Investment Rating - The report rates the agricultural, forestry, animal husbandry, and fishery industry as "Overweight" [2][8] Core Viewpoints - The agricultural sector is expected to see a significant recovery in Q1 2025, with a projected net profit of 99.30 billion yuan, marking a year-on-year increase of 705% [4][5] - Key sub-sectors expected to show strong growth include seed and planting (+320%), pig farming (+278%), and chicken farming (+117%) [3][4] - The report highlights the performance of specific companies, with notable profit increases for Muyuansheng (289%), Wen's (246%), and Shennong Group (6550%) [3][6] Summary by Relevant Sections Pig Farming - In Q1 2025, despite a slight decline in pig prices, the cost optimization has led to profitability, with an average profit of 85.89 yuan per head [3][4] - The average price of pigs was 15.06 yuan/kg, down 9.43% from the previous quarter [3] - Major pig farming companies are expected to report a combined net profit of 66.70 billion yuan, a significant turnaround from losses [3][4] Chicken Farming - The white feather chicken sector is facing price declines across the supply chain, with significant drops in chick and meat prices [3][4] - The average price for white feather chicken chicks was 2.36 yuan each, down 29.2% year-on-year [3] - Despite challenges, companies like Shennong Development are expected to achieve profitability due to cost management [3][4] Pet Food - The pet food sector is projected to grow rapidly, driven by both domestic and international markets [3][4] - Exports of pet food increased by 9.1% in early 2025, with domestic brands launching new products [3][4] - Companies like Guibao Pet and Zhongchong are expected to see net profit increases of 21% and 42%, respectively [3][4] Animal Health - The increase in livestock numbers is expected to boost sales of veterinary products, with a projected recovery in revenue and net profit for listed companies [3][4] - The number of vaccine approvals increased by 23% year-on-year, indicating a recovery in demand [3][4] Investment Analysis - The report suggests focusing on investment opportunities across various agricultural sub-sectors, particularly in light of favorable tariff policies and the push for self-sufficiency [3][4] - Recommended companies for investment include Muyuansheng, Wen's, Haida Group, Guibao Pet, Shennong Development, and Longping High-Tech [3][4][9]

公司已于 2025 年 4 月 12 日披露《2025 年第一季度业绩预告》（公告编号： 2025-025），预计 2025 年第一季度归属于上市公司股东的净利润 1.3 亿元-1.6 证券代码：002299 证券简称：圣农发展 公告编号：2025-026 福建圣农发展股份有限公司 2025 年 3 月份销售情况简报 本公司及董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、2025 年 3 月份销售情况 福建圣农发展股份有限公司（以下简称"公司"）2025 年 3 月实现销售收入 15.32 亿元，较去年同期增长 0.92%，较上月环比增长 33.91%。其中，家禽饲养 加工板块鸡肉销售收入为 11.80 亿元，较去年同期变动-2.34%，较上月环比增长 41.10%；深加工肉制品板块销售收入为 6.59 亿元，较去年同期增长 13.08%，较 上月环比增长 31.20%。 销量方面，3 月份家禽饲养加工板块鸡肉销售数量为 12.34 万吨，较去年同 期变动-0.06%，较上月环比增长 44.29%；深加工肉制品板块产品销售数量为 3.36 万吨，较去年同期增长 2 ...

傅光明，男，1953年出生，中国国籍，无境外永久居留权。傅光明是公司创始人，现任公司董事长，兼 任福建圣农控股集团有限公司董事、福建圣农食品有限公司董事、福建圣农发展（浦城）有限公司执行 董事、圣农发展（政和）有限公司执行董事、福建海圣饲料有限公司董事、浦城县圣农伊博蛋白饲料有 限公司执行董事、浦城县海圣饲料有限公司董事。 薪酬方面，2024年，圣农发展监事罗平涛薪酬为110万元，冠绝董监高，董事长傅光明、董事会秘书兼 副总经理廖俊杰薪酬均为100万元，并列第二。 | 姓名 | 性别 | 年龄 | 职务 | 任职状态 | 从公司获得的 | 是否在公司关 | | --- | --- | --- | --- | --- | --- | --- | | | | | | | 税前报酬总额 | 联方获取报酬 | | 傅光明 | तेर्न | 72 | 重事长 | 现任 | 100 | 否 | | 傅芬芳 | 女 | 45 | 董事、总经理 | 现任 | 80 | 否 | | 廖俊杰 | 男 | 39 | 董事、董事会秘书、副总经理 | 现任 | 100 | 香 | | 席车 | 男 | 44 | 重事,副总经理 | ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company has demonstrated a robust performance with a revenue of 18.586 billion yuan in 2024, reflecting a year-on-year increase of 0.53%, and a net profit attributable to shareholders of 0.724 billion yuan, up 9.03% year-on-year [1][2] - The company has shown a strong competitive advantage in the industry, with significant growth in both production and sales volumes, particularly in chicken meat sales and processed meat products [4][6] - The company has successfully enhanced its breeding stock performance and market share through the development of its proprietary breeding source, "Shenze 901plus," which has seen over 30% growth in sales compared to the previous year [4][6] Financial Performance - The company achieved a quarterly growth in performance throughout 2024, indicating a consistent improvement in its operational efficiency [4] - The forecast for total revenue from 2024 to 2026 is adjusted to 20.889 billion yuan, 23.106 billion yuan, and 25.706 billion yuan respectively, with net profits projected at 1.076 billion yuan, 1.583 billion yuan, and 1.946 billion yuan [4][6] - The company's earnings per share (EPS) is expected to grow from 0.58 yuan in 2024 to 1.56 yuan in 2027, reflecting a strong growth trajectory [6][7] Market Performance - The company's stock has outperformed the CSI 300 index, with a 1-month performance of +20.0%, 3-month performance of +21.5%, and a 12-month performance of +16.1% [3] - The current stock price is 17.12 yuan, with a 52-week price range of 10.49 to 17.98 yuan [3] Business Strategy - The company has established a comprehensive multi-channel business system covering B-end, C-end, and F-end markets, leading to a 23.40% year-on-year increase in C-end business revenue [4] - The company has focused on enhancing its export business, achieving a 17.29% year-on-year growth in exports [4]

