证券研究报告 | 行业月报 gszqdatemark 2026 03 30 年 月 日 农林牧渔 生猪全面步入亏损，大宗原料成本稳步抬升 生猪养殖：月底全国瘦肉型肉猪出栏价跌至 10 元/kg 下方，亏损程度加 深。市场股票经历反弹后大幅回调，参与度依旧较低，我们预计未来较长 时间成本偏高的参与者面临减量压力，母猪产能数据变化仍将继续催化， 建议投资者关注亏损阶段的配置机会。当前估值仍位于相对低位，关注低 成本的猪企的配置机会，关注德康农牧、温氏股份、牧原股份、立华股份、 巨星农牧、天康生物、正邦科技等。 大宗农产品：原油持续高位运行，预计带动生产成本上涨同时拉动需求扩 张，影响程度排序为植物油类、橡胶为先，其次为白糖、玉米，粮食类小 麦、稻谷为后。当前主要大宗农产品虽经历了部分上涨，定价仍未充分， 基本面反应在后但有望跟随，关注植物油类、橡胶、白糖、玉米等相关对 应标的。 菌菇：本月金针菇价格保持超预期景气，板块标的业绩发布兑现高增，主 营产品价格景气持续，冬虫夏草作为重点新产品放量期临近，年度配置价 值高，建议关注板块重点标的众兴菌业、雪榕生物、华绿生物等。 养殖配套：农产品上下游价格波动加剧，畜禽价格尚 ...

Investment Rating - The report maintains a "Buy" rating for the company, with a target price based on the last closing price of 9.40 [1]. Core Insights - The company has solidified its leading position in the breeding chicken business, with a significant increase in breeding pig sales [1][5]. - In 2025, the company achieved a revenue of 2.952 billion yuan, a year-on-year decrease of 5.85%, and a net profit attributable to shareholders of 165 million yuan, down 67.17% year-on-year [4][5]. - The breeding chicken segment saw a decline in revenue and gross margin due to low prices in the first half of the year, despite a 10% increase in the sales volume of white feather broiler chicks [4]. - The breeding pig business experienced explosive growth, with sales volume increasing by 228.43% year-on-year, positioning the company among the top tier of breeding pig suppliers in the country [5]. Financial Summary - Revenue and Profit Forecast: - 2025 Revenue: 2,952 million yuan - 2026 Revenue Estimate: 3,760 million yuan (growth of 27.36%) - 2025 Net Profit: 165 million yuan - 2026 Net Profit Estimate: 547 million yuan (growth of 241.14%) [5][9]. - Earnings Per Share (EPS) Forecast: - 2025 EPS: 0.15 yuan - 2026 EPS Estimate: 0.49 yuan [5][9]. - Price-to-Earnings (PE) Ratio: - 2025 PE: 62.87 - 2026 PE Estimate: 19.02 [5][9]. Business Segment Performance - Breeding Chicken Segment: - Revenue: 2.288 billion yuan, down 15.15% year-on-year - Gross Margin: 18.49%, a decrease of 15.05 percentage points from the previous year [4]. - Breeding Pig Segment: - Revenue: 418 million yuan, up 87.28% year-on-year - Gross Margin: 20.7%, an increase of 17.62 percentage points from the previous year [5].

Investment Rating - The report assigns an "Accumulate" rating for the agricultural sector [6] Core Insights - The report highlights a continued optimistic outlook for agricultural products due to ongoing international conflicts, which are expected to drive prices upward [3] - The domestic pet market is experiencing rapid growth, with companies like Zhongchong Co. and Guai Bao Pet at low valuation levels, presenting investment opportunities [4] - The livestock sector is facing challenges with high weights and low prices, particularly in the pig market, where prices are expected to remain depressed [5] Summary by Sections Planting Sector - The report maintains a positive outlook for agricultural prices, particularly for major crops like soybeans, corn, and wheat, with current prices at 4,277 CNY/ton for soybeans, 2,453 CNY/ton for corn, and 2,588 CNY/ton for wheat [3] - The ongoing conflict in the Middle East is expected to increase demand for vegetable oil raw materials due to rising energy prices [3] - Recommended companies include Kangnong Seed Industry, which leads in corn seed variety iteration, and Nopson, which is expected to benefit from blueberry sales growth [3] Livestock Sector - The average weight of pigs at market is currently 128.71 kg, with prices continuing to decline, leading to a negative outlook for the sector [5] - The report suggests that rising feed costs due to higher corn prices will further pressure the livestock industry [5] - Recommended stocks in this sector include Muyuan Foods, Wens Foodstuff Group, and New Hope Liuhe [5] Pet Sector - The domestic pet market is growing rapidly, with major pet exhibitions in cities like Beijing and Shenzhen showcasing the industry's vitality [4] - Companies with overseas production capacity and increasing orders are expected to perform well despite currency fluctuations [4] - Key investment opportunities highlighted include Guai Bao Pet and Zhongchong Co., both of which are at low valuation levels [4] Key Company Profit Forecasts and Valuations - The report provides earnings per share (EPS) and price-to-earnings (PE) ratios for several companies, with recommendations to accumulate shares in companies like Muyuan Foods (PE 9.40), Wens Foodstuff Group (PE 13.11), and Kangnong Seed Industry (PE 11.05) [36]

