天康生物 证券代码：002100 证券简称：天康生物 公告编号：2024-064 天康生物股份有限公司 关于归还用于暂时补充流动资金的闲置募集资金的公告 本公司及董事会全体成员保证信息披露的内容真实、准确和完整，没有虚假 记载、误导性陈述或者重大遗漏。 天康生物股份有限公司（以下简称"公司"）于2023年11月24日分别召开了 第八届董事会第十一次（临时）会议、第八届监事会第六次（临时）会议，审议 通过了公司《关于使用部分闲置募集资金暂时补充流动资金的议案》，同意公司 使用部分闲置募集资金暂时补充流动资金，总额不超过50,000万元,使用期限自公 司董事会批准之日起不超过12个月。具体内容详见刊登于2023年11月25日本公司 指定信息披露报纸《证券时报》和巨潮资讯网www.cninfo.com.cn上的《天康生物 股份有限公司关于使用部分闲置募集资金暂时补充流动资金的公告》（公告编号： 2023-094）。 公司已于2024年11月15日将用于暂时补充流动资金的闲置募集资金50,000万 元全部归还至公司募集资金专用账户，使用期限未超过12个月,即在到期日2024年 11月23日前归还。公司已将上述募集资金 ...

Investment Rating - The report maintains a "Buy" rating for the company Tian Kang Biological (002100) [1] Core Views - The company has achieved significant profitability in its pig farming business due to rising pig prices and improved costs, with a projected Q4 profit outlook remaining strong [1][3] - The company aims to increase its pig output to 3 million heads in 2024, with a long-term goal of reaching 5 million heads in the next 2-3 years [1][3] - The feed business remains stable, with a slight increase in sales volume, although revenue is expected to decline due to falling feed prices [1] Market Data - In the first three quarters of 2024, the company reported revenue of 13.09 billion yuan, a year-on-year decrease of 11.0%, but achieved a net profit of 570 million yuan, turning around from losses [1] - The company sold 2.144 million heads of pigs in the first three quarters, a year-on-year increase of 4.15%, with an average selling price for fat pigs expected to exceed 18 yuan/kg in Q3 [1] - The average price of live pigs in Q3 was approximately 19.4 yuan/kg, a year-on-year increase of 21.6% [1] Financial Projections - The company forecasts revenues of 19.03 billion yuan in 2023, with a projected decline of 11.2% in 2024, followed by growth in subsequent years [3][4] - The expected earnings per share (EPS) for 2024, 2025, and 2026 are 0.53 yuan, 0.67 yuan, and 0.75 yuan respectively, with corresponding price-to-earnings (PE) ratios of 12.8, 10.1, and 9.1 [3][4]

天康生物 证券代码：002100 证券简称：天康生物 公告编号：2024-063 | 2024 | 年 | 8 | 月 | 23.95 | 186.21 | 4.58 | 31.10 | 19.03 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 2024 | 年 | 9 | 月 | 28.17 | 214.38 | 5.33 | 36.43 | 18.01 | | 2024 | 年 | 10 | 月 | 28.43 | 242.81 | 4.71 | 41.14 | 16.91 | 注：因四舍五入，以上数据可能存在尾差。 天康生物股份有限公司 关于 2024 年 10 月份生猪销售简报 本公司及董事会全体成员保证信息披露的内容真实、准确和完整，没有虚假 记载、误导性陈述或者重大遗漏。 一、2024 年 10 月份生猪销售情况 天康生物股份有限公司（以下简称"公司"）2024 年 10 月份销售生猪 28.43 万头，销量环比增长 0.92%，同比增长 22.86%；销售收入 4.71 亿元，销售收入环 比下降 11.63%，同比增长 1 ...

