福建圣农发展股份有限公司第六届董事会 独立董事专门会议2024年第二次会议决议 根据《上市公司独立董事管理办法》《深圳证券交易所股票上市规则》《深 圳证券交易所上市公司自律监管指引第1号——主板上市公司规范运作》等相关 法律、法规和规范性文件的有关规定，福建圣农发展股份有限公司(以下简称"公 司")第六届董事会独立董事专门会议2024年第二次会议于2024年5月22日以现场 表决方式召开。本次会议由独立董事共同推举何秀荣先生主持，会议应出席独立 董事3人，实际出席独立董事3人，本次会议的召开符合《公司章程》的相关规定。 全体独立董事本着认真、负责的态度，基于独立、审慎、客观的立场，经审阅相 关资料，本次会议形成以下决议： （此页无正文，为《福建圣农发展股份有限公司第六届董事会独立董事专门会 议 2024 年第二次会议决议》之签署页） 独立董事签名： 何秀荣 王 栋 杨翼飞 二○二四年五月二十二日 一、审议通过《关于为子公司提供担保暨关联担保的议案》。表决结果为： 3票赞成，0票反对，0票弃权。 经核查，江西鸥沃生物科技有限公司（以下简称"江西鸥沃"）为公司持股 20%的参股公司，公司董事、董事会秘书兼副总经理 ...

证券代码：002299 证券简称：圣农发展 公告编号：2024-030 福建圣农发展股份有限公司 2024 年 4 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、2024 年 4 月份销售情况 福建圣农发展股份有限公司（以下简称"公司"）2024 年 4 月实现销售收入 15.22 亿元，较去年同期增长 5.69%，较上月环比增长 0.30%。其中，家禽饲养加 工板块鸡肉销售收入为 11.63 亿元，较去年同期增长 10.73%，较上月环比变动- 3.67%；深加工肉制品板块销售收入为 6.01 亿元，较去年同期变动-0.79%，较上 月环比增长 3.18%。 销量方面，4 月份家禽饲养加工板块鸡肉销售数量为 11.49 万吨，较去年同 期增长 31.50%，较上月环比变动-6.93%；深加工肉制品板块产品销售数量为 2.70 万吨，较去年同期增长 3.37%，较上月环比增长 3.86%。 今年以来，公司上下游各板块产量规模稳步增加，尤其 1-4 月累计屠宰量较 去年同期增长超 25%。随着公司管理水平不断迭代提升，进入 4 月份以来养殖 ...

Investment Rating - The report maintains a "Buy" rating for the company with a target price not specified [5] Core Views - The company experienced a decline in revenue and profit in Q1 2024 due to low chicken prices, with total revenue of 4.21 billion yuan, down 7% year-on-year, and a net profit of -62 million yuan, down 169% year-on-year [1] - The company is expected to see a recovery in chicken prices in the second half of the year, alongside a continued decrease in costs, which may drive gradual improvement in profitability [3] Summary by Sections Traditional Farming - Q1 chicken meat sales reached 293,500 tons, up 11% year-on-year, with an average price of 10,164 yuan/ton, down 13% year-on-year [2] - The company has increased its production capacity significantly, with an estimated slaughter volume of 650 million birds in 2024 [2] - The estimated loss per bird is 0.5 yuan, but overall costs have improved significantly due to lower feed prices and management optimization, with total costs estimated below 10,500 yuan/ton, a decrease of over 1,000 yuan/ton year-on-year [2] Food Segment - Q1 revenue from processed meat products was 1.918 billion yuan, down 4% year-on-year, with a sales volume of 81,000 tons, up 11% year-on-year [3] - The company is focusing on a large food strategy, driving growth through both B2B and B2C channels [3] - The gross profit margin for food products is expected to improve due to lower prices in the raw food segment, contributing to a year-on-year increase in net profit of approximately 7 million yuan [3] Financial Forecast - The company’s projected net profits for 2024, 2025, and 2026 are 1.634 billion yuan, 2.184 billion yuan, and 2.112 billion yuan, respectively, with corresponding P/E ratios of 12X, 9X, and 9X [4][3] - Revenue is expected to grow significantly, with a forecasted increase of 20.94% in 2024 [4]

