Investment Rating - The report upgrades the investment rating to "Buy" for the company [4][9]. Core Insights - The pig feed industry is expected to see both volume and price increases in 2025, with performance improvements anticipated as early as Q1 2025 [1]. - The company is shifting its customer strategy from serving small-scale distributors to focusing on large clients, which may initially pressure profit margins but offers new growth opportunities [2]. - The product structure is changing, with an expected increase in the proportion of compound feed, which is more suitable for the new customer model [3]. - The company is positioned for significant growth, with projected feed sales expected to double over the next three years, reaching 200 million tons by 2027 [8]. - Financial forecasts indicate substantial revenue growth, with expected revenues of 21.82 billion, 32.56 billion, and 42.26 billion for 2024, 2025, and 2026 respectively [9][11]. Summary by Sections Industry Outlook - The pig feed prices have increased significantly, with corn and soybean meal prices rising by 24.84% and 4.11% respectively since the beginning of 2025, driven by global supply concerns and trade issues [1]. - The demand for pig feed is expected to rise due to an increase in the breeding sow population in 2024, leading to higher pig farming volumes in 2025 [1]. Company Strategy - The company is transitioning to focus on large-scale clients, which is expected to stabilize demand and provide new revenue streams despite initial impacts on accounts receivable turnover [2]. - The shift in customer base is anticipated to enhance the company's performance in the long term, as large clients typically have higher feed demand [2][7]. Product Development - The company is adapting its product offerings to align with the new customer structure, with a focus on increasing the share of compound feed in its revenue mix [3]. - This strategic shift is expected to lead to a more stable revenue stream, although it may compress overall profit margins [3]. Financial Projections - The company is expected to achieve significant revenue growth, with projections indicating a rise in sales volume from 76 million tons in 2024 to 200 million tons by 2027 [8]. - Earnings per share (EPS) are forecasted to increase from 0.42 in 2024 to 1.00 in 2026, reflecting the anticipated growth in revenue and profitability [9][11].

Investment Rating - The report upgrades the investment rating to "Buy" [4][9] Core Views - The pig feed industry is expected to see both volume and price increases in 2025, with Q1 performance already reflecting this trend [1] - The company is shifting its customer strategy from serving small-scale farmers to focusing on large clients, which may initially pressure profit margins but offers new growth opportunities [2] - The product structure is changing, with an expected increase in the proportion of compound feed, which is more suitable for the new customer model [3] - The company is positioned for significant growth, with projected feed sales expected to double over the next three years [8] Summary by Sections Industry Outlook - In 2025, the pig feed industry is anticipated to experience simultaneous increases in both volume and price, driven by rising corn and soybean meal prices, which have increased by 24.84% and 4.11% respectively since the beginning of the year [1] Customer Strategy - The company is transitioning to focus on large-scale clients, which has led to an increase in accounts receivable turnover days from 26.23 days at the end of 2023 to 61.17 days in the first three quarters of 2024 [2] Product Structure - The shift towards a "company + farmer" model is expected to increase the revenue share of compound feed, despite a potential decrease in overall profit margins [3] Sales Growth Projections - The company is projected to achieve feed sales of 760,000 tons in 2024, 1,200,000 tons in 2025, 1,600,000 tons in 2026, and 2,000,000 tons in 2027, indicating a doubling of sales over the next three years [8] Financial Forecast - Revenue forecasts for 2024, 2025, and 2026 are estimated at 2.182 billion, 3.256 billion, and 4.226 billion respectively, with corresponding EPS of 0.42, 0.83, and 1.00 [9][11]

关于公司对外担保的进展公告 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。 证券代码：603151 证券简称：邦基科技 公告编号：2025-003 山东邦基科技股份有限公司 重要内容提示： 被担保人名称：下游经销商、养殖场（户）。 本次担保金额及已实际为其提供的担保余额：本次山东邦基科技股份有 限公司（以下简称"公司"）为下游经销商、养殖场（户）提供的担保金额为 42.27 万元；截至本公告日，公司已实际为下游经销商、养殖场（户）提供的担 保余额为2,847.09万元，为公司下属子公司提供的担保余额为18,237.15万元， 累计担保余额 21,084.24 万元。 本次担保是否有反担保：是。 对外担保逾期的累计数量：截至本公告日，公司及下属子公司相互提供 的担保均无逾期；公司及下属子公司为下游经销商、养殖场（户）提供担保逾期 代偿款余额为 826.23 万元，公司正在追偿中。 上述担保事项已经公司 2024 年 4 月 26 日召开的第二届董事会第四次会议审 议通过，并经公司于 2024 年 5 月 17 日召开的 2023 ...

