永利所有平台网址 > 农业 > 年全球前七大种业集团合计市场份额占比71%,目

原标题:年全球前七大种业集团合计市场份额占比71%,目

浏览次数:143 时间:2019-10-29

mso-ascii-theme-font:minor-latin;mso-fareast-font-family:宋体;mso-fareast-theme-font: minor-fareast;mso-hansi-font-family:Calibri;mso-hansi-theme-font:minor-latin"> 中国种,农业“芯”,给予增持评级:国以农为本,农以种为芯。目前我国种业已经进入发展竞速阶段,从品种创新到技术储备,各企业多赛道角逐。高铸的研发壁垒又决定种业未来更多呈现存量博弈、寡头制霸的特征。未来不论从政策层面,还是技术层面,均看好种业的发展潜力,首次覆盖,给予“增持”评级。

mso-fareast-font-family:宋体;mso-fareast-theme-font:minor-fareast;mso-hansi-font-family: Calibri;mso-hansi-theme-font:minor-latin">隆平高科(000998 mso-fareast-font-family:宋体;mso-fareast-theme-font:minor-fareast;mso-hansi-font-family: Calibri;mso-hansi-theme-font:minor-latin">)

mso-ascii-theme-font:minor-latin;mso-fareast-font-family:宋体;mso-fareast-theme-font: minor-fareast;mso-hansi-font-family:Calibri;mso-hansi-theme-font:minor-latin"> 不破不立,不止不行:2016 mso-ascii-theme-font:minor-latin;mso-fareast-font-family:宋体;mso-fareast-theme-font: minor-fareast;mso-hansi-font-family:Calibri;mso-hansi-theme-font:minor-latin">年我国种子市场总规模1230 mso-ascii-theme-font:minor-latin;mso-fareast-font-family:宋体;mso-fareast-theme-font: minor-fareast;mso-hansi-font-family:Calibri;mso-hansi-theme-font:minor-latin">亿元,近十年复合增速9.42% mso-ascii-theme-font:minor-latin;mso-fareast-font-family:宋体;mso-fareast-theme-font: minor-fareast;mso-hansi-font-family:Calibri;mso-hansi-theme-font:minor-latin">,为全球第二大种业市场。玉米水稻占据国内种业市场价值前两位,2016 mso-ascii-theme-font:minor-latin;mso-fareast-font-family:宋体;mso-fareast-theme-font: minor-fareast;mso-hansi-font-family:Calibri;mso-hansi-theme-font:minor-latin">年分别达到278.50 mso-ascii-theme-font:minor-latin;mso-fareast-font-family:宋体;mso-fareast-theme-font: minor-fareast;mso-hansi-font-family:Calibri;mso-hansi-theme-font:minor-latin">亿元和194.72 mso-ascii-theme-font:minor-latin;mso-fareast-font-family:宋体;mso-fareast-theme-font: minor-fareast;mso-hansi-font-family:Calibri;mso-hansi-theme-font:minor-latin">亿元,占比31.48% mso-ascii-theme-font:minor-latin;mso-fareast-font-family:宋体;mso-fareast-theme-font: minor-fareast;mso-hansi-font-family:Calibri;mso-hansi-theme-font:minor-latin">和22.01% mso-ascii-theme-font:minor-latin;mso-fareast-font-family:宋体;mso-fareast-theme-font: minor-fareast;mso-hansi-font-family:Calibri;mso-hansi-theme-font:minor-latin">。目前,我国种业进入依法治种和并购重塑阶段。1 mso-ascii-theme-font:minor-latin;mso-fareast-font-family:宋体;mso-fareast-theme-font: minor-fareast;mso-hansi-font-family:Calibri;mso-hansi-theme-font:minor-latin">)政策方面,2016 mso-ascii-theme-font:minor-latin;mso-fareast-font-family:宋体;mso-fareast-theme-font: minor-fareast;mso-hansi-font-family:Calibri;mso-hansi-theme-font:minor-latin">年新《种子法》实施,我国种业迎来“1+3 mso-ascii-theme-font:minor-latin;mso-fareast-font-family:宋体;mso-fareast-theme-font: minor-fareast;mso-hansi-font-family:Calibri;mso-hansi-theme-font:minor-latin">”的全面依法治种时代,推动具备原研技术、种质资源的企业脱颖而出;2 mso-ascii-theme-font:minor-latin;mso-fareast-font-family:宋体;mso-fareast-theme-font: minor-fareast;mso-hansi-font-family:Calibri;mso-hansi-theme-font:minor-latin">)并购方面,近年来,国内种企的并购进程加快,相对内生增长,外延并购对种企快速成长的贡献更大,回顾全球种业发展历程,兼并重组同样是跨国种企做大做强的必由之路。

