Investment Rating - The report maintains an "Outperform" rating for the company [6]. Core Views - The company reported a decline in performance due to low chicken prices, but there is optimism for a cyclical recovery [6]. - The first quarter of 2024 saw a revenue of 4.21 billion yuan, a year-on-year decrease of 7.1%, and a net profit attributable to shareholders of -61.92 million yuan, marking a significant decline from the previous year's profit of 89.45 million yuan [6][7]. - The company is expected to benefit from a gradual increase in chicken prices throughout the year, leading to improved performance [6]. Summary by Sections Market Data - Closing price: 15.59 yuan - One-year high/low: 21.58/13.78 yuan - Price-to-book ratio: 1.9 - Dividend yield: 1.92% - Market capitalization: 19,104 million yuan [2]. Financial Data - As of March 31, 2024, the company had a net asset value per share of 8.25 yuan and a debt-to-asset ratio of 56.28% [3]. - Total shares: 1,243 million, with 1,225 million circulating A shares [3]. Revenue and Profit Forecast - Projected revenues for 2024-2026 are 22.49 billion, 24.72 billion, and 27.70 billion yuan respectively, with net profits of 2.19 billion, 2.09 billion, and 2.91 billion yuan [7][8]. - The company expects a recovery in chicken prices, which will positively impact future earnings [6]. Business Segments - Chicken business: Sales volume increased by 11% year-on-year to 294,000 tons in Q1 2024, but revenue decreased by 3.9% due to low prices [6]. - Food business: Processed meat sales grew by 11% year-on-year, with a focus on brand marketing and increased sales expenses [6]. Future Outlook - The report anticipates a gradual decline in chicken supply starting from the end of Q2 2024, which may lead to price increases and improved company performance [6].

Financial Performance - The company's revenue for Q1 2024 was ¥4,214,982,397.45, a decrease of 7.10% compared to ¥4,537,238,745.36 in the same period last year[3] - The net profit attributable to shareholders was -¥61,923,676.75, representing a decline of 169.23% from ¥89,448,233.24 year-on-year[3] - Net profit for Q1 2024 was a loss of CNY 71,212,377.85, compared to a profit of CNY 86,335,365.09 in Q1 2023, indicating a significant decline[20] - The total comprehensive income attributable to the parent company was -61,923,321.37 CNY, compared to 89,429,522.35 CNY in the previous period[21] - Basic and diluted earnings per share were both -0.0502 CNY, down from 0.0726 CNY and 0.0725 CNY respectively in the previous period[21] Cash Flow - The net cash flow from operating activities was ¥346,881,122.96, down 6.94% from ¥372,762,148.13 in the previous year[3] - Cash inflow from operating activities totaled 4,604,293,284.18 CNY, a decrease from 4,733,606,869.56 CNY in the previous period[22] - The company reported a decrease in cash received from sales of goods and services to 4,550,054,810.68 CNY from 4,707,849,201.46 CNY in the previous period[22] - Net cash flow from financing activities increased by 33.13% to ¥140,000,000.00, mainly due to higher net inflows from debt financing[10] - Cash inflow from financing activities was 3,425,545,431.77 CNY, an increase from 2,168,350,372.06 CNY in the previous period[23] - Net cash flow from financing activities was 1,403,972,508.55 CNY, up from 1,054,624,251.10 CNY in the previous period[23] Assets and Liabilities - The company's total assets increased by 4.22% to ¥23,462,440,249.60 from ¥22,512,731,712.88 at the end of the previous year[3] - The asset-liability ratio at the end of the reporting period was 56.28%, an increase of 2.14 percentage points from the beginning of the year[11] - Current liabilities rose to CNY 11,678,835,746.57, an increase of 9.9% from CNY 10,619,238,830.71[18] - Non-current liabilities totaled CNY 1,526,507,787.86, a decrease of 2.7% from CNY 1,569,113,394.12[18] - The company's equity attributable to shareholders decreased to CNY 10,252,324,890.47 from CNY 10,308,123,149.43, a decline of 0.5%[18] Operational Efficiency - The annual turnover of accounts receivable increased by 1.42 times to 20.57 times, indicating effective control over receivables[12] - The inventory turnover rate decreased by 0.53 times to 4.78 times, reflecting strong inventory management capabilities[12] - The company achieved a 14.44% increase in food sales volume, contributing approximately 7 million RMB to the net profit attributable to shareholders[12] - The company reported a significant increase in asset impairment losses by 166.30% due to declining chicken prices[9] Expenses - Sales expenses rose by 30.08% to ¥14,000,000.00, driven by increased marketing efforts for the company's own brand[9] - The company's feed costs decreased by 14.50%, but this was not sufficient to offset the impact of falling chicken prices[12] - Research and development expenses for Q1 2024 were CNY 21,037,319.79, slightly down from CNY 23,539,832.49 in the previous year[19] Government Support - The company received government subsidies amounting to ¥3,518,600.00, which positively impacted its financial performance[4] Future Plans - The company plans to continue enhancing the production performance of its self-developed breeding chickens and increase deep processing of chicken products[12]

