Investment Rating - The report upgrades the investment rating to "Buy" for Zhengbang Technology [2] Core Views - Zhengbang Technology is expected to recover rapidly post-restructuring, with a focus on internalizing the twin feed and pig farming systems, aiming for industry-leading cost control and production efficiency [20][25] - The company has shown signs of operational recovery, achieving profitability in Q3 2024, with a significant reduction in debt ratio to 47.05%, indicating a return to a healthy financial state [28][30] - The collaboration with Twin Group is anticipated to enhance Zhengbang's operational capabilities, leading to a potential merger and listing within four years [20][25] Summary by Sections 1. Restructuring and Recovery - Zhengbang Technology has resumed operations and is recovering its idle capacity, focusing on new feed and fattening systems [20] - The company achieved a net profit of 428 million yuan in Q3 2024, with a debt ratio decrease from 162.61% to 47.05% [28][30] - The pig farming business has turned profitable, with a steady recovery in breeding stock and fattening capacity [35][39] 2. Operational Performance - The pig farming business has seen a significant turnaround, with Q3 2024 revenue reaching 3.09 billion yuan, and monthly sales increasing steadily [35][36] - The company has established three joint ventures with Twin Group to enhance operational efficiency and resource allocation [45] - The feed business is recovering, with total sales exceeding 900,000 tons in the first three quarters of 2024, marking a 40.6% increase from the previous year [47][52] 3. Management and System Advantages - Twin Group's management expertise is being leveraged to enhance Zhengbang's operational framework, creating a comprehensive service platform [56] - The company is adopting a "company + farmer" model for pig farming, which is expected to optimize costs and improve production efficiency [39][41] - The integration of Twin Group's resources and technology is anticipated to support Zhengbang's growth and operational improvements [44][45] 4. Profit Forecast - Revenue projections for Zhengbang Technology are estimated at 84.06 billion yuan, 133.38 billion yuan, and 175.25 billion yuan for 2024, 2025, and 2026 respectively [9] - The expected earnings per share (EPS) for the same period are projected to be 0.06 yuan, 0.11 yuan, and 0.07 yuan [9] - The report anticipates a significant recovery in profitability, with a return to normal levels in the feed business and steady growth in veterinary medicine [9]

Investment Rating - The report maintains an "Accumulate" rating for Zhengbang Technology (002157.SZ) [1] Core Views - Zhengbang Technology has shown a significant recovery in its operations, with a focus on adopting the successful breeding management systems and corporate culture of the Twin Group, which is expected to help the company regain its leading position in the industry [1][4] - The company reported a revenue of 5.837 billion yuan for the first three quarters of 2024, a year-on-year increase of 0.9%, and a net profit attributable to shareholders of 301 million yuan, marking a significant turnaround from losses [1] - The report highlights the ongoing optimization of breeding costs, with operational costs for weaned piglets decreasing from 600 yuan per head at the end of 2023 to below 400 yuan per head [1][3] Summary by Sections Financial Performance - In Q3 2024, Zhengbang Technology achieved a revenue of 2.615 billion yuan, a year-on-year increase of 60.1%, and a net profit of 428 million yuan [1] - The company’s overall production capacity utilization is currently below 50%, but there is confidence that this will improve as the recovery plan accelerates [1][3] Production and Sales - The sales volume of pigs has been increasing month by month, with Q3 2024 sales reaching 887,700 heads, showing a month-on-month growth of 20.5% and 37.5% in August and September, respectively [1][2] - The company is expected to maintain a light asset model for its fattening operations, with over 80% of sales coming from this model [2] Debt and Equity - As of Q3 2024, the asset-liability ratio of Zhengbang Technology was 47.05%, a decrease of 6.92 percentage points since the beginning of the year, indicating a significant reduction in debt levels [3] - The equity attributable to shareholders increased by 16.4% to 11.633 billion yuan, primarily due to an investment of 1.11 billion yuan from the restructuring investor [3] Earnings Forecast - The forecast for revenue from 2024 to 2026 is 8.755 billion, 13.308 billion, and 17.401 billion yuan, respectively, with expected EPS of 0.06, 0.08, and -0.05 yuan [4][6] - The report anticipates a longer duration of profitability in the current pig cycle compared to 2022, driven by slower recovery rates among small and medium-sized producers [4]

