Investment Rating - The investment rating for the company is "Buy" (maintained) [5] Core Views - The company has shown significant improvement in its financial performance, with a revenue of 3.955 billion yuan for the first three quarters of 2024, representing a year-on-year increase of 31.59%. The net profit attributable to shareholders reached 259 million yuan, marking a turnaround from losses [6][7] - The decline in breeding costs and the increase in pig prices have contributed to the company's strong performance in Q3 2024, with a revenue of 1.723 billion yuan, up 66.89% year-on-year, and a net profit of 304 million yuan, a staggering increase of 5380.20% [6][7] - The company is expected to continue benefiting from lower breeding costs and an increase in the number of pigs sold, with a total of 1.7335 million pigs sold in the first three quarters of 2024, a 32.62% increase year-on-year [7] Summary by Sections Financial Performance - The company reported a net cash flow from operating activities of 404 million yuan in Q3 2024, an increase of 135.51% quarter-on-quarter. The asset-liability ratio decreased to 60.81%, down 1.44 percentage points [8] - The gross profit margin for Q3 2024 was 26.37%, an increase of 8.5 percentage points from the previous quarter [8] Production and Capacity - The company has successfully delivered several production capacity projects, ensuring a stable supply of pigs for future sales. The breeding project in Dechang is expected to start selling pigs in H1 2025 [7] - The company has over 180,000 breeding pigs and more than 250,000 pigs in stock, which supports its future sales growth [7] Profit Forecast - The profit forecast for the company has been adjusted, with expected net profits for 2024, 2025, and 2026 projected at 629 million yuan, 931 million yuan, and 1.190 billion yuan, respectively. The corresponding EPS is expected to be 1.23 yuan, 1.83 yuan, and 2.33 yuan [8][9]

Summary of the Conference Call for Juxing Agriculture and Animal Husbandry Q3 2024 Company Overview - **Company**: Juxing Agriculture and Animal Husbandry - **Industry**: Agriculture, specifically pig farming Key Financial Highlights - **Revenue**: For the first nine months of 2024, the company reported a revenue of 3.955 billion yuan, representing a year-on-year increase of 31.59% [1] - **Net Profit**: The net profit for the same period was 259 million yuan, a significant increase of 175.7% year-on-year [2] - **Q3 Profit**: In Q3 alone, the company achieved a profit of 304 million yuan [2] Operational Performance - **Pig Production**: The company reported a total of 1.7964 million pigs slaughtered in the first nine months, with 1.7335 million being market pigs, marking a 32.62% increase year-on-year [2] - **Q3 Slaughter Volume**: In Q3, 700,000 pigs were slaughtered, with 670,000 being market pigs [2] Cost Structure - **Cost of Production**: The complete cost in Q3 was reported at 7.04 yuan per kilogram, with production costs at 6.5 yuan per kilogram [3][4] - **Cost Breakdown**: The production cost included piglet costs of 1.29 yuan and feed costs of 3.62 yuan per kilogram [3] - **Future Cost Projections**: The company aims to reduce costs to below 7 yuan per kilogram by optimizing production and sourcing strategies [4][5] Strategic Outlook - **Focus on Pig Farming**: The company will continue to focus on pig farming while ensuring financial safety and high-quality growth [2] - **Production Goals**: The target for 2025 is to reach a slaughter volume of 4 million pigs [5][6] - **Cost Management**: The company aims to maintain a cost curve that trends downward while increasing production scale [5] Market and Industry Insights - **Market Conditions**: The company anticipates continued pressure on supply in the upcoming quarters, which may affect pricing [10][11] - **Future Pricing**: The management believes that despite potential price drops, profitability will be maintained due to effective cost management [11] Additional Insights - **Leather Business**: The leather segment reported a loss of 73 million yuan in Q3, with a total loss of 70 million yuan for the first nine months [9][16] - **Insurance and Risk Management**: The company has implemented price insurance for pigs, which has provided some financial relief against losses [20] - **Production Efficiency Metrics**: Key performance indicators such as weaning costs and survival rates have shown improvement, with a weaning cost of 258-279 yuan and a PSY (pigs per sow per year) of 29.3 [8] Conclusion - **Investment Outlook**: The management's focus on cost control, production efficiency, and strategic growth positions Juxing Agriculture and Animal Husbandry favorably within the industry, despite challenges in the market [30][31]

