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公 司 研 究 生猪成本下降出栏稳增，饲料业务持续成长 生猪成本下降出栏稳增，饲料业务持续成长，维持"买入"评级 2023 年公司生猪养殖营收 55.41 亿元(+8.05%)，全年生猪出栏 281.58 万头 (+38.90%)，销售均价 14.2 元/公斤，2023Q4 完全成本受非瘟影响上升至 17.6 元/ 公斤。2024Q1 公司实现生猪出栏 64.72 万头(+13.66%)，完全养殖成本下降至 16 元/公斤（2024 年 3 月降至 15.3 元/公斤左右），预计 2024H2 完全成本降至 15.5 元/公斤。生产指标方面，2024Q1 公司 PSY 达 24.12，窝均活仔数 12 头，7kg 断 奶仔猪成本 345 元/头，截至 2024 年 3 月末，公司能繁存栏约 14 万头，预计 2024 年公司生猪出栏 300-350 万头，2026-2027 年实现 500 万头生猪出栏目标。公司 生猪养殖持续推进降本增效，生猪出栏稳步提高，猪周期反转受益。 股价走势图 开 源 证 券 证 券 研 究 报 告 公司信息更新报告 相关研究报告 公司信息更新报告 | --- | --- | --- ...

Investment Rating - The report maintains a "Recommended" rating for the company [11][18]. Core Insights - The company achieved a revenue of 19.03 billion yuan in 2023, a year-on-year increase of 12.0%, but reported a net loss attributable to shareholders of 1.36 billion yuan, a significant decline of 585.5% year-on-year [10][21]. - In Q1 2024, the company generated a revenue of 3.78 billion yuan, a decrease of 2.9% year-on-year, but successfully turned a profit with a net income of 50 million yuan [10][11]. - The company aims to sell approximately 300-350 million pigs in 2024, with a target PSY (Pigs per Sow per Year) of around 28 and a complete cost control target of 15.5 yuan/kg [2][11]. Summary by Sections Sales and Production - In 2023, the company sold 2.816 million pigs, an increase of 38.9% year-on-year, with an average selling price of 14.2 yuan/kg, down 18.0% year-on-year [2]. - In Q1 2024, the company sold 647,000 pigs at an average price of 13.4 yuan/kg [2]. Financial Performance - The company reported a net profit of -1.36 billion yuan in 2023, with a significant asset impairment loss of 500 million yuan impacting overall performance [10][21]. - The forecast for net profit attributable to shareholders for 2024-2026 is 518 million, 1.084 billion, and 1.497 billion yuan, respectively, with corresponding EPS of 0.38, 0.79, and 1.10 yuan [11][21]. Business Segments - The feed business achieved a revenue of 6.49 billion yuan in 2023, a year-on-year increase of 17.4%, while the veterinary medicine segment generated 1 billion yuan, up 5.93% [18]. - In Q1 2024, the feed business sold 669,000 tons, a year-on-year increase of 13.5%, and the animal vaccine segment reported a revenue of 340 million yuan, up 13.1% [18]. Cost Management - The company has successfully reduced its pig farming costs, with the complete cost dropping below 16.5 yuan/kg in September and October 2023, and further down to 15.99 yuan/kg in Q1 2024 [2].

