云南神农农业产业集团股份有限公司（以下简称"公司"）现将 2024 年 10 月养殖业务主要经营数据披露如下： 一、2024 年 10 月养殖业务主要经营数据 证券代码：605296 证券简称：神农集团 公告编号：2024-087 云南神农农业产业集团股份有限公司 2024 年 10 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。 | | 月份 | | 生猪销售 | | 销售收入 | | 商品猪销价 | | --- | --- | --- | --- | --- | --- | --- | --- | | | | | （万头） | | （亿元） | | （元/公斤） | | | | | 当月 | 累计 | 当月 | 累计 | 当月 | | 2024 | 年 | 4 月 | 17.11 | 66.80 | 3.01 | 11.10 | 14.58 | | 2024 | 年 | 5 月 | 18.76 | 85.56 | 3.45 | 14.55 | 14.98 | | 2024 | 年 | 6 月 | ...

Investment Rating - The report maintains an "Outperform" rating for Shennong Group (605296 SH) [1][6][11] Core Views - Shennong Group demonstrates industry-leading single-head breeding profitability with steadily declining costs [1][7] - The company's breeding performance ranks in the industry's first tier, supported by long-term high-quality development strategies [2] - Shennong Group shows strong growth potential with a 2025 target of 3 2-3 5 million heads in slaughter volume [3] Financial Performance - 2024 Q1-Q3 revenue increased 42 11% YoY to 4 078 billion yuan, with net profit turning positive to 480 million yuan [1] - 2024 Q3 revenue grew 36 32% YoY to 1 583 billion yuan, with net profit surging 662 97% YoY to 356 million yuan [1] - The company achieved a breeding cost of 13 4 yuan/kg in September 2024, maintaining industry-leading cost control [1][7] Operational Highlights - Current sow farm capacity stands at 122 000 heads, with 114 000 productive sows as of September 2024 [3][7] - The company targets 2 2-2 3 million heads in slaughter volume for 2024 and 3 2-3 5 million heads for 2025 [3] - September 2024 PSY reached 28, with a survival rate of 85% throughout the breeding process [2] Strategic Developments - The company initiated the Qiannan Genetic Core Farm project in October 2024, leveraging PIC's global high-performance gene pool and advanced breeding technologies [2] - Shennong Group plans to maintain its cost leadership with a 2025 target of below 13 yuan/kg in complete breeding costs [1] Financial Position - As of Q3 2024, the company holds 952 million yuan in monetary funds, a 17% increase from Q2 2024 [3] - The debt-to-asset ratio remains low at 27 72%, providing ample financing space for future development [3] - The company announced a 100-200 million yuan share repurchase plan on October 28, 2024, demonstrating confidence in future growth [3] Industry Position - Shennong Group maintains a significant competitive advantage in breeding profitability and cost control [1][7] - With over 20 years of experience in the pig industry chain, the company has established a strong presence in Yunnan, Guangxi, and Guangdong [2] Financial Projections - 2024-2026 net profit forecasts stand at 660 million, 1 24 billion, and 1 2 billion yuan respectively [4][11] - The company's PE ratio is projected at 29X, 15X, and 16X for 2024-2026 [4][11]

Investment Rating - The investment rating for the company is "Buy" (maintained) [4] Core Insights - The company reported Q3 revenue of 1.583 billion yuan, a year-on-year increase of 36.32%, and a net profit attributable to shareholders of 356 million yuan, a year-on-year increase of 662.97% [2][6] - For the first three quarters, the revenue reached 4.078 billion yuan, up 42.11% year-on-year, with a net profit of 480 million yuan, up 321.20% year-on-year [2][6] - The company's pig farming business has seen both volume and price increases, with expected net profit growth rates of turning profitable in 2024, 24.04% in 2025, and 57.66% in 2026 [2][9] - Earnings per share (EPS) are projected to be 1.29 yuan, 1.59 yuan, and 2.51 yuan for 2024, 2025, and 2026 respectively [2][9] Summary by Sections Financial Performance - The company achieved a total revenue of 6.461 billion yuan in 2024, with a growth rate of 66.03%, and is expected to reach 8.649 billion yuan in 2025 and 10.627 billion yuan in 2026, with growth rates of 33.87% and 22.87% respectively [10] - The net profit attributable to shareholders is forecasted to be 674 million yuan in 2024, 837 million yuan in 2025, and 1.319 billion yuan in 2026, with growth rates of 268.07%, 24.04%, and 57.66% respectively [10] - The company's earnings before interest, taxes, depreciation, and amortization (EBITDA) is expected to be 1.083 billion yuan in 2024, 1.284 billion yuan in 2025, and 1.757 billion yuan in 2026 [10] Operational Insights - The company has seen a significant increase in pig sales, with 1.6637 million pigs sold in the first three quarters of 2024, a year-on-year increase of 49.60% [7] - The average selling price of pigs in Q3 2024 was 19.00 yuan per kilogram, up 23.54% year-on-year and 21.33% quarter-on-quarter [7] - The company plans to increase its breeding capacity by adding 30,000 to 40,000 sows annually, with a target production capacity of 3 million pigs by the end of 2024 and 4 million pigs by the end of 2025 [7] Cost Management - The company has demonstrated a clear cost advantage, with the total cost of pig farming decreasing from 14.6 yuan per kilogram in January 2024 to 13.8 yuan per kilogram in August 2024 [8] - The company aims to keep the total cost below 14 yuan per kilogram for the entire year [8] - The debt-to-asset ratio is at a low level of 27.7%, with a decrease of 3.06 percentage points quarter-on-quarter, indicating a strong financial position [8]