证券代码：002299 证券简称：圣农发展 公告编号：2024-028 福建圣农发展股份有限公司 2023 年年度权益分派实施公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假记载、误导 性陈述或者重大遗漏。 特别提示： 本次权益分派实施后，按公司总股本折算每股现金分红比例及除权除息参考 价计算如下：按公司总股本折算每股现金红利=实际现金分红总额÷总股本（含 从二级市场回购的股份）=370,784,179.80 元÷1,243,400,295 股=0.2982017 元 /股（最后一位直接截取保留小数点后七位），即按公司总股本（含从二级市场回 购的股份）折算的每股现金红利为 0.2982017 元。 【注：根据先进先出的原则，以投资者证券账户为单位计算持股期限，持股 1 个月（含 1 个月）以内，每 10 股补缴税款 0.6 元；持股 1 个月以上至 1 年（含 1 年）的，每 10 股补缴税款 0.3 元；持股超过 1 年的，不需补缴税款。】 本次权益分派实施后的除权除息参考价=股权登记日收盘价-0.2982017 元/ 股（按公司总股本折算每股现金红利）。 福建圣农发展股份有限公司( ...

证券代码：002299 证券简称：圣农发展 公告编号：2024-027 福建圣农发展股份有限公司 一、特别提示 （一）本次会议上无否决或修改议案的情况。 （二）本次会议上没有新提案提交表决。 二、会议召开和出席的情况 福建圣农发展股份有限公司（以下简称"公司"）2023 年度股东大会（以下 简称"本次会议"）采用现场会议与网络投票相结合的方式召开。本次会议的现 场会议于 2024 年 4 月 17 日下午 14:30 在福建省光泽县十里铺公司办公大楼四 层会议室召开；本次会议的网络投票时间为：（1）通过深圳证券交易所交易系统 进行网络投票的时间为 2024 年 4 月 17 日上午 9:15-9:25、9:30-11:30 和下午 13:00-15:00；（2）通过深圳证券交易所互联网投票系统进行网络投票的时间为 2024 年 4 月 17 日上午 9:15 至下午 15:00 的任意时间。 本次会议由公司董事会召集，现场会议由公司董事长傅光明先生主持。出席 本次会议的股东（或股东代理人，下同）共 39 人，代表股份 641,315,618 股， 占公司股份总数 1,243,400,295 股的比例为 51. ...

福建至理律师事务所 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 福建至理律师事务所 关于福建圣农发展股份有限公司 2023 年度股东大会的 法 律 意 见 书 关于福建圣农发展股份有限公司 2023 年度股东大会的法律意见书 闽理非诉字〔2024〕第 060 号 致：福建圣农发展股份有限公司 福建至理律师事务所（以下简称本所）接受福建圣农发展股份有限公司（以 下简称公司）之委托，指派蔡钟山、陈禄生律师（以下简称本所律师）出席公司 2023 年度股东大会（以下简称本次会议或本次股东大会），并依据《中华人民共 和国公司法》（以下简称《公司法》）、《中华人民共和国证券法》（以下简称《证 券法》）、《上市公司股东大会规则(2022 年修订)》（中国证券监督管理委员会公 告〔2022〕13 号，以下简称《上市公司股东大会规则》）、《深圳证券交易所上市 公司股东大会网络投票实施细则(2020 年修订)》（深证上〔2020〕517 号，以下 简称《网络投票实施细则》）等有关法律、法规、规范性 ...

证券代码：002299 证券简称：圣农发展 公告编号：2024-026 福建圣农发展股份有限公司 2024 年 3 月份销售情况简报 从大食品发展战略出发，公司持续保持增量的同时，做好内在的成本控制。 就 1-3 月累计数量看，养殖板块及食品深加工板块生产量及销售量均保持在 10% 以上的增长水平，尤其是养殖板块的屠宰量同比增幅已超过 25%。从成本端看， 在管理效率提升、大宗原料价格下降及天气回暖等多因素影响下，公司综合造肉 成本同比下降明显，食品板块盈利能力增强。 三、特别提示 1、家禽饲养加工板块鸡肉销售收入及销售数量为抵消前数据。 2、上述财务数据均未经审计，可能与公司定期报告披露的数据存在一定差 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 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"）2024 年 3 月实现销售收入 15.18 亿元，较去年同期变动-3.37%，较上月环比增长 46.21%。其中，家禽饲养 加工板块鸡肉销售收入为 12.08 亿元，较去年同期增长 0.36%，较上月环比增长 96.73%；深加工肉 ...

证券代码：002299 证券简称：圣农发展 公告编号：2024-025 福建圣农发展股份有限公司 关于 2019 年限制性股票激励计划首次授予部分第四个解除限售 期及预留授予部分第三个解除限售期解除限售股份上市流通的 提示性公告 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。 特别提示： 1、本次申请解除限售的激励对象为 185 名（其中，首次授予部分激励对象 165 名，预留授予部分激励对象 20 名），可解除限售的限制性股票共计 973,072 股（其中,首次授予部分可解除限售的限制性股票数量为 878,028 股，占公司总 股本额 1,243,400,295 股的比例为 0.0706%；预留授予部分可解除限售的限制性 股票数量为 95,044 股，占公司总股本额 1,243,400,295 股的比例为 0.0076%）， 占公司总股本额 1,243,400,295 股的比例为 0.0783%。 2、本次解除限售的限制性股票上市流通日期：2024 年 4 月 12 日（星期五）。 福建圣农发展股份有限公司（以下简称"公司"）于 2024 年 3 月 27 日 ...

