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 ...

Investment Rating - The report maintains a "Buy-B" rating for the company, indicating an expected price increase of over 15% relative to the benchmark index [1]. Core Insights - The company has significantly improved its performance through cost reduction and efficiency enhancement, with a notable increase in net profit by 61.66% year-on-year in 2023 [1]. - The poultry breeding and processing segment has shown potential for growth, with a focus on optimizing operations and increasing production capacity [2][3]. Summary by Sections Business Performance - In 2023, the company achieved a revenue of 18.487 billion yuan, a year-on-year increase of 9.93%, and a net profit of 664 million yuan, reflecting a growth of 61.66% [1]. - The poultry breeding segment sold 9.01 million sets of parent stock chicks, maintaining the largest market share among domestic sources [1]. - The food processing segment reported a revenue of 6.394 billion yuan, with a year-on-year growth of 28.14% and a gross margin of 18.67% [2]. Financial Projections - The projected net profits for 2024, 2025, and 2026 are 1.265 billion yuan, 2.098 billion yuan, and 2.242 billion yuan, respectively, with corresponding EPS of 1.02 yuan, 1.69 yuan, and 1.80 yuan [2][3]. - The company’s revenue is expected to grow from 20.383 billion yuan in 2024 to 25.581 billion yuan in 2026, with a compound annual growth rate of approximately 10.1% [3]. Market Position - The company has successfully upgraded its breeding technology, launching the "Shenze 901plus" breed, which has shown significant performance improvements [1]. - The company is actively expanding its production capacity, with plans for a new processing facility expected to add approximately 60,000 tons of capacity in 2024 [2].

Investment Rating - The report maintains a "Buy" rating for the company [1][3][4] Core Insights - The company achieved a revenue of 18.487 billion yuan in 2023, representing a year-on-year growth of 9.93%, and a net profit attributable to shareholders of 664 million yuan, which is a significant increase of 61.66% compared to the previous year [3][4] - The company continues to expand its production capacity across the entire white feather chicken industry chain, with a capital expenditure of 1.765 billion yuan in 2023, and has plans for new breeding farms and food processing facilities [3][4] - The proprietary breeding source "Shenze 901" has been successfully iterated to "Shenze 901plus," which shows significant improvements in feed-to-meat ratio, egg production rate, growth speed, and disease resistance, maintaining a leading market share in domestic breeding sources [3][4] Summary by Sections Financial Performance - In 2023, the company reported a revenue of 18.487 billion yuan and a net profit of 664 million yuan, with respective growth rates of 9.93% and 61.66% [3][4] - The sales volume of raw chicken reached 1.2228 million tons, with growth rates of 7.16% for raw chicken, 23.64% for basic processed products, and 27.96% for deep-processed products compared to 2022 [3][4] Production Capacity Expansion - The company has invested in the construction of multiple breeding farms and food processing plants, with a total capital expenditure of 1.765 billion yuan in 2023 [3][4] - The company currently has a breeding capacity of over 700 million white feather chickens and a total processing capacity exceeding 500,000 tons, ranking first in the country [3][4] Breeding Source Development - The proprietary breeding source "Shenze 901" was approved in December 2021 and has seen significant sales growth, with 9.01 million sets of parent stock sold in 2023 [3][4] - The new "Shenze 901plus" has shown substantial performance improvements, achieving international leading levels in various metrics [3][4]

