| 证券代码：603477 | 证券简称：巨星农牧 | 公告编号：2024-081 | | --- | --- | --- | | 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 2024 年 8 月份担保情况的公告 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： 被担保人名称：1、德昌巨星农牧科技有限公司（以下简称"德昌巨星"）、 巨星农牧有限公司（以下简称"巨星有限"）、古蔺巨星农牧有限公司（以 下简称"古蔺巨星"）、剑阁巨星农牧有限公司（以下简称"剑阁巨星"）、 叙永巨星农牧有限公司（以下简称"叙永巨星"）、重庆巨星农牧有限公司 （以下简称"重庆巨星"）、泸县巨星农牧科技有限公司（以下简称"泸县 巨星"）、平塘巨星农牧有限公司（以下简称"平塘巨星"）、乐山市巨星 科技有限公司（以下简称"乐山科技"）、乐山巨星生物科技有限公司（以 下简称"乐山生物"）、屏山巨星农牧有限公司（以下简称"屏山巨星"）、 眉山市彭山永祥饲料有限责任公司（以下简称"彭山永祥"）、广元巨星农 业有限 ...

Investment Rating - The report maintains a "Buy" rating for the company with a target price of 22.14 CNY over the next six months [1][11]. Core Views - The company has successfully turned its pig farming business from loss to profit, while the leather business has negatively impacted overall profits. The reduction in costs and the increase in pig sales prices have contributed to this turnaround [4][5]. - The company is expected to see significant growth in revenue and profit over the next few years, with projected EPS of 1.41 CNY in 2024, 2.34 CNY in 2025, and 2.86 CNY in 2026 [3][5]. Summary by Sections Financial Performance - In H1 2024, the company achieved a revenue of 2.233 billion CNY, a year-on-year increase of 13.13%, and a net profit attributable to the parent company of -0.045 billion CNY, reducing losses by 87.13% [4]. - The company sold 1.0945 million pigs in H1 2024, with a significant increase in the sale of commercial pigs by 24.69% year-on-year [4]. Revenue and Profit Forecast - The company forecasts revenues of 6.073 billion CNY in 2024, 8.472 billion CNY in 2025, and 10.095 billion CNY in 2026, with growth rates of 50.28%, 39.52%, and 19.15% respectively [3][10]. - The net profit attributable to the parent company is expected to be 0.717 billion CNY in 2024, 1.196 billion CNY in 2025, and 1.458 billion CNY in 2026, reflecting growth rates of 211.09%, 66.80%, and 21.90% respectively [3][10]. Cost Management and Operational Efficiency - The company has implemented effective cost management strategies, achieving a PSY (Pigs per Sow per Year) of over 29 and reducing feed-to-meat ratios to below 2.6, which has significantly lowered production costs [5]. - The cost of raising commercial pigs was reported at 6.44 CNY per jin in June 2024 and 6.35 CNY per jin in July 2024, with total costs remaining below 7 CNY per jin [5]. Market Position and Competitive Advantage - The company is positioned to benefit from ongoing industry capacity reductions, which have led to rising pig prices, with prices increasing from 15 CNY per kg in April to 20 CNY per kg by August 2024 [4][5]. - The company has a robust breeding program with over 240,000 breeding pigs, ensuring sustained growth in production capacity [4].

Investment Rating - The report maintains a "Buy" rating for the company with a target price of 22.14 CNY over the next six months [1][11]. Core Insights - The company has successfully turned its pig farming business from loss to profit, while the leather business has negatively impacted overall profits. The pig farming segment has seen a reduction in costs and an increase in sales prices, leading to a significant recovery in profitability [2][3]. - The report highlights that the company has achieved a revenue of 2.233 billion CNY in H1 2024, representing a year-on-year increase of 13.13%. The net profit attributable to the parent company has improved by 87.13% year-on-year, with a net profit of -45 million CNY [2][3]. - The report emphasizes the ongoing capacity reduction in the industry, which has led to a rise in pig prices from 15 CNY/kg in April to 20 CNY/kg by August 2024 [2][3]. Summary by Sections Financial Performance - In H1 2024, the company sold 1.0945 million pigs, with a year-on-year increase of 24.69% in the number of market pigs sold. The revenue from pig products reached 2.039 billion CNY, up 22.56% year-on-year [2][3]. - The company’s breeding project has been delivered, and several other breeding farms are expected to be operational in the second half of 2024, which will support further growth in pig farming capacity [2][3]. Cost Management - The company has implemented a dual approach of "technology + management" to enhance production management and reduce costs. Key production indicators such as PSY (Pigs per Sow per Year) have improved, reaching above 29, while the feed-to-meat ratio has decreased to below 2.6 [3]. - The cost of raising market pigs was reported at 6.44 CNY/kg in June and 6.35 CNY/kg in July, with total costs remaining below 7 CNY/kg [3]. Earnings Forecast - The earnings per share (EPS) for 2024-2026 are projected to be 1.41 CNY, 2.34 CNY, and 2.86 CNY, respectively, with corresponding dynamic price-to-earnings (PE) ratios of 13, 8, and 6 times [3][4]. - The report anticipates a significant increase in revenue, with projections of 4.041 billion CNY in 2024, 6.073 billion CNY in 2025, and 8.472 billion CNY in 2026, reflecting growth rates of 50.28% and 39.52% for the following years [4][10].

