公司研究 评级：买入(首次覆盖) | --- | --- | |-----------------------|-------------| | 市场数据 | 2024/03/22 | | 当前价格（元） | 17.92 | | 52 周价格区间（元） | 15.81-25.81 | | 总市值（百万） | 9,507.80 | | 流通市值（百万） | 9,376.45 | | 总股本（万股） | 53,056.93 | | 流通股本（万股） | 52,323.93 | | 日均成交额（百万） | 228.49 | | | | [Table_Title] 生猪主营业务快速发展，养殖成本下降显著 ——京基智农（000048）2023 年报点评报告 2024 年 3 月 19 日，京基智农发布 2023 年年报：2023 年，公司实现营 收 124.17 亿元，同比增长 107.1%；实现归母净利润 17.46 亿元，同比 增长 125.89%。 营收利润双增，受猪价拖累养猪业务亏损。2023 年，公司实现营收 124.17 亿元，同比增长107.1%；实现归母净利润17.46亿元，同比增长125.89%。 分 ...

Group 1: Financial Performance - In 2023, the company achieved a sales revenue of 12.417 billion CNY, representing a year-on-year growth of 107.10% [3] - The net profit attributable to shareholders was 1.746 billion CNY, with a year-on-year increase of approximately 125.89% [3] - The real estate segment saw a significant increase in sales revenue to 8.582 billion CNY, up 216.98% year-on-year, contributing a net profit of 2.322 billion CNY [3] Group 2: Business Segments - The company sold 1.845 million pigs in 2023, generating sales revenue of 2.8 billion CNY, but incurred a loss of 560 million CNY in the pig farming business due to low prices [3] - The feed business reported sales revenue of 923 million CNY, reflecting a year-on-year growth of 4.16% [3] - The poultry farming segment generated sales revenue of 65 million CNY [3] Group 3: Financial Health - As of the end of 2023, the company's debt-to-asset ratio was 68%, a significant decrease from 85% in the previous year, indicating improved solvency [3] - The company had cash reserves of approximately 1.1 billion CNY at the end of 2023 [4] Group 4: Cost Management - The average production cost for fattening pigs in January and February 2024 was 14.50 CNY/kg, down from approximately 16 CNY/kg in 2023 [4] - The company aims to further reduce costs through refined management and optimized feeding strategies [4] Group 5: Disease Control - The company has established a comprehensive biosecurity system to mitigate disease risks, with three of its projects recognized as disease-free zones by the Ministry of Agriculture [4]

Financial Performance - The company reported a revenue of CNY 12,417,006,232.40 for 2023, representing a 107.10% increase compared to CNY 5,995,656,104.54 in 2022[9] - Net profit attributable to shareholders reached CNY 1,746,300,186.67, up 125.89% from CNY 773,073,916.59 in the previous year[9] - The company's total assets decreased by 30.84% to CNY 12,127,949,064.02 at the end of 2023, compared to CNY 17,536,045,755.10 at the end of 2022[9] - The net asset attributable to shareholders increased by 46.89% to CNY 3,852,734,738.27 at the end of 2023, up from CNY 2,622,827,542.76 in 2022[9] - The company experienced a net cash flow from operating activities of -CNY 414,653,912.74, a decline of 140.61% compared to CNY 1,021,171,817.86 in 2022[9] - The weighted average return on equity was 55.47% for 2023, an increase of 24.12 percentage points from 31.35% in 2022[9] Revenue Breakdown - Real estate development contributed ¥8,582,074,600.90, accounting for 69.12% of total revenue, with a significant year-on-year growth of 216.98%[32] - The feed production segment generated ¥923,458,439.39, representing 7.44% of total revenue, with a slight increase of 4.16% year-on-year[32] - The breeding industry reported revenue of ¥2,887,427,838.54, which is 23.25% of total revenue, showing a year-on-year growth of 23.02%[32] - The core business of pig farming generated revenue of approximately ¥2.81 billion, accounting for 22.65% of total revenue, while the real estate segment contributed approximately ¥8.58 billion, representing 69.12% of total revenue[134] Operational Highlights - The company sold a total of 1,845,000 pigs in 2023, including 232,000 piglets, with a year-end inventory of 1,108,500 fattening pigs and 112,200 breeding sows[22] - The company sold 22,069,000 chicks during the reporting period, marking a 1.2% year-on-year increase[23] - The company has established multiple integrated pig breeding and fattening bases in Guangdong and surrounding areas, primarily supplying the Guangdong-Hong Kong-Macao Greater Bay Area market[125] - As of the end of 2023, the company had a breeding stock of approximately 112,000 sows, with about 98,000 being foundation sows, indicating a leading position in the region[128] Research and Development - The company has invested over ¥100 million in research and development related to livestock breeding, achieving multiple patents and software copyrights[44] - The company has established a close cooperation with South China Agricultural University for key technology research in the livestock industry[44] - The