今年以来巨星农牧已经1次登上龙虎榜，最近一次登上龙虎榜为4月9日。 资料显示，乐山巨星农牧股份有限公司位于四川省成都市高新区名都路166号嘉煜金融科技中心1栋26 层，成立日期2013年12月24日，上市日期2017年12月18日，公司主营业务涉及养殖及饲料生产和销售; 中高档天然皮革的研发、制造与销售。主营业务收入构成为：生猪92.32%，饲料4.80%，皮革产品 2.72%，其他(补充)0.16%。 9月4日，巨星农牧盘中上涨2.06%，截至10:02，报20.80元/股，成交8379.59万元，换手率0.80%，总市 值106.09亿元。 截至6月30日，巨星农牧股东户数3.63万，较上期增加0.70%；人均流通股14044股，较上期减少0.70%。 2025年1月-6月，巨星农牧实现营业收入37.17亿元，同比增长66.49%；归母净利润1.81亿元，同比增长 504.12%。 资金流向方面，主力资金净流出335.68万元，特大单买入233.14万元，占比2.78%，卖出462.41万元，占 比5.52%；大单买入1423.42万元，占比16.99%，卖出1529.83万元，占比18.26%。 巨星农 ...

Market Overview - The aquaculture sector experienced a decline of 1.98% on September 3, with *ST Tianshan leading the drop [1] - The Shanghai Composite Index closed at 3813.56, down 1.16%, while the Shenzhen Component Index closed at 12472.0, down 0.65% [1] Stock Performance - Key stocks in the aquaculture sector showed significant declines, with *ST Tianshan closing at 8.46, down 4.94% on a trading volume of 86,700 shares and a transaction value of 73.35 million yuan [1] - Other notable declines included: - Xiaoming Co., down 3.65% to 24.31 [1] - Fucheng Co., down 3.43% to 5.07 [1] - Lihua Co., down 3.36% to 18.96 [1] - Juxing Agriculture, down 3.27% to 20.38 [1] Capital Flow - The aquaculture sector saw a net outflow of 329 million yuan from institutional investors, while retail investors contributed a net inflow of 294 million yuan [1] - The following stocks had notable capital flows: - Jingjidu Agriculture had a net inflow of 23.77 million yuan from institutional investors, but a net outflow from retail investors of 17.67 million yuan [2] - Huaying Agriculture saw a net inflow of 11.67 million yuan from institutional investors, with retail investors also experiencing a net outflow [2] - Wens Foodstuff Group had a minor net inflow of 6.37 million yuan from institutional investors, but retail investors faced a net outflow of 10.48 million yuan [2]

2025 年 09 月 03 日 开源晨会 0903 ——晨会纪要 -30% 0% 30% 60% 90% 120% 2024-09 2025-01 2025-05 沪深300 创业板指 数据来源：聚源 昨日涨跌幅前五行业 | 行业名称 | 涨跌幅(%) | | --- | --- | | 银行 | 1.954 | | 公用事业 | 0.987 | | 家用电器 | 0.914 | | 汽车 | 0.381 | | 石油石化 | 0.372 | | 数据来源：聚源 | | 昨日涨跌幅后五行业 | 行业名称 | 涨跌幅(%) | | --- | --- | | 通信 | -5.725 | | 计算机 | -4.062 | | 电子 | -3.852 | | 国防军工 | -2.600 | | 建筑材料 | -2.341 | | 数据来源：聚源 | | 吴梦迪（分析师） wumengdi@kysec.cn 证书编号：S0790521070001 观点精粹 总量视角 【策略】机构关注度环比回升：机械、医药、汽车——机构调研周跟踪-20250902 【固定收益】托管量环比多增，债市杠杆率回落——2025 年 7 月债 ...

农林牧渔/养殖业 -20% 0% 20% 40% 60% 2024-09 2025-01 2025-05 2025-09 巨星农牧 沪深300 巨星农牧（603477.SH） 生猪出栏高增业绩释放，皮革毛利改善经营向好 2025 年 09 月 02 日 投资评级：买入（维持） 日期 2025/9/2 当前股价(元) 21.07 一年最高最低(元) 25.00/15.48 总市值(亿元) 107.47 流通市值(亿元) 107.47 总股本(亿股) 5.10 流通股本(亿股) 5.10 近 3 个月换手率(%) 232.89 股价走势图 公司生猪出栏快速增长，持续推进成本下降 数据来源：聚源 相关研究报告 《成本稳步下降能繁储备充足，弹性 龙头业绩有望高兑现—公司信息更新 报告》-2025.5.1 《成本稳步下降优势显著，出栏高增 持 续 成 长 — 公 司 信 息 更 新 报 告 》 -2025.3.25 《成本控制优异，业绩释放与成长弹 性兼得 — 公 司 信 息 更 新 报 告 》 -2024.11.3 陈雪丽（分析师） 王高展（分析师） 证书编号：S0790520030001 wanggaozhan@k ...

