证券代码：002299 证券简称：圣农发展 公告编号：2025-027 福建圣农发展股份有限公司 关于参加 2025 年福建辖区上市公司投资者 网上集体接待日活动的公告 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。 本次活动将采用网络远程的方式举行，投资者可登录"全景路演"网站 （http://rs.p5w.net）,或关注微信公众号：全景财经，或下载全景路演 APP， 参与本次互动交流，活动时间为 2025 年 5 月 14 日（周三）15:30-17:00。届时 公司高管将在线就公司 2024 年度业绩、公司治理、发展战略、经营状况、可持 续发展等投资者关心的问题，与投资者进行沟通与交流，欢迎广大投资者踊跃参 与！ 特此公告。 福建圣农发展股份有限公司 董 事 会 二〇二五年四月二十六日 为进一步加强与投资者的互动交流，福建圣农发展股份有限公司（以下简称 "公司"）将参加由福建证监局指导，福建省上市公司协会主办与深圳市全景网 络有限公司联合举办的"2025 年福建辖区上市公司投资者网上集体接待日活动"， 现将相关事项公告如下： ...

Investment Rating - The report assigns a "Buy" rating for the company, marking its first coverage [3][6]. Core Insights - The company demonstrates a strong competitive advantage in a declining profit environment for the industry, achieving higher profitability than the industry average [1][36]. - The company has established a self-sufficient breeding system, enhancing its market position and expected performance [2]. - The processing business is improving, with a focus on brand value enhancement and a dual-channel strategy [3]. Summary by Sections Company Overview - The company is the largest white feather chicken producer in Asia, with a complete supply chain covering feed processing, breeding, incubation, and meat processing [14]. Industry Context - The white feather chicken accounts for approximately 67% of the domestic chicken market, with slaughter volumes reaching 8.55 billion in 2024, a 3.6% increase year-on-year [28]. Profitability and Cost Management - The company has maintained a higher single-bird profit than the industry, with an estimated profit of 0.6 yuan per bird in 2024, despite overall industry profit declines [1][36]. - The company's chicken meat gross cost is projected at 8,939 yuan per ton in 2024, a 14% decrease year-on-year, reflecting effective cost management strategies [40][42]. Market Position and Expansion - The company has secured long-term strategic partnerships with major clients like Yum China and McDonald's, ensuring stable pricing and demand [1][3]. - Since 2018, the company has acquired quality assets, increasing its breeding capacity by 165 million birds and food processing capacity by 90,000 tons [1]. Breeding and Genetic Control - The company has achieved 100% self-sufficiency in breeding parent stock since 2019, with plans to increase its market share to 40% by the end of 2024, potentially adding 800 million yuan to its performance [2]. Processing Business Development - The company's food business is projected to generate 8.249 billion yuan in revenue in 2024, with a 3.7% year-on-year growth, although net profit is expected to decrease by 7% [3]. - The company is focusing on B2B and B2C segments, with B2B accounting for 79% of revenue and a strong emphasis on brand value enhancement [3]. Financial Projections - The company expects net profits of 993 million yuan, 1.06 billion yuan, and 1.21 billion yuan for 2025, 2026, and 2027, respectively, with growth rates of 37.1%, 6.8%, and 13.8% [3][5].

Investment Rating - The report maintains a "Recommended" investment rating for the industry, suggesting a potential upside of over 15% relative to benchmark indices [4]. Core Insights - The swine industry shows stable breeding profits, with a focus on capacity reduction logic. The average price of external three yuan pigs was 15.0 CNY/kg, up 2.1% week-on-week, while the average weight of pigs sold was 128.6 kg, down 0.2% [19][20]. - The beef industry is at an inflection point, with strong price performance continuing. The average price of calves was 28.2 CNY/kg, up 2.1%, and the average price of fattened cattle was 25.8 CNY/kg, up 0.7% [23][30]. - The white chicken market is affected by ongoing avian influenza, with significant impacts on breeding stock and prices. The average price of white feather broiler chicks was 2.8 CNY/chick, up 9.5% [31][34]. - The animal health sector is seeing a recovery in demand as breeding supply stabilizes, with a notable increase in the issuance of vaccines [48][49]. Summary by Sections Swine Industry - The average price of external three yuan pigs was 15.0 CNY/kg, reflecting a week-on-week increase of 2.1%. The average weight of pigs sold was 128.6 kg, down 0.2%. The price of 15 kg external three yuan piglets was 668 CNY/head, with a slight decrease of 0.05% [19][21]. - Supply pressure remains stable, with normal sales rhythms from large producers and limited sales from smallholders. The demand side shows increased activity from secondary breeding, but overall consumption remains weak [20][21]. - The report recommends companies such as Muyuan Foods, Wens Foodstuff Group, and New Hope Liuhe for investment [20]. Beef Industry - The beef breeding industry is entering a capacity release phase, with the earliest signs of a price bottom forming. The report anticipates a potential recovery in the industry by late 2025 or early 2026 [23][30]. - The average wholesale price of beef was 61.4 CNY/kg, reflecting a slight increase of 0.2% [29][30]. - Recommended companies include Fucheng Co. and Guangming Meat Industry, focusing on integrated breeding and sales [23]. Poultry Industry - The average price of white feather broiler eggs was 1.6 CNY/egg, up 2.0%, while the average price of white feather broilers was 3.7 CNY/kg, up 2.2% [31][34]. - The report highlights the impact of avian influenza on breeding imports, particularly from the U.S. and New Zealand, which has been suspended for over three months [31][32]. - Recommended companies include Yisheng Livestock and He Feng Food [31]. Animal Health Sector - The demand for animal health products is expected to recover as breeding supply stabilizes. The issuance of vaccines has shown significant increases, particularly for swine diseases [48][49]. - The report recommends companies like Kexin Biological and Zhongmu Biotechnology, which are positioned to benefit from the recovery in the animal health market [49].

