股票代码：600195 股票简称：中牧股份 编号：临 2024-024 中牧实业股份有限公司 关于为控股子公司融资提供担保的公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈 述或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 重要内容提示： ● 本次担保金额及已实际为其提供的担保余额：本次担保额度的最高额为 人民币 0.65 亿元，已实际为其提供的担保余额为 0 亿元。 一、担保情况概述 为进一步满足中牧实业股份有限公司（以下简称"公司"）控股子公司成都 中牧生物药业有限公司（以下简称"成都中牧"）业务发展需求，保障其业务有 序开展，成都中牧拟申请不超过人民币 1 亿元的贷款，成都中牧各股东方按照对 其持股比例提供相应额度的担保，公司拟为其提供不超过人民币 0.65 亿元的融 资担保，担保方式为连带责任担保。 注册资本：5,386 万元人民币，经营范围：中药提取物生产；中草药种植；鱼病 防治服务；畜牧专业及辅助性活动；渔业专业及辅助性活动；采购代理服务；畜 牧渔业饲料销售：生物饲料研发；细胞技术研发和应用；技术服务、技术开发、 技术咨询、技术交流、技术转让、技术推广；医学研 ...

独立董事提名人声明与承诺 提名人中牧实业股份有限公司第八届董事会,现提名胡燕为中牧实业 股份有限公司第八届董事会独立董事候选人,并已充分了解被提名人职业、 学历、职称、详细的工作经历、全部兼职、有无重大失信等不良记录 等情况。被提名人已同意出任中牧实业股份有限公司第八届董事会独立 董事候选人(参见该独立董事候选人声明)。提名人认为,被提名人 具备独立董事任职资格,与中牧实业股份有限公司之间不存在任何影响 其独立性的关系,具体声明并承诺如下: 一、被提名人具备上市公司运作的基本知识,熟悉相关法律、行政 法规、规章及其他规范性文件,具有5年以上法律、经济、会计、财务、 管理或者其他履行独立董事职责所必需的工作经验。 被提名人已经参加培训并取得证券交易所认可的相关培训证明材 料。 二、被提名人任职资格符合下列法律、行政法规和部门规章的 要求: (一)《中华人民共和国公司法》关于董事任职资格的规定; (二)《中华人民共和国公务员法》关于公务员兼任职务的规定 (如适用); (三)中国证监会《上市公司独立董事管理办法》、上海证券交 易所自律监管规则以及公司章程有关独立董事任职资格和条件的相 关规定; (四)中共中央纪委、 ...

Investment Rating - The report maintains a "Buy" rating for the company [2][19]. Core Insights - The company's main business has shown growth, but a decrease in investment income has led to a year-on-year decline in performance [3][19]. - The company has introduced new products and is advancing in multiple categories [4][20]. - The revenue for Q1 2024 was 1.125 billion yuan, a year-on-year increase of 5.97%, while the net profit attributable to the parent company was 76.527 million yuan, a year-on-year decrease of 45.53% [19]. - The company has improved its gross margin to 21.10%, an increase of 1.34 percentage points compared to the full year of 2023 [19]. - The company is expected to benefit from the recovery of the downstream breeding industry in the second half of the year, with projected EPS for 2024-2026 being 0.43 yuan, 0.58 yuan, and 0.67 yuan respectively [20]. Financial Summary - Revenue is projected to grow from 5.406 billion yuan in 2023 to 7.352 billion yuan in 2026, with growth rates of -8.24%, 10.39%, 12.32%, and 9.67% respectively [21]. - The net profit attributable to the parent company is expected to increase from 403 million yuan in 2023 to 687 million yuan in 2026, with growth rates of -26.73%, 8.61%, 34.20%, and 16.91% respectively [21]. - The company's PE ratio is projected to decrease from 22.88 in 2023 to 13.43 in 2026, indicating improved valuation over time [21].