Group 1: Feed Business Recovery - The company has resumed operations at 14 feed factories, achieving significant sales with some factories exceeding 10,000 tons per month after 3-4 months of resumption [1] - Total feed sales for the first three quarters exceeded 700,000 tons, with an expectation to surpass 1 million tons for the year [1] Group 2: Pig Production Forecast - The company anticipates a breeding sow count of over 280,000 by year-end, leading to an overall output of over 7 million pigs next year [3] Group 3: Financial Health and Investment Plans - As of the end of Q3, the company had a cash balance of 2.533 billion, sufficient for ongoing operational needs [4] - The company is in the process of restoring bank credit facilities, with expectations of support from financial institutions as performance improves [4] Group 4: Support from Twin Group - The Twin Group has provided operational support during restructuring, ensuring stable pig sales and feed credit, which has enhanced production performance [5] - The Twin Group is integrating resources in R&D, production technology, supply chain, and financial support to help the company improve operational efficiency and profitability [5] Group 5: Talent and Capacity Utilization - The company has established a comprehensive system for talent recruitment and development, ensuring effective execution of strategic goals [6] - Current capacity utilization is below 50%, with plans to gradually increase utilization over the next two years [7] Group 6: Asset Injection Plans - The Twin Group is committed to initiating asset injections within two years following the completion of restructuring [7]

证券代码：002157 证券简称：正邦科技 公告编号：2024—083 江西正邦科技股份有限公司 关于2024年10月份生猪销售情况简报 本公司及董事会全体成员保证信息披露内容的真实、准确和完整，没有虚 假记载、误导性陈述或重大遗漏。 江西正邦科技股份有限公司（以下简称"公司"）的经营范围中包括生猪养殖 业务，现公司就每月生猪销售情况进行披露，具体内容如下： 一、2024年10月份生猪销售情况 公司2024年10月销售生猪54.36万头（其中仔猪28.12万头，商品猪26.24万头）， 环比上升42.75%，同比上升13.44%；销售收入7.38亿元，环比上升44.08%，同比 上升155.08%。 商品猪（扣除仔猪后）销售均价17.70元/公斤，较上月下降4.93%；均重137.58 公斤/头，较上月上升2.89%。 2024年1-10月，公司累计销售生猪302.04万头，同比下降34.58%；累计销售 收入38.32亿元，同比下降6.73%。 | 月份 | | 生猪销量（万头） | | 销售收入（亿元） | 商品猪价格 （元/公斤） | 商品猪均重 （公斤） | | --- | --- | --- | - ...

Investment Rating - The report maintains a "Buy" rating for the company [4] Core Views - The company has shown significant improvement in operational performance, with a notable recovery in production scale and a marked decrease in operating costs [2][3] - The company achieved a revenue of 5.837 billion yuan in the first three quarters of 2024, representing a year-on-year growth of 0.89%, and a net profit attributable to shareholders of 301 million yuan, up 110.67% year-on-year [1][3] Financial Performance Summary - In Q3 2024, the company reported a revenue of 2.615 billion yuan, a year-on-year increase of 60.08%, and a net profit of 428 million yuan, up 151.93% year-on-year [1] - The company has resumed production scale in pig farming, with a total of 2.477 million pigs sold in the first three quarters, a decrease of 40.1% year-on-year [2] - The average price of market pigs was 16.2 yuan/kg, with a significant reduction in operational costs for weaned piglets from nearly 600 yuan/head to below 400 yuan/head [2] - The company expects to have a breeding sow inventory of over 280,000 by the end of the year, with an anticipated output of over 7 million pigs in 2025 [2] Sales and Market Outlook - The company sold over 900,000 tons of feed in the first three quarters, with external sales reaching 700,000 tons [3] - The report anticipates continued growth in the feed segment in the coming year [3] Earnings Forecast - The earnings forecast for 2024-2026 has been adjusted, with net profits projected at 514 million yuan, 550 million yuan, and 2.041 billion yuan respectively, reflecting year-on-year changes of -94%, +7.1%, and +270.9% [3]