mso-fareast-font-family:宋体;mso-fareast-theme-font:minor-fareast;mso-hansi-font-family: Calibri;mso-hansi-theme-font:minor-latin">并购整合全国第一

mso-ascii-theme-font:minor-latin;mso-fareast-font-family:宋体;mso-fareast-theme-font: minor-fareast;mso-hansi-font-family:Calibri;mso-hansi-theme-font:minor-latin"> 品种换代进行时,技术升级变迁中:我国种业正面临品种换代和技术升级。1 mso-ascii-theme-font:minor-latin;mso-fareast-font-family:宋体;mso-fareast-theme-font: minor-fareast;mso-hansi-font-family:Calibri;mso-hansi-theme-font:minor-latin">)玉米,我国玉米种业共经历了六次品种变革,第六代品种郑单958 mso-ascii-theme-font:minor-latin;mso-fareast-font-family:宋体;mso-fareast-theme-font: minor-fareast;mso-hansi-font-family:Calibri;mso-hansi-theme-font:minor-latin">和先玉335 mso-ascii-theme-font:minor-latin;mso-fareast-font-family:宋体;mso-fareast-theme-font: minor-fareast;mso-hansi-font-family:Calibri;mso-hansi-theme-font:minor-latin">推广10 mso-ascii-theme-font:minor-latin;mso-fareast-font-family:宋体;mso-fareast-theme-font: minor-fareast;mso-hansi-font-family:Calibri;mso-hansi-theme-font:minor-latin">余年来,尚未有突破性品种。认为,品种换代的核心是种质资源的创新,主要方向是在具备“高产、优质、多抗、广适、易制种”等综合优点基础上实现机械收粒。2 mso-ascii-theme-font:minor-latin;mso-fareast-font-family:宋体;mso-fareast-theme-font: minor-fareast;mso-hansi-font-family:Calibri;mso-hansi-theme-font:minor-latin">)水稻,我国水稻育种在杂交育种时代完成了三次品种更迭,认为“华占系”品种具备成为第四代水稻品种的潜力。3 mso-ascii-theme-font:minor-latin;mso-fareast-font-family:宋体;mso-fareast-theme-font: minor-fareast;mso-hansi-font-family:Calibri;mso-hansi-theme-font:minor-latin">)转基因技术,我国高度重视转基因技术研究与商业化推广,玉米转基因技术能够解决目前我国玉米品种瓶颈问题,是我国玉米育种技术的发展方向。