撰写此报告的分析师（一人或多人）承诺本机构、本人以及财产利害关系人与所评价或推荐的证券无利害关系。 本报告所采用的数据均来自我们认为可靠的目前已公开的信息，并通过独立判断并得出结论，力求独立、客观、公 平，报告结论不受本公司其他部门和人员以及证券发行人、上市公司、基金公司、证券资产管理公司、特定客户等 利益相关方的干涉和影响，特此声明。 免责声明 中邮证券有限责任公司（以下简称"中邮证券"）具备经中国证监会批准的开展证券投资咨询业务的资格。 本报告信息均来源于公开资料或者我们认为可靠的资料，我们力求但不保证这些信息的准确性和完整性。报告内容 仅供参考，报告中的信息或所表达观点不构成所涉证券买卖的出价或询价，中邮证券不对因使用本报告的内容而导 致的损失承担任何责任。客户不应以本报告取代其独立判断或仅根据本报告做出决策。 中邮证券可发出其它与本报告所载信息不一致或有不同结论的报告。报告所载资料、意见及推测仅反映研究人员于 发出本报告当日的判断，可随时更改且不予通告。 中邮证券及其所属关联机构可能会持有报告中提到的公司所发行的证券头寸并进行交易，也可能为这些公司提供或 者计划提供投资银行、财务顾问或者其他金融产品等 ...

Financial Performance - Net profit for the reporting period was ¥74,016,642.98, a decrease from ¥133,360,645.64 in the same period last year[12]. - The total comprehensive income for the period was ¥76,403,282.01, compared to ¥128,907,932.88 in the previous year[12]. - The company reported a total operating profit of ¥84,109,238.99, down from ¥157,880,670.29 in the previous year[12]. - The net profit attributable to shareholders for Q1 2024 was CNY 76,527,351.22, a decrease of 45.53% compared to the same period last year[18]. - Basic earnings per share for Q1 2024 were CNY 0.0749, down 45.57% year-on-year[18]. - The total comprehensive income attributable to the parent company was 78,913,990.25, down from 136,046,096.07[66]. - Basic and diluted earnings per share were both 0.0749, a decrease from 0.1376[66]. Assets and Liabilities - Total assets at the end of the reporting period reached ¥9,152,886,899.80, an increase of 2.31% compared to the end of the previous year[3]. - The total liabilities amounted to ¥2,534,721,850.46, up from ¥2,405,562,765.96 in the previous year[10]. - Non-current assets totaled 5,183,647,346.73, up from 5,126,386,416.09, indicating an increase of about 1.1%[62]. - Short-term borrowings rose significantly to 644,438,272.95 from 446,340,546.39, representing a growth of approximately 44.3%[62]. - Accounts payable decreased to 300,851,973.25 from 351,687,625.22, a decline of about 14.5%[62]. - Other payables decreased to 240,103,492.65 from 277,204,697.23, reflecting a reduction of approximately 13.4%[62]. Revenue and Costs - The company's operating revenue for Q1 2024 was CNY 1,125,058,490.55, representing a year-on-year increase of 5.97%[18]. - Total operating revenue for Q1 2024 reached ¥1,125,058,490.55, an increase of 5.96% compared to ¥1,061,645,947.59 in Q1 2023[28]. - Total operating costs for Q1 2024 were ¥1,058,565,711.56, up 7.07% from ¥988,321,140.74 in Q1 2023[28]. Cash Flow - The net cash flow from operating activities for Q1 2024 was -CNY 314,712,910.09, indicating a significant decline in cash generation[18]. - The net cash flow from investing activities was -CNY 159,998,141.78, indicating a cash outflow in this segment[14]. - Cash and cash equivalents at the end of Q1 2024 were ¥1,211,609,423.70, compared to ¥816,740,030.38 at the end of Q1 2023, showing a significant increase of 48.4%[31]. Shareholder Information - Equity attributable to shareholders of the listed company was ¥5,600,071,478.44, reflecting a growth of 1.44% year-over-year[3]. - The number of ordinary shareholders at the end of the reporting period was 35,261[5]. - The largest shareholder, China Animal Husbandry Group Co., Ltd., holds 504,094,163 shares, representing a significant portion of the total[6]. - The company’s major shareholder, China Animal Husbandry Group Co., Ltd., holds 49.37% of the shares, indicating strong institutional support[58]. Investment and Development - The company plans to continue expanding its market presence and investing in new product development[11]. - Research and development expenses increased to ¥21,520,969.99 in Q1 2024, compared to ¥19,300,988.40 in Q1 2023, reflecting an increase of 11.4%[28]. - Investment income decreased by 84.90%, primarily due to reduced investment gains from the previous year[20]. - The net investment income for Q1 2024 was ¥12,509,727.62, a decrease of 27.5% from ¥82,819,707.80 in Q1 2023[28]. Taxation - The company reported a tax expense of ¥6,770,444.84 in Q1 2024, compared to ¥5,821,021.01 in Q1 2023, marking an increase of 16.3%[28]. - The company received CNY 3,338,351.97 in tax refunds, compared to CNY 7,549,473.55 in the previous year[14].