Financial Performance - As of Q3 2024, total assets reached CNY 18.661 billion, a 6.67% increase from the beginning of the year [1] - Inventory and biological assets amounted to CNY 2.912 billion, up 68.42% year-to-date, reflecting recovery in breeding and feed operations [1] - Net profit attributable to shareholders was CNY 301 million, a significant increase of 110.67% year-on-year [1] - Revenue for the first three quarters was CNY 5.837 billion, showing a year-on-year growth of 0.89% [1] Cost Management - Operating expenses for the first three quarters were CNY 871 million, with an expected annual total of CNY 1.1 billion, a decrease of approximately 22% [1] - Financial expenses totaled CNY 132 million, including CNY 77 million related to litigation interest [1] - Production costs for weaned piglets decreased from nearly CNY 600 per head to below CNY 400 [4] - Overall production costs are expected to align with industry standards as management and technology improvements are implemented [5] Production and Operations - The company has resumed operations at 11 sow farms, increasing the breeding stock by approximately 100,000 heads, a growth of over 40% [4] - The current breeding stock stands at about 257,000 heads, with expectations to exceed 280,000 by year-end [4] - Feed sales for the first three quarters exceeded 900,000 tons, with external sales surpassing 700,000 tons [7] Future Outlook - The company anticipates stable pig prices in Q4, focusing on cost reduction and capacity utilization as core operational strategies [8] - Cash flow remains robust, with CNY 2.533 billion available at the end of Q3, supporting ongoing operations [6] - The integration with the Twin Group is progressing, with plans for asset injection within two years post-restructuring [7]

Financial Performance - The company's revenue for Q3 2024 reached ¥2,614,541,255.59, representing a 60.08% increase year-over-year[2] - Net profit attributable to shareholders was ¥428,163,017.75, a significant increase of 151.93% compared to the same period last year[2] - Total operating revenue for Q3 2024 reached CNY 5,837,407,151.00, a slight increase from CNY 5,785,649,051.58 in the same period last year, representing a growth of approximately 0.89%[14] - Net profit attributable to shareholders of the parent company for Q3 2024 was CNY 300,670,820.02, a significant improvement from a net loss of CNY 2,818,526,005.00 in the same period last year[16] - The company achieved an operating profit of CNY 531,248,963.47 in Q3 2024, a turnaround from an operating loss of CNY 2,735,047,053.67 in the same quarter last year[15] - The total comprehensive income attributable to the parent company's owners for Q3 2024 was CNY 244,483,417.89, a recovery from a loss of CNY 2,950,322,157.23 in the previous year[16] - The company reported a total profit of CNY 300,116,765.34 for Q3 2024, compared to a total loss of CNY 2,933,829,393.36 in the same quarter last year[15] Cash Flow and Investments - The company reported a net cash flow from operating activities of -¥944,579,753.03, a decrease of 47.50% year-over-year[6] - The net cash flow from operating activities was -944,579,753.03 CNY, compared to -640,384,052.05 CNY in the previous year, indicating a decline in operational cash flow[18] - Total cash inflow from operating activities was 6,400,656,670.86 CNY, while cash outflow was 7,345,236,423.89 CNY, resulting in a net cash outflow of 944,579,753.03 CNY[18] - The company reported a net cash flow from investing activities of -245,192,172.70 CNY, down from -336,102,957.27 CNY year-over-year[18] - The cash flow from investing activities included 245,215,333.70 CNY spent on acquiring fixed assets, intangible assets, and other long-term assets[18] Assets and Liabilities - Total assets as of September 30, 2024, amounted to ¥18,660,637,056.23, reflecting a 6.67% increase from the end of the previous year[2] - Total liabilities decreased to CNY 8,779,397,653.54 from CNY 9,441,416,017.57, showing a reduction of approximately 7%[14] - The company’s total equity increased to CNY 9,881,239,402.69 from CNY 8,052,713,804.31, representing a growth of 22.7%[14] Shareholder Information - Total number of common shareholders at the end of the reporting period is 140,941[7] - The largest shareholder, Jiangxi Twin Agriculture Co., Ltd., holds 15.06% of shares, totaling 1,400,000,000 shares[7] - The second-largest shareholder, Jiangxi Zhengbang Technology Co., Ltd., holds 13.03% of shares, totaling 1,211,424,550 shares, with 694,150,000 shares under restrictions[7] - The company completed a non-trading transfer of 38,588,036 shares for the employee stock ownership plan, representing 0.42% of the total share capital, at a price of 1.43 yuan per share[10] - The top ten shareholders include several banks, with the largest being Jiangxi Twin Agriculture Co., Ltd. and Jiangxi Zhengbang Technology Co., Ltd.[7] Operational Metrics - The company experienced a 68.95% increase in inventory, totaling ¥2,077,389,251.80, due to the recovery of production in feed and breeding businesses[5] - Accounts receivable increased to CNY 157,728,544.29 from CNY 122,363,359.31, reflecting a growth of 28.9% year-over-year[13] - Inventory surged to CNY 2,077,389,251.80, up from CNY 1,229,603,283.67, indicating a significant increase of 68.8% compared to the previous year[13] Earnings and Expenses - The company’s basic earnings per share rose by 119.93% to ¥0.0325[2] - Financial expenses, including interest expenses, were CNY 132,244,860.51 for Q3 2024, a decrease from CNY 724,065,279.41 in Q3 2023, reflecting a reduction of approximately 81.7%[15] - Research and development expenses for Q3 2024 were CNY 3,897,398.78, down from CNY 8,979,512.64 in Q3 2023, indicating a reduction of approximately 56.5%[15] Future Outlook - The company plans to continue expanding its market presence and investing in new technologies to drive future growth[14] Legal and Compliance - The company has entered into a settlement agreement with Beijing Dabeinong Technology Group Co., Ltd. to resolve all disputes related to certain transactions[11] - The report for the third quarter was not audited, indicating that the figures may be subject to change upon final review[19]

