一、可转债发行上市概况 | 证券代码：603477 | 证券简称：巨星农牧 公告编号：2025-025 | | --- | --- | | 债券代码：113648 | 债券简称：巨星转债 | 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 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。 重要内容提示： ● 累计转股情况：截至 2025 年 3 月 31 日，乐山巨星农牧股份有限公司（以 下简称"公司"、"本公司"）可转债"巨星转债"累计转股金额为 100,260,000 元，累计因转股形成的股份数量 3,976,851 股，占可转债转股前公司已发行股份 总额的 0.7858%。 ● 未转股可转债情况：截至 2025 年 3 月 31 日，尚未转股的"巨星转债" 金额为 899,740,000 元，占可转债发行总量的 89.9740%。 ● 本季度转股情况：截至 2025 年 3 月 31 日，2025 年第一季度转股金额为 1,000 元，因转股形成的股份数量为 39 股。 ...

Group 1 - The Shanghai Health Industry Index closed at 1065.07 points, with a 2.99% increase over the past month, a 0.09% decrease over the past three months, and a 0.09% decline year-to-date [1] - The index comprises the 50 largest listed companies in the healthcare, food safety, and environmental protection sectors on the Shanghai Stock Exchange, using equal weighting to reflect the overall performance of these companies [1] - The top ten weighted companies in the index include Fulongma (3.18%), Borui Pharmaceutical (2.57%), Daotong Technology (2.44%), WuXi AppTec (2.37%), Yifeng Pharmacy (2.21%), Hanlan Environment (2.21%), Bright Meat (2.20%), Longjing Environmental Protection (2.16%), Huitai Medical (2.16%), and Juxing Agriculture and Animal Husbandry (2.15%) [1] Group 2 - The index samples are adjusted every six months, with adjustments implemented on the next trading day after the second Friday of June and December, with a sample adjustment ratio generally not exceeding 20% [2] - Weight factors are adjusted along with the sample changes, and remain fixed until the next scheduled adjustment unless a special situation arises [2] - Companies that are delisted or undergo mergers, acquisitions, or splits are handled according to the calculation and maintenance guidelines [2]

巨星农牧(603477)：成本控制优异 出栏成长可期 其中，Q4实现营收21.23亿元，同比增长105.14%；归母净利润2.59亿元，同比增长185.63%。公司 业绩同比大幅改善主要由于商品猪成本持续下降、出栏量同比增加以及生猪价格回升。 投资要点 商品猪出栏实现高增，养殖持续降本增效。生猪业务：2024年公司生猪出栏量275.52万头，其中商 品猪出栏268.38万头，同比+50.76%，生猪业务实现营收55.74亿元，同比+60.94%。 事件：公司发布2024年年度报告，2024年实现营业收入60.78亿元，同比增长50.43%，归母净利润 5.19亿元，同比增长180.36%，扣非后归母净利润5.16亿元，同比增长193.52%。 目标规划清晰，出栏高效有保障。2025年规划商品猪出栏目标为400万头以上，同比+49%，中长期 规划1000万头出栏目标。公司现有18万头以上种猪场产能和27万头以上存栏种猪，规划继续增加4-5万 头种猪场产能，有效保障公司出栏增长。德昌巨星生猪繁育一体化项目2024年四季度已完成计划母猪的 配种工作并达到满产状态，预计2025年二季度提供商品猪出栏。公司生猪养殖产能 ...

[Table_Reportdate] 2025年03月26日 公 司 简 评 农 林 牧 渔 [Table_invest] 买入（维持） 报告原因：业绩点评 [巨星农牧（ Table_NewTitle] 603477）：成本控制优异，出 栏成长可期 ——公司简评报告 [数据日期 Table_cominfo] 2025/03/25 收盘价 20.12 总股本(万股) 51,007 流通A股/B股(万股) 51,007/0 资产负债率(%) 61.91% 市净率(倍) 3.07 净资产收益率(加权) 15.64 12个月内最高/最低价 37.49/15.48 [Table_profits] [table_main] 投资要点 [Table_QuotePic] -71% -55% -40% -25% -10% 5% 20% 35% 24-03 24-06 24-09 24-12 巨星农牧 沪深300 [相关研究 Table_Report] 《巨星农牧（603477）：成本保持低 位，产能稳健增加——公司简评报 告》 2024.11.04 《巨星农牧（603477）：猪价回暖二 季度扭亏，成本表现优异——公司简 评报 ...

