智通财经APP获悉，截止5月22日收盘，有88只股票创52周新高，其中名仕快相(08483)、茂盛控股 (00022)、帝王实业控股(01950)创高率位于前3位，分别为67.60%、46.55%、45.71%。 | 南方东英越南３０ | 6.690 | 6.690 | 0.22% | | --- | --- | --- | --- | | (03004) | | | | | 诺诚健华(09969) | 10.960 | 11.320 | 0.18% | | 港灯－ＳＳ(02638) | 5.680 | 5.680 | 0.18% | | ESR(01821) | 12.860 | 12.860 | 0.16% | | 招商局港口(00144) | 14.320 | 14.460 | 0.14% | | 紫金矿业(02899) | 18.580 | 18.980 | 0.12% | | Ａ博时人民币－Ｒ | 1,059.000 | 1,059 | 0.05% | | (83192) | | | | | 工银南方国债(03199) | 115.400 | 115.400 | 0.04% | | Ａ博时港元(03 ...

德康农牧(02419)涨超7%，股价续刷上市新高，机构看好公司估值修复空间。 高鑫零售(06808)早盘涨近7%，全年扭亏为盈赚4.1亿元，德弘资本将推进各业态门店发展。 佑驾创新(02431)涨超5%，车规级L4自动驾驶小巴获项目定点，此前携系列产品亮相上海车展。 马鞍山钢铁股份(00323)涨超7%，一季度钢铁企业效益逐步改善，机构称行业基本面边际向好。 英诺赛科(02577)涨超15%，纳微与英伟达合作下一代800V电力架构，第三代半导体引关注。 古茗(01364)涨4.5%再创新高，公司下月或被纳入港股通，全年净增门店数量有望超2000家。 智通财经APP获悉，港股恒生指数跌0.55%，跌131点，报23695点；恒生科技指数跌0.66%。港股早盘成 交1076亿港元。 由中央广播电视总台社教节目中心、浙江总站、技术局主办的《CMG世界机器人大赛•系列赛》机甲格 斗擂台赛将于5月25日在杭州举行。机器人概念股活跃，德昌电机控股(00179)涨近6%，速腾聚创 (02498)涨超2%。 欧康维视生物-B(01477)再涨超18%，OT-703获准于海南博鰲进行真实世界研究。 思摩尔国际(06969)涨超 ...

| 健倍苗苗(02161) | 2.380 | 2.380 | 0.42% | | --- | --- | --- | --- | | 中视金桥(00623) | 2.710 | 2.750 | 0.36% | | 古茗(01364) | 26.600 | 27.550 | 0.36% | | ＴＣＬ电子(01070) | 11.000 | 11.220 | 0.36% | | 建设银行(00939) | 6.970 | 7.000 | 0.29% | | 中国移动(00941) | 88.100 | 88.450 | 0.23% | | ＧＸ日本全球领导 | 70.160 | 70.160 | 0.20% | | (03150) | | | | | ＧＸ０３月债(03440) | 55.360 | 55.360 | 0.18% | | 港灯－ＳＳ(02638) | 5.650 | 5.670 | 0.18% | | 安硕亚洲除日(03010) | 59.880 | 60.100 | 0.17% | | ESR(01821) | 12.840 | 12.840 | 0.16% | | ＧＸＡＩ基础设施 | 5 ...

Core Viewpoint - CICC maintains the earnings forecast for Dekang Animal Husbandry (02419) and raises the target price by 57% to HKD 66, indicating a 15% upside potential from the current price, while maintaining an outperform rating for the industry [1] Group 1: Business Model - Dekang adopts a "company + farmer" model and has pioneered the second farm sow breeding model, implementing a strategy to densify in the southwestern region [2] - The company is projected to have a slaughter volume of 8.78 million in 2024 and 11 million in 2025, ranking fourth among listed pig companies and sixth in the industry [2] - The asset per head for Dekang is estimated at RMB 1,537, compared to RMB 2,317 for industry leaders, with the second farm's return on assets (ROA) at 17% in the first half of 2023 [2] Group 2: Cost Advantage - Dekang leads the industry in cost efficiency, with total costs projected to be below RMB 14.0 and RMB 12.5 per kilogram in 2024 and Q1 2025, respectively, compared to the industry average of RMB 15.0-15.5 and RMB 13.0-13.5 [3] - The low cost is attributed to technological empowerment in breeding and feed nutrition, as well as strict health management and efficient digital management [3] - The company is expected to achieve a return on equity (ROE) of 38% in 2024, the highest among listed pig companies [3] Group 3: Growth Potential - Dekang's slaughter volume CAGR from 2020 to 2024 is 59%, the highest among the top ten pig companies, with a forecast of reaching 11 million heads in 2025 [4] - The company is expected to maintain strong growth momentum, supported by a model that combines penetration potential and expansion capability, with a projected capacity of 30 million heads in the long term [4] Group 4: Valuation - Dekang's current valuation remains low, with an estimated market value of RMB 1,365 per head, indicating a potential increase of 39% compared to the industry average and 78% compared to Muyuan [5] - The company's fundamentals are improving liquidity, with an average turnover rate of 1% and an average daily trading volume of RMB 50 million as of May 19 [5]