看来 今年6-9月份公司实现饲料销量是204.36万吨较去年同期增长2.25%生猪猪篮214.38万头较去年同期增长7.15%动物疫苗实现营业收入8.37亿元较去年同期增长1.8% 那么各业务的这个分拆的利润构成情况是这样的1月1到9月份公司实现这个规模基金是5.66亿元其中资料实现利润是1.13亿元科药实现利润是0.99亿元养殖业务利润5.1亿元蛋白油的业务亏损1600万元 农产品业务亏损七千二百万元总部费用是六千九百万这是一到九月份的利润构成单三季度的利润构成食药业务实现的利润是两千八百万元制药业务四千万元养殖业务是二百八九亿元蛋白油子业务亏损八百七十万元农产品业务是亏损三千五百万元 总部费用2400万元单三系统实现内容是8、9亿这是各业务的一个内容构成情况以上就是今年1月到9月份公司各项业务的一个基本的经营情况先给各位投资者做一个汇报现在看各位投资者对公司今年实现这个经营情况哪些方面 还是要做自己的了解咱们做一个交流谢谢好的那感谢郭总的分享下面是进入到投资者的提问环节如需提问电话端的参会者请先按话题上的信号键再按数字一谢谢 各位投资者现在是互动提问环节如需提问电话端的参会者请按话机上的信号键再按数字一谢 ...

Investment Rating - The report maintains a rating of "Accumulate" for the company, with a target price adjusted to 8.68 CNY from the previous 11.29 CNY [3][5]. Core Views - The company has seen a decrease in breeding costs, with expectations for marginal improvements in the post-cycle phase. The third quarter performance met expectations, with significant profits from breeding operations [4][5]. - The company reported a total output of 2.14 million heads in the first three quarters and has revised its 2024 sales volume forecast down to 3 million heads due to intense competition in foot-and-mouth disease vaccines, leading to a reduction in gross margin predictions for some vaccine sales [5]. - The report anticipates a continued decline in breeding costs, with average costs expected to decrease further in the fourth quarter, driven by improved breeding efficiency and epidemic prevention capabilities [5]. Financial Summary - For the first three quarters, the company achieved a revenue of 1.3087 billion CNY, a year-on-year decrease of 11.01%, while the net profit attributable to the parent company was 566 million CNY, reflecting a year-on-year increase of 212.14% [5]. - The report projects the company's EPS for 2024 and 2025 to be 0.57 CNY and 0.76 CNY respectively, down from previous estimates of 0.65 CNY and 0.78 CNY [5]. - The company is valued using a segment valuation method, with projected market values for its feed, veterinary, and breeding segments at 2.4 billion CNY, 3.4 billion CNY, and 6 billion CNY respectively, leading to a total target market value of 11.8 billion CNY [5]. Market Data - The company's stock price has fluctuated between 5.71 CNY and 8.94 CNY over the past 52 weeks, with a total market capitalization of 9.243 billion CNY [6]. - The company has a net asset value per share of 5.09 CNY, with a current price-to-book ratio of 1.3 [7].

Investment Rating - The report maintains a "Buy" rating for the company, indicating a positive outlook for the stock over the next six months [6]. Core Insights - The company achieved a revenue of 13.087 billion yuan in the first three quarters of 2024, a year-on-year decrease of 11%, but the net profit attributable to the parent company reached 566 million yuan, a significant increase of 212% [1]. - In Q3 2024, the company reported a revenue of 5.094 billion yuan, down 11% year-on-year but up 21% quarter-on-quarter, with a net profit of 289 million yuan, reflecting a year-on-year increase of 606% and a quarter-on-quarter increase of 30% [1]. - The company is expected to achieve both volume and quality growth, with significant cost improvements and a steady increase in output [4]. Summary by Sections Financial Performance - In Q3 2024, the company’s pig output was approximately 743,000 heads, a decrease of 1% year-on-year and 2% quarter-on-quarter, with an estimated weighted average price of 18.2 yuan/kg, up 18% quarter-on-quarter [2]. - The estimated cost for Q3 2024 has decreased to around 14.3 yuan/kg, down from 15.15 yuan/kg in Q2 2024, leading to an estimated operational profit of about 300 million yuan for the pig business [2]. - The company’s total revenue for 2024 is projected to be 20.283 billion yuan, with a compound annual growth rate of approximately 11% to 19% from 2023 to 2025 [4]. Business Segments - The non-pig business remains robust, with animal health and feed being significant profit sources. The animal health business is expected to gain market competitiveness following the successful establishment of a vaccine project [3]. - In Q3 2024, feed sales reached approximately 690,000 tons, with exports accounting for about 450,000 tons and domestic sales for about 240,000 tons, although revenue is expected to decline due to falling raw material prices [3]. Future Outlook - The company aims to achieve a pig output target of 350,000 to 400,000 heads next year, supported by improved production metrics and cost efficiencies [2]. - The report adjusts the net profit forecast for 2024 to 952 million yuan, with EPS estimates of 0.70 yuan per share, reflecting a recovery from previous losses [4].