company has developed a strong research foundation in animal nutrition and feed formulation technology, allowing for cost-effective and tailored feed solutions[115] Strategic Initiatives - The company is actively participating in the national key research and development plan for the "14th Five-Year Plan," focusing on intelligent biosecurity and epidemic prevention technologies in pig farming[44] - The company has signed a strategic cooperation framework agreement with the Shenzhen Market Supervision Administration to prioritize the supply of pigs and various meat products to Shenzhen[127] - The company has established strategic partnerships with international breeding companies to enhance its breeding capabilities and genetic performance[128] Market Position - The company's market share in the listed pig farming sector increased from 7.43% in 2018 to 21.08% in 2023, reflecting a shift towards larger-scale farming enterprises[106] - The company has been recognized for its contributions to food supply stability in Shenzhen, receiving multiple honors for its efforts[109] Cost Management - The average breeding cost for fattening pigs has shown a continuous decline, positioning the company as a leader in cost control within the industry[114] - The company has implemented multiple technical improvements to reduce costs in energy consumption, raw materials, and labor efficiency[85] Real Estate Development - The company reported a total transaction volume of 64,389 residential units in Shenzhen for 2023, representing a year-on-year increase of 14.7%[82] - The average transaction price for new residential properties in Shenzhen was 59,554 RMB per square meter, down 11.4% year-on-year[82] - The average transaction price for second-hand residential properties in Shenzhen was 63,386 RMB per square meter, down 15.4% year-on-year[82] - The cumulative pre-sale area for the Shanhai Yuyuan project reached approximately 161,201.53 square meters, with a pre-sale amount of approximately ¥177.34 million in the current period[123] Corporate Governance - The company has no non-operating fund occupation by controlling shareholders or related parties during the reporting period[145] - The company has no violations regarding external guarantees during the reporting period[146] - The company has established a commitment to standardize related party transactions, ensuring fair and reasonable market pricing[142] Legal and Compliance - The company has a total of 62.3714 million yuan involved in ongoing or settled litigation, which does not have a significant impact on the company[154] - The company has no major litigation or arbitration matters that meet the disclosure standards during the reporting period[154] Audit and Financial Reporting - The audit fee for the financial report in 2023 is 1.17 million yuan (excluding tax), and the internal control audit fee is 300,000 yuan (excluding tax)[153] - The company has changed its accounting policy effective January 1, 2023, but it has no impact on the financial statements[147]

Financial Performance - The company's operating revenue for 2023 reached ¥12.42 billion, a 107.10% increase compared to ¥5.99 billion in 2022[19]. - Net profit attributable to shareholders was ¥1.75 billion, reflecting a 125.89% increase from ¥773 million in the previous year[19]. - The net profit after deducting non-recurring gains and losses was ¥1.73 billion, up 100.68% from ¥862 million in 2022[19]. - The total operating revenue for 2023 reached ¥12,417,006,232.40, a year-on-year increase of 107.10% compared to ¥5,995,656,104.54 in 2022[66]. - The livestock industry generated ¥2,887,427,838.54, representing 23.25% of total revenue, with a year-on-year increase of 23.02%[66]. - The total operating cost for 2023 was ¥7,608,878,281.09, reflecting a 91.51% increase from ¥3,973,013,550.44 in 2022[72]. - The gross profit margin for real estate development was 55.17%, with operating costs rising by 213.40% to ¥3,847,388,210.55[68]. - The company reported a revenue of 1.5 billion RMB for the fiscal year 2023, representing a 15% increase year-over-year[140]. Cash Flow and Financial Position - The company's cash flow from operating activities showed a net outflow of ¥414.65 million, a decline of 140.61% compared to a net inflow of ¥1.02 billion in 2022[19]. - The net increase in cash and cash equivalents was -¥1,074,444,681.57, a 22.47% improvement compared to the previous year[80]. - The company’s cash and cash equivalents decreased to CNY 1,106,729,723.96, which is 9.13% of total assets, down from 12.23% at the beginning of the year[85]. - The company incurred fines totaling CNY 1.4 million for exceeding air pollution