| 证券代码:603477 | | --- | | 债券代码:113648 | 债券代码：113648 债券简称：巨星转债 证券代码：603477 证券简称：巨星农牧 公告编号：2024-029 乐山巨星农牧股份有限公司 可转债转股结果暨股份变动公告 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。 ● 未转股可转债情况：截至 2024 年 3 月 31 日，尚未转股的"巨星转债" 金额为 900,783,000 元，占可转债发行总量的 90.0783%。 ● 本季度转股情况：截至 2024 年 3 月 31 日，2024 年第一季度转股金额为 14,658,000 元，因转股形成的股份数量为 581,416 股。 一、可转债发行上市概况 （一）可转债发行情况 经中国证券监督管理委员会（以下简称"中国证监会"）证监许可[2022]663 号核准，公司于 2022 年 4 月 25 日向社会公开发行了面值总额 100,000.00 万元 的可转换公司债券，每张面值为人民币 100.00 元，发行数量 1,000 万张，发行 价格为 ...

证券代码：603477 证券简称：巨星农牧 投资者关系活动记录表 投资者关系活动类别 □特定对象调研 业绩说明会 □现场参观 □分析师会议 □新闻发布会 □其他（电话会议） £媒体采访 □路演活动 时间 2024 年 04 月 01 日 11:00-12：00 会议方式 上证路演中心图文展示+网络文字互动问答 公司接待人员姓名 董事长：段利锋 总经理：唐春祥 财务总监：陈丽青 董事会秘书：张耕 独立董事：刘亚西 投资者关系活动 主要内容介绍 1、留意到公司的 ESG 评分在 B-,BB-上下（商道融绿、盟浪），处 于畜牧行业中游水准。但对于'环境'子项评级华证仅给出了 CC 等级。公司认为自己的环境治理表现有哪些改进空间？未来是否会 发布单独的 ESG 相关报告？感谢回复。 答：尊敬的投资者，您好！公司一直以来积极履行社会责任，高度 重视环境保护工作，公司通过了 ISO14001:2015 GB/T24001-2016 环境管理体系认证，在环境保护方面达到了国际和国内标准。公司 目前暂未单独披露 ESG 报告，未来将持续践行 ESG 理念，努力提 升 ESG 治理水平。感谢您的关注！ 2、公司 2023 年末 ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [2] Core Views - The company achieved a revenue of 4.041 billion yuan in 2023, with a year-on-year growth of 1.8%, but reported a net profit attributable to shareholders of -645 million yuan, indicating a significant loss compared to the previous year [2][3] - The company experienced a rapid increase in pig output, with a total of 2.674 million heads, representing a year-on-year growth of 74.7%. However, the pig farming business faced losses due to persistently low prices [2][3] - The company is focusing on its core pig farming business while facing challenges in its leather and feed businesses, which saw significant revenue declines [2][3] Financial Performance Summary - In 2023, the company's pig farming revenue was 3.463 billion yuan, up 15.8% year-on-year, while feed revenue dropped by 17.1% to 457 million yuan, and leather revenue fell by 71.7% to 86 million yuan [2][3] - The estimated loss for the pig farming segment in 2023 is around 500 million yuan, primarily due to asset impairment provisions [2][3] - The company aims to improve production management and reduce farming costs, with estimated production costs for fattened pigs at approximately 14.68 yuan per kilogram [2][3] Future Projections - Revenue projections for 2024 to 2026 are 6.480 billion yuan, 12.213 billion yuan, and 14.196 billion yuan, respectively, with expected year-on-year growth rates of 60.4%, 88.5%, and 16.2% [3][6] - The net profit attributable to shareholders is projected to recover to 511 million yuan in 2024, 2.202 billion yuan in 2025, and 1.391 billion yuan in 2026 [3][6] - The company is expected to maintain a cost advantage and growth elasticity in the pig farming sector, with a focus on adjusting production capacity based on market conditions [2][3]

