圣农发展(002299.SZ) 优于大市 聚焦全环节提升的白羽肉鸡一体化自养龙头 白羽肉鸡一体化自养龙头,深耕行业近 40 年。圣农发展主营白羽肉鸡饲养 及加工业务,主要产品包括分割的冰鲜/冷冻鸡肉和油炸类、碳烤类等 深加工鸡肉制品,此外公司还销售牛羊肉类产品。公司生产基地主要分 布在福建、江西和甘肃,已建立了集饲料加工、种源培育、种鸡养殖、 种蛋孵化、肉鸡饲养、肉鸡屠宰加工、熟食深加工等环节于一体的肉鸡 产业链,白羽鸡养殖产能超 7 亿羽,是目前全球白羽肉鸡行业配套最完 整的企业,在白羽肉鸡全产业链企业排名中位列亚洲第一、世界第五。 白羽肉鸡行业盈利边际向好,品牌拓展加速。周期方面,供给侧受海外禽 流感疫情影响而维持偏紧,截至 6 月 16 日,国内父母代种鸡总存栏同 比减少 1%;需求侧生猪价格受前期产能去化和疫情扰动影响,目前已经 进入右侧上行趋势,后续有望同步带动鸡肉需求和价格。综合来看,白 羽肉鸡行业景气有望自下半年迎来向上修复。产业层面,国内白羽肉鸡 产业进入下半场,头部白鸡企业基于高效率养殖的品牌化业务拓展持续 加速,行业消费属性不断增强,未来有望孕育大型品牌鸡肉食品公司。 公司全环节持续精进, ...

证券代码：002299 证券简称：圣农发展 公告编号：2024-034 福建圣农发展股份有限公司 2024 年 5 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 5 月份销售情况 特此公告。 福建圣农发展股份有限公司 二、说明 2024 年以来，公司上下游各板块产、销量持续增长，累计屠宰量同比增长已 超 20%，食品出口业务累计销售额同比增长超 30%，同时，公司管理水平持续迭 代提升，单吨造肉成本较去年同期降幅明显，在行业价格大幅波动的背景下公司 经营业绩更显韧性，也为后续业绩持续提升打下坚实基础。 此外，公司自主研发的种源圣泽 901 凭借其优良的性能，在 5 月份成功走出 国门出口东非。 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 异，仅作为阶段性财务数据供投资者参考，敬请广大投资者注意投资风险。 福建圣农发展股份有限公司（以下简称"公司"）2024 年 5 月实现销售收入 15.91 亿元，较去年同期增长 3.20%，较上 ...

证券代码：002299 证券简称：圣农发展 公告编号：2024-032 特此公告。 福建圣农发展股份有限公司 监 事 会 二〇二四年五月二十三日 福建圣农发展股份有限公司 第六届监事会第二十四次会议决议公告 本公司及监事会全体成员保证信息披露的内容真实、准确和完整，不存在虚假记载、误 导性陈述或者重大遗漏。 福建圣农发展股份有限公司（以下简称"公司"）第六届监事会第二十四次 会议于 2024 年 5 月 22 日下午在福建省光泽县十里铺公司办公大楼四层会议室 以现场会议方式召开。本次会议通知已于 2024 年 5 月 17 日以专人递送、传真、 电子邮件等方式送达给全体监事，本次会议由公司监事会主席张玉勋先生主持。 应参加会议监事三人，实际参加会议监事三人。本次会议的召集、召开符合《中 华人民共和国公司法》和《公司章程》的有关规定。 经与会监事认真审议，本次会议以记名投票表决方式审议通过了《关于为子 公司提供担保暨关联担保的议案》，表决情况：3 票赞成，0 票反对，0 票弃权。 江西鸥沃生物科技有限公司（以下简称"江西鸥沃"）当前正处于项目建设 关键时期，待项目建成后对公司产业链具有高效协同作用，本次江西鸥沃 ...

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].