证券研究报告 | 2025年05月06日 荃银高科（300087.SZ） 优于大市 2024 年报及 2025 一季报点评：毛利率下降，减值计提增加， 公司盈利承压 毛利率下降，减值计提增加，归母净利润同比下滑。公司 2024 年实现营业 收入 47.09 亿元，同比+14.77%，主要得益于订单粮食、种子业务收入 增长；实现归属于母公司所有者的净利润 1.14 亿元，同比-58.23%，盈 利下滑明显的原因一方面系公司主业毛利率下滑，另一方面系公司减值 计提增加，其中资产减值损失增加约 1.1 亿元，信用减值损失增加约 0.8 亿元。分季度来看，公司 2025Q1 实现营业收入 8.35 亿元，同比+24.13%， 主要得益于订单粮食及出口业务收入增长；实现归属于母公司所有者的 净利润 0.02 亿元，同比-87.62%，主要受种子业务毛利率下滑影响。 玉米种子量利齐增，水稻种子毛利率下降。2024 年公司水稻种子实现营业 收入 18.58 亿元，同比+5.67%，实现毛利 7.40 亿元，同比-1.73%，对 应毛利率为 39.81%，同比-3.00pct；玉米种子实现营业收入 5.89 亿元， 同比+2 ...

2025年4月29日，荃银高科（300087）(SZ300087，股价9.19元，市值87.06亿元)发布2024年年报，公司 去年实现营业收入47.09亿元，同比增长14.77%；实现归母净利润1.14亿元，同比减少58.23%。公司解 释，由于受种子毛利率下降、经营管理费用增加、多项资产减值损失等因素影响，公司2024年度增收不 增利。 需要指出的是，由于审计机构在审计过程中遇到了两个关键性问题，荃银高科2024年度财务报表被毕马 威华振会计师事务所(特殊普通合伙)出具保留意见。具体而言，涉及部分应收款项的存在性和账面价值 准确性、存货账面价值的准确性等，进而无法确定是否有必要对相关财务报表项目及披露进行调整，也 无法确定可能需要调整的金额及其对相关披露的影响。 《每日经济新闻》记者还了解到，报告期内，荃银高科对控股子公司新疆祥丰计提了1335.97万元的商 誉减值准备，不过未说明具体原因。 此外，《每日经济新闻》记者还注意到，公司对控股子公司新疆祥丰生物科技有限公司(以下简称新疆 祥丰)计提了1335.97万元的商誉减值准备。 计提2.38亿元减值损失 荃银高科主要从事水稻、玉米、小麦等主要农作物优良种 ...

Core Viewpoint - The company reported a revenue increase of 14.77% in 2024, but net profit decreased by 58.23% due to various factors including declining seed gross margins and increased operating expenses [1][5][6]. Financial Performance - In 2024, the company achieved a revenue of 4.709 billion yuan, up from the previous year, primarily driven by increased seed exports and domestic corn seed sales [5][6]. - The sales revenue from rice seeds was 1.858 billion yuan, a year-on-year increase of 5.67%, while corn seed sales reached 589 million yuan, growing by 20.43% [5]. - The fastest growth came from order grain and silage feed, which generated 1.191 billion yuan, marking a 44.22% increase [5]. Profitability Issues - The company reported a net profit of 114 million yuan, down 58.23% from the previous year, resulting in a decrease of 160 million yuan [1][6]. - The decline in net profit was attributed to three main factors: reduced gross margins in seed business, increased R&D and operating expenses, and significant impairment losses [6][7]. Impairment Losses - The total impairment losses for the year amounted to 238 million yuan, which significantly impacted the net profit [6][7]. - Specific impairment losses included 85.6686 million yuan for accounts receivable, 21.6848 million yuan for other receivables, and 80.7006 million yuan for inventory [6][7]. Audit Concerns - The company's financial statements received a qualified opinion from the auditing firm due to two key issues: the existence and accuracy of certain receivables and the valuation of inventory [7][8]. - The first issue involved accounts receivable related to grain sales, where the company could not confirm the existence and accuracy of 32.7759 million yuan in receivables [7][8]. - The second issue pertained to the valuation of inventory, where the company failed to provide sufficient evidence to support its sales forecasts for corn seed inventory [8][9]. Management Response - The company plans to actively pursue the collection of receivables from three grain sales companies and aims to recover the amounts within two years [9]. - For the corn seed inventory, the company intends to implement various measures to ensure sales within the next two years [9].

Core Viewpoint - Longping High-Tech has received approval for a 1.2 billion yuan private placement, aimed at repaying bank debts and improving liquidity, amidst a backdrop of rising agricultural product prices due to escalating Sino-U.S. trade tensions [1][8]. Group 1: Financial Performance - After a significant asset restructuring in 2023, Longping High-Tech's revenue increased by 22.45% from 7.532 billion yuan to 9.223 billion yuan, and the net profit turned from a loss of 833 million yuan to a profit of 200 million yuan, marking a 124.02% increase [3]. - For the first nine months of 2024, the company reported a revenue of 2.881 billion yuan, a decrease of 14.46% year-on-year, with a net loss of 475 million yuan, reducing losses by 17.82% compared to the previous year [3]. Group 2: Market Position and Growth - Longping High-Tech is a leading player in the seed industry, recognized for its integrated breeding and promotion model, and has maintained a strong market position in hybrid rice and corn seeds, ranking first among domestic seed companies and eighth globally [2][5]. - The company aims to leverage the "tariff dividend" period to solidify its leading position in the seed industry and expand its market share [1][13]. Group 3: Research and Development - Longping High-Tech has a robust R&D framework, with R&D expenses of 591 million yuan, 677 million yuan, and 440 million yuan in 2022, 2023, and the first nine months of 2024, respectively, ranking first among A-share seed companies [7]. - The company has developed several leading crop varieties, including high-yield rice and corn, and has made significant advancements in modern breeding technologies such as gene editing and genomic selection [5][7]. Group 4: Policy Environment - The Chinese government has emphasized the importance of agricultural self-sufficiency and innovation in the seed industry through the "Planning for Accelerating the Construction of an Agricultural Power (2024-2035)" [10]. - The recent tariff increases on U.S. agricultural products highlight the critical importance of food security in China, which may benefit domestic seed companies like Longping High-Tech [11].

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 ...