作者具有中国证券业协会授予的证券投资咨询执业资格或相当的专业胜任能力，保证报告所采 用的数据均来自合规渠道，分析逻辑基于作者的职业理解，通过合理判断并得出结论，力求客观、 公正，结论不受任何第三方的授意、影响，特此声明。 华西证券研究所： 证券研究报告|公司深度研究报告 21 [Table_Date] 2024 年 06 月 06 日 证券研究报告|公司深度研究报告 请仔细阅读在本报告尾部的重要法律声明 我们分析：（1）公司生猪养殖业务稳步推进，2023 年出栏 184.5 万头，产能利用率已接近 80%，猪业板块持续为公司贡 献收入；（2）房地产业务是公司的战略支持型业务，预售项目 陆续入伙交付确认收入，将继续给公司贡献可观的收入和利 润。（3）生猪价格 2023 年持续低迷，拖累生猪养殖板块的业 绩。基于此，下调公司 2024-2025 年营收 111.69/139.22 亿元 至 111.56/133.62 亿元，新增预测 2026 年营业收入为 152.14 亿元，下调公司 2024-2025 年归母净利润为 8.18/14.95 亿元 至 8.03/12.12 亿元，新增预测公司 2026 年归母净 ...

Group 1: Sales Performance - In April 2024, the company sold 192,000 pigs, including 39,500 piglets, generating sales revenue of 299 million yuan [1] - The average selling price of commercial pigs was 15.24 yuan/kg, with an average weight of approximately 120 kg [1] Group 2: Cost Structure - The average breeding cost for fattening pigs in April 2024 was 13.5 yuan/kg, with total costs around 14.6 yuan/kg [1] - The average cost for weaned piglets was 325 yuan per head [1] Group 3: Inventory and Production Metrics - As of the end of April 2024, the company had approximately 114,600 sows, including about 99,000 breeding sows and 15,600 replacement sows; fattening pigs inventory was 1,007,600, with 157,900 suckling piglets [2] - In April 2024, the PSY (Pigs per Sow per Year) was approximately 25, with an average of 11 weaned piglets per litter and a fattening survival rate of about 90% [2] Group 4: Business Strategy and Impact - In Q1 2024, the revenue contribution from pig farming was 54%, surpassing the real estate sector, indicating a strategic focus on pig farming [2] - The company has established emergency plans and disease prevention mechanisms to mitigate the impact of extreme weather events, with no significant adverse effects reported from recent floods [2]

Investment Rating - The report maintains a "Buy" rating for the company, indicating a positive outlook for its stock performance relative to the market [3][7]. Core Insights - The company's real estate business has offset significant losses in its pig farming segment, with a notable decrease in breeding costs [1]. - In Q1 2024, the company reported a revenue of 1.258 billion, a year-on-year decline of 81.12%, and a net profit attributable to shareholders of 54.125 million, down 95.56% year-on-year [1]. - The pig farming segment generated revenue of 679 million, a year-on-year increase of approximately 13.8%, with a total of 460,400 pigs sold, reflecting an 11.56% increase [1]. - The average selling price of pigs decreased by 6.2% to 13.76 yuan/kg, while the breeding cost was approximately 14.4 yuan/kg, leading to a loss of 38.95 million in the breeding business [1]. - The real estate segment contributed significantly to profits, with revenue of 399 million and a net profit of 109 million in Q1 2024 [1]. - The company's debt-to-asset ratio improved to 66% by the end of Q1 2024, a decrease of 2 percentage points from the previous year [1]. Financial Forecast and Metrics - The company plans to increase its pig output to 2.8 million heads in 2024, expecting improved profitability in the second half of the year due to declining breeding costs [1]. - Projected net profits for 2024-2026 are 890 million, 1.157 billion, and 687 million respectively, with corresponding EPS of 1.68 yuan, 2.18 yuan, and 1.30 yuan [1][20]. - The company’s financial metrics indicate a P/E ratio of 4.81 and a P/B ratio of 2.21, suggesting potential undervaluation [4][20].

