[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 ...

Investment Rating - The report maintains a "Buy" rating for the company [1][6][8] Core Insights - The company achieved a revenue of 6.078 billion yuan in 2024, representing a year-on-year increase of 50.43%, and a net profit of 519 million yuan, marking a turnaround from losses [6][8] - The company plans to increase its pig output to over 4 million heads in 2025, a significant increase compared to 2024 [6] - The company is focused on cost optimization, with the complete cost of raising pigs maintained below 6.75 yuan per jin, aiming for a target of 6.5 yuan per jin in 2025 [6] Financial Performance - In 2024, the company sold 2.7552 million pigs, with 2.6838 million being market pigs, an increase of 50.76% from 2023 [6] - The company produced 806,800 tons of feed and purchased 348,400 tons in 2024 [6] - The projected revenues for 2025, 2026, and 2027 are 7.645 billion yuan, 8.592 billion yuan, and 10.701 billion yuan respectively, with net profits expected to be 925 million yuan, 894 million yuan, and 1.836 billion yuan [7][8] Valuation Metrics - The company is expected to have a P/E ratio of 11 for 2025 and 5 for 2027, indicating strong growth potential [7][8] - The projected ROE for 2025 is 22%, increasing to 29% by 2027 [7][8] - The company’s sales net profit margin is projected to be 9% in 2024, improving to 17% by 2027 [7][8]

巨[Ta星ble农_Sto牧ckN（ameRptType] 603477） 公司点评 [Table_Title] 商品猪出栏规划逾 400 万头，养殖成本持续回落 | [T投a资ble评_R级an：k]买入（维持） | | | --- | --- | | 报告日期： | 2025-03-24 | | [收Ta盘bl价e_（Ba元se）Data] | 19.49 | | 近 12 个月最高/最低（元） | 37.49/15.48 | | | 同比上升 2 个百分点。 | | 总股本（百万股） | 510 | | 流通股本（百万股） | 510 | | 流通股比例（%） | 100 | | 总市值（亿元） | 99 | | 流通市值（亿元） | 99 | 主要观点： [T2a0b2le4_S年um实m现a归ry]母净利 5.19 亿元，同比扭亏为盈 公司公布年报：2024 年实现收入 60.8 亿元，同比增长 50.4%，实现归 母净利润 5.19 亿元，同比扭亏为盈；2024 年末，公司资产负债率 61.9%， 同比上升 2 个百分点。 2025 年商品猪计划出栏逾 400 万头，完全成本目标 13 元/公斤以 ...

巨星农牧 20250324 摘要 Q&A • 巨星农牧 2024 年归母净利润稳健，位于业绩预告中位线以上，生猪出栏量 达 275.52 万头，同比增长 50.76%，生猪产品营收 50.74 亿元；皮革业务 调整策略后营收 1.28 亿元，同比增 49.96%。 • 公司设定 2025 年商品猪出栏目标为 400 万头，长期锚定 1,000 万头中期目 标，2026-2028 年稳步推进，2025 年 Q4 将更新 2026 年详细计划，匹配产 能建设和租赁农场交付节奏。 • 为支持 2025 年出栏目标，公司拟定区域发展布局，扩展至珠三角、长三角 及西南以外省份，同步开发川渝地区运费计划；预计投入约 5 亿元用于驻 场建设、实验基地和数字化。 • 公司银行借款和应付款增加因出栏规模扩大，新增流动资金需求；未来将 控制资产负债率在 60%以下，实现稳健运营，重视安全性运营管理。 • 截至 2025 年 2 月，公司 PSY 约为 28.28，目标保持在 29 以上，通过提高 存活率和降低料肉比降低成本；饲料成本预计 3.39 元/斤，猪苗 1.13 元/ 斤，养护报酬 0.8 元/斤。 • 公司探索轻资产模 ...

世纪证券有限责任公司 关于乐山巨星农牧股份有限公司 2024 年度募集资金存放与实际使用情况的专项核查报告 世纪证券有限责任公司（以下简称"世纪证券"或"保荐机构"）作为乐 山巨星农牧股份有限公司（曾用名为四川振静股份有限公司，以下简称"巨星 农牧"或"公司"）正在履行持续督导职责的保荐机构，根据中国证券监督管 理委员会（以下简称"中国证监会"）《证券发行上市保荐业务管理办法》、 《上市公司监管指引第2号——上市公司募集资金管理和使用的监管要求（2022 年修订）》以及《上海证券交易所上市公司自律监管指引第1号——规范运作》 等相关法规和规范性文件的要求，对巨星农牧2024年度募集资金存放与使用情 况进行了专项核查，具体核查情况说明如下： 一、募集资金基本情况 （一）首次公开发行股票募集资金 1、募集资金金额及到账时间 经中国证监会《关于核准四川振静股份有限公司首次公开发行股票的批复》 （证监许可[2017]2130号）核准，公司首次公开发行人民币普通股6,000.00万股， 发行价为每股人民币5.58元，募集资金总额为人民币33,480.00万元，扣除承销、 保荐费用及其他发行费用人民币3,039.53万元 ...