证券代码：603151 证券简称：邦基科技 公告编号：2024-054 山东邦基科技股份有限公司 关于公司对外担保的进展公告 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： 被担保人名称：下游经销商、养殖场（户）。 本次担保金额及已实际为其提供的担保余额：本次山东邦基科技股份有 限公司（以下简称"公司"）为下游经销商、养殖场（户）提供的担保金额为 526.27 万元；截至本公告日，公司已实际为下游经销商、养殖场（户）提供的 担保余额为 2,405.64 万元，为公司下属子公司提供的担保余额为 16,504.10 万 元，累计担保余额 18,909.74 万元。 本次担保是否有反担保：是。 对外担保逾期的累计数量：截至本公告日，公司及下属子公司相互提供 的担保均无逾期；公司及下属子公司为下游经销商、养殖场（户）提供担保逾期 代偿款余额为 826.23 万元，公司正在追偿中。 一、担保情况概述 （一）担保履行的审议程序 上述担保事项已经公司 2024 年 4 月 26 日召开的第二届董事会第四次会议审 议通过，并经 ...

证券代码：603151 证券简称：邦基科技 公告编号：2024-053 山东邦基科技股份有限公司 关于公司对外担保的进展公告 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： 被担保人名称：下游经销商、养殖场（户）。 本次担保金额及已实际为其提供的担保余额：本次山东邦基科技股份有 限公司（以下简称"公司"）为下游经销商、养殖场（户）提供的担保金额为 610.55 万元；截至本公告日，公司已实际为下游经销商、养殖场（户）提供的 担保余额为 1,879.37 万元，为公司下属子公司提供的担保余额为 16,500.00 万 元，累计担保余额 18,379.37 万元。 上述担保事项已经公司 2024 年 4 月 26 日召开的第二届董事会第四次会议审 议通过，并经公司于 2024 年 5 月 17 日召开的 2023 年年度股东大会批准。具体 内容详见公司分别于 2024 年 4 月 27 日、2024 年 5 月 18 日在上海证券交易所网 站披露的《关于预计 2024 年度对外提供担保额度的公告》（公告编号：202 ...

证券代码：603151 证券简称：邦基科技 公告编号：2024-052 山东邦基科技股份有限公司 关于召开 2024 年第三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： 山东邦基科技股份有限公司（以下简称"公司"）已于 2024 年 10 月 29 日发布公司 2024 年第三季度报告，为便于广大投资者更全 面深入地了解公司 2024 年第三季度经营成果、财务状况，公司计划 于 2024 年 11 月 14 日上午 11:00-12:00 举行 2024 年第三季度业绩 说明会，就投资者关心的问题进行交流。 一、说明会类型 会议召开时间：2024 年 11 月 14 日(星期四)上午 11:00-12:00 会议召开地点：上海证券交易所上证路演中心（网址： https://roadshow.sseinfo.com/） 会议召开方式：上证路演中心网络互动 投资者可于 2024 年 11 月 07 日（星期四）至 11 月 13 日（星期 三）16:00 前登录上证路演中心网站首页点击"提问 ...

证券代码：603151 证券简称：邦基科技 公告编号：2024-051 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。 会议审议通过了以下议案： （一）审议通过了《关于公司2024年第三季度报告的议案》 具体内容详见公司同日在上海证券交易所网站www.sse.com.cn披露的相关报告。 此项议案7票同意，0票反对，0票弃权获得通过。 一、董事会会议召开情况 山东邦基科技股份有限公司（以下简称"公司"）于2024年10月28日以现场加 通讯表决方式召开了第二届董事会第七次会议。会议通知于2024年10月23日以通 讯及电子邮件方式发出。公司现有董事7人，实际参会董事7人。 山东邦基科技股份有限公司 会议由董事长王由成先生主持。本次会议的召开符合《中华人民共和国公司 法》《山东邦基科技股份有限公司章程》（以下简称"《公司章程》"）以及有关 法律、法规的规定。 第二届董事会第七次会议决议公告 二、董事会会议审议情况 本议案已经公司董事会审计委员会审议通过。 山东邦基科技股份有限公司董事会 2024年10月29日 （三）审议通过了《 ...

