2025 年 4 月 18 日 公司研究 主营业务增量提效，全产业链优势持续凸显 ——圣农发展（002299.SZ）2024 年报点评 要点 公司发布 2024 年年报，公司 2024 年实现营收 185.86 亿元，同比+0.53%；实 现归母净利润 7.24 亿元，同比+9.03%，归母利润实现全年逐季环比增长。 点评： 业绩增长彰显韧性，成本管理持续优化。2024 年，公司养殖板块实现销售收入 103.56 亿元，同比-1.53%，销售鸡肉生食 140.27 万吨，同比+14.72%；食品深 加工板块销售收入 70.10 亿元，同比+9.63%，销售深加工肉制品产品 31.69 万 吨，同比+6.32%。销量方面，2024 年各板块销售数量同比均实现稳定增长。收 入方面，2024 年鸡肉销售收入下降，主要为受到国内白羽肉鸡市场长期供大于 求影响，行业肉鸡冻品库存高企持续压制全年鸡价；加工肉质品销售收入显著增 长，成为公司营收的核心增长动力。从成本角度来看，受管理效率提升、全产业 链优势、原料价格下降等多重因素的综合影响，公司综合造肉成本下降超 10%， 约 1200 元/吨，有效提升了食品板块的盈利能力 ...

事件： 公司发布2024 年年报，实现营业收入185.86 亿元，同比增加0.53%，实现归母净利润7.24 亿元，同比增 幅9.03%。虽然24 年鸡肉、肉制品价格下降，但公司推进销售转型、精细化管理、着力提质增效，24 年公司销量增长成本下降，实现了业绩的逐季增长。 家禽饲养加工行业：降本增效，优化种源 24 年公司家禽饲养加工行业实现收入103.56 亿元，同比下降-1.53%，其主要是价格下行的拖累。24 年 公司销售鸡肉生食产品140.27万吨，同比增加14.72%；公司鸡肉产品销售均价为9880 元/吨，同比下降 10.79%。公司通过设定降本增效目标，在采购、养殖、屠宰和生加工等环节推动成本降低及效率提 升，不断优化经营管理，综合造肉成本相比 2023 年显著下降。 自研种鸡，市场认可度提升。2023 年底，在原有"圣泽901"基础上，公司成功迭代研发了种源新组 合"圣泽901plus"，性能方面获得大幅提升，料肉比指标较原组合得到显著改善，此外在产蛋率、生长 速度、抗病性等指标上均达到国际领先水平。2024 年，"圣泽901plus"外销近500 万余万套，较上年同 期增长了超30%，公司父母 ...

证券研究报告：农林牧渔 | 公司点评报告 发布时间：2025-04-17 股票投资评级 资料来源：聚源，中邮证券研究所 公司基本情况 | 最新收盘价（元） | 16.83 | | --- | --- | | 总股本/流通股本（亿股）12.43 / 12.43 | | | 总市值/流通市值（亿元）209 / 209 | | | 52 周内最高/最低价 | 17.32 / 10.57 | | 资产负债率(%) | 50.0% | | 市盈率 | 28.65 | | 第一大股东 | 福建圣农控股集团有限 | | 公司 | | 研究所 分析师:王琦 SAC 登记编号:S1340522100001 Email:wangqi2022@cnpsec.com 圣农发展(002299) 降本增效，业绩逆势增长 ⚫ 事件： 公司发布 2024 年年报，实现营业收入 185.86 亿元，同比增加 0.53%，实现归母净利润 7.24 亿元，同比增幅 9.03%。虽然 24 年鸡 肉、肉制品价格下降，但公司推进销售转型、精细化管理、着力提质 增效，24 年公司销量增长成本下降，实现了业绩的逐季增长。 ⚫ 家禽饲养加工行业：降本增效， ...

Investment Rating - The report maintains a "Buy" rating for the company, indicating a positive outlook for its stock performance relative to the market [8][15]. Core Insights - The company achieved a revenue of 18.586 billion yuan in 2024, a year-on-year increase of 0.53%, and a net profit attributable to shareholders of 724 million yuan, reflecting a growth of 9.03% [4]. - Despite a decline in chicken and meat product prices in 2024, the company successfully implemented sales transformation and cost reduction strategies, leading to a sequential increase in performance [4]. - The poultry farming and processing sector saw a revenue of 10.356 billion yuan, down 1.53% year-on-year, primarily due to price declines. However, sales volume of chicken products increased by 14.72% to 1.4027 million tons [5]. - The company launched a new breeding combination, "Shengze 901plus," which significantly improved performance metrics and achieved over 30% growth in sales compared to the previous year [5]. - The meat products segment generated revenue of 701 million yuan, a year-on-year increase of 9.63%, with a gross margin improvement of 0.94 percentage points to 19.61% [6]. - For Q1 2025, the company expects a net profit of 130 to 160 million yuan, marking a substantial increase of 309.94% to 358.38% year-on-year, driven by further cost reductions [7]. Financial Projections - The company is projected to have earnings per share (EPS) of 0.92 yuan, 1.07 yuan, and 1.17 yuan for the years 2025, 2026, and 2027 respectively [8]. - Revenue forecasts for 2025, 2026, and 2027 are 19.214 billion yuan, 20.794 billion yuan, and 22.199 billion yuan, reflecting growth rates of 3.38%, 8.23%, and 6.76% respectively [11]. - The net profit attributable to shareholders is expected to reach 1.145 billion yuan, 1.329 billion yuan, and 1.451 billion yuan for the same years, with growth rates of 58.07%, 16.05%, and 9.24% respectively [11].

