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 Insights - In the first half of 2025, the company achieved operating revenue of approximately 45.87 million, a year-on-year decline of 2.68%, while net profit attributable to shareholders increased by 12.22% to about 8.69 million [1] Revenue Breakdown - The sales revenue from hybrid corn seeds was 42.72 million, down 5.12% year-on-year, primarily due to the earlier timing of the Lunar New Year in 2025, which led to a reduction in shipment volume in January [1] - The company did not realize sales revenue from traditional Chinese medicine seedlings and konjac seeds in the first half of 2025, attributed to the downtrend in these industries and a strategic focus on hybrid corn seed business [1] - Other business revenue increased by 56.37% year-on-year, mainly due to an increase in contract breeding area for external units, resulting in higher income from breeding services [1]

Investment Rating - The investment rating for the company is "Accumulate" (maintained) [5] Core Views - The company has seen a significant increase in contract liabilities, up 410% year-on-year, indicating strong market acceptance of its corn seed products [6] - In H1 2025, the company reported operating revenue of 45.87 million yuan, a decrease of 2.68% year-on-year, while net profit attributable to shareholders was 8.69 million yuan, an increase of 12.22% year-on-year [6] - The company is focusing on expanding its overseas market and enhancing its domestic "big product" strategy, with successful collaborations and research advancements [6] Summary by Sections Market Performance - The closing price as of August 20, 2025, was 25.28 yuan, with a one-year high of 55.97 yuan and a low of 7.96 yuan [3] Financial Performance - In H1 2025, the company achieved a gross margin of 39.46%, an increase of 13.5 percentage points year-on-year [6] - The company’s contract liabilities reached 110 million yuan, reflecting a strong pre-sale performance for the 2025-2026 sales season [6] Revenue and Profit Forecast - The forecasted net profit for 2025-2027 is 93 million, 114 million, and 139 million yuan respectively, with corresponding P/E ratios of 27.1, 22.0, and 18.1 [6][7] - Revenue is expected to grow from 431 million yuan in 2025 to 687 million yuan in 2027, with a compound annual growth rate of approximately 24.27% [7] Strategic Initiatives - The company has established a new international division to expand its market reach, particularly in Southeast Asia, Africa, and South America [6] - Collaborations with ten research institutions have led to significant advancements in seed variety development [6]

Investment Rating - The report assigns an "Accumulate" rating for the company, indicating a positive outlook for its future performance [3][6]. Core Viewpoints - The company maintains its competitive advantage in the Southwest region while expanding its market presence in the Huanghuaihai region, aiming to create a second growth curve through the promotion of key products [3][5]. - The company is recognized as a key player in the agricultural industry, focusing on high-yield, stable, and resilient hybrid corn seed research, production, and sales [5][13]. - The report highlights the potential for growth driven by rising grain prices and the acceleration of genetically modified (GM) crop adoption [5][42]. Summary by Relevant Sections Market Performance - As of June 20, 2025, the company's closing price is 23.57 yuan, with a total market capitalization of approximately 2.34 billion yuan and a circulating market value of about 1.37 billion yuan [1]. Financial Forecast and Valuation - Projected revenues for 2023 to 2027 are as follows: 288 million yuan (2023), 337 million yuan (2024), 431 million yuan (2025), 553 million yuan (2026), and 687 million yuan (2027), with corresponding growth rates of 45.85%, 16.80%, 28.16%, 28.19%, and 24.27% [4]. - The expected net profit attributable to shareholders for the same period is 53 million yuan (2023), 83 million yuan (2024), 93 million yuan (2025), 114 million yuan (2026), and 139 million yuan (2027), with growth rates of 28.73%, 55.21%, 12.39%, 22.79%, and 22.03% respectively [4][6]. Business Overview - The company has a strong foothold in the Southwest region, with a market share increase from 4.84% in 2021 to 5.97% in 2022, indicating a solid competitive position [5][58]. - The company is actively expanding into the Huanghuaihai and Northeast regions, with significant growth in sales of its flagship product, Kangnongyu 8009, contributing to revenue increases [5][35]. Growth Drivers - The report emphasizes the importance of GM crop commercialization, with the company having successfully developed and approved its GM corn variety, Kangnong 20065KK, which is set for demonstration planting in 2025 [5][53]. - The company is expected to benefit from rising grain prices, with corn prices increasing by 13.1% as of June 11, 2025, which may stimulate demand for its products [5][45]. Management and Strategy - The management team possesses extensive experience in the seed industry, with a focus on innovation and market expansion strategies [5][33]. - The company plans to enhance its production capacity through investment projects aimed at improving seed processing and storage capabilities [5][40].

证券简称： 康农种业 证券代码： 837403 湖北省宜昌市长阳经济开发区长阳大道 553 号 湖北康农种业股份有限公司 湖北康农种业股份有限公司招股说明书（申报稿） 本公司的发行申请尚未经中国证监会注册。本招股说明书申报稿不具有据以发行股票的法律效 力，投资者应当以正式公告的招股说明书全文作为投资决定的依据。 本次股票发行后拟在北京证券交易所上市，该市场具有较高的投资风险。北京证券交易所主要 服务创新型中小企业，上市公司具有经营风险高、业绩不稳定、退市风险高等特点，投资者面临较 大的市场风险。投资者应充分了解北京证券交易所市场的投资风险及本公司所披露的风险因素，审 慎作出投资决定。 保荐机构（主承销商） （北京市西城区武定侯街 6 号卓著中心 10 层） 二零二三年九月 中国证监会和北京证券交易所对本次发行所作的任何决定或意见，均不表明其对注册申 请文件及所披露信息的真实性、准确性、完整性作出保证，也不表明其对发行人的盈利能力、 投资价值或者对投资者的收益作出实质性判断或者保证。任何与之相反的声明均属虚假不实 陈述。 根据《证券法》的规定，股票依法发行后，发行人经营与收益的变化，由发行人自行负 责；投资者自 ...

湖北省宜昌市长阳经济开发区长阳大道 553 号 湖北康农种业股份有限公司 湖北康农种业股份有限公司招股说明书（申报稿） 本公司的发行申请尚未经中国证监会注册。本招股说明书申报稿不具有据以发行股票的法律效 力，投资者应当以正式公告的招股说明书全文作为投资决定的依据。 本次股票发行后拟在北京证券交易所上市，该市场具有较高的投资风险。北京证券交易所主要 服务创新型中小企业，上市公司具有经营风险高、业绩不稳定、退市风险高等特点，投资者面临较 大的市场风险。投资者应充分了解北京证券交易所市场的投资风险及本公司所披露的风险因素，审 慎作出投资决定。 保荐机构（主承销商） （北京市西城区武定侯街 6 号卓著中心 10 层） 二零二三年四月 证券简称： 康农种业 证券代码： 837403 中国证监会和北京证券交易所对本次发行所作的任何决定或意见，均不表明其对注册申 请文件及所披露信息的真实性、准确性、完整性作出保证，也不表明其对发行人的盈利能力、 投资价值或者对投资者的收益作出实质性判断或者保证。任何与之相反的声明均属虚假不实 陈述。 根据《证券法》的规定，股票依法发行后，发行人经营与收益的变化，由发行人自行负 责；投资者自 ...