证券代码：603151 证券简称：邦基科技 公告编号：2024-050 山东邦基科技股份有限公司 关于聘任证券事务代表的公告 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。 山东邦基科技股份有限公司（以下简称"公司"）于2024年10月28日召开了第 二届董事会第七次会议，审议通过了《关于聘任证券事务代表的议案》，现将具 体情况公告如下： 公司董事会同意聘请徐铭晗女士为公司证券事务代表（简历详见附件），协 助董事会秘书履行职责。任期自本次董事会审议通过之日起至第二届董事会届满 为止。徐铭晗女士暂未取得上海证券交易所《董事会秘书资格证书》，待其取得 《董事会秘书资格证书》后方可履职，其承诺将于近期参加上海证券交易所举办 的董事会秘书资格培训并尽快取得《董事会秘书资格证书》。 截至本公告披露日，徐铭晗女士未持有公司股票，与公司董事、监事、高 级管理人员以及持有公司5%以上股份的股东之间无关联关系，未受过中国证券 监督管理委员会及其他相关部门的处罚，不存在《中华人民共和国公司法》《山 东邦基科技股份有限公司章程》等规定的不得担任公司 ...

山东邦基科技股份有限公司 舆情管理制度 （2024年10月制定） （三）可能或者已经影响社会公众投资者投资取向，造成公司股票及其衍 生品交易价格异常波动的信息； （四）其他涉及公司信息披露且可能对公司股票及其衍生品交易价格产生 较大影响的事件信息。 第二章 舆情管理的组织体系及其工作职责 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"）应对各 类舆情的能力，建立快速反应和应急处置机制，及时、妥善处理各类舆情对公 司股价、公司商业信誉及正常生产经营活动造成的影响，切实保护投资者合法 权益，根据相关法律、法规和规范性文件的规定及《山东邦基科技股份有限公 司章程》（以下简称"《公司章程》"），结合公司实际情况，制定本制度。 第三条 公司应对各类舆情（尤其是媒体质疑危机时）实行统一领导、统一 组织、快速反应、协同应对。 第二条 本制度所称舆情包括： （一）报刊、电视、网络等媒体对公司进行的负面报道、不实报道； （二）社会上存在的已经或可能给公司造成不良影响的传言或信息； （五）各类舆情处理过程中的其他事项。 第六条 舆情工作组的舆情信息采集主要由公司证券部负责，进行日常舆 情巡查和检测，及时 ...