证券代码：605296 证券简称：神农集团 公告编号：2024-086 云南神农农业产业集团股份有限公司 关于召开 2024 年第三季度业绩说明会的公告 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： （一）会议召开时间：2024 年 11 月 11 日上午 10:00-11:30； （ 二 ） 会 议 召 开 地 点 ： 上 海 证 券 交 易 所 上 证 路 演 中 心 （ 网 址 ： http://roadshow.sseinfo.com/）； （三）会议召开方式：上证路演中心视频录播和网络互动。 会议召开时间：2024 年 11 月 11 日(星期一)上午 10:00-11:30； 会 议 召 开 地 点 ： 上 海 证 券 交 易 所 上 证 路 演 中 心 （ 网 址 ： https://roadshow.sseinfo.com/）； 云南神农农业产业集团股份有限公司（以下简称"公司"）已于 2024 年 10 月 29 日发布公司 2024 年第三季度报告，为便于广大投资者更全面深入地了解公 司 ...

Investment Rating - The report maintains an "Outperform" rating for the company, indicating a positive outlook for its performance relative to the market [5][6]. Core Insights - The company reported a significant increase in earnings for Q3 2024, with a net profit of 356 million yuan, representing a year-on-year growth of 662.97% [5]. - The growth in earnings is primarily attributed to the pig farming business, driven by an increase in both the number of pigs sold and rising pig prices [5]. - The company plans to repurchase shares worth 100 to 200 million yuan, reflecting confidence in its long-term development [5]. Financial Performance Summary - For the first three quarters of 2024, the company achieved a total revenue of 4.078 billion yuan, a year-on-year increase of 42.11% [6]. - The net profit attributable to shareholders for the same period was 480 million yuan, showing a remarkable year-on-year increase of 321.20% [6]. - The average selling price of pigs in Q3 2024 was approximately 19 yuan per kilogram, up 23.5% year-on-year [5]. - The company sold a total of 1.6637 million pigs in the first three quarters, a 50% increase compared to the previous year [5]. Cost and Efficiency - The total cost of pig farming in Q3 2024 was 13.6 yuan per kilogram, a decrease from 13.9 yuan per kilogram in Q2 2024 [5]. - The company aims to reduce the average farming cost to below 14 yuan per kilogram for the entire year of 2024, with a target of less than 13 yuan per kilogram by 2025 [5]. Production Capacity and Future Outlook - The company’s productive biological assets reached 339 million yuan by Q3 2024, marking an 8.63% increase from the previous quarter [5]. - The company expects to achieve a pig output of 2.2 million, 3.2 million, and 4 million pigs in 2024, 2025, and 2026, respectively [5].

Investment Rating - The report maintains an "Accumulate-B" rating for the company [1][3]. Core Views - The company has shown significant growth in its pig farming business, with a remarkable increase in revenue and net profit for Q3 2024, driven by cost reduction and increased sales volume [1][2]. - The average domestic pig price has risen significantly in Q3 compared to Q2, contributing to improved profitability in the pig farming sector [2]. - The company is expected to achieve substantial net profit growth over the next three years, with projected earnings per share (EPS) increasing accordingly [3]. Financial Performance Summary - For the first three quarters of 2024, the company achieved a revenue of 4.078 billion yuan, a year-on-year increase of 42.11%, and a net profit of 480 million yuan, up 321.20% [1]. - In Q3 2024 alone, the company reported a revenue of 1.583 billion yuan, a 36.32% increase year-on-year, and a net profit of 356 million yuan, reflecting a staggering growth of 662.97% [1]. - The company's pig sales reached 1.6637 million heads in the first three quarters, with a 49.6% year-on-year increase, generating a revenue of 3.236 billion yuan, up 63.19% [2]. Financial Projections - The company is projected to achieve net profits of 645 million yuan, 1.252 billion yuan, and 1.260 billion yuan for the years 2024, 2025, and 2026, respectively, with corresponding EPS of 1.23, 2.39, and 2.40 yuan [3][4]. - Revenue forecasts for the upcoming years are 7.228 billion yuan for 2024, 8.825 billion yuan for 2025, and 10.297 billion yuan for 2026, indicating a strong growth trajectory [4][5]. Key Financial Ratios - The company reported a return on equity (ROE) of 10.81% for the first three quarters of 2024, an increase of 15.60 percentage points year-on-year [1]. - The projected price-to-earnings (P/E) ratios are 26 times for 2024 and 13 times for 2025, suggesting a favorable valuation outlook [3][4].