农林牧渔/养殖业 圣农发展（002299.SZ） 经营效率持续提升，2024 年盈利规模逐季扩大 2025 年 04 月 15 日 投资评级：买入（维持） | 日期 | 2025/4/14 | | --- | --- | | 当前股价(元) | 17.12 | | 一年最高最低(元) | 17.98/10.49 | | 总市值(亿元) | 212.87 | | 流通市值(亿元) | 212.86 | | 总股本(亿股) | 12.43 | | 流通股本(亿股) | 12.43 | | 近 3 个月换手率(%) | 67.15 | 股价走势图 数据来源：聚源 -48% -32% -16% 0% 16% 32% 2024-04 2024-08 2024-12 圣农发展 沪深300 相关研究报告 《发力养殖食品降本成效显著，低位 投资价值显现—公司信息更新报告》 -2024.10.27 《白鸡出栏稳增发力食品端，猪鸡共 振业绩有望改善—公司信息更新报 告》-2024.8.30 陈雪丽（分析师） 朱本伦（联系人） chenxueli@kysec.cn 证书编号：S0790520030001 zhubenlun@kys ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company has shown continuous improvement in operational efficiency, with profit scale expected to expand quarterly in 2024. The revenue for 2024 is projected at 18.586 billion yuan, a year-on-year increase of 0.53%, while the net profit attributable to shareholders is expected to be 724 million yuan, up 9.03% year-on-year. The fourth quarter of 2024 is anticipated to show a revenue of 4.823 billion yuan, a 5.78% increase year-on-year, and a net profit of 342 million yuan, marking a return to profitability [4][5] - The company plans to distribute a cash dividend of 2 yuan for every 10 shares, totaling 247 million yuan [4] - Short-term outlook for 2025 indicates potential increases in domestic chicken prices due to overseas avian influenza affecting imports, while long-term projections suggest that sufficient domestic supply may pressure chicken prices [4] - The company has adjusted its profit forecasts for 2025 to 1.091 billion yuan, 2026 to 1.247 billion yuan, and introduced a forecast for 2027 at 1.389 billion yuan, with corresponding EPS of 0.88, 1.00, and 1.12 yuan respectively [4] Summary by Sections Poultry Breeding and Processing Business - The poultry breeding and processing industry reported revenue of 10.356 billion yuan in 2024, a decrease of 1.53% year-on-year, with a gross margin of 5.70%, down 0.62 percentage points. Despite industry challenges, the company has improved breeding performance, leading to a projected 10% reduction in comprehensive meat production costs for Q1 2025. The company achieved the largest share of chicken exports to Japan, with export revenue of 638 million yuan, an increase of 18.78% year-on-year [5] Food Processing Business - The food processing sector generated revenue of 7.010 billion yuan in 2024, reflecting a year-on-year increase of 9.63%, with a gross margin of 19.61%, up 0.94 percentage points. The production volume of deep-processed meat products reached 314,900 tons, a 3.08% increase, while sales volume rose by 6.32% to 316,900 tons. The company's retail business is expected to see over 30% growth in Q1 2025 [6] Financial Summary and Valuation Metrics - The company’s financial metrics for 2023A to 2027E show a steady increase in revenue and net profit. Revenue is expected to grow from 18.487 billion yuan in 2023 to 22.028 billion yuan in 2027, while net profit is projected to rise from 664 million yuan to 1.389 billion yuan over the same period. The gross margin is anticipated to improve from 10.6% to 12.1% [7][10]

这是新消费智库第 2 6 1 6 期文章 新消费导读 1.Crocs携手Marimek ko推出首款合作系列 2.怡宝魔力运动饮料1L装新品全国上市 3. Inner Brightnes s推出Ak kermans ia益生菌补充剂 4.必胜客披萨有蛇出没 5.承德露露跨界推出露露草本「养生饮」 6.圣农发展拟11.26亿元收购太阳谷剩余54%股权 7.达能拟在德国爱他美工厂进行重大投资 8.美国拟成立Ti kTok美国独立公司，亚马逊等多方竞购 9.联合利华宣布收购Wi ld 10.Safi lo收购眼镜品牌Blender s多数股权 11.真维斯关闭澳洲所有门店 12.ZITA TAN发布2025秋冬系列 13.上美股份AI智能化妆品无人车间已正式投产 14.GymNation打造全球首个于健身房中的酒店 15.AUTEUR发布「星际漫游」系列 新消费 1.Crocs携手Marimek ko推出首款合作系列 怡宝官宣魔力运动饮料1L装新品全国上市。新品特别添加电解质、氨基酸、GLU葡萄糖和维生素B6，助力身体代谢、提供能量，1L大容量， 为不同流汗场景提供补充。（食业头条） 3. Inner Bright ...