证券代码：002299 证券简称：圣农发展 福建圣农发展股份有限公司投资者关系活动记录表 编号：2025-001 6、圣农已经是大企业了，社会责任上有什么新举措吗？公司 什么时候发布 ESG 报告呢？ 公司领导回答：尊敬的投资者您好，公司已披露《2024 年度 社会责任报告》，秉承以"坚持长期主义，不负信赖"为主纲 的圣农价值观，以责任担当践行可持续发展承诺，构建企业 发展与社会进步的共生格局。在绿色转型领域，我们持续推 进低碳循环生产模式，实现经济效益与生态效益的协同发 展；在社会责任践行中，创新开展乡村振兴行动，以企业发 展反哺社会进步，为推进共同富裕与乡村全面振兴贡献企业 力 量 （ 具 体 内 容 详 见 巨 潮 资 讯 网 （http://www.cninfo.com.cn）《福建圣农发展股份有限公 司 2024 年度社会责任报告》），感谢您的提问！ 7、目前白羽肉鸡的竞争格局之下，公司和其他企业有什么不 同吗？以及在关税之下公司如何迎接挑战。 | 投资者关系活 | □特定对象调研□分析师会议 | | --- | --- | | 动类别 | □媒体采访业绩说明会 | | | □新闻发布会□路演活动 ...

Investment Rating - The overall investment rating for the agricultural sector is positive, with expectations of higher returns than the CSI 300 index by over 5% in the next six months [50]. Core Insights - Recent increases in agricultural product prices are expected to continue due to tariff countermeasures, presenting overall investment opportunities in the agricultural sector. Key investment themes include tariff countermeasures, capacity reduction, and low valuations [6][20]. - The livestock industry is experiencing stagnation in production capacity, with valuations at historical lows, indicating long-term investment potential despite potential price fluctuations [6][21]. - The poultry sector, particularly broilers, is anticipated to see price increases due to reduced imports from the U.S. following tariff impositions, alongside a steady recovery in consumer demand [9][22]. - The feed industry is showing resilience, with smaller adjustments compared to other sub-sectors, indicating a stable outlook [26]. Summary by Relevant Sections Livestock Industry - Swine prices are currently at 14.97 CNY/kg, reflecting a slight increase of 0.31 CNY from the previous week. The average weight of slaughtered pigs is 91.46 kg, with a processing plant utilization rate of 34.78% [14][20]. - The profitability for self-breeding farms is reported at 79 CNY per head, with a slight increase in the price of piglets to 40.9 CNY/kg [21]. - The broiler market is seeing a price increase, with the average price for broiler chicks at 3.1 CNY per chick and broiler meat at 3.75 CNY per jin [9][22]. Poultry Industry - The yellow chicken market is experiencing a price recovery, with prices reaching 10.69 CNY/kg, indicating a potential upward trend due to tightening supply [10][23]. - The animal health sector is showing signs of recovery, with increased demand for veterinary products as pig inventories rise [11]. Planting Industry - The seed industry is expected to benefit from improved policy environments, particularly for genetically modified corn and soybeans, which are projected to accelerate in commercialization [12][24]. - Recent increases in grain prices, with corn at 2290 CNY/ton and wheat at 2426 CNY/ton, are attributed to tariff countermeasures against U.S. imports, suggesting further investment opportunities in this sector [13][24]. Industry Data - The agricultural index has seen a decline of 2.14%, underperforming compared to the broader market indices, indicating a need for cautious investment strategies [26].

圣农发展 2024 年报点评 ——全产业链经营优势凸显，业绩表现逆势增长 养殖业 | 评级： 买入（维持） | 公司盈利预测及估值 | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | | | 指标 | 2023A | 2024A | | 2025E | 2026E | 2027E | | 分析师：姚雪梅 | 营业收入（百万元） | 18,487 | 18,586 | | 20,120 | 22,667 | 24,858 | | | 增长率 yoy% | 10% | | 1% | 8% | 13% | 10% | | 执业证书编号：S0740522080005 | 归母净利润（百万元） | 664 | | 724 | 1,058 | 2,169 | 2,607 | | Email：yaoxm@zts.com.cn | 增长率 yoy% | 62% | | 9% | 46% | 105% | 20% | | | 每股收益（元） | 0.53 | | 0.58 | 0.85 | 1.74 | 2.10 | | 分析师：严瑾 | 每股现金流量 ...

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].