Key Points - As of May 20, 91 stocks reached their 52-week highs, with the top three being Sanofi Pharmaceutical (01530), TEAMWAY INTL GP (01239), and China Carbon Neutral (01372) [1] - Sanofi Pharmaceutical achieved a closing price of 19.180, with a peak price of 22.000, marking a high rate of 49.25% [1] - TEAMWAY INTL GP closed at 0.229, reaching a high of 0.248, reflecting a high rate of 30.53% [1] - China Carbon Neutral closed at 1.600, with a peak of 1.640, resulting in a high rate of 17.14% [1] - Other notable stocks include Songjing Technology (01079) with a high rate of 16.47% and H&H International Holdings (01112) at 16.28% [1] - The report also lists several stocks with lower high rates, indicating a broader market trend [1][2][3]

比亚迪股份(01211)再涨3.53%，前四月新能源销量同比46.98%，新加坡销量首超丰田登顶。 网易-S(09999)涨1.8%，今日盘后将发布一季报，下周将举行年度产品展。 微盟集团(02013)大涨20%，微信成立电商产品部，公司在AI开发和微信小商店业务具备潜力。 腾讯音乐-SW(01698)绩后涨超7%，ARPPU增长稳健，一季度纯利同比增长22.8%。 易鑫集团(02858)盘中涨超7%，一季度金融科技平台促成融资额同比劲增56.5%。 中烟香港(06055)再涨超7%，签约蒙昆助力免税卷烟业务增长，公司有望整合中烟系资源。 复宏汉霖(02696)再涨超6%，授予Sandoz AG许可产品HLX13开发、生产及商业化权利。 布鲁可(00325)早盘涨6.48%，公司近期密集上新，新品节奏加速高增可期。 德康农牧(02419)再涨超11%，4月生猪销售收入18.67亿，公司头均盈利行业领先。 心动公司(02400)涨超6%，《伊瑟》国际服6月正式上线，有望进一步驱动业绩增长。 贝壳-W(02423)跌4.14%，今日将披露一季报，机构称对其利润端仍保持谨慎。 微创机器人-B(02252)再跌3.6 ...

Investment Rating - The overall industry rating is positive, with expectations for higher returns compared to the CSI 300 index in the next six months [52]. Core Views - The agricultural product prices have shown a divergence recently, with grain prices continuing to rise while livestock prices have stabilized after an initial increase. The importance of domestic food security has been highlighted by tariff countermeasures, and the policy environment for industry development is expected to continue improving, indicating ongoing investment opportunities in the sector [5][18]. - The livestock industry chain is experiencing stagnation in production capacity growth, with the valuation of the sector at a low point, suggesting long-term investment opportunities. The average price of live pigs is currently 14.95 yuan/kg, reflecting a slight decrease from the previous week [5][19]. - The poultry sector is witnessing fluctuations in chicken prices, with the average price for white feather broilers at 3.73 yuan/kg, down 0.02 yuan from last week. The industry is advised to monitor the impacts of avian influenza and tariff countermeasures [21][20]. Summary by Sections Livestock Industry Chain - **Pork**: The production capacity growth has stagnated, and the sector's valuation is at a historical low, indicating potential long-term investment value. The average price of live pigs is 14.95 yuan/kg, down 0.02 yuan from last week [5][19]. - **Poultry**: The average price for white feather broilers is 3.73 yuan/kg, down 0.02 yuan from last week. The industry is advised to monitor the impacts of avian influenza and tariff countermeasures [21][20]. - **Eggs**: The average price for yellow chickens has shown a slight increase, with prices at 10.69 yuan/kg for Lihua yellow chickens, up 0.32 yuan from last month [21]. Planting Industry Chain - **Seed Industry**: The recent announcement of 99 genetically modified corn and soybean varieties pending approval indicates a significant expansion in domestic GM crop varieties, which is expected to enhance agricultural production efficiency [22]. - **Grain Prices**: Recent increases in grain prices, with corn at 2291 yuan/ton and wheat at 2434 yuan/ton, suggest potential investment opportunities in the context of reduced imports and tariff measures against U.S. agricultural products [22][11]. Recommended Companies - The report recommends several companies for investment, including: - Zhongchong Co., Ltd. (Buy) - Muyuan Foods Co., Ltd. (Buy) - Suqian Agricultural Development Co., Ltd. (Buy) [3].

