Group 1 - A total of 203 companies were investigated by institutions in the past five days, with significant interest in companies like Shenzhen South Circuit, Chip Source Micro, and Zoli Pharmaceutical [1] - Among the companies investigated, 46 received attention from more than 20 institutions, with Shenzhen South Circuit being the most popular, attracting 129 institutions [1] - The types of institutions involved in the investigations included 177 securities companies, 148 fund companies, and 85 private equity firms [1] Group 2 - In terms of market performance, 25 stocks among those investigated saw an increase, with Shenghong Technology, Xingtum Control, and Chaohongji leading with gains of 37.70%, 27.75%, and 18.76% respectively [2] - Nine stocks have reported annual results, with the highest net profit growth seen in Wantong Hydraulic and Xingtum Control, at 37.02% and 35.68% respectively [2] - Fourteen stocks have released preliminary reports for 2024, with significant net profit growth reported by Sitwei and Shenghong Technology, at 2651.81% and 72.94% respectively [2]

证券代码：605296 证券简称：神农集团 公告编号：2025-028 云南神农农业产业集团股份有限公司 2025 年 2 月对外担保情况公告 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： 一、担保情况概述 公司分别于2024年4月24日、2024年5月16日，召开第四届董事会第十八次会 1 被担保人名称及是否为上市公司关联人：被担保人包括云南神农农业产 业集团股份有限公司（以下简称"公司"）合并报表范围内子公司（12 家）、部分优质客户、合作养殖户（2 户），不存在关联担保。 本次担保金额及已实际为其提供的担保余额：公司 2 月新增担保金额合 计 2,425.20 万元，其中，对优质客户、养殖户、合作伙伴等新增的担保 金额为 0.00 万元，对子公司新增的担保金额为 2,425.20 万元。截至 2025 年 2 月 28 日，公司及控股子公司对外担保余额为 81,251.52 万元，其中， 对子公司的担保余额为 81,150.80 万元，对优质客户、养殖户、合作伙 伴等的担保余额为 100.72 万元。 ...

Investment Rating - The report maintains a "Buy" rating for Hesai Technology, indicating strong growth potential in the lidar market and expected revenue increases for 2025-2027 [8][12][32]. Core Insights - Hesai Technology reported a net revenue of RMB 2.077 billion (approximately USD 285 million) for 2024, marking a year-on-year growth of 10.7% and achieving a non-GAAP net profit of RMB 13.7 million, reversing a loss from the previous year [3][4]. - The company experienced a significant increase in gross margin, reaching 42.6% in 2024, up from 35.2% in 2023, primarily due to cost optimization and increased sales volume [4][5]. - Hesai's Q4 2024 performance was particularly strong, with net income of RMB 720 million (approximately USD 98.6 million), a year-on-year increase of 28.3%, and a non-GAAP net profit of RMB 170 million [4][5]. - The company anticipates a revenue of RMB 3-3.5 billion (approximately USD 411-480 million) for 2025, representing a growth of 44%-69% compared to 2024 [6][8]. Summary by Sections Hesai Technology - Hesai Technology is positioned as a leading player in the autonomous driving and advanced driver-assistance systems (ADAS) lidar market, with a projected shipment of 1.5 million units in 2025 [8]. - The company has secured exclusive design contracts with top European OEMs, indicating strong demand for its lidar products [6][7]. - Hesai's new product line, including the JT series of 3D lidar for robotics, is expected to enhance its market presence and revenue streams [7]. Ideal Automotive - Ideal Automotive is transitioning from an electric vehicle manufacturer to an artificial intelligence company, with plans to leverage AI in its product offerings [9][10]. - The company is expected to achieve significant revenue growth, with projected net profits of RMB 13.35 billion and RMB 19.18 billion for 2025 and 2026, respectively [11]. Energy and Aluminum Sector - The report highlights the robust performance of Electric Power Energy and Shenhua Co., with both companies benefiting from rising aluminum prices and stable coal operations [12][13]. - Electric Power Energy is noted for its strong cash flow and stable profit margins, while Shenhua Co. is expected to see enhanced earnings due to its high aluminum production capacity [14][15]. Chemical Industry - Baofeng Energy reported a revenue of RMB 32.983 billion (approximately USD 4.5 billion) for 2024, driven by increased production and sales of polyethylene and polypropylene [24][26]. - The company is expanding its coal-to-olefins project in Xinjiang, which is expected to significantly boost its production capacity and market competitiveness [30][31]. Defense and Alloy Market - The report indicates that increased defense spending in China is likely to drive demand for chromium salts and high-temperature alloys, benefiting companies in the materials sector [38][39].

