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% ...

Group 1: Investor Relations Activity - The investor relations activity was conducted online from May 6 to May 8, 2025, with participation from various investment firms and funds [3][4] - Key attendees included the company's board members and financial executives [4] Group 2: Sales Performance and Strategic Planning - The company introduced the corn variety "Kangnongyu 8009," which has received positive feedback and is expected to significantly increase market share in the Huanghuaihai region [5][6] - The company is exploring a "grain production integration" model and plans to enhance its product lineup with multiple new varieties in the Huanghuaihai region [6] Group 3: Transgenic Development - The company has obtained a transgenic production license and is actively developing the transgenic variety "Kangnong 20065KK," with over 300 acres planned for demonstration planting this year [6][7] - The company is also conducting regional trials in the Southwest and East North China areas to promote transgenic technology [6][7] Group 4: High-Protein Corn Initiatives - The company has been collaborating with Huazhong Agricultural University since 2018 to develop high-protein corn varieties, with current products exceeding 12% protein content [8] - The demand for high-lysine corn varieties is urgent and holds significant application value in the feed industry [8] Group 5: Regional Planning and Positioning - In the Southwest region, the company has established a sales network for new varieties and plans to implement a large single product strategy [9] - The company is adjusting its strategy in the East North China region, with promising results from varieties showing disease resistance [9] Group 6: Fundraising Project Progress - The annual production base project for hybrid corn seeds has achieved a revenue of approximately ¥47.25 million as of December 31, 2024 [10][11] - The ongoing technical upgrade project is expected to enhance processing and storage capacity, addressing production bottlenecks and improving seed quality [10][11]