Investment Rating - The report maintains a "Buy" rating for the company, indicating a positive outlook on its future performance [4][5]. Core Views - The company reported a decline in Q1 2024 performance due to low chicken prices, with a revenue of 4.215 billion yuan, down 7.10% year-on-year, and a net loss attributable to shareholders of 61.93 million yuan, a decrease of 169.23% [2][3]. - Despite the challenges, the company is advancing its self-research breeding and food processing strategies, with significant growth potential in its self-developed chicken breeds and food segment [4][5]. Financial Summary - The company achieved a revenue of 18.487 billion yuan in 2023, with projected revenues of 20.425 billion yuan in 2024, 22.962 billion yuan in 2025, and 24.410 billion yuan in 2026, reflecting growth rates of 9.93%, 10.48%, 12.42%, and 6.31% respectively [5][6]. - The net profit attributable to shareholders is expected to grow from 664.27 million yuan in 2023 to 843.82 million yuan in 2024, 1.16693 billion yuan in 2025, and 1.20795 billion yuan in 2026, with growth rates of 61.66%, 27.03%, 38.29%, and 3.51% respectively [5][6]. - The earnings per share (EPS) are projected to be 0.53 yuan in 2023, increasing to 0.68 yuan in 2024, 0.94 yuan in 2025, and 0.97 yuan in 2026 [5][6].

Investment Rating - The investment rating for the company is "Buy" [3][6][22]. Core Views - The chicken prices are running weakly, leading to short-term performance pressure. In 2023, the company achieved operating revenue of 18.487 billion yuan, a year-on-year increase of 9.93%, and a net profit attributable to shareholders of 664 million yuan, a year-on-year increase of 61.66% [2][9][22]. - The performance began to be pressured from Q4 2023 due to declining chicken prices, with a net profit of -75 million yuan in Q4 2023, a year-on-year decrease of 134.43%. In Q1 2024, operating revenue decreased by 7.10% to 4.215 billion yuan, and net profit decreased by 169.23% to -62 million yuan, primarily due to a 13% year-on-year drop in chicken prices [2][9][22]. - The poultry breeding business generated revenue of 10.517 billion yuan in 2023, a year-on-year increase of 0.71%, with a gross margin of 6.32%. The food processing business achieved revenue of 6.394 billion yuan, a year-on-year increase of 28.14%, with a gross margin of 18.67% [2][9][22]. Summary by Sections Financial Performance - In 2023, the company reported operating revenue of 18.487 billion yuan, a 9.93% increase year-on-year, and a net profit of 664 million yuan, up 61.66% year-on-year. The revenue growth was attributed to a recovery in the white chicken market and cost reduction measures [2][9][22]. - For Q1 2024, the company experienced a decline in revenue and profit due to weak chicken prices, with revenue down 7.10% to 4.215 billion yuan and a net loss of 62 million yuan [2][9][22]. Business Segments - The poultry breeding segment generated 10.517 billion yuan in revenue in 2023, with a gross margin of 6.32%. The food processing segment saw revenue of 6.394 billion yuan, with a gross margin of 18.67% [2][9][22]. - The company is focusing on enhancing its self-researched breeding performance and expanding its B-end and C-end customer base, which contributed positively to its food processing revenue [2][9][22]. Market Outlook - As of April 7, 2024, the domestic grandparent chicken inventory was 1.97 million sets, a year-on-year increase of 16%. The supply of white feather chickens is expected to remain relatively abundant in the medium to long term, but a potential recovery in pork prices may positively impact the white feather chicken market [2][9][22]. - The company is projected to maintain a "Buy" rating, with expected net profits of 770 million yuan, 1.23 billion yuan, and 960 million yuan for 2024, 2025, and 2026, respectively [3][22].

Investment Rating - The report maintains a "Buy" rating for the company [5][20]. Core Views - The chicken prices are running weakly, leading to short-term performance pressure on the company. In 2023, the company achieved operating revenue of 18.487 billion yuan, a year-on-year increase of 9.93%, and a net profit attributable to the parent company of 664 million yuan, a year-on-year increase of 61.66% [1][7]. - The company is expected to benefit from a rebound in pork prices in the second half of 2024, which may positively impact the white feather chicken market [2][20]. Summary by Sections Financial Performance - In 2023, the company reported operating revenue of 18.487 billion yuan, up 9.93% year-on-year, and a net profit of 664 million yuan, up 61.66% year-on-year. The growth was attributed to a recovery in the white chicken market in the first three quarters of 2023, cost reduction measures, and increased output of high-value products [1][7]. - In Q4 2023, the net profit attributable to the parent company was -75 million yuan, down 134.43% year-on-year, and in Q1 2024, the operating revenue decreased by 7.10% to 4.215 billion yuan, with a net profit of -62 million yuan, down 169.23% year-on-year, primarily due to a 13% year-on-year decline in chicken prices [1][2][7]. Business Segments - The poultry farming business generated revenue of 10.517 billion yuan in 2023, a year-on-year increase of 0.71%, with a gross margin of 6.32%, up 1.07 percentage points. The food processing business achieved revenue of 6.394 billion yuan, a year-on-year increase of 28.14%, with a gross margin of 18.67%, up 1.60 percentage points [1][2][7]. Profit Forecasts - The company forecasts net profits attributable to the parent company for 2024, 2025, and 2026 to be 770 million yuan, 1.226 billion yuan, and 959 million yuan, respectively. The corresponding EPS for these years is expected to be 0.62 yuan, 0.99 yuan, and 0.77 yuan, with PE ratios of 25.3, 15.8, and 20.2 times, respectively [2][20][19]. Market Conditions - As of April 7, 2024, the domestic grandparent chicken inventory was 1.97 million sets, up 16% year-on-year, indicating a relatively abundant supply of white feather chickens. The recovery in pork prices is expected to boost demand for chicken in the market [2][20].

