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].

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 ...