mso-fareast-font-family:宋体;mso-fareast-theme-font:minor-fareast;mso-hansi-font-family: Calibri;mso-hansi-theme-font:minor-latin">政府大力支持种业兼并整合以来,市场集中度略有上升,但与全球种业相比仍很低。2015 mso-ascii-theme-font:minor-latin;mso-fareast-font-family:宋体;mso-fareast-theme-font: minor-fareast;mso-hansi-font-family:Calibri;mso-hansi-theme-font:minor-latin">年中国种业前10 mso-ascii-theme-font:minor-latin;mso-fareast-font-family:宋体;mso-fareast-theme-font: minor-fareast;mso-hansi-font-family:Calibri;mso-hansi-theme-font:minor-latin">强企业的市场份额为18% mso-ascii-theme-font:minor-latin;mso-fareast-font-family:宋体;mso-fareast-theme-font: minor-fareast;mso-hansi-font-family:Calibri;mso-hansi-theme-font:minor-latin">,前50 mso-ascii-theme-font:minor-latin;mso-fareast-font-family:宋体;mso-fareast-theme-font: minor-fareast;mso-hansi-font-family:Calibri;mso-hansi-theme-font:minor-latin">强企业的市场份额占35% mso-ascii-theme-font:minor-latin;mso-fareast-font-family:宋体;mso-fareast-theme-font: minor-fareast;mso-hansi-font-family:Calibri;mso-hansi-theme-font:minor-latin">,比2011 mso-ascii-theme-font:minor-latin;mso-fareast-font-family:宋体;mso-fareast-theme-font: minor-fareast;mso-hansi-font-family:Calibri;mso-hansi-theme-font:minor-latin">年分别提高了3% mso-ascii-theme-font:minor-latin;mso-fareast-font-family:宋体;mso-fareast-theme-font: minor-fareast;mso-hansi-font-family:Calibri;mso-hansi-theme-font:minor-latin">和5% mso-ascii-theme-font:minor-latin;mso-fareast-font-family:宋体;mso-fareast-theme-font: minor-fareast;mso-hansi-font-family:Calibri;mso-hansi-theme-font:minor-latin">。而2015 mso-ascii-theme-font:minor-latin;mso-fareast-font-family:宋体;mso-fareast-theme-font: minor-fareast;mso-hansi-font-family:Calibri;mso-hansi-theme-font:minor-latin">年全球前七大种业集团合计市场份额占比71% mso-ascii-theme-font:minor-latin;mso-fareast-font-family:宋体;mso-fareast-theme-font: minor-fareast;mso-hansi-font-family:Calibri;mso-hansi-theme-font:minor-latin">。中信集团入驻以来,公司的外延并购逐渐加强,2017 mso-ascii-theme-font:minor-latin;mso-fareast-font-family:宋体;mso-fareast-theme-font: minor-fareast;mso-hansi-font-family:Calibri;mso-hansi-theme-font:minor-latin">年的并购事件数量呈现井喷,达到9 mso-ascii-theme-font:minor-latin;mso-fareast-font-family:宋体;mso-fareast-theme-font: minor-fareast;mso-hansi-font-family:Calibri;mso-hansi-theme-font:minor-latin">起,历史合计为26 mso-ascii-theme-font:minor-latin;mso-fareast-font-family:宋体;mso-fareast-theme-font: minor-fareast;mso-hansi-font-family:Calibri;mso-hansi-theme-font:minor-latin">起,居全国第一。外延并购不仅侧重于玉米种子业务的布局,也在实行着公司“3+X mso-ascii-theme-font:minor-latin;mso-fareast-font-family:宋体;mso-fareast-theme-font: minor-fareast;mso-hansi-font-family:Calibri;mso-hansi-theme-font:minor-latin">”的经营品类战略。2017 mso-ascii-theme-font:minor-latin;mso-fareast-font-family:宋体;mso-fareast-theme-font: minor-fareast;mso-hansi-font-family:Calibri;mso-hansi-theme-font:minor-latin">年11 mso-ascii-theme-font:minor-latin;mso-fareast-font-family:宋体;mso-fareast-theme-font: minor-fareast;mso-hansi-font-family:Calibri;mso-hansi-theme-font:minor-latin">月,公司收购三瑞农科、河北巡天,开始进军食葵、小米种子业务。

