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 ...

A股市场进入一季报业绩密集期披露。截至4月15日，已有267家上市公司发布一季度业绩预告或一季 报，其中243家公司业绩同比向好，占比逾九成。宁德时代（300750）、国泰海通、中远海控 （601919）、紫金矿业（601899）、比亚迪（002594）等多家行业龙头公司实现"开门红"。农林牧渔板 块则大幅扭亏为盈，养猪龙头牧原股份（002714）归母净利超40亿元。 5家公司净利润超100亿元 据证券时报.数据宝统计，截至4月15日，267家已发布第一季度相关报告公司中，5家公司净利润超过 100亿元(业绩预告取中值，下同)，依次为宁德时代、中国人保（601319）、国泰海通、中远海控和紫 金矿业。宁德时代盈利规模暂居榜首，为139.63亿元；国泰海通净利润实现翻倍，同比增幅375%。 宁德时代净利润增速远超营收增速，一季度实现营业收入847.05亿元，同比增长6.18%；归母净利润 139.63亿元，同比增长32.85%；扣非净利润118.29亿元，同比增长27.92%。公司经营活动现金流也表现 亮眼，流量净额为328.68亿元，同比增长15.91%。 宁德时代一季度电池销量超过120GWh，同比增长超过 ...

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.

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 | ...