证券代码：605296 证券简称：神农集团 公告编号：2024-085 一、前十大股东的名称、持股数量和持股比例 1 | 4 | 何月斌 | 40,156,407 | 7.65% | | --- | --- | --- | --- | | 5 | 何宝见 | 40,156,407 | 7.65% | | 6 | 中国农业银行股份有限公司－银华农 业产业股票型发起式证券投资基金 | 2,044,060 | 0.39% | | 7 | 中国平安人寿保险股份有限公司－投 | 2,000,090 | 0.38% | | | 连－个险投连 | | | | 8 | 上海浦东发展银行股份有限公司－永 赢消费主题灵活配置混合型证券投资 | 1,571,045 | 0.30% | | | 基金 | | | | 9 | 香港中央结算有限公司 | 1,492,861 | 0.28% | | 10 | 中国建设银行股份有限公司－银华同 | 1,320,080 | 0.25% | | | 力精选混合型证券投资基金 | | | | | 合计 | 462,639,093 | 88.15% | 二、前十大无限售条件股东的名称、持股数量和持股 ...

好的各位投资者大家晚上好我是长阳农业的高一层欢迎大家参加神农集团2024年三季报业绩解读听话会我们非常荣幸邀请到公司的总经理蒋总为我们解读公司三季报业的情况首先恭喜神农集团取得了非常非常亮眼的业绩单三季度规模均利率3.56亿元如果我们还原了信用减去损失以后有接近3.8亿元其中绝大部分都是养猪板块的一个亿元 那么这样去测算出来的公司的成本的水平可以说是非常非常优秀的甚至是超预期的那么在负债率层面的话公司三期周末的负债率水平降到了28以下在手货币资金的水平到9.5亿元以上整个现金流情况也非常好我认为这是非常非常优异的一个机构的成绩可以看到公司绝对是一有成本水平以及长期低负债低成本稳健但是优质成长的一个潜力 所以我们也是持续的去重点推荐神龙集团认为是最稀缺的这种周期成长标的那么接下来我先和蒋总去交流几个大家普遍比较关注的问题蒋总您可以听到吗对对 蒋总第一个还是也请您大概给大家分析一下公司的一个业绩的一个情况包括各个板块的拆分等等这些情况 练习的情况其实就不用多说了其实刚才高一成也讲了我们公告发了大家也看到了就是说整个的这个一到九月份我们是这个几乎是4.8个亿那么其实这个主要的利润也主要来源于第三季度就是说大家也知道 ...

Financial Performance - In the first nine months of 2024, the company achieved a total revenue of 4.078 billion yuan, representing a year-on-year growth of 42.11% [2] - The net profit attributable to shareholders reached 480 million yuan, with a significant increase of 321.20% compared to the previous year [2] - The net cash flow from operating activities was 845 million yuan, showing a remarkable growth of 3,577.88% year-on-year [2] - In Q3 2024, the company reported a revenue of 1.583 billion yuan, up 36.32% year-on-year, and a net profit of 356 million yuan, which is a 662.97% increase [2] Cost Structure - The average complete cost from January to September was 14 yuan per kilogram, with the cost in September being 13.4 yuan per kilogram [2][4] - The feed-to-meat ratio was recorded at 2.49, and the weaning cost was approximately 300 yuan per head [2] Production Capacity and Goals - As of the end of September, the company had a breeding sow capacity of 122,000 heads, with 114,000 sows available for breeding [3] - The target for this year's output is set at 2.2 to 2.3 million heads, while the goal for next year is 3.2 to 3.5 million heads [3] Strategic Initiatives - The PIC® Guizhou Genetic Core Farm project was officially launched in October 2024, in collaboration with PIC® China and other partners [3] - The project aims to provide high-quality breeding pigs with advanced breeding technology and a global high-performance gene pool [3] Stock Repurchase Plans - The company is considering a stock repurchase based on confidence in its future stable development and recognition of its value, alongside the need for employee equity incentive plans [4] Cost Control Targets - The cost control target for the breeding business in 2025 is set to be below 13 yuan per kilogram [4]

目 录 一、最近三年及一期非经常性损益的鉴证报告……………………第 1—2 页 二、最近三年及一期非经常性损益明细表…………………………第 3—4 页 三、最近三年及一期非经常性损益明细表附注……………………第 5—7 页 四、资质证照 ………………………………………………………第 8—11 页 关于云南神农农业产业集团股份有限公司 最近三年及一期非经常性损益的鉴证报告 天健审〔2024〕1-849 号 云南神农农业产业集团股份有限公司全体股东： 我们审核了后附的云南神农农业产业集团股份有限公司（以下简称神农集团 公司）管理层编制的最近三年及一期非经常性损益明细表（2021－2023 年度以 及 2024 年 1－9 月）及其附注（以下简称非经常性损益明细表）。 一、对报告使用者和使用目的的限定 本鉴证报告仅供神农集团公司向特定对象发行股票时使用，不得用作任何其 他目的。我们同意本鉴证报告作为神农集团公司向特定对象发行股票的必备文件， 随同其他申报材料一起上报。 二、管理层的责任 神农集团公司管理层的责任是提供真实、合法、完整的相关资料，按照中国 证券监督管理委员会《公开发行证券的公司信息披露解释性公告第 1 ...