证券研究报告 2025年03月13日 养殖业 神农集团(605296)公司报告： 轻舟浅澜敛锷待发，财裕降本开拓养殖新章 评级：增持(首次覆盖) 程一胜(证券分析师) 王思言(证券分析师) S0350521070001 S0350524010001 chengys01@ghzq.com.cn wangsy02@ghzq.com.cn | 最近一年走势 | | | | | --- | --- | --- | --- | | 83% | 神农集团 | 沪深300 | | | 62% | | | | | 42% | | | | | 22% | | | | | 1% | | | | | -19% | | | | | 2024/03/06 | | | 2025/03/06 | | 市场数据 | 2025/03/12 | | --- | --- | | 当前价格（元） | 28.51 | | 52周价格区间（元） | 24.54-45.67 | | 总市值（百万） | 14,963.16 | | 流通市值（百万） | 14,917.89 | | 总股本（万股） | 52,483.90 | | 流通股本（万股） | 52, ...

Summary of Shennong Group Conference Call Company Overview - **Company**: Shennong Group - **Date**: March 12, 2025 Key Points Industry and Cost Management - In February, Shennong Group's total cost decreased to 12.4 CNY/kg, benefiting from a decline in feed costs, piglet costs, and other expenses, reflecting the results of reforms over the past one to two years, laying the foundation for an annual average cost target below 13 CNY/kg [2][3] - The company optimized supply chain management and utilized low-priced raw materials procured in the second half of the previous year to effectively counter the current rise in raw material prices, planning to further reduce feed costs by increasing feed mill capacity utilization [2][3] Production and Operational Efficiency - Shennong Group implemented a top-level design and standardized production operations, adopting a two-point production model, optimizing organizational structure, and upgrading hardware facilities, significantly improving efficiency metrics [2][6] - In February, the survival rate from weaning to market increased by 1% year-on-year, and the time required to reach 123 kg from weaning was shortened by 5-7 days to 148 days, indicating significant improvements in health management and genetic index [2][7][8] Organizational Management - The company enhanced systematic management between upstream breeding farms and downstream fattening farms, achieving efficient operations and innovating assessment mechanisms to align cost and quality goals across the supply chain [2][9][10] Future Projections - Shennong Group expects to exceed 3.2 million heads in market volume in 2025, approximately 4.5 million in 2026, and over 5 million in 2027, with a long-term goal of reaching 10 million heads by 2030 [4][15][16] - The average total cost target for 2025 is set below 13 CNY/kg, with aspirations to achieve 12.5 CNY/kg if feed raw material prices remain stable [14] Supply Chain and Procurement Strategy - The company has narrowed the gap in raw material procurement with leading enterprises due to scale enhancement and the maturity of its futures department, which is expected to further exploit advantages as market volume reaches 4-5 million heads [4][12] - The futures team, established in 2024, successfully locked in low prices for soybean meal, significantly improving procurement results compared to 2023 [18] Talent Development - Shennong Group places high importance on the cultivation of its leadership team and reserve talent, aligning with both domestic and international best practices to ensure effective execution of top-level design and strategy [13] Financial and Investment Updates - The total amount of funds raised through private placement is 290 million CNY, aimed at new pig farms, renovations, information technology projects, and working capital [19] Energy Costs and Market Position - Current energy costs have decreased to 12.4 CNY/kg, with ongoing efforts in top-level design and health management to maintain steady growth, positioning Shennong Group as a rare growth opportunity in the industry [21]

Investment Rating - The report provides a buy rating for Hai Da Group (002311.SZ) with an "A" rating, and a buy rating for Sheng Nong Development (002299.SZ) and Wen's Shares (300498.SZ) with a "B" rating. Other companies like Guai Bao Pet (301498.SZ) and Zhong Chong Shares (002891.SZ) are rated as "A" for increase, while Tang Ren Shen (002567.SZ), Shen Nong Group (605296.SH), Ju Xing Nong Mu (603477.SH), and New Hope (000876.SZ) are rated as "B" for increase [1]. Core Insights - The agricultural sector is experiencing a seasonal decline in pig prices, yet they remain within a profitable range. The report indicates that the pig price in the off-season is still maintaining profitability [2][4]. - The report highlights that the pig farming industry is entering a profitability cycle starting from Q2 2024, despite the average debt ratio still needing to decrease significantly. The market's expectations regarding the impact of rising pig production capacity on profitability may be overly pessimistic [4][5]. - The report emphasizes the potential for a recovery in the feed industry due to lower raw material prices and improving breeding conditions, particularly for Hai Da Group, which is expected to see an upward trend in its operational fundamentals [5]. Summary by Sections Pig Farming - As of March 7, 2025, the average prices for external three yuan pigs in Sichuan, Guangdong, and Henan are 14.85, 15.32, and 14.39 yuan per kilogram, reflecting increases of 0.07%, 0.99%, and 0.35% respectively. The average pork price is 20.81 yuan per kilogram, down by 0.24% [3][23]. - The average wholesale price for piglets is 28.00 yuan per kilogram, up by 2.75%, while the average price for two-yuan sows remains stable at 32.47 yuan per kilogram [3][23]. Poultry Farming - The weekly price for white feather broiler chickens is 6.59 yuan per kilogram, up by 8.03%, and the price for broiler chicks is 2.54 yuan per chick, up by 10.92%. However, the breeding profit is negative at -1.90 yuan per chick [31]. Feed Processing - The total industrial feed production in 2024 is reported at 31,503.1 million tons, a decrease of 2.1% from the previous year. The production of pig feed is 14,391.3 million tons, down by 3.9% [34]. Market Performance - For the week of March 3 to March 9, 2025, the Shanghai and Shenzhen 300 index increased by 1.39%, while the agricultural sector rose by 1.04%, ranking 20th among sectors. The top-performing sub-industries include food and feed additives, animal health, fruit and vegetable processing, pig farming, and chicken farming [2][17].

