| 证券代码：603477 | 证券简称：巨星农牧 公告编号：2024-101 | | --- | --- | | 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 关于控股股东部分股份解除质押的公告 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: 乐山巨星农牧股份有限公司（以下简称"公司"、"本公司"）控股股 东四川巨星企业集团有限公司（以下简称"巨星集团"）持有公司股份数量为 150,665,038 股，占公司总股本比例为 29.54%；巨星集团及其一致行动人合计持 有公司股份数量为 150,735,038 股，占公司总股本比例为 29.55%。截至本公告 披露日，巨星集团累计质押股份数量为 84,810,000 股，占其持股数量的 56.29%； 巨星集团及其一致行动人累计质押股份数量为 84,810,000 股，占其持股数量的 56.26%。 2024 年 11 月 7 日，公司收到巨星集团关于将其持有的本公司部分股份解除 质押的通知，现将相关情况公告如下： 乐山巨星农牧股份 ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company achieved a net profit attributable to shareholders of 304 million yuan in Q3 2024, representing a year-on-year increase of 5380.2% [1] - For the first three quarters of 2024, the company reported operating revenue of approximately 3.955 billion yuan, a year-on-year increase of 31.6%, with a net profit of 259 million yuan, up 175.7% year-on-year [1] - The company has demonstrated excellent cost control in breeding, with a steady increase in the number of pigs sold [1] - The company sold 1.7335 million pigs in the first three quarters of 2024, a year-on-year increase of 32.6%, with Q3 sales reaching 671,700 pigs [1] - The company plans to complete the breeding of all planned sows by Q4 2024 and achieve full production status, aiming to provide market pigs in the first half of 2025 [1] Financial Performance Summary - In Q3 2024, the company's sales gross margin was 26.37%, an increase of 25.01 percentage points year-on-year [1] - The company’s total assets reached 7.721 billion yuan by the end of Q3 2024, with a debt-to-asset ratio of 60.8%, a decrease of 1.44 percentage points from the previous quarter [1] - The company’s operating revenue is projected to reach 6.132 billion yuan in 2024, with a year-on-year growth of 51.7% [3][7] - The net profit attributable to shareholders is expected to be 675 million yuan in 2024, with a significant turnaround from a loss of 645 million yuan in 2023 [3][7] - The company’s gross margin is expected to improve to 20.0% in 2024, compared to -0.4% in 2023 [3][7] Future Outlook - The company is expected to achieve operating revenues of 8.547 billion yuan and 10.866 billion yuan in 2025 and 2026, respectively, with year-on-year growth rates of 39.4% and 27.1% [3][7] - The projected net profit for 2025 is 1.071 billion yuan, with a slight decline to 989 million yuan in 2026 [3][7] - The company aims to maintain a steady growth trajectory in pig production while managing costs effectively [1][3]

Investment Rating - The report maintains a "Buy" rating for the company, indicating a positive outlook for the next six months [1][8]. Core Insights - The company has demonstrated significant cost reduction and efficiency improvements, leading to outstanding performance in the third quarter of 2024. The revenue for the first three quarters reached 39.55 billion yuan, a year-on-year increase of 31.59%, while the net profit attributable to shareholders was 2.59 billion yuan, up 175.70% year-on-year [1][2]. - In Q3 2024, the company achieved a revenue of 17.23 billion yuan, reflecting a 66.89% year-on-year growth, and a staggering net profit of 3.04 billion yuan, which is a 5380.20% increase year-on-year [1][2]. Summary by Sections Financial Performance - For the first three quarters of 2024, the company reported a gross margin of 17.84%, a significant increase from -0.49% in the same period last year. This improvement is attributed to optimizations in breeding technology, feed procurement, and production management, resulting in lower costs and enhanced performance [2][3]. - The company’s pig output reached 1.7335 million heads in the first three quarters, marking a 32.62% year-on-year increase, with a focus on expanding market share in the pig farming business [3]. Operational Efficiency - The company has implemented a dual approach of "technology + management" to continuously improve production management, leading to a notable reduction in costs. The cost of raising pigs has decreased to approximately 7 yuan per kilogram [3]. - The company has initiated a genetic improvement project in collaboration with PIC and Shennong Group, which is expected to enhance the quality and production performance of pigs [3]. Earnings Forecast and Valuation - The earnings per share (EPS) for 2024-2026 are projected to be 1.41 yuan, 2.34 yuan, and 2.86 yuan, respectively, with corresponding dynamic price-to-earnings (PE) ratios of 15, 9, and 7 times [3].

