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、 ...

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].

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% ...

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].

| 四川华信 (集团) 会计师事务所 地址:成都市洗面桥街 18 号金茂礼都南 28 楼 | | --- | | 电话:(028) 85560449 | | (特殊普通合伙) 传真:(028) 85560449 | | 邮编: 610041 | | SI CHUAN HUA XIN（GROUP）CPA（LLP） 电邮: schxzhb@hxcpa.com.cn | 乐山巨星农牧股份有限公司 2023 年度内部控制审计报告 川华信专(2024)第 0116 号 目录: 1、内部控制审计报告正文 您可使用手机"扫一扫" 据生编码·川2 内部控制审计报告 乐山巨星农牧股份有限公司 内部控制审计报告 川华信专(2024)第 0116 号 乐山巨星农牧股份有限公司全体股东: 按照《企业内部控制审计指引》及中国注册会计师执业准则的相关要求,我们审计了乐 山巨星农牧股份有限公司(以下简称"贵公司")2023年12月31 日的财务报告内部控制的有 效性。 一、企业对内部控制的责任 按照《企业内部控制基本规范》、《企业内部控制应用指引》、《企业内部控制评价指引》 的规定,建立健全和有效实施内部控制,并评价其有效性是贵公司董事会 ...

| 四川华信 (集团) 会计师事务所 地址:成都市洗面桥街 18 号金茂礼都南 28 楼 | | | --- | --- | | 电话:(028) 85560449 | | | (特殊普通合伙) | 传真:(028) 85560449 | | 邮编:610041 | | | SI CHUAN HUA XIN (GROUP) CPA (LLP) 电邮: schxzhb@hxcpa.com.cn | | 乐山巨星农牧股份有限公司 2023 年度非经营性资金占用及其他关联资金往来情况专项报告 川华信专(2024) 第 0115 号 目录: 1、2023 年度非经营性资金占用及其他关联资金往来情况专项报告 2、2023 年度非经营性资金占用及其他关联资金往来情况汇总表 您可使用手机"扫一扫"或进入"注册会计师行业统一监管平台（http://acc.mof.eov.cn） 乐山巨星农牧股份有限公司 关于乐山巨星农牧股份有限公司 2023 年度非经营性资金占用及其他关联资金往来情况 专项报告 川华信专(2024)第 0115 号 乐山巨星农牧股份有限公司全体股东: 我们接受委托,根据中国注册会计师审计准则审计了乐山巨星农 ...

| 四川华信 (集团) 会计师事务所 地址:成都市洗面桥街 18 号金茂礼都南 28 楼 | | --- | | 电话:(028) 85560449 | | (特殊普通合伙) 传真:(028) 855604-49 | | 邮编:610041 | | SI CHUAN HUA XIN（GROUP）CPA（LLP） 电邮: schxzhb@hxcpa.com.cn | 乐山巨星农牧股份有限公司 关于营业收入扣除情况的专项核查意见 川华信专(2024)第 0114 号 目录: 1、关于营业收入扣除情况的专项核查意见 您可使用手机"扫一扫"或进入"注册会计师行业统一监管平台（http://acc.mof.org.cn】 报告编码 · III 乐山巨星农牧股份有限公司 专项核查意见 关于对乐山巨星农牧股份有限公司 2023 年度营业收入扣除情况的专项核查意见 川华信专(2024)第 0114 号 乐山巨星农牧股份有限公司全体股东: 2、2023 年度营业收入扣除情况表 我们接受委托，在审计了乐山巨星农牧股份有限公司（以下简称"贵公司"）2023年12 月31日的合并及母公司资产负债表、2023年度的合并及母公司利润表、 ...

1、2023 年度募集资金存放与使用情况鉴证报告正文 2、关于 2023 年度募集资金存放与实际使用情况的专项报告 您可使用手机"扫一扫" 报告编码: 川2 | 四川华信 (集团) 会计师事务所 地址:成都市洗面桥街 18 号金茂礼都南 28 楼 | | --- | | 电话:(028) 85560449 | | (特殊普通合伙) 传真:(028) 85560449 | | 邮编:610041 | | SI CHUAN HUA XIN（GROUP）CPA（LLP） 电邮: schxzhb@hxcpa.com.cn | 乐山巨星农牧股份有限公司 2023 年度募集资金存放与使用情况的鉴证报告 川华信专(2024)第 0113 号 目录: 川华信专(2024)第 0113 号 乐山巨星农牧股份有限公司全体股东: 我们接受委托,对后附的乐山巨星农牧股份有限公司（以下 简称"贵公司"）董事会编 制的截至2023年12月31日止的《关于2023年度募集资金存放与实际使用情况的专项报告》执 行了合理保证的鉴证业务。 一、管理层的责任 贵公司管理层的责任是提供真实、合法、完整的相关资料， 按照中国证监会发布的《上 市公司监 ...

公司代码：603477 公司简称：巨星农牧 乐山巨星农牧股份有限公司 2023 年度内部控制评价报告 乐山巨星农牧股份有限公司全体股东： 根据《企业内部控制基本规范》及其配套指引的规定和其他内部控制监管要求（以下简称企业内 部控制规范体系），结合本公司（以下简称公司）内部控制制度和评价办法，在内部控制日常监督和专 项监督的基础上，我们对公司2023年12月31日（内部控制评价报告基准日）的内部控制有效性进行了 评价。 一. 重要声明 按照企业内部控制规范体系的规定，建立健全和有效实施内部控制，评价其有效性，并如实披露 内部控制评价报告是公司董事会的责任。监事会对董事会建立和实施内部控制进行监督。经理层负责 组织领导企业内部控制的日常运行。公司董事会、监事会及董事、监事、高级管理人员保证本报告内 容不存在任何虚假记载、误导性陈述或重大遗漏，并对报告内容的真实性、准确性和完整性承担个别 及连带法律责任。 公司内部控制的目标是合理保证经营管理合法合规、资产安全、财务报告及相关信息真实完整， 提高经营效率和效果，促进实现发展战略。由于内部控制存在的固有局限性，故仅能为实现上述目标 提供合理保证。此外，由于情况的变化可 ...