畜牧养殖 巨星农牧（603477.SH） 增持-B(维持) 2023年生猪出栏规模保持高增长 2024年3月27日 公司研究/公司快报 公司近一年市场表现  公司披露2023年年报。公司2023年实现营业收入4040.71百万元，同 比增长1.83%，归属净利润-645.29百万元，同比-508.18%，EPS为-1.28元， 加权平均ROE为-19.33%，同比下降23.82个百分点。其中，2023Q4实现营 业收入1034.85百万元，同比-28.73%，归属净利润-302.53百万元，2023Q4 单季度归属净利润同比和环比均有所下滑（2022Q4归属净利润254.89百万 元）。截止2023年底，公司资产负债率为59.85%。公司2023年度拟不分配 现金股利，亦不进行资本公积转增股本。  公司2023年生猪出栏规模保持高增长。公司2023年生猪出栏量267.37 市场数据：2024年3月26日 万头，同比增长74.74%，生猪产品实现营业收3463.30百万元，同比增长 收盘价（元）： 35.01 15.81%，毛利率-1.06%，同比下降19.14个百分点。2023年，国内生猪供给 年内最高/ ...

上 市 公 司 农林牧渔 2024年03月25日 巨星农牧 (603477) 公 司 研 究 ——23 年猪价低迷业绩亏损，关注出栏增长与成本优化趋势 / 公 司 延续 点 评 报告原因：有业绩公布需要点评 增持 投资要点： （维持） ⚫ 事件：3月22日，公司发布2023年年度报告。2023年公司实现营业收入40.41亿元， 证 同比+1.83%；实现归属于上市公司股东的净亏损6.45亿元，同比-508%；实现扣非归母 券 净亏损5.52亿元。业绩符合此前预告预期。 研 市场数据： 2024年03月25日 ⚫ 生猪出栏量继续增长，但猪价低迷致养殖亏损。2023年公司生猪业务实现营业收入34.63 究 收盘价（元） 36.32 亿元，同比+15.81%；全年出栏生猪267.37万头，同比+74.74%。但在供给充裕、消费 报 一年内最高/最低（元） 39.39/25.35 旺季不旺的行业现实下，猪价同比大幅下跌：2023年全国外三元生猪均价为15.00元/公 告 市净率 6.0 息率（分红/股价） - 斤，同比下跌 19.27%（涌益咨询）。全行业因此陷入不同程度亏损：根据 Wind 数据， 流通A股市值（百 ...

证券代码：603477 证券简称：巨星农牧 债券代码：113648 债券简称：巨星转债 乐山巨星农牧股份有限公司 投资者关系活动记录表 □特定对象调研 ☑分析师会议 £媒体采访 ☑业绩说明会 □新闻发布会 □路演活动 投资者关系活动类别 £现场参观 ☑其他（电话会 议） 参与单位 中金公司、中信证券、广发证券、开源证券、 长江证券、天风证券、海通证券、华泰证券、 光大证券、国海证券、国盛证券、国泰君安、 国信证券、华创证券、汇丰前海、申银万国、 ...

2024 年 03 月 25 日 公司研究 评级：买入 (维持 ) 研究所： [Table_Title] 生猪出栏快速增长，成本把控行业领先 证券分析师： 程一胜 S0350521070001 chengys01@ghzq.com.cn 证券分析师： 王思言 S0350524010001 ——巨星农牧（ ） 年报点评报告 603477 2023 wangsy02@ghzq.com.cn 最近一年走势 事件 : 2024年3月22日，巨星农牧发布2023年年报：2023年，公司实现营 收40.41亿元，同比增长1.83%；实现归母净利润-6.45亿元，业务亏损。 投资要点 : 行业低迷，主营业务亏损。2023年公司实现营收40.41亿元，同比增长 相对沪深300表现 2024/03/22 1.83%；实现归母净利润-6.45亿元，业务亏损。全年公司生猪出栏量达 表现 1M 3M 12M 267.37万头，较上年增加74.74%，出栏量较去年同期显著增长，但随 巨星农牧 9.4% 2.2% 52.3% 着生猪产能的恢复，国内生猪出栏量持续增长，导致生猪价格持续下跌， 沪深300 1.7% 6.2% -11.4% ...

