营收利润稳健增长。2022 年公司实现营收34.91 亿元，同比+38.47%；归母净利润2.33 亿元，同比+38.03%。2023 年Q1，公司实现营收6.17 亿元，同比+40.22%；归母净利润0.31 亿元，同比+53.4%。2022 年，公司各类农作物种子销量15,218.34 万公斤，同比增长51.17%。其中水稻、玉米、小麦销量较上年同期增长分别为25.79%、39.36%、65.03%。同时公司加快海外市场布局，种子出口再创新高，全年出口各类农作物种子833.65 万公斤，较上年同期增长17.92%。Events:
Tsuen Yin Hi-Tech released its annual report for 2022 and quarterly report for 2023: the company achieved revenue of 3.491 billion yuan in 2022, + 38.47% year on year, and net profit of 233 million yuan, + 38.03% over the same period last year. Q1 in 2023, the company achieved revenue of 617 million yuan, + 40.22% year-on-year, and net profit of 31 million yuan, + 53.4% year-on-year.
Main points of investment:
Revenue and profits are growing steadily. In 2022, the company achieved revenue of 3.491 billion yuan, + 38.47% compared with the same period last year, and net profit of 233 million yuan, + 38.03% over the same period last year. Q1 in 2023, the company achieved revenue of 617 million yuan, + 40.22% year-on-year, and net profit of 31 million yuan, + 53.4% year-on-year. In 2022, the company's seed sales of all kinds of crops were 152.1834 million kg, an increase of 51.17% over the same period last year. Among them, the sales volume of rice, corn and wheat increased by 25.79%, 39.36% and 65.03% respectively over the same period last year. At the same time, the company accelerated the distribution of overseas markets, and seed exports reached a new high, exporting 8.3365 million kilograms of seeds of all kinds of crops for the whole year, an increase of 17.92 percent over the same period last year.
The development of science and technology empowerment company. In 2022, the company set up a germplasm resources protection center, strengthened the construction of germplasm resources bank, managed the original species of core parents, breeders' seeds and intermediate materials, and realized the information sharing of germplasm resources through Tsuen Yin breeding housekeeper system. speed up the effective utilization of germplasm resources. Improve the function of molecular breeding center and set up high-throughput SNP genotyping laboratory to improve breeding efficiency. The company achieved remarkable results in material creation and transfer in 2022. Dozens of breeding projects were carried out, more than 500 male sterile lines and restorer lines were selected, and nearly 100 combinations were selected to enter the regional test at all levels in 2023. The work of the Northern Research Institute has advanced rapidly, selected a number of male sterile lines and restorer lines, and established the "Tsuen Sheng Science and Technology-Enterprise Association". The regional trial of early japonica mid-late ripening group will be carried out from 2023. In 2022, through strengthening independent innovation, 63 new varieties of Tsuanyin Hi-Tech passed the national examination and approval, including 54 hybrid rice varieties, 8 hybrid maize varieties and 1 cotton variety, and 48 provincial examination and approval (35 for rice, 10 for corn and 3 for cotton). It authorizes 2 national invention patents, 10 utility model patents and 32 new plant variety rights.
Profit forecast and investment rating taking into account the sound development of the company's main business, we predict that the 2023-2025 company's parent net profit will be 2.78 trillion yuan, corresponding to the PE of 36.43, 28.03, 23.06 times, covering for the first time, giving the "overweight" rating.
Risk prompts natural disaster risk, market competition aggravates risk, new variety research and development and promotion risk, seed production risk, risk of change in industrial policy and government subsidy policy, risk of order agricultural business expansion, risk of substandard company performance expectations, group management risk, secondary market liquidity risk, etc.