Group 1: Financial Performance - In Q1 2024, the company achieved sales revenue of approximately 1.258 billion CNY, with a net profit attributable to shareholders of 54.13 million CNY [1] - The pig farming business generated revenue of 678.77 million CNY, accounting for about 54% of total revenue, but incurred a loss of 38.95 million CNY [1] - The real estate business reported revenue of 399.05 million CNY, contributing approximately 32% to total revenue, with a net profit of 108.81 million CNY [1] - Other businesses, including feed and poultry farming, generated revenues of 159.91 million CNY (13%) and 16.65 million CNY (1%), respectively [1] Group 2: Operational Metrics - As of the end of March 2024, the company sold 152,100 pigs in March alone, with a total sales revenue of 22.8 million CNY for that month [2] - Cumulative sales from January to March 2024 reached 460,400 pigs, generating a total revenue of 675 million CNY [2] - The average breeding cost for fattening pigs in March 2024 was 14.11 CNY/kg, with a total cost of approximately 15.36 CNY/kg [2] Group 3: Debt and Asset Management - As of Q1 2024, the company's debt-to-asset ratio was 66%, a decrease of 2 percentage points from the end of the previous year [2] - The company reported a reversal of biological asset impairment provisions of approximately 12.6 million CNY, with a remaining balance of about 12.53 million CNY [3] - Other payables at the end of Q1 2024 amounted to approximately 3.8 billion CNY, primarily related to accrued land value-added tax [3] Group 4: Market and Strategic Outlook - The company has developed comprehensive emergency plans and disease prevention mechanisms to mitigate the impact of extreme weather on pig farming operations [3] - The real estate market in Shenzhen has shown signs of recovery since March, prompting the company to adopt flexible pricing strategies to accelerate sales and improve cash flow [3]

Financial Performance - The company's revenue for Q1 2024 was ¥1,257,759,871.54, a decrease of 81.12% compared to ¥6,663,134,945.61 in the same period last year[6] - Net profit attributable to shareholders was ¥54,125,149.43, down 95.56% from ¥1,219,766,615.49 year-over-year[6] - The company's basic earnings per share dropped to ¥0.1034, a decline of 95.56% from ¥2.3312 in the same quarter last year[6] - The weighted average return on equity fell to 1.39%, down 36.34% from 37.73% year-over-year[6] - The company's net profit for the current period is ¥57,212,823.93, a significant decrease compared to ¥1,222,301,245.94 in the previous period, reflecting a decline of approximately 95.3%[31] - Operating profit for the current period stands at ¥97,158,308.27, down from ¥1,687,480,648.76 in the previous period, indicating a decrease of about 94.2%[31] - The company reported a total profit of ¥86,569,818.17, significantly lower than ¥1,680,782,997.06 in the previous period, reflecting a decrease of about 94.8%[31] Cash Flow - The net cash flow from operating activities improved by 50.77%, reaching -¥186,845,447.07 compared to -¥379,544,600.52 in the previous year[6] - Total cash inflow from operating activities is ¥1,006,044,150.12, down from ¥2,058,532,835.73 in the previous period, representing a decline of approximately 51.1%[33] - Cash flow from operating activities shows a net outflow of ¥186,845,447.07, improving from a net outflow of ¥379,544,600.52 in the previous period[33] - Cash flow from investing activities resulted in a net outflow of ¥59,383,086.57, compared to a net outflow of ¥621,022,408.97 in the previous period, showing an improvement[35] - Cash flow from financing activities generated a net inflow of ¥43,241,740.02, a decrease from ¥425,522,445.99 in the previous period, indicating a decline of about 89.9%[35] - The company's cash and cash equivalents at the end of the period amount to ¥851,996,926.68, down from ¥1,554,383,838.37 at the end of the previous period[35] Assets and Liabilities - Total assets at the end of Q1 2024 were ¥11,856,868,924.54, a decrease of 2.24% from ¥12,127,949,064.02 at the end of the previous year[6] - Total liabilities decreased to CNY 7,881,577,728.87 from CNY 8,220,893,896.09, a reduction of approximately 4.1%[27] - Non-current assets total CNY 7,780,413,112.08, down from CNY 7,894,129,519.92, reflecting a decrease of about 1.4%[27] - Total current assets decreased to ¥4,076,455,812.46 from ¥4,233,819,544.10, indicating a decline of about 3.7%[17] Shareholder Information - The total number of ordinary shareholders at the end of the reporting period was 17,889[11] - The company reported a total of 156,183,392 shares held by Shenzhen Jinke Times Industrial Co., Ltd., making it the largest shareholder[14] - The second-largest shareholder, Jinke Group Co., Ltd., holds 146,867,557 shares, representing a significant stake in the company[14] - The top ten shareholders include several private equity funds, with the largest being Zirc Private Fund Management (Hainan) Co., Ltd. holding 26,162,000 shares[14] - The company has not disclosed any related party relationships among the remaining shareholders[14] Operational Metrics - The company's operating costs decreased by 72.01% to ¥973,120,679.80, reflecting a significant reduction in project costs[10] - The company reported a 93.60% decrease in income tax expenses, amounting to ¥29,356,994.24, due to a decline in taxable profits[10] - Accounts receivable increased by 215.86% to ¥87,396,309.20, primarily due to an increase in receivables from feed sales[10] - Inventory rose to ¥2,914,382,549.27 from ¥2,872,707,801.35, reflecting an increase of approximately 1.4%[17] - The company reported a decrease in other receivables to ¥29,185,446.32 from ¥40,555,530.79, a decline of approximately 28.0%[17] - Research and development expenses for the current period are CNY 11,298,190.96, an increase from CNY 9,118,047.87, indicating a growth of approximately 24.0%[21] - Financial expenses increased to CNY 29,413,996.76 from CNY 12,007,770.81, marking a significant rise of about 145.0%[21] Market and Product Development - The company has not disclosed any new product developments or market expansion strategies in the current report[36]