Investment Rating - The investment rating for the company is "Buy," indicating an expected return exceeding 10% relative to the CSI 300 index over the next six months [6]. Core Views - The company has reported a lower-than-expected loss, moving towards becoming a globally competitive pig farming enterprise. The 2023 revenue reached 4.04 billion yuan, a year-on-year increase of 1.83%, while the net loss attributable to shareholders was 645 million yuan, reflecting a significant decline compared to the previous year [1][2]. - The company aims to expand its pig farming operations significantly, targeting an output of over 10 million pigs in the long term, supported by a capital increase plan to raise up to 1.75 billion yuan for production capacity construction [1][2]. - The overall trend in the pig farming cycle is improving, with expectations of a gradual reduction in supply and a resilient recovery in domestic consumption, which may positively impact pig prices [1][2]. Summary by Sections Financial Performance - In 2023, the company reported a revenue of 4.04 billion yuan, with a net loss of 645 million yuan, which was better than the forecasted range [1]. - The company recorded a pig output of 2.6737 million heads, an increase of 74.74% year-on-year, with pig products contributing 3.463 billion yuan to total revenue, accounting for 85.9% of total sales [1][2]. Strategic Goals - The company is focused on expanding its scale and optimizing costs, with a goal to maintain breeding costs at 80% of the industry average. In 2023, the average cost per pig was 1,309 yuan, down 18.2% year-on-year [1][2]. - The company is collaborating with Pipestone and PIC to enhance its operational capabilities and achieve its strategic objectives [1]. Market Outlook - The supply of pigs is expected to peak and then gradually contract, while domestic consumption is showing strong resilience, which may support a favorable market for pig prices in the future [1][2].

农林牧渔/养殖业 公 司 研 巨星农牧（603477.SH） 成本控制行业领先，出栏高增持续成长 究 2024年03月24日 ——公司信息更新报告 投资评级：买入（维持） 陈雪丽（分析师） 王高展（联系人） chenxueli@kysec.cn wanggaozhan@kysec.cn 证 书编号：S0790520030001 证书编号：S0790123060055 日期 2024/3/22 当前股价(元) 36.26  成本控制行业领先，出栏高增持续成长，维持“买入”评级 公 一年最高最低(元) 39.39/23.31 公司发布2023年年报，2023年实现营收40.41亿元，yoy+1.83%，归母净利润-6.45 司 亿元，yoy-508.18%。单Q4实现营收10.35亿元，yoy-28.73%，归母净利润-3.03 信 总市值(亿元) 184.85 息 流通市值(亿元) 184.85 亿元，yoy-218.69%。2024 年能繁去化影响逐步传导至肉猪端，伴随 2024 下半 更 总股本(亿股) 5.10 年猪周期逐步反转，公司成本持续下降，业绩有望大幅改善，我们上调公司 新 报 流通股本(亿股) ...