Financial Performance - The company's operating revenue for Q1 2024 was ¥3,776,851,559.41, a decrease of 2.93% compared to ¥3,890,843,979.48 in the same period last year[10] - Net profit attributable to shareholders was ¥54,063,760.85, a significant increase of 478.54% from a loss of ¥14,282,251.76 in the previous year[10] - The net profit after deducting non-recurring gains and losses was ¥56,677,250.28, up 514.12% from a loss of ¥13,686,317.97 in the same period last year[10] - The company reported a total comprehensive income of ¥7,566,038.59, compared to -¥7,300,826.24 in the previous period[46] - Basic and diluted earnings per share for the current period are both ¥0.04, compared to -¥0.01 in the previous period[46] - Net profit for the quarter reached ¥60.18 million, a significant recovery from a net loss of ¥17.15 million in the same period last year[52] Cash Flow and Liquidity - The company's cash flow from operating activities showed an improvement, with a net outflow of ¥333,850,669.38, a 36.26% reduction from ¥523,750,573.77 in the previous year[10] - The total cash inflow from operating activities for the current period was approximately ¥3.54 billion, a decrease from ¥3.59 billion in the previous period, reflecting a decline of about 1.1%[33] - The cash received from sales of goods and services was approximately ¥3.53 billion, down from ¥3.57 billion in the previous period, indicating a decrease of about 1.2%[33] - The company's cash and cash equivalents at the end of the period amounted to approximately ¥2.68 billion, a decrease from ¥2.82 billion at the beginning of the period, representing a decline of about 4.9%[40] - The net cash flow from operating activities is -¥333,850,669.38, an improvement from -¥523,750,573.77 in the previous period[47] - Cash and cash equivalents at the end of the period amount to ¥2,548,274,731.17, down from ¥3,802,570,554.95 at the beginning of the period[47] Assets and Liabilities - The total assets at the end of Q1 2024 were ¥17,166,609,324.11, representing a 2.48% increase from ¥16,751,659,614.41 at the end of the previous year[11] - Total liabilities amount to ¥9,227,027,848.72, up from ¥8,836,902,688.33, representing an increase of about 4.4%[46] - Long-term borrowings increased to ¥1,560,100,974.71 from ¥1,225,360,197.17, indicating a growth of approximately 27.3%[46] - The total liabilities decreased to approximately ¥12.66 billion from ¥12.93 billion, indicating a decline of about 2.1%[51] - The company's total equity is reported at ¥7,939,581,475.39, compared to ¥7,914,756,926.08 in the previous period, showing a slight increase[46] - The total equity attributable to shareholders increased to approximately ¥4.5 billion, reflecting a positive trend in shareholder value[52] Shareholder Information - The company had a total of 57,682 common shareholders at the end of the reporting period[19] - The total number of shareholders holding more than 5% of shares was reported, with the largest shareholder holding approximately 294.58 million shares, representing about 21.59% of total shares[30] - The top ten shareholders collectively held approximately 1.32 billion shares, accounting for about 98.56% of the total share capital[30] Research and Development - Research and development expenses increased by 65.51% to ¥66,463,953.07, reflecting higher investment in R&D compared to ¥40,156,984.48 in the same period last year[19] - Research and development expenses increased to ¥66.46 million, up from ¥40.16 million, representing a growth of approximately 65%[52] Other Income and Expenses - The company reported a significant increase in other income, which amounted to ¥10,963,408.01, up 31.37% from ¥8,345,527.01 in the previous year[19] - The company reported a decrease in financial expenses to ¥41.54 million from ¥53.76 million, a reduction of about 22.6%[52] Strategic Initiatives - The company has not disclosed any new product developments or market expansion strategies in the current report[28] - The company plans to expand its market presence and invest in new product development to drive future growth[54] - The company is focusing on enhancing its data resources and technology capabilities as part of its strategic initiatives[54] Accounts Receivable and Prepayments - Accounts receivable rose by 62.81% to ¥685,629,062.17, primarily due to increased sales on credit in the pharmaceutical and feed businesses[19] - The accounts receivable increased to approximately ¥685.63 million from ¥421.13 million, showing a significant increase of about 62.8%[40] - The prepayments increased to approximately ¥484.52 million from ¥386.57 million, reflecting an increase of about 25.3%[40]

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天康生物 证券代码：002100 证券简称：天康生物 公告编号：2024-031 天康生物股份有限公司 第八届监事会第八次会议决议公告 本公司及董事会全体成员保证公告内容的真实、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"）第八届监事会第八次会议通知 于 2024 年 4 月 16 日以书面专人送达和电子邮件方式发出，并于 2024 年 4 月 25 日（星期四）下午 17：00 在公司 11 楼 4 号会议室召开，公司 3 名监事均参加了 会议。董事会秘书列席了会议，符合《公司法》的有关规定，会议合法有效。会 议由监事会主席张涛女士主持，会议就以下事项形成决议： 一、议案审议情况 （一）审议并通过公司《2023 年年度报告全文及摘要》的议案；（议案内 容详见刊登于 2024 年 4 月 29 日本公司规定信息披露报纸《证券时报》上的《天 康生物股份有限公司 2023 年年度报告摘要》<公告编号：2024-022>和在巨潮资 讯网 www.cninfo.com.cn 上披露的《天康生物股份有限公司 2023 年年度报告全 文》） 同意该项议案的票数为 3 票；反 ...

