[Table_MainInfo] 公司研究/农业/养殖业 证券研究报告 圣农发展（002299）公司季报点评 2024 年 10 月 29 日 [Table_InvestInfo] 投资评级 优于大市 维持 降本成效显著，盈利环比改善 | --- | --- | |-------------------------------------------------------------|-------------| | 股票数据 | | | 10 [ Table_StockInfo 月 28 日收盘价（元） ] | 14.64 | | 52 周股价波动（元） | 10.49-19.10 | | 总股本 / 流通 A 股（百万股） | 1243/1225 | | 总市值 / 流通市值（百万元） | 18203/17937 | | 相关研究 | | | [Table_ReportInfo] 《内功提升，但业绩受累于鸡肉价格低迷》 | | | 2024.09.01 | | | 《养殖端挖潜增效，食品端整合优化》 | | | 2024.04.01 | | 市场表现 [Table_QuoteInfo] -40.13% ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [1]. Core Views - The company reported a Q3 profit increase of 1.1 billion, demonstrating enhanced operational resilience [1]. - For the first nine months of 2024, the company achieved a net profit attributable to shareholders of 383 million, a year-on-year decline of 48.3% [1]. - The company has maintained a cost-leading strategy, which has significantly supported profits and improved future growth flexibility [1][2]. Financial Performance Summary - For the first nine months of 2024, chicken sales increased by 23.9% year-on-year, reaching 1,023,000 tons [1]. - The average chicken product prices for Q3 were 10,000 yuan/ton, reflecting a decline compared to previous quarters [1]. - The company’s revenue for 2024 is projected to be 18.41 billion, with a slight decline of 0.4% year-on-year, followed by growth of 9.5% in 2025 and 2026 [2][4]. - The net profit attributable to shareholders is expected to be 846 million in 2024, with a year-on-year growth of 27.4% [2][4]. Cost Management and Operational Efficiency - The company has implemented continuous cost control measures, achieving the best quarterly performance in terms of costs excluding raw materials [1]. - The company is focusing on enhancing the performance of its self-developed breeding chickens, which is expected to further reduce breeding costs in the future [1]. - The company’s marketing efforts for its own brand have significantly increased, contributing to a 20% year-on-year growth in consumer-facing revenue [1][2]. Debt and Financial Ratios - As of September 2024, the company's debt-to-asset ratio decreased to 52.79%, down 2 percentage points from June 2024 [1]. - The company’s current ratio is projected to improve from 0.64 in 2023 to 0.75 in 2025 [4].

Investment Rating - The report maintains a "Buy" rating for the company, expecting a relative return of over 20% within the next six months [5][13]. Core Views - The company reported a significant quarter-on-quarter profit increase in Q3 2024, driven by cost management strategies and improved production efficiency [2][3]. - The poultry segment showed stable growth in sales volume, with a 21.49% year-on-year increase in Q3 2024 [3]. - The processed food segment also experienced growth, with a 10.44% year-on-year increase in sales volume in Q3 2024 [3]. - The company is expected to benefit from structural gaps in breeding and recent consumer stimulation policies, indicating potential industry recovery [3]. Financial Performance Summary - For the first three quarters of 2024, the company achieved revenue of 13.762 billion yuan, a slight decrease of 1.18% year-on-year, and a net profit of 383 million yuan, down 48.25% year-on-year [1]. - In Q3 2024, the company reported revenue of 4.925 billion yuan, a year-on-year increase of 1.62% and a quarter-on-quarter increase of 6.55% [2]. - The net profit for Q3 2024 was 281 million yuan, a decrease of 10.38% year-on-year but an increase of 71.16% quarter-on-quarter [2]. - The company plans to distribute a cash dividend of 2 yuan per 10 shares to shareholders [1]. Segment Analysis - **Breeding Segment**: The poultry breeding segment sold 1.023 million tons of chicken from January to September 2024, a year-on-year increase of 18.87% [3]. - **Processed Food Segment**: The processed food segment sold 267,200 tons from January to September 2024, a year-on-year increase of 9.33% [3]. - **Self-Developed Breeding Chickens**: The company has promoted 32 million sets of "Shengze 901" breeding chickens, achieving a 20% market share domestically and has begun exporting [3]. Financial Forecast - The company is projected to achieve revenues of 20.451 billion yuan, 23.240 billion yuan, and 26.309 billion yuan for 2024, 2025, and 2026 respectively, with net profits of 788.65 million yuan, 1.722 billion yuan, and 2.184 billion yuan [4][7].