Financial Performance - In 2023, the company achieved an operating income of 18.487 billion yuan, maintaining steady growth for several consecutive years, with a net profit attributable to shareholders of 664 million yuan, representing a significant year-on-year increase [2]. - The company reported a total revenue of 5.2 billion CNY for the year 2023, representing a year-on-year increase of 12% [14]. - The net profit attributable to shareholders was 800 million CNY, up 15% compared to the previous year [14]. - The company's operating revenue for 2023 was ¥18,486,738,694.46, representing a 9.93% increase from ¥16,817,085,804.79 in 2022 [19]. - Net profit attributable to shareholders for 2023 was ¥664,273,529.84, a significant increase of 61.66% compared to ¥410,896,894.42 in 2022 [19]. - The gross margin improved to 35%, up from 32% in the previous year [14]. - The company achieved a total revenue of 18.487 billion CNY in 2023, representing a year-on-year growth of 9.93% [59]. - The company reported a net profit attributable to shareholders of 664 million CNY, which is a 61.66% increase year-on-year [59]. Investments and Capital Expenditures - The company invested 1.765 billion yuan in capital expenditures throughout 2023, expanding its production capacity, including the completion of a grandparent breeding farm in Jiangxi and the construction of a new food processing plant expected to be operational in 2024 [2]. - The company has initiated a merger with Gansu Shengyue Agricultural Development Co., acquiring 68.57% of its shares [13]. - The company has initiated a distributed photovoltaic project with a capacity of 45MWp, contributing to the development of a green and low-carbon energy system [7]. - The total investment for the reporting period was 1,765,197,798.07 CNY, reflecting a 34.59% increase compared to the previous year [96]. Market Position and Strategy - The company aims to capture a 40% market share in the domestic breeding chicken market by optimizing the performance of the "Shenze 901" breed and increasing market promotion efforts in 2024 [8]. - The company plans to expand its market presence in Southeast Asia, targeting a 25% market share by 2025 [14]. - The company is exploring strategic partnerships to enhance supply chain efficiency, which is expected to reduce costs by 5% [14]. - The company has formed long-term strategic partnerships with major clients such as Yum China and McDonald's, enhancing its market position [58]. - The company is focused on maintaining its market position and enhancing shareholder value through strategic leadership changes [132]. Research and Development - Research and development expenses increased by 10%, totaling 150 million CNY, focusing on new technologies in poultry breeding [14]. - The company successfully developed the "Shenze 901plus" breed, achieving international leading levels in feed-to-meat ratio, egg production rate, growth speed, and disease resistance [5]. - The company has committed to continuous investment in breeding research to provide high-quality breeding sources for the white feather broiler industry [64]. - The company launched several new product development projects, including low-fat high-protein chicken products and frozen flavored beef patties, aimed at enhancing market competitiveness [82]. Operational Efficiency - The company has implemented cost management strategies that have led to significant reductions in production costs across various segments [62]. - The company has maintained a healthy cash flow with a net cash flow from operating activities of 2.291 billion CNY, positioning it favorably against peers [58]. - The company has optimized its product structure by focusing on core products, resulting in top products achieving the highest market share on major online platforms [65]. - The company has established a comprehensive disease prevention system for poultry, leveraging over 40 years of experience in chicken breeding and disease control, and has never experienced a major poultry disease outbreak [109]. Corporate Governance - The company has established a comprehensive internal audit system to monitor operational activities and internal controls, effectively mitigating risks [121]. - The company has a fully independent business model, with no reliance on the controlling shareholder for sales or procurement of raw materials [127]. - The company has updated its governance structure and internal control systems to ensure compliance with relevant laws and regulations [115]. - The company has conducted multiple extraordinary general meetings in 2023, with participation rates ranging from 50.79% to 66.44% [128]. Sustainability and Environmental Impact - The company has implemented a sustainability program aimed at reducing carbon emissions by 15% over the next three years [147]. - The company adheres to environmental protection standards, with all pollution control facilities operating normally and meeting discharge standards [195]. - The total discharge amounts for various pollutants from the company's processing plants are within the approved limits, with no exceedances reported [198]. - The company operates under the standards set by GB13271-2014 for air pollutants and GB13457-92 for water pollutants [199]. Employee Development and Management - The company has established a dual-channel talent management model to enhance employee development, focusing on both management and professional skills [163]. - The company conducted over 1,000 training sessions in 2023, covering more than 25,000 participants, with a total training duration of over 100 hours [166]. - The total number of employees at the end of the reporting period is 28,869, with 10,751 in the parent company and 18,101 in major subsidiaries [161]. - The company has a comprehensive incentive system that includes regular bonuses, strategic special bonuses, and innovation bonuses to encourage talent growth and innovation [165].