天康生物 证券代码：002100 证券简称：天康生物 公告编号：2024-030 天康生物股份有限公司 关于召开 2023 年年度股东大会的通知 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。 天康生物股份有限公司（以下简称"公司"）董事会定于 2024 年 5 月 20 日 （星期一）召开公司 2023 年年度股东大会，现将本次会议有关事项公告如下： 一、 召开会议基本情况 （一） 股东大会届次：2023 年年度股东大会 （二） 股东大会召集人：公司董事会。经公司第八届董事会第十六次会议审 议通过，决定召开 2023 年年度股东大会。 （三） 会议召开的合法、合规性：公司董事会召集本次股东大会会议的召开， 程序符合有关法律、行政法规、部门规章、规范性文件和《公司章程》的规定， 会议召开合法、合规。 （四） 本次股东大会召开日期、时间： 现场会议时间：2024 年 5 月 20 日上午 11：00 网络投票时间：2024 年 5 月 20 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 5 月 20 日上午 9:15—9:25，9 ...

天康生物 证券代码：002100 证券简称：天康生物 公告编号：2024-032 天康生物股份有限公司 为充分尊重投资者、提升交流的针对性，现就公司 2023 年年度业 绩说明会提前向投资者公开征集问题，广泛听取投资者的意见和建议。 投资者可通过访问 http://ir.p5w.net/zj/，或扫描下方二维码，进 入问题征集专题页面。问题征集截至 2024 年 5 月 16 日（星期四）17:00。 公司将在 2023 年年度业绩说明会上，在信息披露允许的范围内对投资 者普遍关注的问题进行回答。 天康生物 （问题征集专题页面二维码） 关于举行 2023 年年度网上业绩说明会的公告 本公司及董事会全体成员保证公告内容的真实、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"）将于 2024 年 5 月 17 日（星期五）下午 15：00—17：00 举行 2023 年年度报告网上业绩 说明会，本次年度报告说明会将采用网络远程方式召开，投资者可登 陆 "全景·路演天下"（http://rs.p5w.net）参与本次说明会。 出席本次 2023 年年度网上业绩说明会的人员 ...

天康生物股份有限公司 审 计 报 告 希会审字(2024)1808 号 目 录 | 20 一、审计报告 … | | --- | | 二、财务报表 | | (一) 合并财务报表 | | 1. 合并资产负债表 | | 2. 合并利润表 (8) | | 3. 合并现金流量表 | | 4. 合并股东权益变动表 · | | (二)母公司财务报表 | | 1. 母公司资产负债表 | | 2. 母公司利润表 (14) | | 3. 母公司现金流量表 | | 4. 母公司 股东权益变动表 | | 三、财务报表附注 (18-114) | | 四、证书复印件 | (一)注册会计师资质证明 (二) 会计师事务所营业执照 (三) 会计师事务所执业证书 希格玛会计师事务所（特殊普通合伙） Xigema Cpas(Special General Partnership) 希会审字(2024)1808 号 审计报告 天康生物股份有限公司全体股东: 三、关键审计事项 关键审计事项是我们根据职业判断,认为对本期财务报表审计最为重要的事 项。这些事项的应对以对财务报表整体进行审计并形成审计意见为背景,我们不 对这些事项单独发表意见。 (一) 收 ...

内部控制规则落实自查表 天康生物股份有限公司内部控制规则落实自查表 | 内部控制规则落实自查事项 | 是/否/不适用 | 说明 | | --- | --- | --- | | 一、内部审计和审计委员会运作 | | | | 1、内部审计部门负责人是否为专职，并由审计委员会提名，董事会 | 是 | | | 任免。 | | | | 2、公司是否设立独立于财务部门的内部审计部门，是否配置专职内 | 是 | | | 部审计人员。 | | | | 3、内部审计部门是否至少每季度向审计委员会报告一次。 | 是 | | | 4、内部审计部门是否至少每季度对如下事项进行一次检查： | --- | --- | | （1）募集资金的存放与使用 | 是 | | | （2）对外担保 | 是 | | | （3）关联交易 | 是 | | | （4）证券投资 | 不适用 | | | （5）风险投资 | 不适用 | | | （6）对外提供财务资助 | 是 | | | （7）购买和出售资产 | 是 | | | （8）对外投资 | 是 | | | （9）公司大额资金往来 | 是 | | | （10）公司与董事、监事、高级管理人员、控股股东、实际控 ...