在营收增长乏力、资金链承压的情况下，圣农发展大手笔关联收购仍值得关注。近日，公司再以11.26 亿元收购太阳谷剩余54%的股权，以实现全资控股。短期内，标的公司增值14亿，公司董秘提前入股再 出售转让获利超4000万引争议。 销售费用高增下营收增长仍乏力、或受B端业务影响较大 短债货币资金压力较大 圣农发展是亚洲最大白羽肉鸡公司圣农集团的，建立了白羽肉鸡全产业链，其主营业务涵盖自主育种、 种鸡养殖、种蛋孵化、饲料加工等多个环节。 受鸡价的周期性波动和原材料端饲料成本波动影响，圣农发展的业绩表现较为波动，2020-2024年，圣 农发展营收分别为137.45亿元、144.78亿元、168.17亿元、184.87亿元、185.86，分别同比变动-5.59%、 5.34%、16.15%、9.93%、0.53%；归母净利润分别20.41亿元、4.48亿元、4.11亿元、6.64亿元、7.24亿 元，分别同比变动-50.12%、-78.04%、-8.33%、61.66%、9.03%。 炒股就看金麒麟分析师研报，权威，专业，及时，全面，助您挖掘潜力主题机会！ 出品：新浪财经上市公司研究院 作者：木 近日，圣农发展发布了2 ...

事件：公司发布2024 年度报告及2025Q1 业绩预告，2024 全年实现营业收入186 亿元，同比+0.5%，归 母净利润7 亿元，同比+9%；2025Q1 预计实现归母净利润1.3~1.6 亿元，同比+310%~+358%，扣非后净 利润1.5~1.8 亿元，同比+369%~+422%。 点评： 2024 年白羽鸡肉价格持续低位震荡，2025Q1 甚至再度下跌至近十年底部区间，在此期间，公司依靠全 渠道销售策略及成本大幅优化优势，实现了利润逆势增长。 产销量同步提升，成本显著优化。2024 年，公司鸡肉生食/深加工肉制品销售量分别为140.3/31.7 万 吨，同比分别增长14.7%/6.3%；其中，C 端业务实现收入显著突破，同比+23.4%。成本方面，公司内 部不断推进"圣泽901plus"品种更新，25Q1 综合造肉成本同比下降约10%，远超行业降幅。预期后续随 太阳谷收购落地，将有助于公司拓展长三角区域布局及产能提升，进一步提高核心竞争力。 种源自主可控，强抗风险能力，关税背景利好公司市占率提升。公司具备显著的白羽鸡育种研发优势， 持续推进父母代种鸡市场份额占比的提升，且不断优化种鸡生产性能、料 ...

Investment Rating - The investment rating for the company is "Outperform the Market" [5] Core Views - The company achieved a 9% year-on-year increase in net profit attributable to the parent company in 2024, driven by cost reduction, efficiency improvements, and increased investment income [1][8] - The total revenue for 2024 was 18.586 billion yuan, a slight increase of 0.53% year-on-year, while the net profit reached 724 million yuan, up 9.03% year-on-year [1][8] - The company expects a significant increase in net profit for Q1 2025, projected to be between 130 to 160 million yuan, representing a year-on-year increase of 310% to 358% [1][8] Summary by Sections Financial Performance - In 2024, the company reported a total revenue of 185.86 billion yuan and a net profit of 7.24 billion yuan, with a gross profit margin that increased despite a decline in chicken prices [1][8] - The company’s investment income rose significantly by 121% year-on-year, contributing to the overall profit growth [1][8] - The Q4 2024 results showed a revenue of 48.23 billion yuan, a year-on-year increase of 5.78%, and a net profit of 3.42 billion yuan, reflecting a substantial year-on-year increase of 553.70% [1][8] Business Segments - Chicken meat sales volume increased by 14.72% to 1.4027 million tons in 2024, although total revenue from chicken meat decreased by 1.53% due to falling prices [2] - Processed meat products saw a sales volume increase of 6.32% to 316,900 tons, with total revenue rising by 9.63% to 7.01 billion yuan, driven by strong growth in the C-end market [2] Market Outlook - The supply of white chickens is expected to improve in 2025, with a projected increase in profitability for leading companies in the sector [3] - The company has adjusted its 2025 net profit forecast to 940 million yuan, down from 1.05 billion yuan, while maintaining projections for 2026 and 2027 at 1.21 billion yuan and 1.48 billion yuan, respectively [3][23]

