Callus and regenerated plants have been obtained, and variant plants have been screened through phenotypic traits, growth cycle and other indicators.
The net return on investment increased by 6.6pct to – 1.21%.
(the original securities research report was released on August 30, 2022; Wang Xiaoyong’s Certificate No.: s055519100002) for more research contents and wonderful activities, please.
At the same time, phase work has been completed in the “chang’e-5” space breeding experiment, including 6 grass varieties such as Daqingshan Mountain leek and Daqingshan lily.
The seed industry has made new breakthroughs in science and technology and strengthened its core competitiveness.
Tissue culture, seedling raising and other propagation technologies have been studied on them.
Due to the impact of the epidemic, the EPS of the company from 2022 to 2024 was reduced to 0.21/0.24/0.29 yuan, and the corresponding PE was 18.62/16.19/13.64 respectively.
In 2022h1, the revenue decreased slightly and the performance maintained high growth.
In 2022h1, the gross profit rate of the company decreased by 3.92pct to 36.85% year on year, and the expense rate during the period decreased by 0.99pct to 14.32% year on year, of which the sales expense rate decreased by 0.66pct to 1.7% year on year, mainly due to the year-on-year decrease of business publicity and entertainment expenses; The administrative expense rate increased by 0.95pct to 7.04% year on year; The R & D expense ratio decreased by 1.97 PCT to 4.19% year on year, mainly because the key research direction was shifted from application demonstration projects to grass seed industry technology research projects; The financial expense rate increased by 0.69pct to 1.39% year-on-year, mainly due to the year-on-year decrease in the financial expense interest income recognized by the company’s PPP project.
In terms of germplasm resources, the company has newly built a drying room, specimen bank and soil bank of 330 square meters in the “double 15” period, storing 1694 kinds of native plant germplasm resources with geographical markers, 48000 copies; Nearly 120000 specimens of 4000 species; 1.4 million copies of soil.
Now, variant plants with advantages in flowering stage have been screened.
The main reasons for the deviation between the two are the increase in the debt restructuring income recognized by the company and the decrease in the investment loss recognized by the associated company compared with the previous year.
In 2022, through the cooperation between government and enterprises, the high-quality native grass breeding base of hesgewula ranch in Ulagai management area was officially completed, mainly breeding alfalfa, Leymus chinensis, Elymus, Bromus fringeus and other grass species, providing a material basis for the breeding and variety improvement of new grass varieties, the improvement of natural grassland, the construction of artificial grassland, and the development and industrialization of high-quality grass products.
The company released the interim report of 2022, achieving a revenue of 926 million yuan in the first half of the year, a year-on-year decrease of 5.28%; The net profit attributable to the parent company was 152 million yuan, with a year-on-year increase of 15.8%; The net profit deducted from non parent company was 131 million yuan, with a year-on-year increase of 23.93%.
The gross profit margin has declined, and the cost control is stable.
In the first half of 2022, the revenue decreased by 5.28% year-on-year, while the performance increased by 15.8% year-on-year.
Risk prompt: the northwest warm and humid is not as expected; Grassland carbon sink is not as expected; Competition in the grass seed industry has intensified.
Maintain the “buy” rating of the company.