discharge standards and CNY 276,000 for exceeding water pollution discharge standards, but these did not have a significant impact on operations[174]. Business Operations and Strategy - The company’s main business has evolved to include livestock breeding, sales, and meat processing, among other activities[17]. - The company anticipates ongoing challenges in production management due to changes in the competitive landscape of the pig farming industry[35]. - The company plans to enhance project management and improve breeding efficiency in 2024, focusing on balancing cost and benefit in pig farming[100]. - The company is addressing the cyclical nature of pig prices and aims to improve production management and cost control to mitigate risks[104]. - The company plans to enhance feed product development and cost management to counteract raw material price fluctuations[106]. - The company is committed to improving biosecurity measures to prevent disease outbreaks in pig farming, which could impact production and financial performance[108]. Corporate Governance - The company has established a complete and independent asset system, with no instances of asset or funds being improperly occupied by the controlling shareholder[117]. - The company maintains an independent financial department and has established a complete financial accounting system, ensuring no shared bank accounts with the controlling shareholder[120]. - The company has developed a new system for independent directors to enhance governance and ensure compliance with relevant laws and regulations[115]. - The company has a governance structure that complies with the Company Law and Securities Law, ensuring effective operation of the board and shareholder meetings[115]. - The company has a clear delineation of assets and operations, ensuring independence from the controlling shareholder's other enterprises[116]. Research and Development - The company has invested over RMB 100 million in research and development related to the pig farming industry, resulting in multiple patents and software copyrights[61]. - The company added 6 new patents and software copyrights during the reporting period, contributing to the modernization and digitalization of the pig farming industry[177]. - The company is investing 100 million RMB in R&D for new technologies aimed at enhancing user experience[140]. Market and Industry Trends - The company reported a significant increase in the scale of pig farming, with the market share of listed pig companies rising from 7.43% in 2018 to 21.08% in 2023[35]. - The national pig output reached 726.62 million heads, with 18 listed pig companies accounting for 153.18 million heads, representing a market share of 21.08%[96]. - The feed industry saw a total production of 196.473 million tons in 2023, a 13.0% increase year-on-year, with large-scale feed production plants (over 10,000 tons) increasing to 1,050, up by 103 from the previous year[98]. Employee and Management - The company reported a total of 3,062 employees at the end of the reporting period, with 2,483 in production roles and 149 in technical roles[156]. - The company has a total of 73 employees with a master's degree or higher, and 457 with a bachelor's degree[156]. - The company has implemented a comprehensive training management system to support its growth and development strategy for 2024[158]. - The company’s performance-based compensation is directly linked to its operational efficiency and employee performance evaluations[157]. Environmental and Social Responsibility - The company invested CNY 1.6491 million in social responsibility initiatives, including support for the elderly, rural infrastructure improvement, and educational donations[180]. - The company established a sustainable development model in Gaozhou, integrating livestock wastewater resource utilization with crop planting to enhance local agricultural quality[179]. - The company actively participated in community support activities, including a CNY 50,000 sponsorship for a marathon and cultural performances in rural areas[181]. Future Outlook - The company plans to expand its market presence and enhance product offerings through strategic acquisitions and new technology developments[74]. - The company is exploring potential acquisitions to enhance its market position, with a budget of 500 million RMB allocated for this purpose[140]. - The company provided guidance for 2024, expecting revenue to grow by 10% to 1.65 billion RMB[140]. - The real estate sector is expected to recover gradually due to supportive government policies, although challenges remain for small and medium-sized enterprises[99].

