pressure due to the sluggish corn industry in Brazil, while domestic seed performance remains stable. The revenue for 2024 is reported at 8.566 billion yuan, a year-on-year decrease of 7.13%, and the net profit attributable to shareholders is 114 million yuan, down 43.08% year-on-year. The first quarter of 2025 shows a revenue of 1.409 billion yuan, a decline of 32.03% year-on-year, primarily due to weak sales of corn seeds in Brazil. The profit forecast for 2025-2027 has been adjusted downwards, with expected net profits of 348 million, 404 million, and 502 million yuan respectively for those years. The current stock price corresponds to a PE ratio of 38.9, 33.6, and 27.0 for 2025-2027, indicating potential for gradual performance recovery as the Brazilian corn market improves and domestic transgenic seed business expands [1][4][5]. Financial Performance - In 2024, the revenue breakdown shows corn seed revenue at 5.021 billion yuan (down 16.74%), rice seed revenue at 2.008 billion yuan (up 12.97%), and vegetable seeds at 321 million yuan (up 0.69%). The company maintains a leading market share in hybrid rice, with seven of the top ten varieties in the national promotion area, and three of the top ten corn varieties [5][6]. - The company has received 113 authorized plant variety rights in 2024, with significant contributions from rice and corn varieties. The total number of authorized plant variety rights has reached 979, showcasing the company's strong R&D capabilities [6]. Financial Summary and Valuation Metrics - The financial summary indicates a revenue forecast of 9.476 billion yuan for 2025, with a year-on-year growth of 10.6%. The net profit attributable to shareholders is expected to be 348 million yuan, reflecting a significant recovery from the previous year's losses. The gross margin is projected to stabilize around 37.2% in 2025, with a net margin of 3.7% [8][10]. - The company's valuation metrics show a PE ratio decreasing from 119.0 in 2024 to 38.9 in 2025, indicating a more attractive valuation as earnings are expected to recover [8][10].

Investment Rating - The industry investment rating is "Overweight" [5] Core Insights - The average price of commodity pigs has weakened, with a week-on-week decline of 0.07%, currently at 14.45 CNY/kg. The average price of piglets remained stable after three weeks of decline [8][18] - The planned slaughter volume for March is expected to increase by 2.74% month-on-month, indicating increased market supply pressure [3][27] - The U.S. has imposed tariffs on certain agricultural products, which may affect domestic prices and increase costs for downstream industries [4][32] Summary by Sections Commodity Pig Prices - The average price of commodity pigs has decreased by 0.07% week-on-week, while the average price of piglets has remained stable [8][18] - The average weight of commodity pigs at slaughter has increased, with an average of 123.61 kg, up 0.08% week-on-week [26] Supply and Demand Dynamics - The number of breeding sows has decreased slightly, with a total of 40.62 million sows reported in January, down by 160,000 from the previous month [3][27] - The planned slaughter volume for March is 11.4759 million heads, reflecting a month-on-month increase of 2.74% [3][27] Profitability and Cost Analysis - The average profit for self-bred pigs is 33.56 CNY/head, down by 9.52 CNY from the previous week, while the average loss for purchased piglets is 12.52 CNY/head, a decrease of 21.91 CNY [28] - The price ratio of culling sows to commodity pigs is 0.71, indicating a slight decline from the previous week [18][26] Investment Recommendations - Focus on leading companies with scale and cost advantages in pig farming, such as Muyuan Foods, Wens Foodstuff Group, and New Hope Liuhe [11][33] - In the poultry sector, consider companies with proprietary white feather chicken breeding sources [11][33]