Financial Performance - The company reported a net profit attributable to shareholders of -645,294,123.57 RMB for the year 2023, indicating a significant loss compared to previous periods[4]. - As of December 31, 2023, the company's available distributable profits amounted to 40,406,419.08 RMB, reflecting the financial challenges faced during the year[4]. - The board of directors has decided not to distribute cash dividends or increase capital reserves due to the negative net profit for 2023, aiming to ensure stable operations and long-term shareholder interests[4]. - The company's operating revenue for 2023 was CNY 4,040,713,360.73, representing a 1.83% increase compared to CNY 3,967,938,253.12 in the previous year[20]. - The net profit attributable to shareholders for 2023 was a loss of CNY 645,294,123.57, a significant increase in loss of 508.18% compared to a profit of CNY 158,089,633.50 in the previous year[20]. - The net cash flow from operating activities for 2023 was a negative CNY 105,053,899.59, a decrease of 121.78% compared to a positive cash flow of CNY 482,403,044.20 in the previous year[20]. - The total assets at the end of 2023 were CNY 7,720,965,323.92, an increase of 6.44% from CNY 7,253,935,129.03 at the end of the previous year[20]. - The basic earnings per share for 2023 was -CNY 1.2750, a decrease of 508.13% compared to CNY 0.3124 in the previous year[21]. - The weighted average return on equity for 2023 was -19.33%, a decrease of 23.82 percentage points from 4.49% in the previous year[22]. Operational Challenges - The company faces major risks including price fluctuations in livestock products, raw material cost volatility, animal diseases, changes in environmental policies, and industry policy risks[7]. - The management has highlighted the importance of addressing operational challenges and adapting to market conditions in future strategies[5]. - The company is actively monitoring industry trends and risks to better position itself for recovery and growth in subsequent periods[7]. - The company faced a significant decline in sales and revenue in its leather business due to weak downstream market demand[30]. - The company plans to actively explore customers and optimize product structure in the leather business to adapt to market changes[30]. Compliance and Governance - The company has not reported any non-operating fund occupation by controlling shareholders or related parties, ensuring compliance with regulatory standards[6]. - The audit report issued by Sichuan Huaxin (Group) CPA firm confirmed the financial statements as standard and unqualified, indicating reliability in financial reporting[3]. - The company is committed to maintaining transparency and accuracy in its financial disclosures, as stated by the management team[4]. - The company has not engaged in any significant asset restructuring or major acquisitions during the reporting period, focusing instead on internal stability[13]. - The company has not engaged in any significant related party transactions, ensuring operational independence[83]. Research and Development - Research and development expenses increased by 65.60% to CNY 24,967,282.16, indicating a focus on innovation[42]. - The company has established four research centers under the Giant Star Research Institute to focus on key technologies in breeding, nutrition, disease control, and environmental management[77]. - The company is focusing on the development of advanced veterinary and AI technologies in genetic breeding, aiming to address core issues in the agricultural and livestock industry[78]. - The company plans to continue investing in technology research and development in areas such as genetic breeding and animal nutrition to improve pig quality and cost control[77]. Environmental Responsibility - The company has achieved ISO14001:2015 certification and BLC-LWG gold certification, indicating compliance with international and domestic environmental standards[127]. - The company has invested a total of 60.94 million yuan in social responsibility projects, focusing on industrial development and rural revitalization[137]. - The company has established strict pollution prevention measures, including real-time monitoring of wastewater emissions with CODcr and NH3-N online monitoring systems[133]. - The company has maintained compliance with pollution discharge standards, with all major pollutants meeting total control requirements during the reporting period[131]. Market Position and Strategy - The company aims to maintain a competitive advantage in the pig farming industry by focusing on cost control and quality management[30]. - The company employs a "company + farmer" model for pig farming, ensuring close collaboration and resource sharing with partner farmers[36]. - The company aims to achieve an annual output scale exceeding 10 million pigs, with production costs not exceeding 80% of the industry average[75]. - The company plans to enhance its management capabilities and market analysis skills to improve competitiveness and profitability[77]. Shareholder and Management Changes - The company held three shareholder meetings in 2023, with key resolutions including the election of independent directors and approval of financing plans[84][86]. - The company has undergone personnel adjustments, resulting in the resignation of several key executives, including the chairman and financial director[97]. - The company has appointed new directors and supervisors, with the latest appointments made on October 11, 2023[88]. - The company has a clear compensation policy aimed at attracting, retaining, and motivating talent, with performance-based pay linked to overall company performance[115]. Financial Management - The company has established a financing plan for 2023, indicating a proactive approach to capital management[86]. - The company has not made any changes to the use of raised funds during the reporting period[162]. - The total amount of guarantees provided to subsidiaries during the reporting period was RMB 1,666,887,792.28[154]. - The company has completed a total investment of RMB 30,525.96 million from the proceeds of its initial public offering, achieving a 100.28% investment progress[159].