Revenue Growth - Revenue for the third quarter increased by 76.66% year-over-year to RMB 729,086,070.72[2] - The increase in revenue was primarily driven by higher sales volume due to increased inventory from large-scale farming companies[7] - Revenue for the first three quarters of 2024 reached 1,624,395,865.36 RMB, a 41.2% increase compared to 1,150,220,942.34 RMB in the same period of 2023[13] - Revenue for the first three quarters of 2024 was RMB 56,607,304.95, a decrease of 32.7% compared to RMB 84,101,675.18 in the same period of 2023[22] Profitability - Net profit attributable to shareholders decreased by 17.51% year-over-year to RMB 19,267,644.92[2] - The decrease in net profit was mainly due to low capacity utilization of newly completed projects and increased bad debt provisions[7] - Net profit for the first three quarters of 2024 was 43,875,456.40 RMB, a 35.2% decrease compared to 67,654,065.76 RMB in the same period of 2023[14] - Net profit attributable to parent company increased to 331.68 million USD from 323.79 million USD, showing steady profitability[12] - Net profit for the first three quarters of 2024 was a loss of RMB 2,316,016.24, compared to a loss of RMB 1,439,068.61 in the same period of 2023[23] Earnings Per Share - Basic earnings per share (EPS) decreased by 37.10% year-over-year to RMB 0.2541[3] - Basic earnings per share for the first three quarters of 2024 were 0.2541 RMB, down 37.1% from 0.4040 RMB in the same period of 2023[15] Asset Growth - Total assets increased by 20.10% compared to the end of the previous year, reaching RMB 1,766,742,600.22[3] - Total assets increased to 1.766 billion USD from 1.471 billion USD, reflecting significant growth in the company's financial position[12] - Current assets rose to 940.8 million USD from 804.45 million USD, driven by increases in accounts receivable and inventory[10][11] - Fixed assets grew to 599.15 million USD from 534.16 million USD, indicating ongoing investment in infrastructure[11] - Construction in progress jumped to 105.25 million USD from 4.17 million USD, signaling major expansion projects[11] - Intangible assets grew to 84.64 million USD from 66.72 million USD, possibly reflecting increased R&D or acquisitions[11] - Total assets decreased to 972,545,314.60 RMB from 1,008,634,977.66 RMB at the end of the previous year[20] - Long-term equity investments increased slightly to 770,945,614.52 RMB from 765,556,104.76 RMB[19] Cash Flow - Operating cash flow for the year-to-date was negative at RMB -185,099,108.29[3] - Cash received from sales of goods and services in the first three quarters of 2024 was 1,292,859,799.33 RMB, a 25.8% increase compared to 1,027,812,590.79 RMB in the same period of 2023[16] - Operating cash flow for the quarter was -185,099,108.29 RMB, a significant decrease compared to -75,941,531.57 RMB in the same period last year[17] - Cash outflow from investing activities was 156,776,469.72 RMB, a decrease from 626,644,028.01 RMB in the previous year[17] - Cash inflow from financing activities was 146,470,000.00 RMB, a substantial increase from 10,000,000.00 RMB in the same period last year[17] - Net cash and cash equivalents at the end of the period were 161,624,723.83 RMB, down from 341,774,008.78 RMB at the end of the previous year[18] - Cash flow from operating activities for the first three quarters of 2024 was negative RMB 68,606,749.93, compared to positive RMB 6,563,926.26 in the same period of 2023[25] - Cash flow from investing activities for the first three quarters of 2024 was positive RMB 19,992,028.39, compared to negative RMB 171,755,696.73 in the same period of 2023[26] - Cash flow from financing activities for the first three quarters of 2024 was negative RMB 37,117,725.71, compared to negative RMB 94,167,708.33 in the same period of 2023[26] - The company's cash and cash equivalents at the end of the third quarter of 2024 were RMB 11,324,746.68, a decrease of 88.3% from RMB 97,057,193.93 at the beginning of the year[26] Liabilities and Equity - Short-term borrowings increased to 171.5 million USD from 89.58 million USD, reflecting higher working capital needs[12] - Accounts payable rose to 193.47 million USD from 76.68 million USD, likely due to increased business operations[12] - Total liabilities decreased to 34,109,363.83 RMB from 34,283,010.65 RMB[20] - Shareholders' equity decreased to 938,435,950.77 RMB from 974,351,967.01 RMB[21] - Undistributed profits decreased to 33,976,153.64 RMB from 69,892,169.88 RMB[21] Expenses and Costs - Operating costs for the first three quarters of 2024 were 1,561,538,318.05 RMB, up 46.5% from 1,065,561,092.33 RMB in the same period of 2023[13] - R&D expenses for the first three quarters of 2024 were 14,670,141.42 RMB, a 41.1% decrease compared to 24,910,945.37 RMB in the same period of 2023[13] - Sales expenses for the first three quarters of 2024 were 23,246,184.82 RMB, a 7.7% decrease compared to 25,193,107.73 RMB in the same period of 2023[13] - Management expenses for the first three quarters of 2024 were 45,646,138.63 RMB, a 47.0% increase compared to 31,045,977.29 RMB in the same period of 2023[13] - Financial expenses for the first three quarters of 2024 were 3,477,964.36 RMB, compared to -6,053,153.60 RMB in the same period of 2023[13] - Credit impairment losses for the first three quarters of 2024 were -22,770,580.88 RMB, a 215.9% increase compared to -7,210,082.29 RMB in the same period of 2023[14] - Operating costs for the first three quarters of 2024 were RMB 49,657,802.18, down 38.3% from RMB 80,541,174.68 in the same period of 2023[22] Non-Recurring Items - Non-recurring gains and losses amounted to RMB 1,408,909.97 for the quarter, including government subsidies and investment gains[5] Shareholder Information - The company's largest shareholder, Shandong Bangji Group Co., Ltd., holds 50.00% of the shares[8] Return on Equity - The company's weighted average return on equity (ROE) decreased by 2.09 percentage points to 3.45%[3] Accounts Receivable and Inventory - Accounts receivable surged to 544.73 million USD from 191.25 million USD, suggesting increased sales activity[10] - Inventory decreased to 162.03 million USD from 182.48 million USD, potentially indicating improved inventory management[10]