Financial Performance - The company achieved a revenue of approximately RMB 22.46 billion in 2024, representing a year-on-year growth of 39.0%[8]. - Net profit for the year was approximately RMB 4.20 billion, a significant recovery from a loss of RMB 1.99 billion in 2023[8]. - The company's revenue from the pig segment reached RMB 18,271.6 million in 2024, representing a year-on-year growth of 49.1% due to continuous technological empowerment and efficient team management[43]. - The overall revenue for 2024 was RMB 22,463.0 million, an increase of 39.0% from RMB 16,155.4 million in 2023, primarily driven by growth in the pig segment[50]. - The fair value profit before biological asset adjustment was RMB 3,297.4 million in 2024, compared to a loss of RMB 1,278.5 million in 2023, driven by increased pig prices and reduced production costs[42]. - The net profit after biological asset adjustment totaled RMB 4,201.7 million in 2024, a significant recovery from a net loss of RMB 1,992.1 million in 2023[42]. - The overall gross margin improved significantly from 0.7% in 2023 to 21.7% in 2024, attributed to rising pig prices and cost reduction measures[52]. - The sales cost for 2024 was RMB 17,597.7 million, a 9.7% increase from RMB 16,035.7 million in 2023, mainly due to increased pig sales volume[51]. - The EBITDA (before fair value adjustment) for 2024 was RMB 4,624.3 million, a significant increase from RMB 9 million in 2023[65]. Production and Sales - The company sold 8,544,396 heads of commercial pigs in 2024, with an average selling price of RMB 2,193 per head, compared to 6,659,735 heads sold in 2023 at RMB 1,832[8]. - The poultry segment, particularly yellow feathered chickens, sold 88,120,210 heads in 2024, maintaining an average price of RMB 36.1[8]. - The company sold approximately 88.12 million yellow feathered chickens in 2024, maintaining stable production capacity compared to the previous year[48]. - The poultry segment revenue was RMB 3,275.8 million in 2024, a year-on-year decrease of 1.7% due to slight declines in both price and sales volume[48]. Corporate Governance - The board of directors emphasizes maintaining high corporate governance standards to protect shareholder interests and enhance corporate value[87]. - The board consists of a balanced mix of executive and non-executive directors, ensuring strong independent judgment and oversight[92]. - The company has established an independent board evaluation mechanism to enhance board effectiveness and shareholder protection[103]. - The audit committee held three meetings during the reporting period and met with external auditors three times to review the company's financial reports and accounts[112]. - The company has established three committees: the audit committee, remuneration committee, and nomination committee, to oversee specific areas of the company's affairs[109]. Research and Development - The company has entered into a technical cooperation agreement with the Chinese Academy of Agricultural Sciences to enhance research and development capabilities[11]. - The management team consists of 186 R&D members, with about 60.8% holding a master's degree or higher, ensuring strong expertise in breeding, feed, nutrition, and health management[46]. - The company emphasizes talent as a fundamental driver, combining technology and management to foster innovation and growth[26]. Risk Management and Compliance - The company has a risk management and internal control system in place, which has been reviewed and deemed effective by the board during the reporting period[141]. - The company has implemented strict biosecurity measures to mitigate disease risks in livestock, ensuring no significant losses due to diseases in 2024[82]. - The company has adopted an anti-corruption policy to prevent internal corruption and bribery, with open internal reporting channels for employees[143]. Shareholder Engagement and Dividends - In 2024, the company plans to distribute cash dividends of approximately RMB 350 million to all shareholders[26]. - The company reported a proposed final dividend of RMB 0.90 per share for the year ending December 31, 2024, compared to no dividend in 2023, pending shareholder approval at the annual general meeting on April 22, 2025[172]. - The company emphasizes effective communication with shareholders through various channels, including annual general meetings and investor relations activities[155]. Sustainability and ESG Initiatives - The company is committed to investing in ESG initiatives, following national fertilizer reduction action plans to promote sustainable agricultural development[85]. - The company has established a comprehensive ESG policy and has not faced any significant fines or penalties related to health, safety, or environmental regulations during the reporting period[181]. Future Plans and Strategies - By 2025, the company aims to achieve new milestones through efficiency improvements, cost reductions, and high-quality development, while strictly controlling various risks[84]. - The company will enhance its disease prevention system and invest in biosecurity to improve breeding environment standards and response capabilities[84]. - The company will focus on expanding its market share and sales network in Sichuan, with Chengdu, Meishan, and Yibin as core bases[85].