Investment Rating - The report maintains a "Buy-B" rating for the company, indicating a positive outlook for the stock's performance in the near term [4][8]. Core Insights - The company achieved a revenue of 18.586 billion yuan in 2024, a year-on-year increase of 0.53%, and a net profit of 724 million yuan, reflecting a growth of 9.03% compared to the previous year [5]. - The earnings per share (EPS) for 2024 is reported at 0.59 yuan, with a return on equity (ROE) of 6.96%, which is an increase of 0.38 percentage points year-on-year [5]. - The poultry farming and processing segment saw a revenue decline of 1.53% to 10.356 billion yuan, while the food processing segment grew by 9.63% to 7.010 billion yuan [6]. - The company is focusing on cost management and efficiency improvements across its operations to counteract pricing pressures [5]. Financial Performance Summary - The company’s projected net profits for 2025, 2026, and 2027 are 996 million yuan, 1.285 billion yuan, and 1.635 billion yuan, respectively, with corresponding EPS of 0.80 yuan, 1.03 yuan, and 1.31 yuan [8]. - The projected revenue growth rates for the next few years are 17.5% in 2025, 11.7% in 2026, and 9.6% in 2027 [11]. - The gross margin is expected to improve from 11.1% in 2024 to 13.2% by 2027 [11]. - The company’s total assets are projected to increase from 20.891 billion yuan in 2024 to 27.741 billion yuan in 2027 [12]. Segment Performance - The poultry segment's sales volume increased by 14.72% to 1.4027 million tons, despite revenue decline due to pricing pressures [5]. - The food processing segment's sales volume grew by 6.32%, with a focus on expanding market share through enhanced service models [6]. - The breeding segment reported over 30% growth in the sales volume of its "Shengze 901plus" breed [6].

市场数据：2025 年 4 月 15 日 收盘价（元）： 17.00 年内最高/最低（元）： 17.98/10.49 流通 A 股/总股本（亿 股）： 流通 A 股市值（亿元）： 211.37 | 基础数据：2024 年 | 12 月 | 31 日 | | | --- | --- | --- | --- | | 基本每股收益(元)： | | | 0.59 | | 摊薄每股收益(元)： | | | 0.59 | | 每股净资产(元)： | | | 8.40 | | 净资产收益率(%)： | | | 6.85 | | 资料来源：最闻 | | | | 分析师： 陈振志 执业登记编码：S0760522030004 邮箱：chenzhenzhi@sxzq.com 张彦博 执业登记编码：S0760524100001 邮箱：zhangyanbo@sxzq.com 公司披露 2024 年年报。公司 2024 年实现营业收入 185.86 亿元，同比增 长 0.53%，实现归属净利润 7.24 亿元，同比增长 9.03%，EPS0.59 元，加权 平均 ROE6.96%，同比上升 0.38 个百分点。公司披露 2024 年利润 ...

Summary of Conference Call Industry Overview - The conference call focused on the white meat chicken industry and specific companies, namely Shengnong and Yisheng, highlighting their long-term investment potential amidst current market challenges [2][3][4]. Key Points and Arguments 1. **Market Dynamics**: The white meat chicken industry is experiencing a significant supply gap due to the ongoing impact of avian influenza and intensified US-China trade tensions, leading to a prolonged period of reduced supply [3][4]. 2. **Supply Chain Disruptions**: Since December of the previous year, imports from the US and New Zealand have been halted due to avian influenza outbreaks, resulting in a drastic decline in breeding stock availability [4][5]. 3. **Production Decline**: The total breeding stock in the industry dropped to approximately 218,000 sets in the first three months of the year, a 45% year-over-year decrease, indicating a critical supply shortage [6][7]. 4. **Demand vs. Supply Gap**: The industry requires around 1.1 to 1.2 million sets of breeding stock, but the current production is significantly below this level, confirming a persistent supply gap [7][9]. 5. **Market Sentiment**: Previous uncertainties regarding avian influenza led to skepticism about the industry's recovery; however, the current situation is deemed more severe, suggesting a clearer path to price increases in the future [8][12]. 6. **Price Projections**: The price of parent stock and commercial chicks is expected to rise by mid-year, as the supply chain disruptions will start affecting downstream prices [12][14]. 7. **Company Performance**: Shengnong has demonstrated resilience, maintaining profitability even during challenging market conditions, while Yisheng has managed to secure limited imports, positioning itself favorably in the market [10][11]. Additional Important Insights - **Long-term Viability**: The companies discussed are not only seen as safe havens but also possess strong long-term growth potential due to their integrated supply chains and market positioning [2][10]. - **Investment Considerations**: Investors are advised to monitor the evolving market conditions closely, particularly the supply of breeding stock and the pricing dynamics in the coming months [15]. This summary encapsulates the critical insights from the conference call, providing a comprehensive overview of the white meat chicken industry and the specific companies involved.