Investment Rating - The report maintains an investment rating of "Buy-A" for Hai Da Group and "Buy-B" for Sheng Nong Development, with several other companies rated as "Increase-A" or "Increase-B" [3][4][5]. Core Insights - The agricultural sector has shown a market performance with the CSI 300 index increasing by 2.71% and the agricultural sector rising by 2.02% during the week of August 25 to August 31 [2][20]. - The report highlights a recovery cycle in the feed industry and marginal improvements in livestock farming, suggesting potential growth opportunities [4][5]. - The report indicates that the current market sentiment may be overly pessimistic regarding the impact of rising pig production capacity on profitability, while it overlooks the positive effects of declining raw material costs and potential macro demand recovery in 2025 [5][6]. Summary by Sections Swine Farming - As of August 29, the average prices for external three yuan pigs in Sichuan, Guangdong, and Henan were 13.25, 14.84, and 13.73 yuan/kg, reflecting a week-on-week change of -2.21%, -3.57%, and 0.00% respectively [3][28]. - The average pork price was 19.94 yuan/kg, down 0.80% from the previous week, while the average wholesale price for piglets remained stable at 26.00 yuan/kg [3][28]. - The self-breeding profit was 32.24 yuan/head, while the profit from purchasing piglets was -148.41 yuan/head [3][28]. Poultry Farming - As of August 29, the weekly price for white feather broilers was 7.33 yuan/kg, remaining unchanged from the previous week, while the price for broiler chicks increased by 0.84% to 3.61 yuan/chick [3][43]. - The profit from broiler farming was reported at 1.37 yuan/chick, and the egg price was 7.24 yuan/kg, down 0.82% [3][43]. Feed Processing - In July 2025, the total industrial feed production in China was 28.31 million tons, reflecting a month-on-month increase of 2.3% and a year-on-year increase of 5.5% [50]. - The report notes a significant decline in the factory prices of feed products, with the proportion of corn in compound feed at 33.1% and soybean meal at 14.1% [50]. Aquaculture - As of August 29, the prices for sea cucumbers, shrimp, and bass were stable at 90.00 yuan/kg, 320.00 yuan/kg, and 50.00 yuan/kg respectively [57]. - For freshwater products, the price of grass carp was 16.73 yuan/kg, up 0.54%, while the prices for crucian carp and carp showed slight fluctuations [57]. Crop and Grain Processing - As of August 29, the spot price for soybeans was 4005.79 yuan/ton, with corn and wheat prices at 2364.71 yuan/ton and 2428.89 yuan/ton respectively, showing slight declines [65]. - The report indicates that the prices for various mushroom products remained stable during the same period [65].

Investment Rating - The report maintains a "Recommended" rating for the company, indicating an expected stock price increase of over 15% relative to the benchmark index [4]. Core Views - The company achieved significant revenue growth in the first half of 2025, with total revenue reaching 3.717 billion yuan, a year-on-year increase of 66.49%, and a net profit attributable to shareholders of 181 million yuan, up 504.12% [1][2]. - The increase in revenue is primarily driven by a substantial rise in pig output, which reached 1.9096 million heads, marking a 74.47% year-on-year increase [2]. - The company is focusing on biological farming as its main track, showcasing strong cost control capabilities and production efficiency [2][3]. - The "Dechang Project" is progressing steadily, expected to enhance the company's breeding capacity significantly once fully operational [3]. Summary by Sections Financial Performance - In Q2 2025, the company reported revenue of 2.072 billion yuan, a year-on-year increase of 61.34% and a quarter-on-quarter increase of 25.92%. However, net profit for Q2 was 52 million yuan, down 44.66% year-on-year and 60.22% quarter-on-quarter [1]. - The leather products segment generated 101 million yuan in revenue, up 176.78% year-on-year, although it has not yet turned profitable due to low market prices [2]. Production and Efficiency - The company has optimized pig production management, achieving a PSY (Pigs Weaned per Sow per Year) of 28.56, which is competitive within the industry range of 25-29 heads [2]. - The feed-to-meat ratio improved to 2.57, and the survival rate for fattening pigs increased, with a target production cost of 6.50 yuan per jin for 2025 [2]. Future Outlook - The company forecasts net profits of 320 million yuan, 531 million yuan, and 655 million yuan for 2025, 2026, and 2027 respectively, with corresponding EPS of 0.63 yuan, 1.04 yuan, and 1.28 yuan [4][7]. - The anticipated increase in pig output and improved production efficiency are expected to drive future performance, with a favorable market outlook as the second half of 2025 approaches [3][4].