Financial Performance - Total revenue for the year ended December 31, 2024, reached RMB 22,463,038 thousand, a significant increase of 39% compared to RMB 16,155,412 thousand in 2023[5] - The company reported a profit before tax of RMB 4,201,795 thousand for 2024, recovering from a loss of RMB 1,991,781 thousand in 2023[5] - The company achieved a gross profit of RMB 4,865,291 thousand in 2024, a substantial increase from RMB 119,673 thousand in 2023[7] - Basic and diluted earnings per share for 2024 were RMB 10.55, a recovery from a loss of RMB 4.88 per share in 2023[5] - The gross profit margin improved significantly from 0.7% in 2023 to 21.7% in 2024, mainly due to rising pig prices and cost reduction measures[64] - The company recorded a profit of RMB 3,297.4 million before fair value adjustments of biological assets in 2024, compared to a loss of RMB 1,278.5 million in 2023[70] - The EBITDA (before fair value adjustments) for 2024 was RMB 4,624.3 million, a significant increase from RMB 9 million in 2023[76] Revenue Breakdown - Sales of live pigs and related products reached RMB 18,271,557,000, up from RMB 12,254,966,000, representing a 49% growth[16] - The revenue from the pig segment in 2024 was RMB 18,271.6 million, representing a year-on-year growth of 49.1%, driven by technological empowerment and efficient team management[48] - The poultry segment revenue in 2024 was RMB 3,275.8 million, a decrease of 1.7% compared to the previous year, attributed to slight declines in both price and sales volume[57] - The auxiliary products segment generated revenue of RMB 915.7 million in 2024, reflecting a 61.4% year-on-year growth, driven by the expansion of slaughtering operations[60] Assets and Liabilities - The total assets less current liabilities increased to RMB 13,992,701 thousand in 2024, compared to RMB 9,243,612 thousand in 2023[8] - Cash and cash equivalents rose significantly to RMB 4,491,952 thousand in 2024, up from RMB 2,544,830 thousand in 2023[8] - The company's net assets were approximately RMB 8,585.3 million, up from RMB 3,855.1 million as of December 31, 2023, indicating a significant increase of 123.3%[81] - The company's net debt was approximately RMB 2,253.2 million as of December 31, 2024, a decrease of 59.1% from RMB 5,533 million as of December 31, 2023, resulting in a net debt to equity ratio of 26.2% compared to 143.5% in the previous year[81] Dividends and Shareholder Returns - The company declared a dividend of RMB 0.90 per share for the year 2024, marking a return to profitability[5] - The company proposed a final dividend of RMB 0.90 per share for the year ending December 31, 2024, compared to no dividend in 2023[32] - The company has proposed a final dividend of RMB 0.90 per share for the year ended December 31, 2024, subject to shareholder approval at the annual general meeting on April 22, 2025[103] Operational Highlights - The number of market pigs sold increased to 8,544,396 heads in 2024, up from 6,659,735 heads in 2023, representing a growth of approximately 28%[3] - Average selling price for market pigs rose to RMB 2,193 per head in 2024, compared to RMB 1,832 per head in 2023, reflecting an increase of about 20%[3] - The company’s vertical integration model in pig and poultry farming allows for high control over food quality and safety throughout the supply chain[35] - The company has established a dynamic raw material database for feed formulation, allowing for effective cost control amid rising raw material prices[52] - The company has implemented strict biosecurity measures to mitigate disease risks in livestock, which is critical for maintaining production capacity and consumer confidence[94] Employee and Compensation - Employee costs increased to RMB 1,559,226,000 in 2024, up 33% from RMB 1,174,243,000 in 2023[22] - The total number of employees increased to 10,475 as of December 31, 2024, from 9,854 in 2023, reflecting a growth in workforce to support business operations[91] - Employee compensation totaled approximately RMB 1,559.2 million in 2024, an increase of 33% from RMB 1,174.2 million in 2023, aligning with market trends and performance[91] Future Outlook and Strategy - The company aims to achieve a new milestone by enhancing efficiency, reducing costs, and focusing on high-quality development in the pig farming sector, poultry sector, and auxiliary products sector by 2025[98] - The company plans to optimize pig farming scale and improve disease prevention systems to ensure a balanced supply and demand in the pig farming sector[99] - In the poultry sector, the company will develop innovative high-performance poultry breeds suitable for the southwestern market of China and strengthen customer relationships in the southern market to maintain profitability[99] - The company will continue to invest in ESG initiatives, including the "Hundred Villages, Million" project, to promote sustainable agricultural development[99] Governance and Compliance - The audit committee, consisting of three members, reviewed the annual performance and consolidated financial statements for the year ending December 31, 2024[115] - The audit firm KPMG confirmed that the figures in the preliminary performance announcement are consistent with the audited consolidated financial statements for the year[116] - The board expressed gratitude to customers, suppliers, and shareholders for their support and trust[123] - The board of directors includes both executive and independent non-executive members, ensuring a diverse governance structure[125]