Investment Rating - The investment rating for the company is "Buy" (maintained) [1]. Core Views - The company has shown significant cost reduction in livestock food production, revealing low investment value [2]. - The company reported a revenue of 13.76 billion yuan for Q1-Q3 2024, a year-on-year decrease of 1.18%, with a net profit of 383 million yuan, down 48.25% year-on-year [2]. - The company is expected to benefit from the upcoming meat consumption peak in Q4, with rising white chicken prices [2]. - The projected net profits for 2024-2026 are 682 million, 811 million, and 1.56 billion yuan, respectively, with corresponding EPS of 0.55, 0.65, and 1.25 yuan [2]. Summary by Sections Company Overview - The company is focused on increasing the output of white chicken while achieving significant cost reductions [3]. - The company has successfully increased chicken sales volume by 18.87% year-on-year, reaching 1.023 million tons, with a sales revenue of 10.11 billion yuan [3]. Financial Performance - For Q1-Q3 2024, the company achieved a sales revenue of 5.00 billion yuan in meat products, a decrease of 3.52% year-on-year, with a sales volume of 267,200 tons [4]. - The average selling price for meat products was approximately 22,080.84 yuan per ton, down 11.75% year-on-year [4]. - The company’s total revenue is projected to grow from 18.49 billion yuan in 2023 to 24.45 billion yuan in 2026, reflecting a compound annual growth rate (CAGR) of 13.5% [5]. Cost Management - The company has successfully reduced its breeding costs to below 9,300 yuan per ton, achieving a new low in comprehensive meat production costs [3]. - The company is advancing its self-researched breeding chicken variety, Saint Ze 901Plus, to enhance breeding efficiency [3]. Market Position - The company is expanding its product offerings and has seen steady growth in sales across various channels, including a more than 30% increase in export sales [4]. - The retail segment has experienced nearly 20% year-on-year growth in revenue, driven by new product launches and brand development [4].

Investment Rating - The report maintains a "Buy" rating for the company, indicating a positive outlook for its stock performance relative to the market benchmark [3]. Core Views - The company has shown resilience in its core business with a slight revenue decline of 1.18% year-on-year for the first three quarters of 2024, while net profit decreased by 48.25% [2]. - The company is focusing on cost reduction and efficiency improvements across its operations, which is expected to enhance profitability in the long run [3]. - The company is a leader in the white feather broiler industry, with ongoing improvements in cost structure and genetic advantages, supporting its growth trajectory [3]. Financial Performance Summary - For the first three quarters of 2024, the company achieved revenue of 13.762 billion yuan, down 1.18% year-on-year, and a net profit of 383 million yuan, down 48.25% year-on-year [2]. - The gross margin for the first three quarters was 10.31%, a decrease of 1.29 percentage points year-on-year, while the net margin was 2.67%, down 2.55 percentage points year-on-year [2]. - In Q3 2024, the company reported revenue of 4.925 billion yuan, an increase of 1.62% year-on-year, and a net profit of 281 million yuan, a decrease of 10.38% year-on-year [2]. Business Segment Performance - The poultry breeding and processing segment saw a revenue increase of 5.5% in Q3 2024, with sales volume rising by 21.5% year-on-year [2]. - The deep processing meat products segment reported a revenue of 2.110 billion yuan in Q3 2024, a decrease of 4.1% year-on-year, but with a sales volume increase of 10.4% year-on-year [2]. Capacity and Strategic Developments - The company has ongoing construction projects valued at 751 million yuan, a 56.5% increase from the beginning of the year, primarily due to the expansion of its food processing capacity [3]. - The introduction of a new genetic combination, "Shengze 901plus," has shown significant improvements in feed-to-meat ratios and is gaining market acceptance [3]. Future Projections - The company is projected to achieve revenues of 19.348 billion yuan, 21.266 billion yuan, and 23.081 billion yuan for the years 2024, 2025, and 2026, respectively [3]. - Expected net profits for the same years are 700 million yuan, 1.094 billion yuan, and 1.479 billion yuan, respectively [3]. - The price-to-earnings (PE) ratios based on the closing price on October 25 are projected to be 24.2, 15.4, and 11.4 for 2024, 2025, and 2026, respectively [3].

证券代码：002299 证券简称：圣农发展 公告编号：2024-059 福建圣农发展股份有限公司 第七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公告内容真实、准确和完整，不存在虚假记载、误导性陈 述或者重大遗漏。 一、审议通过《公司 2024 年第三季度报告》。表决结果为：3 票赞成，0 票 反对，0 票弃权。 经审核，监事会成员一致认为《公司 2024 年第三季度报告》的编制程序符 合相关法律、法规及规范性文件的规定，报告内容真实、准确、完整地反映了公 司的实际情况，不存在任何虚假记载、误导性陈述或者重大遗漏。 具体内容详见公司于 2024 年 10 月 26 日在公司指定信息披露媒体《证券时 报 》、《 中 国 证 券 报 》、《 上 海 证 券 报 》、《 证 券 日 报 》 或 巨潮资讯网 （www.cninfo.com.cn）披露的《福建圣农发展股份有限公司 2024 年第三季度报 告》（公告编号：2024-060）。 二、审议通过《关于调整 2019 年限制性股票激励计划限制性股票回购价格 的议案》。表决结果为：3 票赞成，0 票反对，0 票弃权。 本次对 2019 年限制性股票激励计 ...