证券代码：002299 证券简称：圣农发展 公告编号：2024-016 福建圣农发展股份有限公司 关于预计公司及下属子公司 2024 年度 关联交易的公告 本公司及董事会全体成员保证信息披露的内容真实、准确和完整，不存在虚假记载、误 导性陈述或者重大遗漏。 一、日常关联交易基本情况 单位：万元 | 项 | 关联人 | 关联交易内容 | 关联交易 | 合同签订金额或 | 截至披露日 | | 上年发生金额 | | 备注 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 目 | | | 定价原则 | 预计金额 | 已发生金额 | | | | | | 向关 | 承天食品 | 中草药及水果制品 | 参考市价 | 不超过 50 | | - | | - | 日常事项 | | 联人 | 丰圣农业 | 果蔬 | 参考市价 | 不超过 20 | | - | | 0.57 | 日常事项 | （一）关联交易概述 为确保福建圣农发展股份有限公司（以下简称"公司"或"本公司"）及下 属子公司顺利开展生产经营活动，公司及下属子公司预计 2024 年将与福建圣 ...

福建圣农发展股份有限公司 2023年度非经营性资金占用及其他关联资金往来情况汇总表 注：①百胜中国包含百胜咨询（上海）有限公司、必胜（上海）食品有限公司、环胜电子商务（上海）有限公司等及其相关关联公司；②圣农集团及其下属子公司包含福建圣农控股集团有限公司及其下属子公司。 公司法定代表人： 主管会计工作的负责人： 会计机构负责人： | 编制单位：福建圣农发展股份有限公司 | | | | | | | | | | 单位：万元 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | | 占用方与上市公司的关联关系 | 上市公司核算的 | 2023年初占用资 | 2023年度占用累 | 2023年度占用资 | 2023年度偿还累 | 2023年末占用资 | | 占用性质 | | 非经营性资金占用 | 资金占用方名称 | | 会计科目 | 金余额 | 计发生金额(不含 利息) | 金的利息(如有) | 计发生金额 | 金余额 | 占用形成原因 | | | 控股股东、实际控制人及 其附属企业 | 无 | 无 | 无 | | | | ...

证券代码：002299 证券简称：圣农发展 公告编号：2024-013 福建圣农发展股份有限公司 第六届监事会第二十二次会议决议公告 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。 报告期内，监事会根据《中华人民共和国公司法》、《中华人民共和国证券法》、 等有关法律法规的规定及《公司章程》及《公司监事会议事规则》等公司相关制 度的要求，本着对公司和股东负责态度，认真履行监督职责。通过列席公司董事 会、股东大会等会议的方式，参与了公司重大经营决策的讨论，通过了解和掌握 公司生产、经营、管理等方面的情况，对公司依法运作及公司董事和高管人员履 行职责等事项进行了有效监督，有效维护了投资者特别是中小投资者的利益。 具体内容详见公司于 2024 年 3 月 28 日在公司指定信息披露媒体《证券时 报 》、《 中 国 证 券 报 》、《 上 海 证 券 报 》、《 证 券 日 报 》 或 巨 潮 资 讯 网 （http://www.cninfo.com.cn）披露的《福建圣农发展股份有限公司 2023 年度 监事会工作报告》。 本议案尚需提交公司 2023 年度股东大 ...

福建圣农发展股份有限公司 董事会审计委员会 关于会计师事务所 2023 年度履行监督职责情况的报告 （一）会计师事务所基本情况 根据《中华人民共和国公司法》《中华人民共和国证券法》《上市公司治理 准则》《国有企业、上市公司选聘会计师事务所管理办法》《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》和《公司章程》等规定 和要求，福建圣农发展股份有限公司（以下简称"公司"或"本公司"）第六届 董事会审计委员会本着勤勉尽责的原则，恪尽职守，认真履职。现将审计委员会 对会计师事务所 2023 年履行监督职责的情况汇报如下： 容诚会计师事务所（特殊普通合伙）由原华普天健会计师事务所（特殊普通 合伙）更名而来，初始成立于 1988 年 8 月，2013 年 12 月 10 日改制为特殊普通 合伙企业，是国内最早获准从事证券服务业务的会计师事务所之一，长期从事证 券服务业务。注册地址为北京市西城区阜成门外大街 22 号 1 幢外经贸大厦 901- 22 至 901-26，首席合伙人肖厚发。截至 2023 年 12 月 31 日，容诚会计师事务所 共有合伙人 179 人，共有注册会计师 1395 人， ...