| 证券代码：603477 | 证券简称：巨星农牧 公告编号：2024-099 | | --- | --- | | 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 关于股份回购实施结果暨股份变动的公告 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。 | 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 | | 回购价格上限 | 25.21 元/股 | | 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 | | 实际回购股数 | 5,316,800 股 | | 实际回购股数占总股本比例 | 1.04% | | 实际回购金额 | 100,843,405.61 元 | | 实际回购价格区间 | 16.27 元/股~20.98 元/股 | 重要内容提示： 三、 回 ...

Investment Rating - The report maintains a "Buy" investment rating for the company [6] Core Views - The company achieved significant revenue growth in Q3 2024, with a total revenue of 3.955 billion yuan, representing a year-on-year increase of 31.6%. The net profit attributable to shareholders reached 259 million yuan, marking a substantial turnaround from losses [2][4] - The company is expected to maintain a favorable profit cycle in Q4 2024, driven by stable pig prices and increased pig sales volume, with Q3 alone showing a revenue increase of 66.9% year-on-year [2][3] - The company has implemented a share repurchase plan, demonstrating confidence in its long-term development and aiming to enhance employee motivation through stock ownership [5] Summary by Sections Financial Performance - In Q3 2024, the company reported a revenue of 1.723 billion yuan, a 66.9% increase year-on-year, and a net profit of 304 million yuan, indicating a positive shift in profitability [2][4] - The company’s total pig sales for the first three quarters reached 1.7335 million heads, a year-on-year increase of 32.62% [4] Cost Management - The company’s breeding cost is projected to be slightly above 14 yuan per kilogram in Q3 2024, primarily due to a portion of pigs being raised from externally purchased piglets. However, the cost management remains at an industry-leading level [3] - By the end of 2024, the breeding cost is expected to decrease to approximately 13.8 yuan per kilogram as the proportion of externally purchased piglets declines [3] Capacity Expansion - The company is actively expanding its production capacity, with new breeding projects expected to contribute to output growth in 2025 [4] - The company currently has over 180,000 breeding sows and more than 250,000 pigs, ensuring long-term growth potential [4] Shareholder Confidence - The company has completed a share reduction plan by a major shareholder, reducing their stake by 1.02 million shares, which is 2% of the total share capital. The company plans to repurchase shares worth 100 to 200 million yuan to support employee stock ownership plans [5]

证券研究报告 非金融公司|公司点评|巨星农牧（603477） 生猪出栏增长，业绩显著改善 请务必阅读报告末页的重要声明 glzqdatemark1 2024年11月04日 证券研究报告 |报告要点 公司披露 2024 年三季度报告，第三季度实现营收 17.23 亿元，同比增长 66.89%；归母净利润 3.04 亿元，同比增长 5380.20%。2024 年 1 至 9 月公司出栏商品猪 173.35 万头，同比增长 32.62%。产能方面，2024 年上半年德昌巨星生猪繁育一体化项目已经交付和引种，下半年四 个养殖场项目已经交付和陆续引种，公司现有 18 万头以上种猪场产能和 25 万头以上存栏种 猪，能够有效保障公司生猪养殖产能规模的稳健、持续增长。成本方面，公司进一步提升生产 成绩，叠加产能利用率提升，后续有望逐步下降。 |分析师及联系人 王明琦 马鹏 SAC：S0590524040003 SAC：S0590524050001 请务必阅读报告末页的重要声明 1 / 5 非金融公司|公司点评 glzqdatemark2 2024年11月04日 巨星农牧(603477) 生猪出栏增长，业绩显著改善 | -- ...

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].