Investment Rating - The report maintains a "Buy" rating for the company [4][6] Core Views - The company's Q1 2024 revenue was 4.215 billion yuan, a year-on-year decrease of 7.10% and a quarter-on-quarter decrease of 7.56%, with a net profit attributable to shareholders of -61.92 million yuan compared to 89.44 million yuan in the same period last year [2][3] - The main business showed stable growth in volume but a decrease in price, with cost control continuously optimized [3] - The company has established long-term strategic partnerships with well-known clients in both B2B and B2C channels, contributing to the growth of its food processing segment [3] - The self-researched breeding chicken variety "Shengze 901plus" has significantly improved performance, enhancing overall breeding efficiency [3] Summary by Sections Financial Performance - In Q1 2024, the breeding segment generated sales revenue of 2.983 billion yuan, down 3.87% year-on-year, while the food processing segment generated 1.918 billion yuan, down 4.43% year-on-year [3] - The overall revenue forecast for 2024-2025 has been adjusted downwards to 847 million yuan and 893 million yuan, respectively, reflecting a decrease of 70.81% and 71.77% from previous estimates [4] Business Segments - The breeding segment sold 293,500 tons of chicken, an increase of 10.84% year-on-year, while the food processing segment sold 80,600 tons, an increase of 11.02% year-on-year [3] - The company’s white feather chicken breeding capacity exceeds 700 million birds, with food processing capacity exceeding 500,000 tons, ranking first in the country [3] Market Position - The company is positioned as a leading integrated white feather chicken producer, benefiting from the recovery of the industry cycle [4] - The current stock price corresponds to a P/E ratio of 22/21/19 for the years 2024-2026 [4]

Investment Rating - The report maintains a "Buy-A" rating for the company [4][3]. Core Views - The company experienced a decline in performance in Q1 2024 due to low chicken prices, resulting in a revenue drop of 7.10% year-on-year, with a net profit loss of 619.24 million yuan, a decrease of 169.23% year-on-year [1]. - Despite the challenges, the company is expected to see a recovery in performance, with projected net profits of 1.78 billion yuan, 1.89 billion yuan, and 2.25 billion yuan for 2024, 2025, and 2026 respectively, indicating a significant growth rate of 168.6% in 2024 [3][7]. - The company has expanded its production capacity and improved its sales channels, which are anticipated to support future growth [3]. Summary by Sections Performance Overview - In Q1 2024, the company achieved a revenue of 4.215 billion yuan, down 7.10% year-on-year, and a net profit of -61.92 million yuan, down 169.23% year-on-year. The decline was attributed to low industry chicken prices and increased asset impairment losses of 67.21 million yuan, up 419.72% year-on-year [1]. Sales and Production - The company sold 293,500 tons of live chicken in Q1 2024, an increase of 10.84% year-on-year, generating a sales revenue of 2.983 billion yuan, up 15.08% year-on-year. The average price was 10,200 yuan per ton, up 3.83% year-on-year [2]. - The food segment saw sales of 80,600 tons of chicken products, a year-on-year increase of 11.02%, with a revenue of 1.918 billion yuan, down 4.43% year-on-year, and an average price of 23,800 yuan per ton, down 13.92% year-on-year [2]. Investment Recommendations - The company is positioned as a leading player in the domestic white feather chicken breeding industry, with sufficient production capacity and improving sales channels. The expected target market capitalization for 2024 is 28.64 billion yuan, with a target price of 23.03 yuan per share [3][4].