Investment Rating - The report maintains a "Strong Buy" rating for the company, with a target price of 11.75 CNY, compared to the current price of 8.52 CNY [1][24]. Core Views - The company reported a revenue of 5.406 billion CNY for 2023, a decrease of 8.24% year-on-year, and a net profit attributable to shareholders of 403 million CNY, down 26.73% year-on-year. The fourth quarter alone saw a revenue of 1.247 billion CNY, a decline of 29.37% year-on-year, and a net profit of 609.41 thousand CNY, down 95.93% year-on-year [1][24]. - The decline in revenue is attributed to significant drops in the main business areas of vaccines and chemical pharmaceuticals, with vaccine revenue falling by 16.77% and chemical pharmaceutical revenue decreasing by 12.09% [1][24]. - Despite the challenges faced in 2023, the report anticipates a recovery in the industry and the company's performance in 2024, driven by improved market conditions and strategic adjustments within the company [1][24]. Financial Summary - **2023 Financial Performance**: - Total revenue: 5.406 billion CNY, down 8.24% year-on-year - Net profit: 403 million CNY, down 26.73% year-on-year - Fourth quarter revenue: 1.247 billion CNY, down 29.37% year-on-year - Fourth quarter net profit: 609.41 thousand CNY, down 95.93% year-on-year [1][24]. - **2024-2026 Financial Projections**: - Projected revenue for 2024: 6.144 billion CNY, with a growth rate of 13.6% - Projected net profit for 2024: 478 million CNY, with a growth rate of 18.7% - Projected revenue for 2025: 7.201 billion CNY, with a growth rate of 17.2% - Projected net profit for 2025: 596 million CNY, with a growth rate of 24.6% [1][24]. - **Valuation Metrics**: - 2024 PE ratio: 25 - 2025 PE ratio: 18 - 2026 PE ratio: 15 [1][24]. Business Segment Performance - **Vaccine Revenue**: 1.009 billion CNY in 2023, down 16.77% year-on-year - **Chemical Pharmaceutical Revenue**: 1.264 billion CNY in 2023, down 12.09% year-on-year - **Feed Revenue**: 1.026 billion CNY in 2023, down 6.91% year-on-year - **Trade Revenue**: 2.084 billion CNY in 2023, down 0.51% year-on-year [1][24]. Market Outlook - The report suggests that the industry is expected to recover, with the company poised to benefit from this recovery through strategic changes and new product launches, including vaccines for cats and cattle [1][24].

中牧实业股份有限公司 2023 年年度股东大会 会 议 资 料 2024 年 5 月 13 日 目 录 | 议案一：中牧股份 年度董事会工作报告 | 2023 | 1 | | --- | --- | --- | | 议案二：中牧股份 年度监事会工作报告 | 2023 | 7 | | 议案三：中牧股份独立董事 2023 年度述职报告（岳虹、 | | | | 唐功远、谯仕彦） | | 11 | | 议案四：中牧股份 年度财务决算报告及计提资产减 | 2023 | | | 值准备的议案 | | 35 | | 议案五：中牧股份 年度利润分配预案 | 2023 | 37 | | 议案六：中牧股份 年年度报告 | 2023 | 38 | | 议案七：关于修订《中牧实业股份有限公司独立董事工 | | | | 作细则》的议案 | | 39 | | 议案八：关于修订《中牧实业股份有限公司董事会议事 | | | | 规则》的议案 | | 40 | 议案一：中牧股份 2023 年度董事会工作报告 各位股东及股东代表： 2023 年，中牧实业股份有限公司（以下简称"公司"）董事会严格遵 守《公司法》《证券法》等法律法规和《公司章程》 ...