益[Ta生ble股_Sto份ckN（ameRptType] 002458） 公司点评 [Table_Title] 引种频繁受阻推升苗价，种猪销量持续大幅攀升 | [T投a资ble评_R级an：k]买入（维持） | | | --- | --- | | 报告日期： | 2026-03-27 | | [收Ta盘bl价e_（Ba元se）Data] | 9.40 | | 近 12 个月最高/最低（元） | 10.57/7.88 | | 总股本（百万股） | 1,106 | | 流通股本（百万股） | 720 | | 流通股比例（%） | 65.11 | | 总市值（亿元） | 104 | | 流通市值（亿元） | 68 | 执业证书号：S0010520070003 邮箱：wangying@hazq.com [相Ta关bl报e_告CompanyReport] 释放期 2025-08-05 2.益生股份（002458）年报点评：鸡 释放期 2025-03-30 主要观点： [T2a0b2le5_年Su归mm母a净ry利] 1.65 亿元，Q4 公司净利环比大增 公司公布年报：2025 实现收入 29.5 亿元，同比-5.8 ...

Company Overview - Yisheng Livestock and Poultry Co., Ltd. was established in 1989, focusing on the breeding of white feather broiler chickens, pigs, and agricultural equipment [1] - The company has significant scale advantages due to its large-scale breeding operations and has implemented a disease purification strategy to ensure the health of its breeding stock [1][2] Production Capacity and Growth - The company has been expanding its breeding operations, with parent stock chicken sales increasing from over 30 million before its IPO in 2010 to 644 million by 2025, representing a growth of over 20 times [3] - The company plans to increase its parent stock inventory to 10 million sets and chicken production capacity to 1 billion by 2025 [3] - The pig breeding segment is also set to grow, with expected sales of 15,000 pigs in 2026, meeting the demand from large-scale farms [3] Market Outlook - For 2027, the supply of broiler chicks is expected to be tight due to a decrease in the import of parent stock chickens in 2025 and the impact of avian influenza [4] - The company anticipates that the price of broiler chicks will rise in the second half of 2026, influenced by the expected increase in pork prices [6] International Expansion Plans - The company is currently exporting hatching eggs and agricultural equipment to Southeast Asia and plans to explore further international opportunities through team, technology, and capital exports [7] Industry Trends - The demand for poultry meat is increasing, with chicken consumption rising steadily, indicating significant growth potential for the white feather broiler industry [8]

证券研究报告|公司点评报告 [Table_Date] 2026 年 03 月 27 日 [Table_Title] Q4 盈利显著修复，鸡猪双轮驱动未来可期 [Table_Title2] 益生股份(002458) | [Table_DataInfo] 评级： | 增持 | 股票代码： | 002458 | | --- | --- | --- | --- | | 上次评级： | 增持 | 52 周最高价/最低价： | 10.88/8.01 | | 目标价格： | | 总市值(亿) | 101.68 | | 最新收盘价： | 9.19 | 自由流通市值(亿) | 66.20 | | | | 自由流通股数(百万) | 720.39 | [Table_Summary] 事件概述 公司发布 2025 年年报，报告期内，公司实现营业总收入 29.52 亿元，同比-5.85%，实现归母净利润 1.65 亿 元，同比-67.17%。2025Q4，公司实现营业总收入 9.16 亿元，同比-6.75%，环比+28.02%；实现归母净利润 1.34 亿元，同比-34.26%，环比+421.36%。 分析判断: ► 鸡板块承压业绩短 ...