[Table_Reportdate] 2025年03月26日 公 司 简 评 农 林 牧 渔 [Table_invest] 买入（维持） 报告原因：业绩点评 [巨星农牧（ Table_NewTitle] 603477）：成本控制优异，出 栏成长可期 ——公司简评报告 [table_main] 投资要点 [Table_QuotePic] -71% -55% -40% -25% -10% 5% 20% 35% 24-03 24-06 24-09 24-12 巨星农牧 沪深300 [相关研究 Table_Report] 《巨星农牧（603477）：成本保持低 位，产能稳健增加——公司简评报 告》 2024.11.04 《巨星农牧（603477）：猪价回暖二 季度扭亏，成本表现优异——公司简 评报告》 2024.09.05 证券研究报告 HTTP://WWW.LONGONE.COM.CN 请务必仔细阅读正文后的所有说明和声明 公 司 研 究 [证券分析师 Table_Authors] 姚星辰 S0630523010001 yxc@longone.com.cn [数据日期 Table_cominfo] 2025/03/ ...

[ T able_StockInfo] 2025 年 03 月 24 日 证券研究报告•2024 年年报点评 巨星农牧（603477）农林牧渔 目标价：23.55 元（6 个月） 买入 （维持） 当前价：19.49 元 生猪业务驱动业绩反转，成本控制与产能扩张构筑成长动能 | [Table_MainProfit] 指标/年度 | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | | 营业收入（百万元） | 6,078 | 8,153 | 10,494 | 12,546 | | 增长率 | 50.43% | 34.13% | 28.72% | 19.55% | | 归属母公司净利润（百万元） | 519 | 802 | 1,108 | 1,441 | | 增长率 | 180.36% | 54.73% | 38.06% | 30.09% | | 每股收益 EPS（元） | 1.02 | 1.57 | 2.17 | 2.83 | | 净资产收益率 ROE | 15.71% | 19.56% | 21.26% | 21.67% | | PE ...

Core Viewpoint - The company has achieved a significant turnaround in performance driven by its pig farming business, with effective cost control and capacity expansion contributing to growth momentum [1][2]. Group 1: Financial Performance - In the first half of 2024, the company reported revenue of 6.078 billion yuan, a year-on-year increase of 50.43%, and a net profit of 519 million yuan, reversing a loss of 645 million yuan from the previous year [1]. - In Q4 2024, the company achieved revenue of 2.123 billion yuan, a year-on-year increase of 105.14%, with a net profit of 259 million yuan, marking a return to profitability [1]. Group 2: Pig Farming Business - The company’s pig output reached 2.7552 million heads in 2024, with 2.6838 million heads being market pigs, representing a 50.76% increase compared to the previous year [2]. - The average selling price of pigs in 2024 was approximately 16.8 yuan/kg, up 12% from the 15.0 yuan/kg average in 2023 [1]. - The company has effectively reduced breeding costs, with the total cost of market pigs maintained below 6.75 yuan/lb, and the breeding cost at 6.13 yuan/lb, down from 7.34 yuan/lb in 2023 [2]. Group 3: Future Plans and Capacity Expansion - The company plans to achieve a pig output of over 4 million heads by 2025, supported by existing breeding capacity of over 180,000 breeding pigs and 260,000 pigs in stock [2]. - The company’s integrated pig breeding project has completed the planned breeding of sows and is expected to start providing market pigs in the first half of 2025 [2]. - A feed factory project in Yucheng District, Ya'an City, with a total planned investment of 150 million yuan, is currently in the preparatory stage [2]. Group 4: Earnings Forecast - The expected EPS for 2025-2027 is projected to be 1.57 yuan, 2.17 yuan, and 2.83 yuan, corresponding to dynamic PE ratios of 12, 9, and 7 times respectively [3]. - The company is given a target PE of 15 times for 2025, with a target price set at 23.55 yuan [3].