上 市 公 司 农林牧渔 2025 年 09 月 02 日 巨星农牧 (603477) ——2025H1 生猪出栏同比高增，生产管理优化推动降本 增效 报告原因：有业绩公布需要点评 增持（维持） 投资要点： 财务数据及盈利预测 | | 2024 | 2025H1 | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业总收入（百万元） | 6,078 | 3,717 | 7,642 | 9,317 | 10,224 | | 同比增长率（%） | 50.4 | 66.5 | 25.7 | 21.9 | 9.7 | | 归母净利润（百万元） | 519 | 181 | 563 | 853 | 1,146 | | 同比增长率（%） | - | - | 8.6 | 51.5 | 34.4 | | 每股收益（元/股） | 1.02 | 0.36 | 1.10 | 1.67 | 2.25 | | 毛利率（%） | 19.2 | 13.7 | 14.8 | 17.1 | 19.8 | | ROE（%） | 15.7 | 5.5 | 15.9 | ...

Group 1: Company Analysis - Weichai Power - Weichai Power's 2025 interim report shows significant growth in data center large-capacity engines, with nearly 600 units sold, representing a 491% year-on-year increase [4] - The company's AIDC business is rapidly developing, and the KION logistics equipment business is expected to improve profitability after management optimization [2][4] - Weichai Power's revenue for the first half of 2025 was CNY 1131.5 billion, a slight increase of 0.6% year-on-year, while net profit attributable to shareholders was CNY 56.4 billion, down 4.4% year-on-year [3][4] Group 2: Company Analysis - Tuojing Technology - Tuojing Technology's advanced process verification equipment has successfully passed customer certification and is gradually entering the mass production phase, leading to a significant improvement in profitability [13][14] - The company's revenue for the first half of 2025 reached CNY 1.954 billion, a year-on-year increase of 54.25%, with a net profit of CNY 38.18 million, up 91.35% year-on-year [14] - The sales gross margin for Q2 2025 was 38.82%, indicating a clear upward trend in profitability [14] Group 3: Company Analysis - Iwu Biological - Iwu Biological's core product, dust mite drops, is steadily growing, while the new product, Artemisia annua drops, is rapidly gaining market share [17][18] - The company reported a revenue of CNY 484 million for the first half of 2025, a year-on-year increase of 12.81%, and a net profit of CNY 177 million, up 18.61% year-on-year [17][18] - The company is focusing on new research directions, including stem cells and natural medicines, which may enhance its growth potential [18] Group 4: Industry Analysis - Textile and Apparel - The textile and apparel industry faces significant operational challenges, with A-share apparel revenue declining in Q2, although some companies are showing strong performance [7][10] - The retail sales of clothing and accessories in China showed a year-on-year increase of 1.8% in July, indicating a slight recovery in consumer demand [9] - The export of textiles and garments from China saw a year-on-year decline of 0.3% in July, with garment exports weakening [9][11]

Core Insights - A-share mid-year report shows revenue and net profit growth remains positive, but the proportion of loss-making stocks is still high [2][10] - The overseas revenue share of A-shares reached a record high of 13.4% in 2025, indicating a trend towards internationalization [10] - The pet food industry is experiencing a trend towards "micro-innovation" and "precision nutrition," with a focus on premium products [3][16] A-share Market Analysis - A-share revenue growth peaked in Q1 2021 at 44.8% and has been on a downward trend for 14 consecutive quarters, with a slight recovery in 2025 [10] - The proportion of loss-making companies in A-shares reached 29.4% in Q2 2025, the highest since 2008 [10] - The profitability of the main board is under pressure, while the Sci-Tech Innovation Board is showing signs of recovery [10] Pet Food Industry Insights - The 27th Asia Pet Expo in 2025 saw a record number of exhibitors but a decline in the number of participating brands, indicating increased industry concentration [12][3] - Major brands like Guibao Pet and Zhongchong Co. are focusing on product upgrades and expanding their market presence [3][12] - The trend of "small dog economy" is rising, with leading brands increasing their focus on dog food products [16] Financial Performance of Key Companies - The report highlights that companies like Boss Electric and Wanhe Electric are maintaining stable profitability despite market challenges [22][24] - The pet food sector is seeing significant product innovation, with brands launching new premium products to cater to evolving consumer preferences [3][16] - The overall cash flow and operating cash return in A-shares have improved, indicating better financial health among companies [13]