Summary of Conference Call Records Company Overview - **Company**: 德康农牧 (DeKang Agriculture and Animal Husbandry) - **Industry**: Agriculture, specifically focused on pig farming and related operations Key Points and Arguments Business Model and Financial Performance - **Asset-Light Model**: 德康农牧 operates on a light asset model, which minimizes capital investment and leads to lower costs and higher returns on equity (ROE) [1][2] - **Cost Efficiency**: The company has achieved the lowest operational costs in the industry, with costs dropping significantly throughout the year. As of October, the total cost was reported to be below 12.9 RMB per kg [3][4] - **Production Growth**: The company has seen substantial growth in production, with output expected to reach approximately 870,000 heads this year, up from 1.3 million heads in 2020. Future projections estimate production of 1.1 to 1.2 million heads by 2025 [3][5] Market Position and Valuation - **Low Valuation**: 德康农牧's market capitalization is around 1.2 billion RMB, making it one of the lowest valued companies in the A+H share market. This low valuation, combined with strong fundamentals, suggests significant potential for valuation recovery [2][6] - **Growth Potential**: The company is positioned to capture further growth in the market, with a focus on high-quality growth rather than capital-intensive models [2][6] Cost Management and Future Outlook - **Cost Reduction Strategy**: The company has implemented a strategy to further reduce costs, with a target of achieving costs below 12.6 RMB per kg in the future. The management is confident in their ability to maintain cost efficiency while scaling production [4][5] - **Management Preparedness**: 德康农牧 is investing in management training and system improvements to prepare for future growth, aiming for production levels of 2 to 3 million heads in the long term [5][6] Financial Health - **Cash Flow and Debt Management**: The company has maintained a strong cash flow and a favorable debt structure, with a current asset-to-liability ratio improving significantly. As of October, cash reserves exceeded loans [6][8] - **Profitability**: The company reported a profitable situation with a selling price of approximately 18 RMB per kg against a cost of 12.9 RMB per kg, indicating a healthy profit margin [15][29] Industry Context - **Market Dynamics**: The overall market for pig farming is experiencing fluctuations, with supply and demand dynamics affected by seasonal changes and external factors such as weather conditions. The company anticipates a challenging market environment but remains optimistic about its cost advantages [28][30] - **Future Projections**: The company expects to maintain a competitive edge due to its low-cost structure and efficient management practices, projecting continued growth in production and profitability [29][36] Additional Important Information - **Management Changes**: The company is undergoing management reforms to enhance operational efficiency and prepare for future growth [5][6] - **Investment in Technology**: There is a focus on technological advancements in breeding and management processes to further improve productivity and cost efficiency [5][6] - **Long-term Planning**: The company has set ambitious long-term goals, including a target of 30 million heads by 2027, reflecting confidence in its growth strategy [8][9] This summary encapsulates the key insights from the conference call, highlighting the company's strategic focus, financial performance, and market positioning within the agricultural sector.