证券研究报告 资料来源:Wind 新五丰 (600975 CH) 24Q2 扭亏为盈，生猪出栏维持高增 华春研究 2024年8月09日|中国内地 中报点评 农业综合 Q2 扭亏为盈,生猪出栏维持高增 新五丰 24H1 实现营业收入 32.2 亿元(同比+29%、环比+3.7%);实现归 母净利润-2.47 亿元(同比环比均减亏),猪价回暖及出栏量稳步增长带动下 公司 24Q2 业绩明显改善,实现了自 23Q1 以来的首次盈利。我们估算公司 24Q2 生猪板块或盈利 0.08~0.1 亿元,肉品及其他板块或微亏。公司产能充 裕,出栏维持高增,成本仍有拓潜空间。我们预计公司 24-26 年分别盈利 1.11/9.05/7.95 亿元，对应 BVPS 为 2.46/3.18/3.81 元，参考可比公司估值 均值 3.08XPB,给予公司 2024E 3.08XPB,对应目标价 7.58元,维持"增 持"评级。 猜价回暖带动下，公司 24Q2 同环比扭亏 公司 24Q2 实现营业收入 18.0 亿元（同比+38%、环比+26%）,实现归母净 利润 0.073 亿元,结束了自 23Q1 以来连续 5个季度的亏损、单季度 ...

新五丰 (600975.SH) 2024 年中报点 盈利预测与财务指标 生猪出栏维持高增,2024Q2 实现 ＞ 事件概述：公司于 8 月 10 日发布 2024 年中报，2024H1 实现营收 32.3 亿 元,同比+28.6%;实现归母净利润-2.5 亿元,同比+59.8%;共计出栏生猪 197.1 万头,同比+53.6%,其中,以活猪销售 191.3 万头, 同比+54.3%, 以 肉品销售 5.8 万头，屠宰肉品 3.2 万吨，同比+1.5%。2024Q2 实现营收 18.0 亿元,同比+38.2%,环比+26.1%;实现归母净利润 0.1 亿元,同比 +101.9%，环比+102.9%。 ▶ 生猪出栏同比高增，母猪产能储备充裕。2024Q2 公司共计出栏生猪 104.8 万头,同比+58.4%,其中,以活猪销售 103.5 万头,同比+61.7%,以肉品销 售 1.3 万头，同比-40.4%。随着 2023 年下半年母猪产能缺口逐步兑现，2024 年 5 月中下旬猪价步入上行通道。2024Q2 湖南省生猪市场均价 16.4 元/公斤, 环比+15.4%,公司生猪养殖业务持续收益,成功实现扭亏为盈。自 ...