Investment Rating - The investment rating for the company is "Outperform the Market" and is maintained [2] Core Views - The company achieved a revenue of 18.49 billion yuan in 2023, representing a year-on-year increase of 9.9%, and a net profit of 660 million yuan, up 61.7% year-on-year [6][9] - The poultry farming and processing scale is expected to increase, with improved profitability in the meat segment due to declining feed costs [9] - The food segment is anticipated to maintain rapid growth, benefiting from ongoing consumer recovery and enhanced product capabilities [9] Summary by Sections Financial Performance - In 2023, the company reported a revenue of 18.49 billion yuan, with a net profit of 660 million yuan and an EPS of 0.54 yuan [6][8] - The fourth quarter of 2023 saw a revenue of 4.56 billion yuan, with a year-on-year increase of 2.14% [6] - The company plans to distribute a cash dividend of 3.0 yuan per 10 shares [6] Poultry Business - The company sold 1.223 million tons of chicken meat in 2023, a 7.1% increase year-on-year, generating a revenue of 13.54 billion yuan [6] - The average selling price for chicken was 11,074 yuan per ton, remaining stable compared to the previous year [6] - The company has increased its breeding capacity by acquiring an additional 120 million birds, bringing total capacity to 700 million birds [6][7] Food Segment - The company sold 330,000 tons of meat products in 2023, a 26.9% increase year-on-year, with a revenue of 7.97 billion yuan [6] - The average selling price for meat products was 24,166 yuan per ton, down 5.4% year-on-year [6] - The company is optimizing its distribution channels and enhancing brand marketing efforts, which are expected to drive growth in both B2B and B2C segments [6] Future Outlook - The company forecasts revenue growth of 17.7% in 2024, with EPS projected at 0.94 yuan [8][9] - The gross margin is expected to improve from 10.6% in 2023 to 11.7% in 2024 [8] - The company aims to achieve a market share of 40% in domestic breeding [7]

Investment Rating - The report maintains a "Buy" rating for the company [2][5]. Core Views - The company's performance is supported by capacity expansion and refined management, leading to high-quality development [2]. - The company achieved a revenue of 18.487 billion yuan in 2023, representing a year-on-year increase of 9.93% [2]. - The net profit for 2023 was 664 million yuan, a significant increase of 61.66% compared to the previous year [2]. Financial Performance Summary - **Revenue Forecasts**: - 2022A: 16,817 million yuan - 2023A: 18,487 million yuan (10% growth) - 2024E: 21,571 million yuan (17% growth) - 2025E: 24,314 million yuan (13% growth) - 2026E: 27,504 million yuan (13% growth) [2][4]. - **Net Profit Forecasts**: - 2022A: 411 million yuan - 2023A: 664 million yuan (62% growth) - 2024E: 1,390 million yuan (109% growth) - 2025E: 2,015 million yuan (45% growth) - 2026E: 2,597 million yuan (29% growth) [2][4]. - **Earnings Per Share (EPS)**: - 2023E: 0.53 yuan - 2024E: 1.12 yuan - 2025E: 1.62 yuan - 2026E: 2.09 yuan [2][4]. - **Return on Equity (ROE)**: - 2023E: 6% - 2024E: 12% - 2025E: 15% - 2026E: 16% [2][4]. Market Position and Strategy - The company is actively expanding its production capacity and enhancing its management efficiency to maintain a leading position in the white-feather broiler industry [2]. - The company has made strategic acquisitions to bolster its production capabilities, with a focus on maximizing product value and cost leadership [2].

农林牧渔/养殖业 公 司 研 圣农发展（002299.SZ） 养殖食品齐发力，产能扩张稳健发展 究 2024年03月29日 ——公司信息更新报告 投资评级：买入（维持） 陈雪丽（分析师） 王高展（联系人） chenxueli@kysec.cn wanggaozhan@kysec.cn 证 书编号：S0790520030001 证书编号：S0790123060055 日期 2024/3/28 当前股价(元) 15.53  养殖食品齐发力，产能扩张稳健发展，维持“买入”评级 公 一年最高最低(元) 25.29/13.78 公司发布2023年年报，2023年实现营收184.87亿元，yoy+9.93%，归母净利润 司 信 总市值(亿元) 193.10 6.64 亿元，yoy+61.66%，其中 2023Q4 实现营收 45.60 亿元，yoy+2.14%，归母 息 流通市值(亿元) 192.94 净利润-0.75 亿元，yoy-134.43%。前期白羽鸡祖代引种缺口 2024 年传导至肉鸡 更 总股本(亿股) 12.43 端，白羽肉鸡供给偏紧有望贯穿 2024 全年，叠加猪周期逐步反转，白羽鸡景气 新 报 流通股 ...