Feed Production and Market Trends - As of the end of 2023, the national feed production reached 196.473 million tons, an increase of 13.0% year-on-year, accounting for 61.1% of the total national feed production, up by 3.5 percentage points from the previous year[4] - The number of feed production plants with an annual output of over 10,000 tons increased by 103 to 1,050, while the number of feed enterprises producing over 1 million tons annually decreased by 3 to 33, with their total production accounting for 56.1% of the national total, down by 1.5 percentage points year-on-year[5] - The domestic pig farming industry continues to experience cyclical fluctuations, with excess production capacity persisting since 2020, leading to cash flow crises for some enterprises[7] Company Strategy and Development - In 2024, the company aims to enhance its market share and profitability by focusing on high-end feed products and improving internal management for stable supply and quality[5] - The company plans to strengthen feed product research and development and adjust feed formulas based on market demands and raw material prices to enhance competitiveness and profitability[9] - The company plans to expand its market presence in Southeast Asia, targeting a 25% market share within the next two years[32] - A strategic acquisition of a local competitor is in progress, which is anticipated to increase the company's market share by 5%[32] - The company is actively expanding its market presence and exploring new product development opportunities[53] - The company's future outlook includes plans for further market expansion and potential acquisitions[53] Financial Performance - The company reported a total revenue of 34 million in the latest financial period, reflecting a year-over-year increase of 12%[32] - User data indicates a growth in active users by 15%, reaching a total of 1.5 million users[32] - The company has provided a revenue guidance for the next quarter, projecting an increase of 10% to 37.4 million[32] Research and Innovation - New product development includes the launch of a smart agricultural technology platform, expected to enhance operational efficiency by 20%[32] - The company has invested 5 million in R&D for innovative farming solutions, aiming for a 30% improvement in yield[32] - The company has established partnerships with three major agricultural universities to enhance research capabilities[32] - The company developed 6 new patents and software copyrights during the reporting period, contributing to the modernization and digitalization of traditional farming practices[147] Sustainability and Social Responsibility - The company is committed to sustainable development and has implemented measures to address environmental and food safety issues, including upgrading equipment for compliance and establishing laboratories for rapid testing[10] - The management team emphasized a commitment to sustainability, with plans to reduce carbon emissions by 15% over the next three years[32] - The company invested 1.6491 million CNY in social responsibility initiatives, including support for education and rural infrastructure[110] - The company allocated 100,000 CNY for educational public welfare projects to support university students in 2023[111] - The company donated 50 tons of organic fertilizer to support local medicinal herb cultivation, promoting a sustainable agricultural model[149] - The company established a demonstration base for ecological agriculture in Gaozhou, focusing on resource utilization and sustainable development[149] Corporate Governance and Management - The company has a total of 10 board members, with a mix of independent and executive directors[45] - The company’s financial monitoring is overseen by the finance director, who has been in the role since April 2023[45] - The company’s independent director, Mr. Fu Yan, has a strong academic background and extensive experience in the biotechnology sector[49] - The company’s board includes a diverse range of professionals with expertise in finance, law, and