2025 年 04 月 14 日 公司点评 买入/维持 圣农发展(002299) 目标价: 昨收盘:16.78 年报点评：亚洲白鸡产业链一体化经营龙头，盈利稳健增长 ◼ 走势比较 事件：公司近日发布 2024 年年报，实现营业收入 185.85 亿元，同 比+0.53%；归属于上市公司股东的净利润 7.24 亿元，同比+9.03%；扣非 后归母净利润为 6.9 亿元，同比+3.58%； 点评如下： (40%) (28%) (16%) (4%) 8% 20% 24/4/15 24/6/26 24/9/6 24/11/17 25/1/28 25/4/10 ◼ 股票数据 | 总股本/流通(亿股) | 12.43/12.43 | | --- | --- | | 总市值/流通(亿元) | 208.64/208.63 | | 12 个月内最高/最低价 | 17.98/10.49 | | (元) | | 相关研究报告 <<年报点评：家禽养殖业务产能持续 提升，深加工业务快速增长>>-- 2023-03-30 <<季报点评：量增价涨驱动盈利持续 增长，推荐买入>>--2022-10-28 <<圣农发展：全产业链核心优势&产 ...

买入/维持 圣农发展(002299) 目标价: 昨收盘:16.78 年报点评：亚洲白鸡产业链一体化经营龙头，盈利稳健增长 ◼ 走势比较 (40%) (28%) (16%) (4%) 8% 20% 24/4/15 24/6/26 24/9/6 24/11/17 25/1/28 25/4/10 ◼ 股票数据 2025 年 04 月 14 日 公司点评 | 总股本/流通(亿股) | 12.43/12.43 | | --- | --- | | 总市值/流通(亿元) | 208.64/208.63 | | 12 个月内最高/最低价 | 17.98/10.49 | | (元) | | 相关研究报告 <<年报点评：家禽养殖业务产能持续 提升，深加工业务快速增长>>-- 2023-03-30 <<季报点评：量增价涨驱动盈利持续 增长，推荐买入>>--2022-10-28 <<圣农发展：全产业链核心优势&产 业景气度持续，业绩高速增长>>-- 2020-03-29 证券分析师：程晓东 电话：010-88321761 E-MAIL：chengxd@tpyzq.com 分析师登记编号：S1190511050002 事件：公司近日发 ...

Investment Rating - The report maintains a "Recommended" rating for the agriculture, forestry, animal husbandry, and fishery industry [1] Core Views - The report highlights the weak fluctuation of pig prices, with expectations of a downward trend in the short term and a long-term weak operation in 2025 due to increased supply and weak demand [4][14] - The poultry sector may see price improvements due to the impact of tariffs and a shortage of quality breeding stock caused by avian influenza [5][28] - The animal health sector is expected to benefit from improved downstream demand and external expansion opportunities, with rising prices for key products like Tylosin [6][41] - The planting sector is experiencing price fluctuations for major grains, with a focus on the commercialization of genetically modified seeds [8][46] - The feed sector is seeing a decline in prices, with recommendations for companies like Haida Group [8][49] - The pet market continues to grow rapidly, with strong performance from domestic brands and recommendations for companies in the pet food and medical sectors [8][54][57] Summary by Sections Pig Industry - Pig prices are expected to adjust slightly, with a forecast of weak performance in 2025 due to increased supply [4][14] - As of April 10, 2025, the average price of live pigs is 14.6 CNY/kg, with no change from the previous week [14] Poultry Industry - The poultry sector may see price increases due to tariff impacts and a lack of quality breeding stock [5][28] - The average price of broiler chickens is 3.75 CNY/lb, reflecting a weekly increase [28] Animal Health - The animal health sector is experiencing improved profitability, with Tylosin prices rising significantly [6][41] - The report suggests focusing on companies with expected external expansion, such as Reap Bio [6] Planting Sector - Major grain prices are fluctuating, with corn priced at 2199 CNY/ton and wheat at 2422 CNY/ton [8][46] - The report recommends companies involved in genetically modified seed development [8] Feed Sector - Feed prices are declining, with pig feed at 3.35 CNY/kg [8][49] - The report suggests focusing on companies like Haida Group due to expected industry consolidation [8] Pet Industry - The pet market is projected to reach 300.2 billion CNY in 2024, with a growth rate of 7.5% [8][54] - Recommendations include companies like Guobao Pet and Zhongchong Co., which are experiencing significant growth [8][57]