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company demonstrates excellent cost control, achieving both performance release and growth elasticity [4] - The company reported a revenue of 3.955 billion yuan for Q1-Q3 2024, representing a year-on-year increase of 31.59%, and a net profit of 259 million yuan, up 175.70% year-on-year [4] - The forecast for net profit for 2024-2026 has been adjusted downwards, with expected figures of 662 million, 878 million, and 1.161 billion yuan respectively [4] Financial Performance Summary - For Q3 2024, the company achieved a revenue of 1.723 billion yuan, a year-on-year increase of 66.89%, and a net profit of 304 million yuan, a significant increase of 5380.20% year-on-year [4] - The company expects to maintain a growth trajectory in pig output, with an estimated total of 2.8 million pigs for 2024, and over 5 million pigs in 2025 [5] - The total cost for Q3 2024 was approximately 14.1 yuan/kg, with expectations to decrease to below 14 yuan/kg by the end of the year [5] Business Segment Performance - The leather business reported a loss of 70 million yuan for Q1-Q3 2024, but is expected to limit the total loss for the year to within 80 million yuan [6] - The company has a cash balance of 480 million yuan and a debt-to-asset ratio of 60.81%, indicating a stable financial position [6] Financial Projections - Revenue projections for 2024-2026 are 5.885 billion, 8.499 billion, and 11.144 billion yuan respectively, with year-on-year growth rates of 45.6%, 44.4%, and 31.1% [7] - The expected earnings per share (EPS) for 2024-2026 are 1.30, 1.72, and 2.28 yuan, with corresponding price-to-earnings (P/E) ratios of 15.5, 11.6, and 8.8 [7]

Investment Rating - The report maintains an "Outperform" rating for the company, indicating a positive outlook for its performance relative to the market [5][7]. Core Insights - The company reported a significant increase in revenue and net profit for the first three quarters of 2024, with revenue reaching 3.955 billion yuan, up 31.59% year-on-year, and net profit of 259 million yuan, a remarkable increase of 175.70% [5]. - The growth in output and rising pig prices were the main drivers for the company's performance in Q3 2024, with a total of 1.7335 million pigs sold, representing a year-on-year increase of 32.62% [5][6]. - The company has seen a decrease in breeding costs due to improvements in technology and management, with the cost of live pigs dropping to approximately 7 yuan per jin [6][7]. - The company is expanding its production capacity, with a reported biological asset value of 531 million yuan, an increase of 13.55% quarter-on-quarter, and a current capacity of over 180,000 breeding pigs [6][7]. Financial Data and Profit Forecast - The company is projected to achieve revenues of 6.383 billion yuan in 2024, with a year-on-year growth rate of 58% [7][9]. - The net profit forecast for 2024 is 511 million yuan, with an expected basic earnings per share of 1.00 yuan [7][9]. - The report anticipates continued growth in revenue and profit through 2026, with revenues projected at 12.372 billion yuan and net profits at 1.261 billion yuan [7][9].

Investment Rating - The investment rating for the company is "Outperform the Market" [1][6] Core Views - The company reported significant improvement in performance, with Q3 2024 revenue reaching 1.72 billion yuan, a year-on-year increase of 66.89%, and a net profit attributable to shareholders of 300 million yuan, compared to 10 million yuan in the same period last year [4] - The company is expected to continue increasing its output and reducing costs, which will drive further performance improvements [4][5] - The company is adopting a light-asset model to expand capacity, which is anticipated to sustain high-quality growth in the future [5][6] Summary by Sections Financial Performance - In the first three quarters of 2024, the company achieved a cumulative revenue of 3.96 billion yuan, up 31.59% year-on-year, and a net profit of 260 million yuan, a 175.7% increase year-on-year [4] - The company’s production biological assets increased by 14% to 531 million yuan compared to the mid-year report [5] Cost and Output Expectations - The company’s hog output in the first half of 2024 increased by 24.69% year-on-year, and this growth trend is expected to continue into Q3 [4][5] - The company anticipates a decrease in breeding costs, contributing to improved profitability [6] Valuation and Earnings Forecast - The forecasted earnings per share (EPS) for 2024, 2025, and 2026 are 1.08 yuan, 1.69 yuan, and 2.64 yuan respectively [6][8] - The company is assigned a price-to-book (PB) ratio of 3.2 to 3.5 for 2024, corresponding to a reasonable price range of 22.9 to 25.1 yuan [6][8] Comparative Analysis - The report includes a comparison of the company with peers, indicating its competitive position in the market [7]