mso-ascii-theme-font:minor-latin;mso-fareast-font-family:宋体;mso-fareast-theme-font: minor-fareast;mso-hansi-font-family:Calibri;mso-hansi-theme-font:minor-latin"> 海外飘香,稻种出海释放成长空间:据FAO mso-ascii-theme-font:minor-latin;mso-fareast-font-family:宋体;mso-fareast-theme-font: minor-fareast;mso-hansi-font-family:Calibri;mso-hansi-theme-font:minor-latin">统计,截至14 mso-ascii-theme-font:minor-latin;mso-fareast-font-family:宋体;mso-fareast-theme-font: minor-fareast;mso-hansi-font-family:Calibri;mso-hansi-theme-font:minor-latin">年,亚洲占全球杂交水稻种植面积比例超过95% mso-ascii-theme-font:minor-latin;mso-fareast-font-family:宋体;mso-fareast-theme-font: minor-fareast;mso-hansi-font-family:Calibri;mso-hansi-theme-font:minor-latin">。具体看,除中国外,亚洲杂交水稻种植国家主要集中在南亚、东南亚国家。受本土研发能力弱等因素影响,这些国家杂交稻种植比例不高,16 mso-ascii-theme-font:minor-latin;mso-fareast-font-family:宋体;mso-fareast-theme-font: minor-fareast;mso-hansi-font-family:Calibri;mso-hansi-theme-font:minor-latin">年杂交稻种市场价值35 mso-ascii-theme-font:minor-latin;mso-fareast-font-family:宋体;mso-fareast-theme-font: minor-fareast;mso-hansi-font-family:Calibri;mso-hansi-theme-font:minor-latin">亿元。认为,随着这些国家水稻杂交比例提升,杂交稻种市场价值有望提升至373 mso-ascii-theme-font:minor-latin;mso-fareast-font-family:宋体;mso-fareast-theme-font: minor-fareast;mso-hansi-font-family:Calibri;mso-hansi-theme-font:minor-latin">亿元。过去,我国杂交稻海外推广主要采取贸易模式,但11 mso-ascii-theme-font:minor-latin;mso-fareast-font-family:宋体;mso-fareast-theme-font: minor-fareast;mso-hansi-font-family:Calibri;mso-hansi-theme-font:minor-latin">年以来,贸易模式开始遭遇瓶颈。认为,在国内品种国外申请品种权无正规渠道条件下,对外投资可突破现有贸易瓶颈,核心是研发的本土化。目前,隆平高科、荃银高科等国内种企已开始布局海外。

mso-fareast-font-family:宋体;mso-fareast-theme-font:minor-fareast;mso-hansi-font-family: Calibri;mso-hansi-theme-font:minor-latin">研发投入业内领先

2017 mso-fareast-font-family:宋体;mso-fareast-theme-font:minor-fareast;mso-hansi-font-family: Calibri;mso-hansi-theme-font:minor-latin">年,公司研发投入为31.9 mso-fareast-font-family:宋体;mso-fareast-theme-font:minor-fareast;mso-hansi-font-family: Calibri;mso-hansi-theme-font:minor-latin">亿元,同比增长38.73% mso-fareast-font-family:宋体;mso-fareast-theme-font:minor-fareast;mso-hansi-font-family: Calibri;mso-hansi-theme-font:minor-latin">,占营业收入的比重为10.14% mso-fareast-font-family:宋体;mso-fareast-theme-font:minor-fareast;mso-hansi-font-family: Calibri;mso-hansi-theme-font:minor-latin">;2011-2016 mso-fareast-font-family:宋体;mso-fareast-theme-font:minor-fareast;mso-hansi-font-family: Calibri;mso-hansi-theme-font:minor-latin">年,累计投入研发经费7.61 mso-fareast-font-family:宋体;mso-fareast-theme-font:minor-fareast;mso-hansi-font-family: Calibri;mso-hansi-theme-font:minor-latin">亿元。2017 mso-fareast-font-family:宋体;mso-fareast-theme-font:minor-fareast;mso-hansi-font-family: Calibri;mso-hansi-theme-font:minor-latin">年,公司将水稻、玉米两大业务单元的科研管理上移至集团总部,成立三亚海外种业研发有限公司,统一管理海外研发。目前,公司已在海外建立起菲律宾、印度、巴基斯坦3 mso-ascii-theme-font:minor-latin;mso-fareast-font-family:宋体;mso-fareast-theme-font: minor-fareast;mso-hansi-font-family:Calibri;mso-hansi-theme-font:minor-latin">个育种站,并在印尼、越南、孟加拉、缅甸等建立了测试站。