股票代码：600195 股票简称：中牧股份 编号：临 2024-020 中牧实业股份有限公司 关于召开 2023 年度暨 2024 年第一季度 业绩说明会的公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 重要内容提示： 投资者可于 2024 年 4 月 26 日(星期五) 至 5 月 7 日(星期二)16:00 前登录上 证路演中心网站首页点击"提问预征集"栏目或通过公司邮箱 600195@cahic.com 进行提问。公司将在说明会上对投资者普遍关注的问题进行回答。 中牧实业股份有限公司（以下简称"公司"）已于 2024 年 4 月 10 日在上海 证券交易所网站（http://www.sse.com.cn）发布公司 2023 年年度报告，并将于 2024 年 4 月 30 日在上海证券交易所网站（http://www.sse.com.cn）发布公司 2024 年第一季度报告，为便于广大投资者更全面深入地了解公司经营成果、财 务状况等方面的情况，公司计划于 2024 年 5 月 8 日下午 13:00-14:00 举行 ...

本报告仅供 Choice 东方财富 使用，请勿传阅。 下游低迷动保业务承压，预期猪价回暖 大客户合作带来量价齐升 动保业务短期承压，疫苗减量、化药售价下滑 公司不断深化集团客户合作关系，2022 年 4 月公司与牧原合资设立 中牧牧原，2023 年 12 月公司股东中牧集团取得新希望旗下禽产业链 运营主体中新食品 51%股权，达成战略合作。与下游大客户深入合作， 或可带动公司"药、料、苗"各板块业务销售增加，增厚公司利润， 2024 年业绩水平有望回暖。 | --- | --- | --- | --- | --- | --- | |---------------------------|---------------------------------|---------|---------|---------|---------| | [Table_Finance1] ( 百万元 | ) 2022A 2023A 2024E 2025E 2026E | | | | | | 主营收入 | 5,891.5 | 5,406.3 | 6,084.9 | 6,643.7 | 7,106.5 | | 净利润 | 550. ...

Investment Rating - The report maintains a "Buy" rating for the company [1] Core Views - The company faced significant operational pressure in 2023 due to prolonged losses in the domestic pig farming industry, resulting in a revenue decline of 8.24% year-on-year to 5.406 billion yuan and a net profit drop of 26.73% to 403 million yuan [9][10] - New product launches are expected to alleviate operational pressures and drive revenue growth, with the company obtaining production licenses for several vaccines in 2023 [9][10] - The company is actively progressing with the emergency evaluation of the African swine fever vaccine, which is anticipated to enhance its product offerings [9] Financial Summary - Revenue and Profit Forecasts: - 2024E Revenue: 6.005 billion yuan (up 11.07%) - 2025E Revenue: 6.720 billion yuan (up 11.90%) - 2026E Revenue: 7.546 billion yuan (up 12.30%) - 2024E Net Profit: 486 million yuan (up 20.62%) - 2025E Net Profit: 626 million yuan (up 29%) - 2026E Net Profit: 726 million yuan (up 16%) [10][18] - Key Financial Ratios: - ROE: Expected to increase from 7% in 2023 to 11% by 2026 - P/E ratio projected to decrease from 30.05 in 2023 to 12.16 in 2026 [10][18] - Revenue Breakdown by Segment in 2023: - Biological products: 1.009 billion yuan (down 16.77%) - Chemical drugs: 1.264 billion yuan (down 12.09%) - Feed business: 1.026 billion yuan (down 6.91%) - Trade business: 2.084 billion yuan (down 0.51%) [9]