| | | 二、 回购股份的进展情况 乐山巨星农牧股份有限公司 关于股份回购进展公告 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。 | 回购方案首次披露日 | 2024/8/19 | | --- | --- | | 回购方案实施期限 | 待董事会审议通过后 6 个月 | | 预计回购金额 | 10,000 万元~20,000 万元 | | 回购用途 | □减少注册资本 | | | √用于员工持股计划或股权激励 | | | □用于转换公司可转债 | | | □为维护公司价值及股东权益 | | 累计已回购股数 | 3,023,800 股 | | 累计已回购股数占总股本比例 | 0.59% | | 累计已回购金额 | 53,218,694.00 元 | | 实际回购价格区间 | 16.27 元/股~20.48 元/股 | 重要内容提示： 一、 回购股份的基本情况 乐山巨星农牧股份有限公司（以下简称"公司"）于 2024 年 8 月 17 日召开第 四届董事会第十九次会议，审议通过了《关于以集中竞价交易方式回购公司股份 方案的议案》 ...

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 | | 投资者关系活动 | R 业绩说明会 | | 类别 | £ 现场参观 | | | | | 参与单位 | 中金公司、中信证券、华泰证券、长江证券、开源证券、申万 | | | 宏源、天风证券、海通证券、广发证券、国联证券、国泰君 | | | 安、华鑫证券、国海证券、浙商证券、招商证券、兴业证券、 | | | 华福证券、国金证券、方正证券、华西证券、华安证券、西部 | | | 证券、光大证券、国盛证券、国投证券、中泰证券、中欧基 | | | 金、博时基金、兴全基金、嘉实基金、 | | | MANAGEMENT、Cephei Capital、Mars Asset | | | 保险、东证资管、工银瑞信基金、金鹰基金、光大保德信基 | | | 金、泉果基金、富安达基金、圆信永丰基金 ...

投资者关系活动记录表 乐山巨星农牧股份有限公司 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 | 投资者关系活动类 | □分析师会议 £媒体采访 | □特定对象调研 | | --- | --- | --- | | | □新闻发布会 □路演活动 业绩说明会 | | | 别 | □现场参观 □其他（电话会 | | | | 议） | | | 时间 | 2024 年 10 月 31 日 16：00-17：00 | | | 会议方式 | 上证路演中心图文展示+网络文字互动问答 | | | | 董事长：段利锋 总经理：唐春祥 | | | 上市公司 | | | | | 财务总监：陈丽青 | | | 接待人员姓名 | 董事会秘书：张耕 | | | | 独立董事：刘亚西 | | | | 一、请问贵公司四季度预计出栏数大概是多少？在即将到 | | | | 来的消费旺季价格预测如何？ | | | | 答：尊敬的投资者，您好！公司持续聚焦生猪养殖业务主 | | | | 航道，在持续提高养殖效率和降低养殖成本基础上，对于 | | | | 2024 年四季度的猪价保持谨慎乐观态度，生猪生产和出 ...

| 证券代码：603477 | 证券简称：巨星农牧 | 公告编号：2024-096 | | --- | --- | --- | | 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 关于在 2024 年度担保额度内增加被担保对象并调剂额 度暨追加 2024 年度担保额度预计的公告 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: | 2.资产负债率为 | | 70%以下的子公司 | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | | | | | | | 自股东大 | | | | | | | | | | | 会通过之 | | | | 广东悦诚 | | | | | | | 日起至 | | | | 公司 | 畜牧发展 | 88% | 64.10% | - | 1,000.00 | 0.33% | 2024 年年 | 否 | 否 | | 有限公司 | | | | | | | 度股 ...

乐山巨星农牧股份有限公司 2024年第四次临时股东大会会议议程 现场会议时间：2024年11月15日15点00分，会议时间预计半天 网络投票时间：2024年11月15日上午9:15-9:25,9:30-11:30；下午13:00-15:00 现场会议地点：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楼、27楼会议 室 会议主持人：乐山巨星农牧股份有限公司（以下简称"公司"）董事长段利锋先生 会议方式：现场记名投票与网络投票相结合方式，公司将通过上海证券交易所系统向公 司股东提供网络投票平台，公司股东可以在网络投票时间内通过上述系统行使表决权。 乐山巨星农牧股份有限公司 2024年第四次临时股东大会 会议资料 二〇二四年十一月 会议主要议程： 一、参会股东资格审查 公司登记在册的所有股东或其代理人，均有权出席股东大会。股东应当持身份证或其他 能够表明其身份的有效证件或证明出席股东大会。代理人还应当提交股东授权委托书和本人有 效身份证件。 二、会议签到 三、主持人宣布会议开始 1、介绍参加会议的公司股东和股东代表及所代表的股份总数，介绍参加会议的公司董事、 监事以及列席的高管人员等。 2、介绍会议议题 ...