Investment Rating - The report maintains a "Recommended" rating for the company [6] Core Views - The company's profitability has significantly improved, with a net profit of 5.7 billion yuan for the first three quarters of 2024, representing a year-on-year increase of 212.1% [1] - The sales volume of the feed business has steadily increased, with a total of 204.36 million tons sold in the first three quarters of 2024, up 2.25% year-on-year [1] - The company has reduced its breeding costs, with the total cost of raising pigs dropping to 15.2 yuan/kg in the first three quarters of 2024, and further down to 14.3 yuan/kg in Q3 2024 [2] - The company has a strong cash flow, with a net cash flow from operating activities of 13.7 billion yuan in Q3 2024, up 23.9% quarter-on-quarter [3] - The company is expected to continue benefiting from high pig prices in the second half of 2024, with projected net profits of 8.18 billion, 11.00 billion, and 15.19 billion yuan for 2024-2026 [3] Summary by Sections Financial Performance - For the first three quarters of 2024, the company achieved a revenue of 13.09 billion yuan, down 11.0% year-on-year, while Q3 revenue was 5.09 billion yuan, also down 11.3% year-on-year [1] - The gross profit margin for the first three quarters of 2024 was 12.0%, an increase of 7.9% year-on-year [3] Sales and Production - The company sold 214.4 million pigs in the first three quarters of 2024, a year-on-year increase of 4.2%, with an average selling price of 15.7 yuan/kg, up 9.3% year-on-year [2] - The company has improved its breeding efficiency, with an increase in the average number of piglets born per litter by 1.87 compared to Q2 [2] Financial Health - As of Q3 2024, the company's cash reserves stood at 36.5 billion yuan, an increase of 27.6% quarter-on-quarter [3] - The company's debt-to-asset ratio was 49.9%, a decrease of 1.2 percentage points from the previous quarter [3]

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company reported a net profit attributable to the parent company of 566 million yuan for the first nine months of 2024, turning from loss to profit year-on-year [2] - The company's debt-to-asset ratio decreased to 49.9% by the end of September 2024, down 1.2 percentage points from June [2] - The company achieved a pig output of 2.144 million heads from January to September 2024, a year-on-year increase of 4.2%, and is on track to meet its annual target of 3 million heads [2] - The complete cost of pig farming has been decreasing quarterly, with costs of 15.99 yuan/kg, 15.15 yuan/kg, and 14.28 yuan/kg for Q1, Q2, and Q3 respectively [2] - The company expects to continue reducing costs in Q4 due to improved farming efficiency and disease control [2] Financial Performance Summary - For 2024, the company forecasts revenues of 18.76 billion yuan, with a year-on-year decrease of 1.4%, followed by increases of 7.5% and 4.8% in 2025 and 2026 respectively [5] - The net profit attributable to the parent company is projected to be 918 million yuan in 2024, 1.279 billion yuan in 2025, and 1.001 billion yuan in 2026 [5] - The gross margin is expected to improve from 2.9% in 2023 to 13.2% in 2024, and then to 14.0% in 2025 [5] - The return on equity (ROE) is projected to be 12.5% in 2024, 14.9% in 2025, and 10.4% in 2026 [5] Key Financial Indicators - The total assets are expected to grow from 167.52 billion yuan in 2023 to 200.66 billion yuan in 2026 [4] - The company’s cash position is projected to increase from 28.22 billion yuan in 2023 to 63.82 billion yuan in 2026 [4] - The debt-to-asset ratio is expected to decline from 52.8% in 2023 to 44.6% in 2026 [5]