证券代码：000048 证券简称：京基智农 公告编号：2024-023 深圳市京基智农时代股份有限公司 担保进展公告 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 42.63 亿元，占 公司最近一期经审计净资产的 110.64%，其中对下属公司担保余额为 26.87 亿元， 对其他单位/个人的担保余额为 15.76 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 （一）担保事项审议情况 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 月 18 日、9 月 4 日审议通 过《关于为下属公司提供担保额度的议案》，同意公司为部分下属公司提供合计 不超过人民币 28 亿元的担保额度，其中为广东京基智农时代有限公司（以下简 称"广东京基智农"）提供担保额度不超过人民币 5 亿元。 公司第十届董事会第十二次临时会议及 2024 年第一次临时股东大会分别于 2 ...

Investment Rating - The report maintains an "Accumulate" rating for the company [5] Core Views - The company achieved a revenue of 12.42 billion yuan in 2023, representing a year-on-year growth of 107.1%, and a net profit attributable to shareholders of 1.746 billion yuan, up 125.9% year-on-year [5][9] - The real estate segment continues to contribute significantly to profits, with a total sales area of 138,900 square meters in 2023, an increase of 221.9% year-on-year [6] - The company has optimized its pig farming costs, leading to a rapid increase in pig sales volume, with approximately 1.845 million pigs sold in 2023, a year-on-year increase of 45.9% [2][5] Summary by Sections Financial Performance - In Q4 2023, the company reported a revenue of 2.489 billion yuan, a decrease of 34.7% year-on-year, with a net profit of 488 million yuan, an increase of 40.4% year-on-year [5] - The company’s gross profit margin for 2023 was 38.7%, with a return on equity (ROE) of 45.3% [9] Business Segments - The feed business saw sales of 215,000 tons in 2023, a slight decrease of 0.3% year-on-year, while revenue from feed reached 920 million yuan, up 4.2% year-on-year [3] - The poultry segment generated revenue of 64.72 million yuan, down 7.86% year-on-year, with a total of 22.069 million chicks sold, a growth of 1.2% [3] Production Capacity - As of the end of 2023, the company had a total fixed asset value of 6.052 billion yuan, an increase of 25.49% year-on-year, and a breeding sow inventory of approximately 112,000 heads [7]

证券代码：000048 证券简称：京基智农 公告编号：2024-021 深圳市京基智农时代股份有限公司 2024 年 3 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。 一、2024年3月生猪销售情况 2024年3月，公司销售生猪15.21万头（其中仔猪1.54万头），销售收入2.28亿 元；商品猪销售均价14.54元/kg。 2024年1-3月，公司累计销售生猪46.04万头（其中仔猪2.48万头），累计销售 收入6.75亿元。 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 | 生猪销售数量（万头） | | 生猪销售收入（亿元） | | 商品猪价格（元/kg） | | --- | --- | --- | ...

深圳市京基智农时代股份有限公司 章 程 二〇二四年四月 1 | 第一章 | 总则 3 | | --- | --- | | 第二章 | 经营宗旨和范围 4 | | 第三章 | 股份 4 | | 第一节 | 股份发行 4 | | 第二节 | 股份增减和回购 5 | | 第三节 | 股份转让 6 | | 第四章 | 股东和股东大会 6 | | 第一节 | 股东 6 | | 第二节 | 股东大会的一般规定 8 | | 第三节 | 股东大会的召集 9 | | 第四节 | 股东大会的提案与通知 10 | | 第五节 | 股东大会的召开 11 | | 第六节 | 股东大会的表决和决议 14 | | 第五章 | 董事会 17 | | 第一节 | 董事 17 | | 第二节 | 董事会 19 | | 第六章 | 总裁及其他高级管理人员 24 | | 第七章 | 监事会 25 | | 第一节 | 监事 25 | | 第二节 | 监事会 26 | | 第八章 | 财务会计制度、利润分配和审计 27 | | 第一节 | 财务会计制度 27 | | 第二节 | 内部审计 29 | | 第三节 | 会计师事务所的聘任 29 | | 第九 ...