Fixed Income - August PMI data shows manufacturing PMI contraction slowing down, while service sector sentiment significantly rebounds, with manufacturing PMI at 49.4%, up 0.1 percentage points month-on-month [6][7] - The service sector's business activity index is at 50.3%, up 0.2 percentage points month-on-month, indicating a recovery in service sector activities [6][9] - The report suggests controlling duration levels in the bond market and focusing on structural opportunities such as tax-inclusive bonds and new/old bonds, as the bond market is expected to remain in a volatile trend [6][9] Basic Chemicals - Yuntian Holdings - Yuntian Holdings reported a 2025 H1 revenue of 11.4 billion yuan, a year-on-year increase of 3.59%, and a net profit of 511 million yuan, up 12.60% year-on-year [11][12] - The company’s gross margin and net profit margin improved to 11.99% and 4.48%, respectively, with significant growth in new compound fertilizer sales [12][13] - Future net profits are projected at 1.009 billion, 1.305 billion, and 1.614 billion yuan for 2025-2027, with corresponding PE ratios of 13.7, 10.6, and 8.5, maintaining a "buy" rating [12][13] Computer - Dingjie Intelligence - Dingjie Intelligence achieved a 2025 H1 revenue of 1.045 billion yuan, a 4.1% year-on-year increase, and a net profit of 45 million yuan, up 6.1% year-on-year [15][16] - The company’s AI business saw a significant revenue increase of 125.9%, becoming a key growth driver [17] - Future revenue projections are 2.568 billion, 2.816 billion, and 3.056 billion yuan for 2025-2027, with net profits of 202 million, 251 million, and 293 million yuan, maintaining a "buy" rating [17] Media - Xindong Company - Xindong Company reported a 2025 H1 revenue of 3.082 billion yuan, a year-on-year increase of 38.8%, and a net profit of 755 million yuan, up 268.0% year-on-year [19][20] - The company’s self-developed games and the TAPTAP platform significantly contributed to revenue growth, with game revenue reaching 2.071 billion yuan, a 39.4% increase year-on-year [19][20] - Future net profit projections are 1.727 billion, 2.137 billion, and 2.305 billion yuan for 2025-2027, with growth rates of 113%, 24%, and 8% respectively, maintaining a "buy" rating [20] Home Appliances - Midea Group - Midea Group achieved a 2025 H1 revenue of 251.124 billion yuan, a year-on-year increase of 15.58%, and a net profit of 26.014 billion yuan, up 25.04% year-on-year [25][26] - The company’s B-end solutions saw a revenue increase of 20.8%, with significant contributions from new energy and industrial technology sectors [26] - Future revenue projections are expected to grow at rates of 9.9%, 8.0%, and 7.2% for 2025-2027, with net profit growth of 15.2%, 10.4%, and 9.9%, maintaining a "buy" rating [27] Automotive - Changan Automobile - Changan Automobile reported a 2025 H1 revenue of 72.69 billion yuan, a year-on-year decrease of 5.3%, with a net profit of 2.29 billion yuan, down 19.1% [29][30] - The company’s new energy vehicle sales reached 452,000 units, a 49.1% increase year-on-year, outperforming the industry average [29][30] - Future revenue projections are 187 billion, 209.6 billion, and 229.7 billion yuan for 2025-2027, with corresponding EPS of 0.90, 1.09, and 1.24 yuan, maintaining a "buy" rating [30] Light Industry Manufacturing - Craft Home - Craft Home reported a 2025 H1 revenue of 1.681 billion yuan, a year-on-year increase of 39.29%, and a net profit of 432 million yuan, up 51.38% [35][36] - The company’s gross margin improved to 25.69%, driven by product structure upgrades and increased sales of high-value products [36][37] - Future net profit projections are 903 million, 1.124 billion, and 1.332 billion yuan for 2025-2027, maintaining a "buy" rating [37] Agriculture - Juxing Agriculture - Juxing Agriculture reported a 2025 H1 revenue of 371.7 million yuan, a year-on-year increase of 66.49%, and a net profit of 18.1 million yuan, up 504.12% [39][40] - The company’s pig sales volume increased significantly, with a total of 1.907 million pigs sold in H1, a 75.02% increase year-on-year [39][40] - Future net profit projections are 569 million, 867 million, and 1.116 billion yuan for 2025-2027, maintaining a "buy" rating [41]