中信证券股份有限公司 关于山东邦基科技股份有限公司 2023年度持续督导报告书 | 上市公司：山东邦基科技股份有限公司（以下简称"邦基科技"、"公司"） | | | --- | --- | | 保荐人名称：中信证券股份有限公司（以下简称"中信证券"或"保荐人"） | | | 保荐代表人姓名：牛振松 | 联系电话：0531-85023540 | | 保荐代表人姓名：胡宇 | 联系电话：010-60833032 | 经中国证券监督管理委员会《关于核准山东邦基科技股份有限公司首次公开 发行股票的批复》（证监许可[2022]2206 号）核准，并经上海证券交易所同意， 公司向社会公开发行 42,000,000 股，发行价为每股人民币 17.95 元，共计募集资 金人民币 75,390.00 万元，扣除发行费用后，募集资金净额为人民币 68,292.28 万元。上述募集资金到位情况已经中兴华会计师事务所（特殊普通合伙）进行验 资，并出具了中兴华验字（2022）第 030015 号验资报告。2022 年 10 月 19 日， 公司在上海证券交易所上市。 一、持续督导工作概述 1、保荐人制定了持续督导工作制度，制定了相应的 ...

Investment Rating - The report maintains a "Buy" rating for the company, indicating a positive outlook for the next six months [19][21]. Core Insights - The company is expected to benefit from the recovery in the pig farming industry, with both volume and price anticipated to rise as the market stabilizes [3][20]. - The company plans to expand its feed production capacity by 145% over the next three years to meet increasing market demand [3][27]. - Despite a decline in performance in 2023 due to increased costs and lower pig prices, the company is focusing on cost reduction and efficiency improvements [2][19]. Summary by Sections Financial Performance - In 2023, the company reported revenue of 1.647 billion yuan, a decrease of 0.7% year-on-year, and a net profit of 84 million yuan, down 30.3% [19][21]. - For Q1 2024, revenue was 412 million yuan, reflecting a year-on-year increase of 5.7%, while net profit was 20 million yuan, down 13.1% [19][21]. Capacity Expansion - The company currently has a production capacity of 617,000 tons, which will increase to 900,000 tons after the completion of ongoing projects, representing a growth of 145.9% [3][27]. - The new projects include high-end feed production facilities, which are expected to enhance profitability as demand recovers [27]. Market Outlook - The report highlights a significant reduction in the breeding sow population, which is expected to lead to a price increase for pigs, thus improving the profitability of feed sales [20]. - The anticipated recovery in pig prices is expected to positively impact the company's sales structure, particularly in high-priced feed products [20]. Profitability Forecast - The company is projected to achieve earnings per share (EPS) of 0.91, 1.10, and 1.26 yuan for the years 2024 to 2026, with corresponding dynamic price-to-earnings (PE) ratios of 15, 12, and 11 times [21][22]. - The gross margin is expected to show an upward trend, reaching 13.32%, 13.79%, and 13.82% over the same period [27].