mso-fareast-font-family:宋体;mso-fareast-theme-font:minor-fareast;mso-hansi-font-family: Calibri;mso-hansi-theme-font:minor-latin">杂交水稻龙头地位

mso-fareast-font-family:宋体;mso-fareast-theme-font:minor-fareast;mso-hansi-font-family: Calibri;mso-hansi-theme-font:minor-latin">杂交水稻未来的推广面积大概率会维持在50% mso-ascii-theme-font:minor-latin;mso-fareast-font-family:宋体;mso-fareast-theme-font: minor-fareast;mso-hansi-font-family:Calibri;mso-hansi-theme-font:minor-latin">左右,市场已进入了高产与优质的博弈。公司是国内杂交水稻制种龙头,市占率达到30% mso-ascii-theme-font:minor-latin;mso-fareast-font-family:宋体;mso-fareast-theme-font: minor-fareast;mso-hansi-font-family:Calibri;mso-hansi-theme-font:minor-latin">,到2020 mso-ascii-theme-font:minor-latin;mso-fareast-font-family:宋体;mso-fareast-theme-font: minor-fareast;mso-hansi-font-family:Calibri;mso-hansi-theme-font:minor-latin">年有望达到50% mso-ascii-theme-font:minor-latin;mso-fareast-font-family:宋体;mso-fareast-theme-font: minor-fareast;mso-hansi-font-family:Calibri;mso-hansi-theme-font:minor-latin">。得益于独家母本“隆科638S" Calibri;mso-ascii-theme-font:minor-latin;mso-fareast-font-family:宋体;mso-fareast-theme-font: minor-fareast;mso-hansi-font-family:Calibri;mso-hansi-theme-font:minor-latin">,隆、晶两优系列已进入快速放量阶段,有望成为这一轮水稻更新换代中的代表性品种。后续的梦两优系列也已陆续通过审定,其作为隆、晶两系的补充,将会丰富产品线,覆盖新的区域。另外,公司是在东南亚地区开启本土化育种布局的国内第一人,东南亚地区杂交水稻市场空间巨大,未来有望为公司贡献更多业绩。

mso-fareast-font-family:宋体;mso-fareast-theme-font:minor-fareast;mso-hansi-font-family: Calibri;mso-hansi-theme-font:minor-latin">玉米种子弯道超车

mso-fareast-font-family:宋体;mso-fareast-theme-font:minor-fareast;mso-hansi-font-family: Calibri;mso-hansi-theme-font:minor-latin">目前我国玉米种子市场分散,种植效益不断恶化,我国虽然已经初步培育出一批密植宜机收的新杂交组合,但在品种本身及选育效率方面,仍与美国存在较大差距。公司从三个方面对标国际先进水平,有望实现弯道超车。

1 mso-fareast-font-family:宋体;mso-fareast-theme-font:minor-fareast;mso-hansi-font-family: Calibri;mso-hansi-theme-font:minor-latin">、种质资源储备。2017 mso-fareast-font-family:宋体;mso-fareast-theme-font:minor-fareast;mso-hansi-font-family: Calibri;mso-hansi-theme-font:minor-latin">年10 mso-fareast-font-family:宋体;mso-fareast-theme-font:minor-fareast;mso-hansi-font-family: Calibri;mso-hansi-theme-font:minor-latin">月,公司通过收购陶氏巴西公司,获得了17000 mso-ascii-theme-font:minor-latin;mso-fareast-font-family:宋体;mso-fareast-theme-font: minor-fareast;mso-hansi-font-family:Calibri;mso-hansi-theme-font:minor-latin">份种质资源;2018 mso-ascii-theme-font:minor-latin;mso-fareast-font-family:宋体;mso-fareast-theme-font: minor-fareast;mso-hansi-font-family:Calibri;mso-hansi-theme-font:minor-latin">年3 mso-ascii-theme-font:minor-latin;mso-fareast-font-family:宋体;mso-fareast-theme-font: minor-fareast;mso-hansi-font-family:Calibri;mso-hansi-theme-font:minor-latin">月,公司拟收购联创种业90% mso-ascii-theme-font:minor-latin;mso-fareast-font-family:宋体;mso-fareast-theme-font: minor-fareast;mso-hansi-font-family:Calibri;mso-hansi-theme-font:minor-latin">股权,即将吸收其适合全程机械化的引领性优良育种资源为3000 mso-ascii-theme-font:minor-latin;mso-fareast-font-family:宋体;mso-fareast-theme-font: minor-fareast;mso-hansi-font-family:Calibri;mso-hansi-theme-font:minor-latin">多份;