management[54] - The company’s board of directors actively participated in meetings, ensuring decisions consider the interests of minority shareholders[85] - The company’s annual salary plan for senior management includes both base and performance-related pay, evaluated by the Compensation and Assessment Committee[77] Internal Controls and Compliance - The company has maintained independent oversight of internal controls and financial reporting during the reporting period[64] - The company has established a comprehensive internal control system to manage related transactions and ensure compliance with regulations[100] - The company has maintained effective internal controls in all significant aspects according to internal audit assessments[101] - The internal control audit report indicated that the company maintained effective financial reporting controls as of December 31, 2023, with a standard unqualified opinion[126] - The company reported that 90% of its consolidated financial statement revenue came from units included in the internal control evaluation scope[120] Remuneration and Incentives - The total pre-tax remuneration for the chairman, 熊伟, is 150,000 CNY[59] - The total pre-tax remuneration for the president, 巴根, is 2,107,000 CNY[59] - The total pre-tax remuneration for the vice president, 蔡新平, is 1,628,000 CNY[59] - The total pre-tax remuneration for the vice president, 谢永东, is 1,865,000 CNY[60] - The total pre-tax remuneration for the vice president, 王鸿鹤, is 1,506,000 CNY[60] - The total pre-tax remuneration for the vice president, 吴志君, is 2,066,000 CNY[60] - The total pre-tax remuneration for the finance director, 顾彬, is 790,000 CNY[60] - The total pre-tax remuneration for the finance director, 伍玉利, is 157,100 CNY[60] - The total remuneration for all directors and senior management amounts to 13,886,200 CNY[60] - A restricted stock incentive plan was approved, granting 7.85 million shares at a price of 10.69 CNY per share to 171 incentive targets, representing 1.50% of the total share capital[94] - The company’s stock incentive plan aims to motivate senior management and improve sustainable development capabilities[118] Operational Updates - The company upgraded its online learning platform to enhance employee engagement and learning efficiency[81] - The company’s training system was updated to better align with its development pace, supporting ongoing talent development[81] - The company approved the use of idle funds for investment and financial management, emphasizing risk control[88] - The total number of employees at the end of the reporting period was 3,062, with 58 at the parent company and 3,004 at major subsidiaries[90] - The company has a total of 2,483 production personnel, 48 sales personnel, 149 technical personnel, 157 financial personnel, 206 administrative personnel, and 19 engineering personnel[90] Legal and Regulatory Compliance - The company has no significant litigation or arbitration matters affecting its operations during the reporting period[180] - The company has not engaged in any violations regarding external guarantees during the reporting period[156] - The company has no non-operating fund occupation by controlling shareholders or other related parties during the reporting period[139] Environmental Compliance - The company received fines totaling 0.14 million, 0.16 million, and 0.14 million for exceeding air pollution discharge standards, and 0.276 million for exceeding water pollution discharge standards, all of which have been rectified[130]

证券代码：000048 证券简称：京基智农 公告编号：2024-013 深圳市京基智农时代股份有限公司 2024 年 2 月生猪销售情况简报 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚 假记载、误导性陈述或重大遗漏。 深圳市京基智农时代股份有限公司（以下简称"公司"）下属公司从事生猪 养殖业务，按照《深圳证券交易所上市公司自律监管指引第3号——行业信息披露》 规定，深交所鼓励从事畜禽、水产养殖业务的上市公司每月通过临时公告形式披 露相关业务销售情况，公司参照该指引披露生猪销售情况。 （二）动物疫病是畜牧行业发展中面临的主要风险，可能会对公司的经营业 绩产生重大影响。敬请广大投资者注意投资风险。 三、其他提示 一、2024年2月生猪销售情况 2024年2月，公司销售生猪13.65万头（其中仔猪0.15万头），销售收入1.99亿 元；商品猪销售均价13.24元/kg。 2024年1-2月，公司累计销售生猪30.84万头（其中仔猪0.94万头），累计销售 收入4.47亿元。 上述销售数据未经审计，与定期报告披露的数据之间可能存在差异，因此上 述数据仅作为阶段性数据供投资者参考。 | 月份 | ...