Investment Rating - The investment rating for the company is "Accumulate" [1] Core Views - The company reported a significant recovery in Q4 earnings, driven by both chicken and pig segments, indicating a positive outlook for the future [2][3] - The company achieved total revenue of 2.952 billion yuan in 2025, a year-on-year decrease of 5.85%, with a net profit attributable to shareholders of 165 million yuan, down 67.17% year-on-year [2][3] - The chicken segment faced short-term performance pressure, while the pig and equipment segments showed high growth, leading to structural improvements [3] - The price of chicken chicks has been rising quarterly, with a recovery expected in the second half of 2026 due to limited breeding imports and low terminal chicken prices [4] - The pig business experienced explosive growth, with sales of breeding pigs reaching 98,400 heads, a year-on-year increase of 228.43% [5] Summary by Sections Financial Performance - In Q4 2025, the company achieved total revenue of 916 million yuan, a year-on-year decrease of 6.75% but a quarter-on-quarter increase of 28.02%, with a net profit of 134 million yuan, down 34.26% year-on-year but up 421.36% quarter-on-quarter [2] - The chicken segment generated 2.288 billion yuan in revenue, down 15.15% year-on-year, while the pig segment generated 419 million yuan, up 87.28% year-on-year [3] Business Segments - The chicken segment accounted for 77.51% of total revenue, while the pig segment contributed 14.19% and the livestock equipment segment contributed 5.66% [3] - The company introduced 266,000 sets of grandparent white feather meat chickens in 2025, solidifying its leading position in the industry [6] Future Outlook - The company plans to invest in a new breeding farm and feed factory in Shanxi Province to expand its parent chicken breeding scale [7] - Revenue projections for 2026 and 2027 are 3.532 billion yuan and 4.063 billion yuan, respectively, with net profits expected to be 1.024 billion yuan and 1.216 billion yuan [6][10]

1. Report Industry Investment Rating No relevant information provided in the text. 2. Core Viewpoints of the Report - The company's white - feather broiler segment faced performance pressure in the first half of 2025 but gradually recovered in the second half. The prices of commercial - generation chicken seedlings and parent - generation chicken seedlings showed an upward trend, and the pig - breeding business achieved explosive growth, becoming a new performance growth point [26]. - The shortage of grandparent - stock chickens will be transmitted to the parent - stock chicken and commercial - generation chicken seedling links. The parent - stock chicken price has been rising since September 2025, indicating that the industry's boom cycle has been established, and the company's parent - stock chicken business is expected to achieve "both volume and price increase" in 2026 [26][27]. - In 2026, the demand for commercial - generation chicken seedlings is expected to continue to increase, the supply is expected to be tight, and the price is expected to be better than that in 2024 [28]. 3. Summary by Directory 3.1 Research Basic Situation - Research object: Yisheng Co., Ltd. - Industry: Agriculture, Animal Husbandry, Feed and Fishery - Reception time: March 26, 2026 - Reception personnel: President, Secretary of the Board of Directors, Financial Director Lin Jie, and Securities Affairs Representative Li Ling [16] 3.2 Detailed Research Institutions - A total of 30 institutions participated in the research, including Guosheng Securities, Huazheng Securities, Shenyin Wanguo, etc. Each institution has relevant personnel participating [17][18]. 3.3 Research Institution Proportion No relevant information provided in the text. 3.4 Main Content Data Company Overview - Yisheng Co., Ltd. was established in 1989, mainly engaged in the introduction and breeding of high - quality livestock and poultry breeds. It is the largest grandparent - stock broiler breeding enterprise in China and Asia, with its grandparent - stock broiler breeding scale ranking first in China for 20 consecutive years, accounting for about 1/3 of the domestic imported broiler market. The company's commercial - generation chicken seedlings also have the largest sales volume in China. In 2025, the company focused on the two core main businesses of white - feather broilers and pigs, and adhered to stable operation to improve quality and efficiency [25]. 2025 Introduction of Grandparent - Stock White - Feather Broilers in China - Since December 2024, the introduction of grandparent - stock white - feather broilers in China has been interrupted due to avian influenza in the United States and New Zealand. In March 2025, the company was the first to introduce from France. In 2025, the company introduced 266,000 sets, accounting for more than 42% of the national introduction volume. The shortage of grandparent - stock chickens will be transmitted to the parent - stock chicken and commercial - generation chicken seedling links. The price of the company's parent - stock chickens has been rising since September 2025, and the industry's boom cycle has been established. In November - December 2025, avian influenza occurred in the main chicken - producing areas in France, and the domestic introduction plan was suspended, indicating that the future price of parent - stock chickens still has room to rise [26][27]. Answers to Investors' Questions - **Difference between "Yisheng 909" and "Yisheng 817"**: "Yisheng 817" is mainly used for the production of small - and medium - sized products, while "Yisheng 909" is mainly used for the production of medium - and large - sized products, forming a differentiated market layout [27]. - **Customer group of the company's pigs**: The company's pig customers are mainly large - scale group - based breeding enterprises, such as Wen's Group, Dabeinong, and COFCO [27]. - **Future production capacity planning of the company's commercial - generation chicken seedlings**: The company aims to increase the parent - stock inventory scale to 1 million sets and the commercial - generation chicken seedling production capacity to 1 billion in the next 4 years [27]. - **Expected price of the company's commercial - generation chicken seedlings in 2026**: From the demand side, the demand for chicken seedlings in the industry is expected to continue to increase in 2026. From the supply side, the supply of high - quality commercial - generation chicken seedlings is expected to be tight in 2026. In addition, the expected recovery of pork prices in the second half of 2026 is expected to drive up chicken prices, which will support the price of commercial - generation chicken seedlings. It is expected that the market of commercial - generation chicken seedlings in 2026 will be better than that in 2024 [28]. - **Introduction situation**: According to the latest announcement of the General Administration of Customs on March 20, 2026, France's Maine - Loire and Côtes - d'Armor are still on the prohibited list, and it is temporarily unable to introduce. The company will continue to consolidate the stability of seed source supply, expand introduction channels, and improve seed source supply capacity. In terms of production capacity layout, it will promote the construction of a 1 - million - set parent - stock chicken farm and supporting feed mill project in Datong, Shanxi, and improve the large - scale supply capacity of commercial - generation white - feather broiler seedlings [29].