证券代码：002299 证券简称：圣农发展 公告编号：2024-061 福建圣农发展股份有限公司 关于调整 2019 年限制性股票激励计划 限制性股票回购价格的公告 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，不存在 虚假记载、误导性陈述或者重大遗漏。 福建圣农发展股份有限公司（以下简称"公司"）于 2024 年 10 月 25 日召 开第七届董事会第四次会议和第七届监事会第三次会议，审议通过了《关于调整 2019 年限制性股票激励计划限制性股票回购价格的议案》，因公司已于 2024 年 4 月实施 2023 年年度权益分派方案，即每 10 股派发现金红利 3 元（含税），根 据《上市公司股权激励管理办法》、《福建圣农发展股份有限公司 2019 限制性 股票激励计划（草案）》（以下简称"《激励计划草案》"、"《激励计划》"） 等相关规定，公司董事会同意公司 2019 年限制性股票激励计划（以下简称"本 次激励计划"）首次授予限制性股票的回购价格由 10.57 元/股调整为 10.27 元/ 股；预留授予限制性股票的回购价格由 11.80 元/股调整为 11.50 元/股。 现对相关事项公告如下： ...

法 律 意 见 书 福建至理律师事务所 福建至理律师事务所 关于福建圣农发展股份有限公司 2019 年限制性股票激励计划 调整回购价格及部分限制性股票回购并注销相关事项的 地址：中国福州市鼓楼区洪山园路华润万象城三期 TB#写字楼 22 层 电话：（86 591）8806 5558 网址：http://www.zenithlawyer.com 1 关于福建圣农发展股份有限公司 2019 年限制性股票激励计划调整回购价格 及部分限制性股票回购并注销相关事项的法律意见书 闽理非诉字〔2024〕第 2019170-14 号 致：福建圣农发展股份有限公司 根据福建圣农发展股份有限公司（以下简称公司或圣农发展）与福建至理律 师事务所（以下简称本所）签订的《专项法律业务委托协议书》，本所接受圣农 发展的委托，指派陈禄生、林静律师（以下简称本所律师）作为专项法律顾问， 为圣农发展 2019 年限制性股票激励计划（以下简称本次激励计划或本激励计划） 调整回购价格（以下简称本次调整回购价格）及本次回购并注销部分激励对象依 据本激励计划已获授但尚未解除限售的部分限制性股票（以下简称本次回购或本 次回购注销）之相关事宜出具法律意见 ...

证券代码：002299 证券简称：圣农发展 公告编号：2024-066 福建圣农发展股份有限公司 关于召开 2024 年第二次临时股东大会的通知 本公司及董事会全体成员保证信息披露的内容真实、准确和完整，没有虚假 记载、误导性陈述或者重大遗漏。 福建圣农发展股份有限公司（以下简称"公司"或"本公司"）第七届董事 会第四次会议决定采取现场会议与网络投票相结合的方式召开 2024 年第二次临 时股东大会，现将本次股东大会会议有关事项通知如下： 一、召开会议基本情况 （一）股东大会届次：2024 年第二次临时股东大会。 （二）会议召集人：本次股东大会会议的召集人为公司董事会。 （三）会议召开的合法、合规性：公司第七届董事会第四次会议作出了关于 召开本次股东大会的决定，本次股东大会会议的召集程序符合《中华人民共和国 公司法》、《上市公司股东大会规则(2022 年修订)》等有关法律、行政法规、部 门规章、规范性文件和《公司章程》的规定。 （四）会议召开的日期、时间： 1、现场会议 本次股东大会现场会议的召开时间为 2024 年 11 月 22 日（星期五）下午 14:30。 2、网络投票 本次股东大会的网络投票时间为 ...

独立董事专门会议2024年第三次会议决议 福建圣农发展股份有限公司第七届董事会 公司 2019 年限制性股票激励计划首次授予限制性股票的 3 名激励对象因个 人原因已离职，不再具备激励对象资格，其已获授但尚未解除限售的限制性股 票共计 7,742 股；首次授予限制性股票的 17 名激励对象及预留授予限制性股票 的 1 名激励对象因个人层面绩效考核结果为 B,其已获授但尚未解除限售的限制 性股票合计 17,541 股不得解除限售；首次授予限制性股票的 6 名激励对象因个 人层面绩效考核结果为 C,其已获授但尚未解除限售的限制性股票合计 16,762 股不得解除限售；首次授予限制性股票的 1 名激励对象因个人层面绩效考核结 果为 D,其已获授但尚未解除限售的限制性股票合计 26,529 股不得解除限售。 根据《上市公司股权激励管理办法》及《福建圣农发展股份有限公司 2019 年限 制性股票激励计划（草案）》等相关规定，公司拟对上述激励对象已获授但尚未 解除限售的限制性股票共计 68,574 股进行回购并注销，其回购价格及股份数量 系依据《福建圣农发展股份有限公司 2019 年限制性股票激励计划(草案)》确定。 公 ...