Financial Performance - The company reported a total revenue of RMB 1.2 billion for the first half of 2024, representing a year-on-year increase of 15%[8]. - The net profit attributable to shareholders reached RMB 200 million, up 10% compared to the same period last year[8]. - The company's operating revenue for the first half of 2024 reached ¥3,232,893,064.46, representing a 28.55% increase compared to ¥2,514,952,130.30 in the same period last year[13]. - The net profit attributable to shareholders was -¥246,966,016.00, an improvement from -¥614,244,370.95 year-on-year[13]. - The net cash flow from operating activities was ¥266,489,536.73, a significant recovery from -¥273,930,458.98 in the previous year[13]. - The company's total assets decreased by 2.41% to ¥12,351,195,192.84 from ¥12,656,515,812.40 at the end of the previous year[13]. - The weighted average return on equity improved by 17.13 percentage points to -8.61% from -25.74% year-on-year[14]. - The company reported a significant increase in revenue, achieving a total of $500 million for the first half of 2024, representing a 25% year-over-year growth[98]. - The company reported a significant increase in revenue, achieving a total of 1.5 billion in the first half of 2024, representing a 20% growth compared to the same period last year[104]. User Growth and Market Expansion - User data indicates a growth in active users by 25%, reaching a total of 500,000 users[8]. - The company plans to expand its market presence in Southeast Asia, targeting a 20% market share by the end of 2025[8]. - The company is expanding its market presence in Southeast Asia, targeting a 10% market share by the end of 2025[98]. - User data showed a 15% increase in active users, reaching 2 million by the end of Q2 2024[100]. - The company provided an optimistic outlook, projecting a revenue growth of 30% for the second half of 2024, driven by new product launches and market expansion[99]. Product Development and Innovation - New product launches include a line of organic feed products, expected to contribute an additional RMB 100 million in revenue by Q4 2024[8]. - New product development includes the launch of a cutting-edge agricultural technology platform, expected to enhance operational efficiency by 20%[96]. - The company plans to invest $20 million in research and development for innovative agricultural solutions over the next two years[100]. - The company is investing heavily in R&D, with a budget increase of 30% for new technology development in 2024[104]. - A new partnership with a leading tech firm is expected to enhance product offerings and drive innovation, with an estimated impact of 200 million in revenue by 2025[106]. Financial Management and Cost Control - Research and development expenses increased by 30%, totaling RMB 150 million, focusing on biotechnology innovations[8]. - The company has implemented cost control measures, resulting in reduced feed costs and improved operational efficiency[31]. - The company has set a target to reduce operational costs by 15% through efficiency improvements and technology integration[99]. - The company has committed to reducing operational costs by 10% through efficiency improvements in the next fiscal year[108]. Supply Chain and Production Capacity - The company has established a comprehensive supply chain for pig farming, including feed production, breeding, slaughtering, and meat processing[16]. - The company has completed an annual production capacity layout of 2.05 million heads for pig slaughtering[17]. - The company has a feed production capacity of nearly 1.2 million tons, including self-produced and contract processing[17]. - The company established Hunan Shunxin Food Co., Ltd. for a pig slaughtering and cold chain distribution project with an annual capacity of 500,000 heads, which has commenced operations[17]. - The company is in the construction phase of a pig slaughterhouse project in Chenzhou City with an expected annual capacity of 850,000 heads, projected to start production in 2024[17]. Risk Management - The company has outlined potential risks in its management discussion, including market volatility and supply chain disruptions[2]. - The company faces a risk of pig diseases, with an average mortality rate of around 10%, leading to a survival rate of approximately 90%[43]. - Fluctuations in pig prices pose a risk to the company's operations, prompting a dual market strategy of both domestic and international sales[44]. - Environmental policy changes may increase operational costs, with the company committed to improving its environmental management and compliance[47]. Environmental Management - The company is adapting to stricter environmental regulations in pig farming, emphasizing pollution prevention and resource utilization[19]. - The company has established a comprehensive biosecurity management system, implementing strict protocols including "three zones and two roads" and "four in and four out" to prevent cross-infection and ensure safety[25]. - The company has established a comprehensive wastewater treatment system, with daily discharge of approximately 100 tons, meeting national discharge standards[55]. - The company has committed to reducing carbon emissions through various measures, including the construction of low-carbon standardized pig farms and the implementation of automated feeding systems to minimize feed waste[73]. Corporate Governance and Compliance - The company has no non-operating fund occupation by controlling shareholders or related parties[2]. - There are no violations of decision-making procedures regarding external guarantees[2]. - The company has implemented a refined management approach, resulting in improved operational efficiency and enhanced performance metrics across its breeding and production sectors[23]. - The company has established a robust internal supervision system to ensure compliance and enhance operational effectiveness, contributing to its high-quality development[23]. Strategic Acquisitions and Restructuring - A strategic acquisition of a local competitor was announced, valued at $50 million, aimed at increasing market penetration and customer base[99]. - The company is undergoing a major asset restructuring to enhance production scale and profitability, which aligns with long-term development goals and benefits all shareholders[85]. - The restructuring is expected to improve the company's risk resilience and sustainable profitability[85]. - The restructuring is anticipated to significantly enhance the company's competitive position in the market[85]. Shareholder Relations - The company has committed to not engaging in real estate development activities and will not apply for related qualifications in the future, adhering to national macro-control policies[125]. - The company has pledged to cease any competing business activities if it expands its product or business scope in the future[122]. - The company has confirmed that all documents related to the transaction are signed by authorized individuals and are genuine[120]. - The company has committed to maintaining transparency and compliance with the latest regulations from the China Securities Regulatory Commission regarding return compensation measures[124].

证券代码：600975 证券简称：新五丰 公告编号：2024-044 湖南新五丰股份有限公司 关于设立浏阳分公司的公告 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。 4、拟定经营范围：许可项目：牲畜饲养；种畜禽生产；种畜禽经营；道路货 物运输（不含危险货物）（依法须经批准的项目，经相关部门批准后方可开展经营 活动，具体经营项目以相关部门批准文件或许可证件为准）一般项目：牲畜销售（除 依法须经批准的项目外，凭营业执照依法自主开展经营活动） 上述拟设立分支机构的名称、营业场所、经营范围内容以工商登记部门核准为 准。 二、董事会会议审议情况 为便于湖南新五丰股份有限公司（以下简称"新五丰"或"公司"）在浏阳创 建非瘟无疫小区，更好的发展生猪业务，公司拟设立湖南新五丰股份有限公司浏阳 分公司。 一、拟设立分公司的基本情况： （一）新设公司的基本情况 1、公司名称：湖南新五丰股份有限公司浏阳分公司。 2、分支机构性质：不具有企业法人资格，其民事责任由公司承担。 3、营业场所：湖南省长沙市浏阳市葛家镇新宏村埉坪组 161 号。 2024 ...

证券代码：600975 证券简称：新五丰 公告编号：2024-040 湖南新五丰股份有限公司 第六届董事会第九次会议决议公告 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。 一、董事会会议召开情况 湖南新五丰股份有限公司（以下简称"公司"或"新五丰"）第六届董事会 第九次会议于 2024 年 8 月 8 日（周四）以通讯方式召开。公司董事 7 名，实际 参加表决董事 7 名。会议召开程序符合《公司法》《公司章程》及其他法律法规 的规定。 二、董事会会议审议情况 经统计各位董事通讯表决票，本次会议审议表决结果如下： 1、关于审议《公司 2024 年半年度报告及摘要》的议案 以同意票 7 票，反对票 0 票，弃权票 0 票通过了该议案，内容详见上海证券 交易所网站 www.sse.com.cn。 此议案在提交董事会前已经公司第六届董事会审计委员会第七次会议审议 通过。 以同意票 7 票，反对票 0 票，弃权票 0 票通过了该议案，内容详见上海证券 交易所网站 www.sse.com.cn 上《湖南新五丰股份有限公司关于设立娄底分公 ...

