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 ...

Investment Rating - The investment rating for the company is "Outperform the Market" [4][13]. Core Views - The company has turned profitable in the first three quarters of 2024, with a net profit of 566 million yuan, compared to a loss in the previous year. This improvement is attributed to the steady reduction in breeding costs and the rise in pig prices [2][5]. - The company aims to sell between 3 to 3.5 million pigs in 2024, with a current breeding stock of around 140,000 sows, indicating a stable production capacity [2][5]. - The company has a strong cash reserve of 3.65 billion yuan as of Q3 2024, reflecting a 29% increase from the end of 2023, and a declining debt ratio of 49.89% [2][5]. Financial Forecasts and Indicators - Revenue is projected to reach 18.684 billion yuan in 2024, with a slight decrease of 1.8% from 2023, followed by growth in subsequent years [1]. - The net profit forecast for 2024 is 685 million yuan, with an expected EPS of 0.50 yuan, improving to 0.74 yuan in 2025 and 0.57 yuan in 2026 [1][11]. - The EBIT margin is expected to improve from -4.1% in 2023 to 4.8% in 2024, indicating a recovery in operational efficiency [1][11]. - The company's return on equity (ROE) is projected to recover to 9.9% in 2024, following a significant loss in 2023 [1][11].

证券代码：002100 证券简称：天康生物 天康生物股份有限公司 投资者关系活动记录表 编号：2024-007 | --- | --- | --- | |----------------|------------------------------|-----------------------------------------------------------------------------------------| | | | | | 投资者关系活动 | □特定对象调研 □分析师会议 | | | 类别 | □媒体采访 | 业绩说明会 | | | □新闻发布会 | □路演活动 | | | □现场参观 | | | | 其他 | | | 参与单位名称及 | | 天风证券、中信证券、海通证券、国泰君安证券、银河证券、浙商 | | 人员姓名 | 证券、国海证券等 37 | 位投资者，名单详见附件清单。 重要提示：参会人员名单由组织机构提供并经整理后展示。公司无 | | | | | | | 2024 年 10 月 29 日 | 法保证参会人员及其单位名称的完整性、准确性，请投资者注意。 | | 时间 | | ...

Revenue and Profit - Revenue for the reporting period decreased by 11.30% year-on-year to RMB 5,094,109,610.67[2] - Net profit attributable to shareholders of the listed company increased by 606.08% year-on-year to RMB 288,941,466.59[2] - Total operating revenue for the current period is 13,087,153,128.58 RMB, compared to 14,705,995,884.82 RMB in the previous period[16] - Net profit attributable to parent company shareholders was 565.624 million CNY, compared to a net loss of 504.382 million CNY in the previous period[17] - Basic earnings per share were 0.41 CNY, compared to a loss of 0.37 CNY per share in the prior period[18] Assets and Liabilities - Total assets as of the end of the reporting period increased by 1.02% compared to the end of the previous year to RMB 16,921,978,404.92[2] - Total current assets are 9,115,407,832.64 RMB, slightly higher than the previous 8,960,844,383.94 RMB[14] - Fixed assets increased to 5,810,834,455.61 RMB from 5,333,720,373.83 RMB[14] - Total liabilities decreased to 8,441,565,786.49 RMB from 8,836,902,688.33 RMB[15] - Total equity increased to 8,480,412,618.43 RMB from 7,914,756,926.08 RMB[15] - Short-term borrowings decreased to 2,537,021,478.74 RMB from 3,319,416,995.67 RMB[14] - Long-term borrowings increased to 1,639,514,970.00 RMB from 1,225,360,197.17 RMB[15] - Retained earnings increased to 1,112,741,515.88 RMB from 581,393,600.95 RMB[15] Cash Flow - Net cash flow from operating activities decreased by 34.97% year-on-year to RMB 2,145,466,965.45 due to reduced corn storage and oil processing sales[7] - Operating cash flow decreased to 2,145,466,965.45, down 34.96% compared to the previous period[20] - Investment cash outflow increased to 597,843,758.01, up 45.93% compared to the previous period[20] - Financing cash inflow decreased to 3,763,906,836.89, down 42.45% compared to the previous period[20] - Cash and cash equivalents increased to 3,482,161,346.18, up 30.29% compared to the beginning of the period[20] - Sales revenue from goods and services received in cash was 12.702 billion CNY, a decrease from 14.168 billion CNY in the previous period[19] - Operating cash inflow totaled 12.780 billion CNY, down from 14.236 billion CNY in the prior period[19] R&D and Expenses - R&D expenses increased by 40.10% year-on-year to RMB 249,626,186.54 due to increased R&D investment[6] - R&D expenses increased to 249.626 million CNY, up from 178.180 million CNY in the prior period[17] - Sales expenses decreased to 353.353 million CNY from 390.582 million CNY in the previous period[17] - Management expenses rose to 345.480 million CNY from 323.159 million CNY in the prior period[17] - Financial expenses decreased to 117.202 million CNY from 157.199 million CNY in the previous period[17] - Interest expenses dropped to 137.879 million CNY from 199.671 million CNY in the prior period[17] - Interest income decreased to 28.569 million CNY from 44.012 million CNY in the previous period[17] Inventory and Trade - Inventory decreased by 34.22% compared to the end of the previous year to RMB 2,995,707,795.88 due to sales of cottonseed and corn[6] - Inventory increased to 4,554,052,219.74 RMB from 2,995,707,795.88 RMB[14] - Trade receivables increased by 60.37% compared to the end of the previous year to RMB 675,355,554.22 due to changes in sales policies and settlement models[6] - Prepayments increased by 123.11% compared to the end of the previous year to RMB 862,495,429.00 due to new cottonseed raw material purchases[6] Government Subsidies and Shareholders - Government subsidies received during the reporting period increased by 37.56% year-on-year to RMB 49,596,015.55[6] - Total number of ordinary shareholders at the end of the reporting period is 64,052[8] - Xinjiang Production and Construction Corps State-owned Assets Management Co., Ltd. holds 21.58% of shares, totaling 294,580,922 shares[8] - Beijing Rongyuan Baotong Asset Management Partnership holds 5.04% of shares, totaling 68,754,835 shares[8] - Hainan Tianbang Hongkang Venture Capital Co., Ltd. holds 4.58% of shares, totaling 62,580,733 shares[8] - Xinjiang Academy of Animal Science holds 2.09% of shares, totaling 28,499,744 shares[8] - China Merchants Bank Co., Ltd. - Guotai Zhongzheng Livestock Breeding ETF holds 1.73% of shares, totaling 23,633,902 shares[8] - Xinjiang Tianda Biological Products Co., Ltd. holds 1.65% of shares, totaling 22,510,000 shares[8] - Hong Kong Securities Clearing Company Ltd. holds 1.41% of shares, totaling 19,286,468 shares[8] - China Construction Bank Corporation - Harvest Agricultural Industry Stock Fund holds 1.31% of shares, totaling 17,926,671 shares[8] Monetary Funds and Other Financials - Monetary funds at the end of the period amounted to 3,650,405,232.45 yuan, an increase from 2,821,543,685.04 yuan at the beginning of the period[13] - Total operating costs for the current period are 12,617,293,868.82 RMB, compared to 15,185,082,263.25 RMB in the previous period[16] - The company's third quarter report was not audited[21]