证券代码：000048 证券简称：京基智农 公告编号：2024-012 深圳市京基智农时代股份有限公司 关于为下属公司提供担保的进展公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚 假记载、误导性陈述或重大遗漏。 特别风险提示： 截至本公告披露日，公司及控股子公司实际对外担保余额为 55.12 亿元，占 公司最近一期经审计净资产的 210.17%，其中对下属公司担保余额为 26.64 亿元， 对其他单位/个人的担保余额为 28.48 亿元（均系为房地产项目购房客户提供的阶 段性按揭贷款担保）。敬请广大投资者注意投资风险。 1/4 的授信担保余额为 7.27 亿元，公司对高州京基智农的授信担保额度尚余 2.64 亿 元。 本次担保发生额在公司经股东大会审议通过的担保额度范围内，根据《深圳 证券交易所股票上市规则》的相关规定，本事项无需再次提交公司董事会及股东 大会审议。 二、被担保对象基本情况 1、被担保对象基本信息 一、担保情况概述 （一）担保额度审议情况 深圳市京基智农时代股份有限公司（以下简称"公司"）第十届董事会第五 次会议及 2023 年第一次临时股东大会分别于 2023 年 8 ...

观韬中茂律师事务所 GUANTAO LAW FIRM Tel：8675525980899 Fax：8675525980259 E-mail：guantaosz@guantao.com http://www.guantao.com 深圳市福田区金田路皇岗商务中心 1 号楼 5601-5602 单元 邮编：518048 Unit 5601-5602, 56/Floor, Tower 1, Excellenet Century Center, Jintian Road, Futian District, S henzhen 518048, P.R.China 北京观韬中茂（深圳）律师事务所 关于深圳市京基智农时代股份有限公司 2024年第一次临时股东大会的法律意见书 观意字2024第001219号 致：深圳市京基智农时代股份有限公司 北京观韬中茂（深圳）律师事务所（以下简称"本所"）接受深圳市京基智 农时代股份有限公司（以下简称"京基智农"或"公司"）的委托，指派律师列 席京基智农于2024年2月22日召开的2024年第一次临时股东大会（以下简称"本 次股东大会"）。本所依据《中华人民共和国公司法》（以下简称"《公 ...

证券代码：000048 证券简称：京基智农 公告编号：2024-011 一、会议召开和出席情况 （一）会议召开情况 1、召集人：深圳市京基智农时代股份有限公司第十届董事会 2、召开方式：现场投票与网络投票相结合 深圳市京基智农时代股份有限公司 2024 年第一次临时股东大会决议公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假 记载、误导性陈述或重大遗漏。 特别提示 1、本次股东大会未出现否决提案的情形。 2、本次股东大会未涉及变更以往股东大会已通过的决议。 3、现场会议召开地点：深圳市罗湖区深南东路 5016 号京基 100 大厦 A 座 71 层会议室 4、现场会议召开时间：2024 年 2 月 22 日（星期四）15:00 网络投票时间：2024 年 2 月 22 日 其中：通过深圳证券交易所交易系统进行网络投票的具体时间为 2024 年 2 月 22 日 9:15-9:25，9:30-11:30 和 13:00-15:00；通过深圳证券交易所互联网投票系 统进行网络投票的具体时间为 2024 年 2 月 22 日 9:15 至 15:00 中的任意时间。 5、主持人：董事长熊伟先 ...

证券代码：000048 证券简称：京基智农 公告编号：2024-008 深圳市京基智农时代股份有限公司 对外担保公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚 假记载、误导性陈述或重大遗漏。 特别风险提示： 截至本公告披露日，公司及控股子公司实际对外担保余额为 61.85 亿元，占 公司最近一期经审计净资产的 235.81%，其中对下属公司担保余额 26.30 亿元， 对其他单位/个人的担保余额为 35.55 亿元（均系为房地产项目购房客户提供的阶 段性按揭贷款担保）。敬请广大投资者注意投资风险。 一、担保情况概述 1、为有效满足公司下属公司合作养殖户养殖配套的资金需求，保障合作养 殖户融资的顺利进行，从而推动下属公司与养殖户的长期合作，公司及下属公司 拟为合作养殖户向银行等金融机构融资提供连带责任保证担保及保证金质押担 保，其中连带责任保证担保总额不超过人民币 5,000 万元；保证金金额不超过银 行等金融机构向合作养殖户发放贷款总额的 10%，且保证金余额最高不超过人民 币 500 万元。 2、为缓解下属公司广东京基智农科技有限公司（以下简称"广东京基智农 科技"）部分优质饲料采购 ...