投资者关系活动记录表 证券代码：002458 证券简称：益生股份 山东益生种畜禽股份有限公司 投资者关系活动记录表 编号：2026-07 投资者关系 活动类别 ■特定对象调研 □分析师会议 □媒体采访 □业绩说明会 □新闻发布会 □路演活动 □现场参观 □其他 活动参与人员 国盛证券：张斌梅 华安证券：王 莺、万定宇 申银万国：盛 瀚 开源证券：陈雪丽、罗振林 银河证券：谢芝优 中信证券：彭家乐、施 杨 长江证券：顾熀乾 太平洋证券：程晓东 中泰证券：严 瑾 华创证券：陈 鹏、张皓月 华源证券：顾 超 天风证券：林毓鑫 玄卜投资：夏 一 中金公司：樊嘉敏 国海证券：熊子兴 国信证券：江海航 东方证券：于明正 招商证券：李秋燕 财通证券：江 路 兴业证券：陈勇杰 广发证券：李雅琦 华西证券：魏心欣 银河证券：默 然 浙商证券：胡文舟 毕升资产：汤立新 朗程投资：董效良 珞瑜私募：曹志平 凯昇资本：陈 龙 中铖润智：刘 琪 国华兴益：韩冬伟 时间 2026 年 3 月 26 日 地点 山东益生种畜禽股份有限公司会议室 形式 电话调研 上市公司 接待人员姓名 总裁、董事会秘书兼财务总监：林杰 先生 证券事务代表：李 ...

山东益生种畜禽股份有限公司 和信会计师事务所（特殊普通合伙） 二○二六年三月二十四日 山东益生种畜禽股份有限公司 报告正文 审 计 报 告 和信审字(2026)第 000201 号 山东益生种畜禽股份有限公司全体股东： 审计报告 和信审字（2026）第 000201 号 | 目 录 | 页 码 | | --- | --- | | 一、审计报告 | 1-5 | | 二、已审财务报表及附注 | | | 1、合并及公司资产负债表 | 6-9 | | 2、合并及公司利润表 | 10-11 | | 3、合并及公司现金流量表 | 12-13 | | 4、合并及公司股东权益变动表 | 14-17 | | 5、 财务报表附注 | 18-112 | 山东益生种畜禽股份有限公司 报告正文 一、审计意见 我们审计了山东益生种畜禽股份有限公司（以下简称益生公司）财务报表， 包括 2025 年 12 月 31 日的合并及公司资产负债表，2025 年度的合并及公司利润表、 合并及公司现金流量表、合并及公司股东权益变动表以及相关财务报表附注。 我们认为，后附的财务报表在所有重大方面按照企业会计准则的规定编制， 公允反映了益生公司 2025 ...