2 mso-fareast-font-family:宋体;mso-fareast-theme-font:minor-fareast;mso-hansi-font-family: Calibri;mso-hansi-theme-font:minor-latin">、商业化育种体系的搭建。公司按照“标准化、程序化、信息化、规模化”要求,建立首席育种家领导下的“工厂化、分段式”育种流程,建立企业为主体、市场为导向、产学研紧密结合的商业化育种体系,覆盖国内、国际两个市场,涵盖生物技术、传统育种、品种测试等三大平台;

3 mso-fareast-font-family:宋体;mso-fareast-theme-font:minor-fareast;mso-hansi-font-family: Calibri;mso-hansi-theme-font:minor-latin">、生物技术的应用。公司与大北农、浙江农大合作转基因玉米的研究,已有几个品种通过生产试验,2019 mso-ascii-theme-font:minor-latin;mso-fareast-font-family:宋体;mso-fareast-theme-font: minor-fareast;mso-hansi-font-family:Calibri;mso-hansi-theme-font:minor-latin">年能通过审定。国家政策放开后,立即能投入市场,实行生产力。

mso-fareast-font-family:宋体;mso-fareast-theme-font:minor-fareast;mso-hansi-font-family: Calibri;mso-hansi-theme-font:minor-latin">盈利预测与投资建议