Investment Rating - The report maintains a "Buy" rating for the company [1][3]. Core Views - The company has experienced a decline in performance due to increased depreciation and amortization from investment projects and rising marketing expenses. In 2023, the company reported a revenue of 1.647 billion yuan, a decrease of 0.7% year-on-year, and a net profit of 84 million yuan, down 30.3% year-on-year. The gross margin was 13.0%, down 0.7 percentage points, and the net margin was 5.08%, down 2.1 percentage points. In Q1 2024, revenue was 412 million yuan, an increase of 5.7% year-on-year, while net profit was 20 million yuan, down 13.1% year-on-year [1][2]. Summary by Sections Financial Performance - In 2023, the company achieved a revenue of 1.647 billion yuan, with a year-on-year growth rate of -0.71%. The net profit attributable to the parent company was 84 million yuan, with a year-on-year decline of 30.34%. The projected revenues for 2024 to 2026 are 2.390 billion yuan, 2.841 billion yuan, and 3.378 billion yuan, respectively, with growth rates of 45.17%, 18.87%, and 18.89% [4][11]. - The earnings per share (EPS) for 2024 to 2026 are projected to be 0.91 yuan, 1.10 yuan, and 1.26 yuan, with corresponding dynamic PE ratios of 15, 12, and 11 times [3][4]. Market Trends - The breeding industry is expected to experience a turnaround, with a significant reduction in the number of breeding sows. As of Q1 2024, the national pig inventory was 40.85 million heads, down 5.2% year-on-year, marking a four-year low. The reduction in breeding sows indicates a potential upward trend in pig prices, which is expected to sustain profitability in the sector [2][10]. Capacity Expansion - The company plans to expand its feed production capacity by 145% over the next three years, increasing from the current capacity of 617,000 tons to an additional 900,000 tons. This expansion is anticipated to align with the recovering demand for pig feed as market conditions improve [2][10].

Summary of Conference Call Company Overview - The conference call is focused on Bangki Technology's 2023 annual report and the first quarter of 2024 earnings interpretation [1] Key Points and Arguments - The call is initiated by the host, welcoming investors and acknowledging their valuable time for attending the meeting [1] Other Important Content - The participants are muted at the beginning of the call, indicating a structured format for the presentation [1]

Investment Rating - The report maintains a "Buy" rating for the company, with a target price of 18.2 CNY per share, indicating a potential upside from the current price of 12.96 CNY [3][22]. Core Insights - The company is expected to experience significant growth in revenue and net profit, with projected compound annual growth rates of 42.3% and 82% for 2024-2026, respectively [2][14]. - The company plans to implement a stock option incentive plan, granting 10.78 million options, which represents approximately 6.4% of the total share capital, with an exercise price of 12.85 CNY per option [2][33]. Summary by Sections Financial Performance - In 2023, the company reported revenue of 1.65 billion CNY, a year-on-year decrease of 0.7%, and a net profit of 83.89 million CNY, down 30% year-on-year. For Q1 2024, revenue was 410 million CNY, up 6% year-on-year, while net profit was 20.33 million CNY, down 13% year-on-year [10][25]. - The company anticipates revenue growth to approximately 2.34 billion CNY in 2024, with net profit expected to reach 153 million CNY, reflecting a significant recovery from previous years [14][26]. Market Dynamics - The report highlights a recovery in pig prices, which is expected to drive demand for pig feed, marking a turning point in sales volume for 2024. The company is well-positioned to benefit from this trend due to its focus on high-end feed products [6][13]. - The company’s feed sales volume is projected to grow significantly, with estimates of 59,000 tons in 2024, representing a year-on-year increase of 46.8% [36]. Stock Option Plan - The stock option plan is designed to enhance employee motivation and align their interests with the company's performance, with performance targets set for revenue and net profit growth over the next three years [2][33][34].

山东邦基科技股份有限公司董事会 关于 2023 年度募集资金存放与使用情况的专项报告 根据中国证券监督管理委员会发布的《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）》（证监会公告［2022］15 号）、 《上海证券交易所上市公司自律监管指引第 1 号--规范运作》以及《上海证券交 易所上市公司自律监管指南第 1 号--公告格式》的相关规定，山东邦基科技股份 有限公司（以下简称"公司"或"本公司"）董事会编制了截至 2023 年 12 月 31 日止的《2023 年度募集资金存放与实际使用情况的专项报告》。 一、募集资金基本情况 （一）实际募集资金、资金到位时间 经中国证券监督管理委员会《关于核准山东邦基科技股份有限公司首次公开 发行股票的批复》（证监许可[2022]2206 号）文件批复，山东邦基科技股份有限公 司首次向社会公众公开发行人民币普通股（A 股）42,000,000.00 股，每股面值人 民币 1 元，每股发行价格为人民币 17.95 元，募集资金总额人民币 753,900,000.00 元，扣除含税发行有关的费用人民币 70,977,175.61 元， ...