证券代码：600975 证券简称：新五丰 公告编号：2024-045 湖南新五丰股份有限公司 关于使用闲置募集资金临时补充流动资金的公告 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： 一、募集资金基本情况 经中国证券监督管理委员会《关于核准湖南新五丰股份有限公司向湖南省现 代农业产业控股集团有限公司等发行股份购买资产并募集配套资金的批复》（证 监许可〔2022〕3238 号）核准，公司非公开发行股份募集配套资金不超过 177,000 万元。本次发行募集资金总额为 1,550,579,366.83 元，扣除不含税的发行费用人 民币 22,930,456.99 元后，实际募集资金净额为人民币 1,527,648,909.84 元。上述 募集资金已于 2023 年 6 月 20 日全部到账，已经大华会计师事务所（特殊普通合 伙）验证并出具《湖南新五丰股份有限公司发行人民币普通股实收股本的验资报 告》（大华验字[2023]000353 号）。公司已对募集资金进行专户存储管理，与独 立财务顾问、存放募集资金的商业银行签 ...

招商证券股份有限公司 关于湖南新五丰股份有限公司 使用闲置募集资金临时补充流动资金的核查意见 招商证券股份有限公司（以下简称"招商证券"、"独立财务顾问"）作 为湖南新五丰股份有限公司（以下简称"新五丰"、"上市公司"、"公司"） 2022 年发行股份及支付现金购买资产并募集配套资金项目（以下简称"本次重 组"、"本次交易"）的持续督导独立财务顾问，根据《上市公司重大资产重 组管理办法》《上市公司监管指引第 2 号——上市公司募集资金管理和使用的 监管要求（2022 年修订）》《上海证券交易所上市公司自律监管指引第 1 号— —规范运作》等相关法律法规及规范性文件的规定，对公司使用闲置募集资金 临时补充流动资金事项进行了审慎核查，具体情况如下： 一、募集资金基本情况 经中国证监会《关于核准湖南新五丰股份有限公司向湖南省现代农业产业 控股集团有限公司等发行股份购买资产并募集配套资金的批复》（证监许可 〔2022〕3238 号）核准，上市公司本次向特定对象发行人民币普通股股票 184,812,797 股 ， 发 行 价 为 每 股 人 民 币 8.39 元 ， 募 集 资 金 总 额 为 1,550,579,36 ...

一、拟设立分公司的基本情况： （一）新设公司的基本情况 证券代码：600975 证券简称：新五丰 公告编号：2024-043 湖南新五丰股份有限公司 关于设立娄底分公司的公告 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。 为便于湖南新五丰股份有限公司（以下简称"新五丰"或"公司"）在娄底创 建非瘟无疫小区，更好的发展生猪业务，公司拟设立湖南新五丰股份有限公司娄底 分公司。 2、存在风险及对新五丰影响：上述设立分公司事宜经公司董事会审议通过后， 需按规定程序办理工商登记手续，不存在法律、法规限制或禁止的风险。 1、公司名称：湖南新五丰股份有限公司娄底分公司。 2、分支机构性质：不具有企业法人资格，其民事责任由公司承担。 3、营业场所：湖南省娄底市涟源市斗笠山镇托里村二组。 4、拟定经营范围：许可项目：牲畜饲养；种畜禽生产；种畜禽经营；道路货 物运输（不含危险货物）（依法须经批准的项目，经相关部门批准后方可开展经营 活动，具体经营项目以相关部门批准文件或许可证件为准）一般项目：牲畜销售（除 依法须经批准的项目外，凭营业执照依法自 ...

本公司监事会及全体监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。 证券代码：600975 证券简称：新五丰 公告编号：2024-041 湖南新五丰股份有限公司 第六届监事会第六次会议决议公告 2、关于审议《公司 2024 年半年度募集资金存放及实际使用情况的专项报告》 的议案 一、监事会会议召开情况 湖南新五丰股份有限公司（以下简称"公司"）第六届监事会第六次会议于 2024 年 8 月 8 日（周四）以通讯方式召开。公司监事 5 名，实际参加表决监事 5 名。会议召开程序符合《公司法》《公司章程》及其他法律法规的规定。 二、监事会会议审议情况 经统计各位监事通讯表决票，本次会议审议表决结果如下： 1、关于审议《公司 2024 年半年度报告及摘要》的议案 公司 2024 年半年度报告的编制和审议程序符合法律、法规、公司章程和公 司内部管理制度的各项规定，2024 年半年度报告的内容和格式符合中国证监会 和证券交易所的各项规定，内容真实、准确、完整。所包含的信息从各个方面真 实地反映出公司 2024 年半年度经营管理和财务状况等事项。在提出本意见 ...