| 证券代码：603477 | 证券简称：巨星农牧 公告编号：2024-080 | | --- | --- | | 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 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。 根据《上市公司股份回购规则》《上海证券交易所上市公司自律监管指引第 7 号——回购股份》等相关规定，现将公司回购股份的进展情况公告如下： 截至 2024 年 8 月 31 日，公司尚未实施股份回购。 关于以集中竞价交易方式首次回购公司股份暨回购进 展公告 | 回购方案首次披露日 | 2024/8/19 | | --- | --- | | 回购方案实施期限 | 待公司董事会审议通过后 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 | 10,000 股 | | 累计已回购股数占总股本比例 ...

公 司 研 究 [Table_Reportdate] 2024年09月05日 公 司 简 评 农 林 牧 渔 [Table_invest] 买入（维持） 报告原因：业绩点评 [证券分析师 Table_Authors] 姚星辰 S0630523010001 yxc@longone.com.cn | --- | --- | |---------------------------|-------------| | 数据日期 Table_cominfo] | 2024/09/04 | | 收盘价 | 17.63 | | 总股本 ( 万股 ) | 51,007 | | 流通 A 股 /B 股 ( 万股 ) | 51,007/0 | | 资产负债率 (%) | 62.25% | | 市净率 ( 倍 ) | 2.93 | | 净资产收益率 ( 加权 ) | -1.47 | | 12 个月内最高 / 最低价 | 39.39/16.51 | [Table_QuotePic] -51% -35% -19% -2% 14% 30% 47% 63% 23-09 23-12 24-03 24-06 巨星农牧 沪深300 [相关研究 ...

农林牧渔 证 券 研 究 报 告 2024 年 09 月 02 日 巨星农牧 (603477) ——量增价涨驱动业绩扭亏为盈，养殖成本优势显著 | --- | --- | |-----------------------------|-------------------------------| | 市场数据： | 2024 年 09 月 02 日 | | 收盘价（元） | 17.58 | | 一年内最高 / 最低（元） | 39.39/16.51 | | 市净率 | 3.2 | | 息率（分红/股价） | | | 流通 A 股市值（百万元） | 8,967 | | 上证指数/深证成指 | 2,811.04/8,172.21 | | --- | --- | |-------------------------------|------------------------| | | | | | | | 基础数据 : | 年 06 月 30 日 | | | | | 每股净资产（元） | 5.51 | | 资产负债率 % | 62.25 | | 总股本 /流通 A 股（百万） | 510/510 | | 流通 B ...

请务必阅读正文之后的免责声明及其项下所有内容 证券研究报告 | 2024年09月03日 巨星农牧（603477.SH） 优于大市 2024 半年报点评：2024Q2 成本稳步下降，头均收益领先行业 生猪出栏稳步兑现，24H1 养殖盈利同比扭亏。公司 2024H1 营收同比+13.13% 至 22.33 亿元，归母净利同比减亏 87.13%至-0.45 亿元。2024H1 公司净利润 亏损主要来自皮革业务，其中，生猪养殖持续降本增效，同时受益猪价景气 回升，因此生猪业务 2024H1 实现扭亏为盈；但皮革业务受到下游市场需求 不振的影响，销量与收入同比下降，出现亏损。从出栏来看，公司 2024H1 生猪出栏 109 万头，其中大猪出栏 106 万头，同比增加 25%。公司养殖出栏 预计有望稳步扩张，据 2024 年 5 月公告披露，现有种猪场产能 15 万头以上， 2024 年下半年计划种猪场产能可达 20 万头以上。此外，2024 年 8 月 12 日， 控股股东巨星集团发布拟增持公司股份计划告知函，拟自公告之日起 12 个月内增持公司无限售流通 A 股，增持金额为人民币 5,000 万元，彰显 公司控股股东 ...

