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 | | | R 业绩说明会 | □新闻发布会 | □路演活动 | | 投资者关系活动 | £ 现场参观 | R 其他（四川辖 | | | | | 区 2024 年投资者 | | | 类别 | | 网上集体接待日 | | | | | 暨机构交流专 | | | | | 场） | | | | 四川辖区 2024 | 年投资者网上集体接待日暨机构交流专场的投 | | | | 资者如下： | | | | 参与单位 | | 山西证券、国金证券、太平洋证券、四川产业振兴基金、合晟 | | | | | 资产、长铭基金、四川金舵投资、新湖期货 | ...

[Table_MainInfo] 公司研究/农业 证券研究报告 巨星农牧（603477）公司半年报点评 2024 年 09 月 09 日 [Table_InvestInfo] 投资评级 优于大市 维持 | --- | --- | --- | |-------------------------------------------------------------|-------------|-------| | 股票数据 | | | | 09 [ Table_StockInfo 月 06 日收盘价（元） ] | 17.52 | | | 52 周股价波动（元） | 16.51-39.39 | | | 总股本 / 流通 A 股（百万股） | 510/510 | | | 总市值 流通市值（百万元） | | | | / 相关研究 | 8936/8936 | | | [Table_ReportInfo] 《猪价拖累业绩亏损，出栏有望继续高增》 | | | | | | | | 2024.04.05 市场表现 | | | [Table_QuoteInfo] -35.93% -19.93% -3.93% 12.07% 28 ...

| 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 ...

Investment Rating - The investment rating for the company is "Outperform the Market" [2][3] Core Views - The company has shown a steady recovery in its pig farming business, with a significant increase in revenue and a reduction in losses in the first half of 2024. Revenue increased by 13.13% year-on-year to 2.233 billion yuan, while the net loss attributable to shareholders decreased by 87.13% to -0.045 billion yuan [2][4] - The company is benefiting from a rebound in pig prices and has successfully turned around its pig farming operations, while the leather business continues to face challenges due to weak downstream demand [2][4] - The company plans to expand its breeding capacity, with current capacity exceeding 150,000 heads and plans to reach over 200,000 heads in the second half of 2024 [2][4] Financial Forecasts and Metrics - Revenue (in million yuan) is projected to grow from 4,041 in 2023 to 6,266 in 2024, representing a 55.1% increase [1] - Net profit attributable to shareholders is expected to recover from a loss of 645 million yuan in 2023 to a profit of 739 million yuan in 2024 [1] - Earnings per share (EPS) is forecasted to increase from -1.27 yuan in 2023 to 1.45 yuan in 2024 [1] - The EBIT margin is expected to improve from -7.5% in 2023 to 11.7% in 2024, indicating better operational efficiency [1] - The return on equity (ROE) is projected to rise from -21.0% in 2023 to 20.6% in 2024, reflecting a significant recovery in profitability [1] Operational Highlights - The company has achieved a significant increase in pig output, with 1.09 million pigs sold in the first half of 2024, a 25% increase year-on-year [2][4] - The company has established strategic partnerships to enhance its breeding and management capabilities, which are expected to further improve cost efficiency and production metrics [2][4] - The ongoing construction of the Dechang project is expected to enhance the company's breeding scale and operational quality, with an estimated total investment of 1.921 billion yuan [2][4]