Investment Rating - The investment rating for the company is maintained as "Buy" [1] Core Views - The company has shown excellent performance with a continuous decline in breeding costs and steady growth in operations, leading to consistent earnings [1] - The company reported a revenue of 13.087 billion yuan for the first three quarters of 2024, a year-on-year decrease of 11.01%, while the net profit attributable to shareholders reached 566 million yuan, a year-on-year increase of 212.14% [1] - The forecast for net profit attributable to shareholders for 2024-2026 has been revised downwards due to expected pressure on pig prices, with projections of 898 million yuan, 688 million yuan, and 761 million yuan respectively [1] Summary by Sections Breeding Costs and Performance - The company's revenue from pig breeding for Q1-Q3 2024 was 3.64 billion yuan, an increase of 10.76% year-on-year, with a total of 2.144 million pigs sold, up 4.15% year-on-year [2] - The total cost of pig breeding in Q3 2024 was 14.28 yuan/kg, showing a month-on-month decline [2] - The company aims to exceed 3 million pigs sold in 2024 and targets 5 million by 2027 [2] Feed and Animal Health Business - For Q1-Q3 2024, the company sold 2.0436 million tons of feed, a year-on-year increase of 2.25%, with exports accounting for 1.3319 million tons [3] - The revenue from the animal health business was 837 million yuan, reflecting a year-on-year increase of 1.82% [3] - Despite facing pressure from price wars in the feed and animal health sectors, the company anticipates improved performance in Q4 due to seasonal demand for pork [3] Financial Projections - The company's projected revenues for 2024-2026 are 17.165 billion yuan, 19.197 billion yuan, and 21.076 billion yuan respectively, with a year-on-year decrease of 9.8% expected in 2024 [4] - The projected net profit for 2024 is -1.363 billion yuan, followed by 898 million yuan and 688 million yuan in 2025 and 2026 respectively [4] - The company's earnings per share (EPS) are projected to be 0.66 yuan, 0.50 yuan, and 0.56 yuan for 2024-2026 [4]

证券代码：002100 证券简称：天康生物 公告编号：2024-063 天康生物股份有限公司 关于以债转股方式向全资子公司增资的进展公告 天康生物 本公司及董事会全体成员保证信息披露的内容真实、准确和完整，没有虚假 记载、误导性陈述或者重大遗漏。 一、本次增资情况概述 天康生物股份有限公司（以下简称"公司"）于 2024 年 9 月 19 日分别召开 第八届董事会第二十次（临时）会议和第八届监事会第十二次（临时）会议，2024 年 10 月 9 日召开 2024 年第五次临时股东大会，审议通过了《关于以债转股方式 向全资子公司增资的议案》,根据公司经营管理需要，为合理优化全资子公司资产 负债结构，增强其资本实力，提升资金使用效率，加强其融资能力及抗风险能力， 公司以债权转股权的方式对全资子公司新疆天康饲料有限公司（以下简称"天康 饲料"）、天康畜牧科技有限公司（以下简称"天康畜牧"）及河南宏展实业有 限公司（以下简称"宏展实业"）增资共计 21.00 亿元。具体内容详见刊登于 2024 年 9 月 20 日 本 公 司 指 定 信 息 披 露 报 纸 《 证 券 时 报 》 和 巨 潮 资 讯 网 www.c ...