2023年年度报告 公司代码：603151 公司简称：邦基科技 山东邦基科技股份有限公司 2023 年年度报告 ...

2024 年第一季度报告 证券代码：603151 证券简称：邦基科技 山东邦基科技股份有限公司 2024 年第一季度报告 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 公司董事会、监事会及董事、监事、高级管理人员保证季度报告内容的真实、准确、完整，不存 在虚假记载、误导性陈述或重大遗漏，并承担个别和连带的法律责任。 公司负责人、主管会计工作负责人及会计机构负责人（会计主管人员）保证季度报告中财务信息 的真实、准确、完整。 第一季度财务报表是否经审计 □是 √否 一、 主要财务数据 (一)主要会计数据和财务指标 1 / 17 单位：元 币种：人民币 项目 本报告期 本报告期比上年同期 增减变动幅度(%) 营业收入 412,455,280.83 5.72 归属于上市公司股东的净利润 20,333,509.91 -13.09 归属于上市公司股东的扣除非经常性损益的净利润 19,524,795.09 -15.21 经营活动产生的现金流量净额 -104,548,432.55 不适用 基本每股收益（元/股） 0.1210 ...

山东邦基科技股份有限公司 董事会秘书工作制度 （2024 年 4 月修订） 第一章 总 则 第一条 为提高山东邦基科技股份有限公司（以下简称"公司"）治理水平， 规范公司董事会秘书的选任、履职、培训工作，进一步明确董事会秘书职责及其 分管的工作部门，根据《中华人民共和国公司法》（以下简称"《公司法》"） 《中华人民共和国证券法》《上市公司信息披露管理办法（2021 年修订）》《上 海证券交易所股票上市规则》（以下简称"《股票上市规则》"）《上海证券交 易所上市公司自律监管指引第 1 号——规范运作》《上海证券交易所上市公司自 律监管指引第 2 号——信息披露事务管理》等法律法规和其他规范性文件，制订 本工作制度。 第二条 董事会秘书为公司高级管理人员，对公司和董事会负责，应忠实、 勤勉地履行职责。 第三条 董事会秘书是公司与上海证券交易所之间的指定联络人，负责以公 司名义办理信息披露、公司治理、股权管理等其相关职责范围内的事务。 第四条 公司设立证券事务部，证券事务部是由董事会秘书分管的工作部 门。 第二章 董事会秘书的任职资格 第五条 公司董事会秘书应当具备以下任职资格： （一）具有良好的职业道德、诚信记录 ...

山东邦基科技股份有限公司 独立董事专门会议工作制度 （2024 年 4 月制定） （二）独立董事向董事会提议召开临时股东大会； （三）独立董事提议召开董事会会议； 第一章 总则 第一条 为促进山东邦基科技股份有限公司（以下简称"公司"）的规范运作， 充分发挥独立董事在公司治理中的作用，根据《中华人民共和国公司法》《中华 人民共和国证券法》《上市公司独立董事管理办法》《上海证券交易所股票上市 规则》《上海证券交易所上市公司自律监管指引第 1 号——规范运作》等法律法 规、规范性文件及《公司章程》的相关规定，并结合公司实际情况，制定本制度。 第二条 独立董事专门会议指全部由独立董事参加的会议。 第二章 议事规则 第三条 公司应当定期或者不定期召开独立董事专门会议。独立董事专门会 议召开需于会议召开前三天通知全体独立董事，紧急情况下，在保证半数以上独 立董事出席的前提下，召开会议可以不受前述通知时间的限制。 第四条 独立董事专门会议由半数以上的独立董事出席方可举行；每一名独 立董事有一票表决权；会议做出的决议，必须经全体独立董事过半数通过。独立 董事应当亲自出席独立董事专门会议，因故不能亲自出席会议的，应当事先审阅 ...