云南神农农业产业集团股份有限公司 关于董事会、监事会延期换届的提示性公告 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。 云南神农农业产业集团股份有限公司（以下简称"公司"）第四届董事 会、监事会于2025年3月11日任期届满。鉴于公司新一届董事会和监事会换届工 作尚在筹备中，为保证公司董事会、监事会相关工作的连续性和稳定性，公司 第四届董事会、监事会将延期换届，董事会各专门委员会、高级管理人员的任 期亦相应顺延。 证券代码：605296 证券简称：神农集团 公告编号：2025-027 在换届选举工作完成前，公司第四届董事会和监事会全体成员、董事会各 专门委员会成员及高级管理人员将按照相关法律法规、规范性文件的规定，继 续履行董事、监事及高级管理人员的义务和职责。公司董事会、监事会延期换 届不会影响公司的正常运营。公司将积极推进相关工作，尽快完成董事会和监 事会的换届选举工作，并及时履行相应的信息披露义务。 特此公告。 云南神农农业产业集团股份有限公司董事会 2025 年 3 月 12 日 根据《中华人民共和国公司法》《上市公 ...

证券代码：605296 证券简称：神农集团 公告编号：2025-026 2025 年 2 月份，公司销售生猪 28.14 万头（其中：商品猪销售 20.69 万头， 仔猪销售 7.14 万头），销售收入 4.24 亿元。其中向集团内部屠宰企业销售生猪 2.40 万头。 2025 年 2 月份，公司商品猪价格呈现下降趋势，商品猪销售均价 14.81 元/ 公斤，比 2025 年 1 月份下降 2.69%。 2025 年 1-2 月，公司共销售生猪 50.90 万头（其中：商品猪 39.63 万头， 仔猪销售 10.62 万头），销售收入 8.00 亿元。其中向集团内部屠宰企业销售生 猪 5.69 万头。 云南神农农业产业集团股份有限公司 2025 年 2 月养殖业务主要经营数据公告 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。 云南神农农业产业集团股份有限公司（以下简称"公司"）现将 2025 年 2 月养殖业务主要经营数据披露如下： 一、2025 年 2 月养殖业务主要经营数据 单位：万头 | 主要产品 | 销售量 | | ...

Core Insights - Shennong Group (605296) reported a significant increase in pig sales for February 2025, with 281,400 pigs sold, representing a year-on-year growth of 114.97% and generating sales revenue of 424 million yuan [1] - The company sold 24,000 pigs to its internal slaughtering enterprises during the same period [1] - The average selling price of commercial pigs in February 2025 was 14.81 yuan per kilogram, showing a month-on-month decrease of 2.69% [1] - For the first two months of 2025, the company sold a total of 509,000 pigs, which is a year-on-year increase of 56.13%, with total sales revenue reaching 800 million yuan [1]

证券代码：605296 证券简称：神农集团 云南神农农业产业集团股份有限公司 2024 年度 以简易程序向特定对象发行 A 股股票 方案论证分析报告 （修订稿） $$\Xi{\cal O}\,{\underline{{{-\mp}}}}\,\mathbb{H}\,{\underline{{{\mp}}}}\,\mathbb{H}$$ 云南神农农业产业集团股份有限公司（以下简称"神农集团"或"公司"） 为满足公司业务发展的资金需求，增加公司资本实力，提升盈利能力，拟以简易 程序向特定对象发行 A 股股票（以下简称"本次发行"或"本次以简易程序向特 定对象发行股票"）。根据《中华人民共和国公司法》（以下简称"《公司法》"）、 《中华人民共和国证券法》（以下简称"《证券法》"）和《上市公司证券发行 注册管理办法》（以下简称"《注册管理办法》"）等有关法律法规和规范性文 件和《公司章程》的规定，编制了《云南神农农业产业集团股份有限公司 2024 年度以简易程序向特定对象发行 A 股股票方案论证分析报告（修订稿）》。 一、本次发行股票的背景和目的 （一）本次发行的背景 1、我国具有全球最大的生猪消费市场 中国有着食用猪 ...