主业稳健发展，盈利显著提升。2024 年，公司实现营收60.78 亿元，同比+50.43%，实现归母净利润 5.19 亿元，同比扭亏为盈。分业务看，2024 年1-12 月，公司生猪出栏量达275.52 万头，其中商品猪出 栏268.38 万头，较2023 年增加50.76%；2024 年度生产饲料80.68万吨，同时采购饲料34.84 万吨。2024 年商品猪出栏量较2023 年同期显著增长，同时生猪销售价格逐步上涨，生猪养殖业务实现扭亏为盈。 养殖业务成本持续优化，出栏量稳步增长。生猪养殖方面，2025 年1 月，公司商品猪完全成本保持在 6.75 元/斤以内，其中商品猪养殖成本为6.13 元/斤。公司聚焦降本增效，持续提高养殖效率和降低养殖 成本，保持成本管控领先水平，公司规划的2025 年商品猪完全成本目标为6.5 元/斤以内。出栏规划 上，2025 年规划的商品猪出栏目标为400 万头以上，较2024 年同比高增。 盈利预测和投资评级公司2024 年业绩表现亮眼，我们预计2025-2027 年公司营业收入为 76.45/85.92/107.01 亿元，归母净利润为9.25/8.94/18.36 亿元 ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [2] Core Views - The company has demonstrated significant cost advantages and continues to achieve high growth in livestock output, with expectations to navigate through cycles profitably [5][6] - The company reported a revenue of 6.078 billion yuan for 2024, representing a year-over-year increase of 50.43%, and a net profit of 519 million yuan, up 180.36% year-over-year [5] - The company aims to achieve a pig output target of 4 million heads in 2025, maintaining a high growth trajectory [6] Financial Performance Summary - In 2024, the company's pig farming business generated revenue of 5.574 billion yuan, a year-over-year increase of 60.94%, with a total output of 2.7552 million heads, up 3.05% year-over-year [6] - The company has set a goal to reduce its total cost of pig farming to below 13 yuan per kilogram by the end of 2025 [6] - The financial projections for 2025-2027 indicate net profits of 918 million yuan, 1.411 billion yuan, and 2.383 billion yuan respectively, with corresponding EPS of 1.80, 2.77, and 4.67 yuan [5][7] Business Segment Performance - The leather business achieved revenue of 128 million yuan in 2024, a growth of 49.96%, with a gross margin of -29.48% [7] - The company has actively adjusted its sales strategy in the leather segment to expand its customer base, resulting in increased sales orders [7] Market Position and Valuation - The current stock price is 19.49 yuan, with a market capitalization of 9.941 billion yuan [2] - The projected P/E ratios for 2025, 2026, and 2027 are 10.8, 7.0, and 4.2 respectively, indicating a favorable valuation outlook [5][7]

农林牧渔/养殖业 巨星农牧（603477.SH） 成本稳步下降优势显著，出栏高增持续成长 | 日期 | 2025/3/24 | | --- | --- | | 当前股价(元) | 19.49 | | 一年最高最低(元) | 37.49/15.48 | | 总市值(亿元) | 99.41 | | 流通市值(亿元) | 99.41 | | 总股本(亿股) | 5.10 | | 流通股本(亿股) | 5.10 | | 近 3 个月换手率(%) | 169.36 | 股价走势图 数据来源：聚源 -72% -48% -24% 0% 24% 48% 2024-03 2024-07 2024-11 巨星农牧 沪深300 相关研究报告 《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 《成本控制行业领先，出栏增长业绩 释放—公司信息更新报告》-2024.8.31 2025 年 03 月 25 日 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：S0790123060055 ...