证券研究报告 非金融公司|公司点评|巨星农牧（603477） 生猪养殖扭亏为盈，产能稳步增长 请务必阅读报告末页的重要声明 glzqdatemark1 2024年09月02日 证券研究报告 |报告要点 公司披露 2024 年中报，实现营收 22.33 亿元，同比增长 13.13%；归母净利润-0.45 亿元，同 比增长 87.13%。2024 年上半年公司生猪出栏量达 109.45 万头，其中商品猪出栏量 106.18 万 头，同比增长 24.69%，生猪产品实现营业收入 20.39 亿元。截至 2024 年上半年末，公司生产 性生物资产 4.68 亿元，较年初增长 21.09%，产能保持稳健增长。结合公司前期能繁母猪存栏 推断，公司下半年生猪出栏量较上半年或有一定增长。公司持续提升生产效率，带动养殖成绩 逐步改善，考虑下半年猪价表现或较为景气，公司板块业绩或值得期待。 |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09月02日 巨星农牧(6034 ...

Investment Rating - The report maintains a "Buy" rating for the company, Juxing Agriculture (603477.SH) [2][4]. Core Insights - The company has a leading cost advantage in the industry and is expanding capacity to drive future growth in output [2]. - In Q2 2024, the company turned a profit, achieving a revenue of 1.284 billion yuan, a year-on-year increase of 18.89%, and a net profit attributable to shareholders of 93 million yuan [2]. - The controlling shareholder, Juxing Group, plans to increase its stake in the company within 12 months, focusing on the development of pig farming [2]. - The company’s breeding costs are among the lowest in the industry, with projections indicating further reductions in the second half of 2024 [2][3]. Summary by Sections Financial Performance - In H1 2024, Juxing Agriculture reported a revenue of 2.233 billion yuan, a year-on-year increase of 13.13%, and a net profit attributable to shareholders of -45 million yuan, with a significant narrowing of losses compared to H1 2023 [2]. - The company’s breeding costs decreased to approximately 14 yuan per kilogram in Q2 2024, with expectations for further reductions in H2 2024 [2][3]. Production and Capacity - The company achieved a significant increase in pig output, with 1.0945 million pigs sold in H1 2024, including 1.0618 million commercial pigs, representing a year-on-year growth of 24.69% [2]. - The company’s biological assets reached 468 million yuan, a 24.14% increase from Q1 2024, supported by an increase in breeding stock [2]. Future Projections - Revenue forecasts for 2024, 2025, and 2026 are 6.971 billion yuan, 12.373 billion yuan, and 14.004 billion yuan, respectively, with corresponding EPS of 1.13 yuan, 3.36 yuan, and 3.22 yuan [4][6]. - The company is expected to maintain a strong growth trajectory, with a projected revenue growth rate of 72.5% in 2024 and 77.5% in 2025 [6].

Group 1: Company Performance Overview - In the first half of 2024, the company achieved an operating income of 2.233 billion yuan, representing a year-on-year growth of 13.13% [3] - The net profit attributable to shareholders was -44.84 million yuan, with a second-quarter profit of 93.20 million yuan, marking an 87.13% reduction in losses year-on-year [3] - The company sold 1.0618 million pigs, a year-on-year increase of 24.69%, indicating improved operational efficiency [3] Group 2: Development Outlook - For the second half of 2024, the company will focus on high-quality pig farming while steadily managing its leather business [4] - The company aims to enhance cost reduction and efficiency through technological innovation and management improvements [4] - The company plans to continue expanding its breeding scale and improve the quality of pig products to achieve higher economic benefits and social responsibility [4] Group 3: Cost Management - The company employs a "technology + management" dual approach to continuously improve production management and reduce costs [4] - Key production indicators such as PSY reached above 29, and feed-to-meat ratio decreased to below 2.6, contributing to lower breeding costs [4] - In June and July 2024, the breeding costs for pigs were 6.44 yuan/kg and 6.35 yuan/kg, respectively, with total costs remaining under 7 yuan/kg [4] Group 4: Capacity Development - The company will enhance its production capacity through asset-light expansion methods, including leasing, acquisitions, and new constructions [5] - The company currently has over 240,000 breeding pigs, ensuring sustained growth in production capacity [5] Group 5: Market Price Forecast - The company maintains a cautiously optimistic outlook on pig prices for the second half of the year, continuing to deepen its focus on the pig farming industry [5] Group 6: Shareholder Returns - The company emphasizes shareholder returns and has implemented cash dividends for several consecutive years since its listing [5] - A long-term dividend plan for 2024-2026 has been established, prioritizing cash dividends when profit distribution conditions are met [5]