证券代码：002157 证券简称：正邦科技 公告编号：2024—080 江西正邦科技股份有限公司 第八届董事会第三次会议决议公告 本公司及董事会全体成员保证信息披露内容的真实、准确和完整，没有虚假记 载、误导性陈述或重大遗漏。 一、董事会会议召开情况 1、江西正邦科技股份有限公司（以下简称"公司"）第八届董事会第三次会议 （以下简称"本次会议"）通知于2024年10月18日以电子邮件和专人送达方式发出。 2、本次会议于2024年10月29日以现场及通讯表决相结合的方式召开。 3、本次会议应参加董事5名，实际参加董事5名，全体董事均亲自出席会议。符 合《中华人民共和国公司法》的规定和《公司章程》的要求。 4、本次会议由董事长鲍洪星先生主持，公司监事及高级管理人员列席了本次会 议。 1、经与会董事签字并加盖董事会印章的第八届董事会第三次会议决议； 特此公告。 江西正邦科技股份有限公司 董事会 二〇二四年十月三十一日 5、本次董事会会议的召开符合有关法律、行政法规、部门规章、规范性文件和 《公司章程》的规定。 二、董事会会议审议情况 1、会议以 5 票同意，0 票反对，0 票弃权，审议通过了《公司 2024 年第三 ...

证券代码：002157 证券简称：正邦科技 公告编号：2024—081 江西正邦科技股份有限公司 5、本次监事会会议的召开符合有关法律、行政法规、部门规章、规范性文件和 《公司章程》的规定。 二、监事会会议审议情况 1、会议以 3 票同意，0 票反对，0 票弃权，审议通过了《公司 2024 年第三季度 报告》。 第八届监事会第三次会议决议公告 本公司及监事会全体成员保证信息披露内容的真实、准确和完整，没有虚假记 载、误导性陈述或重大遗漏。 一、监事会会议召开情况 1、江西正邦科技股份有限公司（以下简称"公司"）第八届监事会第三次会议 通知于 2024 年 10 月 18 日以电子邮件和专人送达的方式通知全体监事。 2、本次会议于2024年10月29日以现场及通讯表决相结合的方式召开。 3、本次会议应到监事3人，实到监事3人，全体监事均亲自出席会议。符合《中 华人民共和国公司法》的规定和《公司章程》的要求。 4、本次会议由监事会主席陈衍明先生主持，公司高管列席了本次会议。 江西正邦科技股份有限公司 监事会 二〇二四年十月三十一日 经认真审核，监事会认为公司董事会编制和审核的《公司 2024 年第三季度报告》 的 ...

证券代码：002157 证券简称：正邦科技 公告编号：2024—079 江西正邦科技股份有限公司 关于2024年9月份生猪销售情况简报 本公司及董事会全体成员保证信息披露内容的真实、准确和完整，没有虚 假记载、误导性陈述或重大遗漏。 江西正邦科技股份有限公司（以下简称"公司"）的经营范围中包括生猪养殖 业务，现公司就每月生猪销售情况进行披露，具体内容如下： 一、2024年9月份生猪销售情况 公司2024年9月销售生猪38.08万头（其中仔猪20.60万头，商品猪17.48万头）， 环比上升37.48%，同比上升14.35%；销售收入5.13亿元，环比上升12.46%，同比 上升102.76%。 商品猪（扣除仔猪后）销售均价18.62元/公斤，较上月下降5.58%；均重133.72 公斤/头，较上月上升1.42%。 2024年9月，公司生猪销售数量环比上升较大主要是公司经营策略调整所致， 生猪销售收入同比上升较大主要是公司商品猪销售价格及销售均重等同比均有所 上升所致。 2024年1-9月，公司生猪销售数量同比降幅较大主要是公司经营策略调整所 致。 三、风险提示 请广大投资者注意以下投资风险： 生猪市场价格波动 ...