mso-fareast-font-family:宋体;mso-fareast-theme-font:minor-fareast;mso-hansi-font-family: Calibri;mso-hansi-theme-font:minor-latin">我们预测公司2018 mso-fareast-font-family:宋体;mso-fareast-theme-font:minor-fareast;mso-hansi-font-family: Calibri;mso-hansi-theme-font:minor-latin">~2020 mso-fareast-font-family:宋体;mso-fareast-theme-font:minor-fareast;mso-hansi-font-family: Calibri;mso-hansi-theme-font:minor-latin">年营业收入分别为40.82 mso-fareast-font-family:宋体;mso-fareast-theme-font:minor-fareast;mso-hansi-font-family: Calibri;mso-hansi-theme-font:minor-latin">亿元、48.76 mso-fareast-font-family:宋体;mso-fareast-theme-font:minor-fareast;mso-hansi-font-family: Calibri;mso-hansi-theme-font:minor-latin">亿元和59.37 mso-fareast-font-family:宋体;mso-fareast-theme-font:minor-fareast;mso-hansi-font-family: Calibri;mso-hansi-theme-font:minor-latin">亿元,同比增长27.97% mso-fareast-font-family:宋体;mso-fareast-theme-font:minor-fareast;mso-hansi-font-family: Calibri;mso-hansi-theme-font:minor-latin">、19.45% mso-fareast-font-family:宋体;mso-fareast-theme-font:minor-fareast;mso-hansi-font-family: Calibri;mso-hansi-theme-font:minor-latin">和21.76% mso-fareast-font-family:宋体;mso-fareast-theme-font:minor-fareast;mso-hansi-font-family: Calibri;mso-hansi-theme-font:minor-latin">;净利润分别为9.34 mso-fareast-font-family:宋体;mso-fareast-theme-font:minor-fareast;mso-hansi-font-family: Calibri;mso-hansi-theme-font:minor-latin">亿元、11.88 mso-fareast-font-family:宋体;mso-fareast-theme-font:minor-fareast;mso-hansi-font-family: Calibri;mso-hansi-theme-font:minor-latin">亿元和14.98 mso-fareast-font-family:宋体;mso-fareast-theme-font:minor-fareast;mso-hansi-font-family: Calibri;mso-hansi-theme-font:minor-latin">亿元,同比增长20.96% mso-fareast-font-family:宋体;mso-fareast-theme-font:minor-fareast;mso-hansi-font-family: Calibri;mso-hansi-theme-font:minor-latin">、27.21% mso-fareast-font-family:宋体;mso-fareast-theme-font:minor-fareast;mso-hansi-font-family: Calibri;mso-hansi-theme-font:minor-latin">和26.11% mso-fareast-font-family:宋体;mso-fareast-theme-font:minor-fareast;mso-hansi-font-family: Calibri;mso-hansi-theme-font:minor-latin">;2018 mso-fareast-font-family:宋体;mso-fareast-theme-font:minor-fareast;mso-hansi-font-family: Calibri;mso-hansi-theme-font:minor-latin">~2020 mso-fareast-font-family:宋体;mso-fareast-theme-font:minor-fareast;mso-hansi-font-family: Calibri;mso-hansi-theme-font:minor-latin">年EPS mso-fareast-font-family:宋体;mso-fareast-theme-font:minor-fareast;mso-hansi-font-family: Calibri;mso-hansi-theme-font:minor-latin">分别为0.74 mso-fareast-font-family:宋体;mso-fareast-theme-font:minor-fareast;mso-hansi-font-family: Calibri;mso-hansi-theme-font:minor-latin">元、0.95 mso-fareast-font-family:宋体;mso-fareast-theme-font:minor-fareast;mso-hansi-font-family: Calibri;mso-hansi-theme-font:minor-latin">元和1.19 mso-fareast-font-family:宋体;mso-fareast-theme-font:minor-fareast;mso-hansi-font-family: Calibri;mso-hansi-theme-font:minor-latin">元。对应的PE mso-fareast-font-family:宋体;mso-fareast-theme-font:minor-fareast;mso-hansi-font-family: Calibri;mso-hansi-theme-font:minor-latin">分别为24.1 mso-fareast-font-family:宋体;mso-fareast-theme-font:minor-fareast;mso-hansi-font-family: Calibri;mso-hansi-theme-font:minor-latin">倍、18.9 mso-fareast-font-family:宋体;mso-fareast-theme-font:minor-fareast;mso-hansi-font-family: Calibri;mso-hansi-theme-font:minor-latin">倍和15 mso-fareast-font-family:宋体;mso-fareast-theme-font:minor-fareast;mso-hansi-font-family: Calibri;mso-hansi-theme-font:minor-latin">倍。给予公司2019 mso-fareast-font-family:宋体;mso-fareast-theme-font:minor-fareast;mso-hansi-font-family: Calibri;mso-hansi-theme-font:minor-latin">年25 mso-fareast-font-family:宋体;mso-fareast-theme-font:minor-fareast;mso-hansi-font-family: Calibri;mso-hansi-theme-font:minor-latin">倍PE mso-fareast-font-family:宋体;mso-fareast-theme-font:minor-fareast;mso-hansi-font-family: Calibri;mso-hansi-theme-font:minor-latin">,目标价格25 mso-fareast-font-family:宋体;mso-fareast-theme-font:minor-fareast;mso-hansi-font-family: Calibri;mso-hansi-theme-font:minor-latin">元。首次覆盖给予“买入”评级。

年全球前七大种业集团合计市场份额占比71%,目前我国种业已经进入发展竞速阶段。mso-fareast-font-family:宋体;mso-fareast-theme-font:minor-fareast;mso-hansi-font-family: Calibri;mso-hansi-theme-font:minor-latin">风险提示

mso-fareast-font-family:宋体;mso-fareast-theme-font:minor-fareast;mso-hansi-font-family: Calibri;mso-hansi-theme-font:minor-latin">推广面积不及预期;外延并购无法按时完成及自然灾害等。

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