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 ...

2026 年 03 月 28 日 公司点评 买入/维持 益生股份(002458) 目标价: 昨收盘:9.40 益生股份年报点评：种鸡业务龙头地位稳固，种猪出栏高速增长 ◼ 走势比较 (20%) (10%) 0% 10% 20% 30% 25/3/28 25/6/8 25/8/19 25/10/30 26/1/10 26/3/23 ◼ 股票数据 | 总股本/流通(亿股) | 11.06/7.2 | | --- | --- | | 总市值/流通(亿元) | 104/67.72 | | 12 个月内最高/最低价 | 10.88/8.01 | | (元) | | 相关研究报告 事件：公司近日发布 2025 年度业绩预告，实现营收 29.52 亿元，同 比-5.85%；实现归母净利润为 1.65 亿元，同比-67.17%；扣非后归母净利 润为 1.7 亿元，同比-66.08%；基本每股收益为 0.15 元，加权平均 ROE 为 3.75%，较上年下降 7.51 个百分点。利润分配和资本公积转增股本预案为 以实施权益分派股权登记日的公司总股本扣除公司回购专用证券账户中 的回购股份为基数，以股本溢价形成的资本公积向全体股东 ...

投资要点： 把握宠物估值低位，看好国内市场增长 | [姓名table_Authors] | 电话 | 邮箱 | 登记编号 | | --- | --- | --- | --- | | 王艳君(分析师) | 021-38674633 | wangyanjun2@gtht.com | S0880520100002 | | 林逸丹(分析师) | 021-38038436 | linyidan@gtht.com | S0880524090001 | | 巩健(分析师) | 021-23185702 | gongjian@gtht.com | S0880525040051 | 本报告导读： 养殖：体重仍在高位，预期价格继续低迷。种植：国际区域冲突局势，继续看好农 产品上涨趋势。宠物: 把握宠物估值低位，看好国内市场增长。 [Table_Summary] 种植：国际区域冲突局势，继续看好农产品上涨趋势。 随着中东区域冲突持续，国际能源市场大幅波动。能源价格上涨通 常会提升生物柴油的经济性，从而增加对植物油原料的需求预期。 近期主要农产品价格维持高位。截至 2026 年 3 月 27 日，我国大豆 现货价格 4277 元/吨 ...

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 ...

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 投资者关系活动记录表 编号：2026-08 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 中金公司：韦 兵、樊嘉敏、张萧宇、王 耀 招金投资：郝洪谅 上善若水私募：李新建 时间 2026 年 3 月 27 日 地点 山东益生种畜禽股份有限公司会议室 形式 现场调研 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：李玲 女士 交流内容及具体 问答记录 一、公司情况介绍： 益生股份成立于 1989 年，主要产品包括父母代白羽肉种鸡雏鸡、 商品代肉雏鸡、种猪、农牧设备及乳品等。公司种禽场区主要分布在 山东、河北、江苏、安徽、山西、黑龙江等地；种猪场区分布在黑龙 江、河北和山东省。 公司专注于白羽肉种鸡产业三十余年，技术及管理上更专、更精， 单批次引种规模大，具有显著的规模优势。为了提高生产成绩，确保 种鸡质量，公司大力实施种源净化战略，持续在祖代种鸡场、父母代 种鸡场开展禽白血病、鸡白痢、鸡滑液囊支原体 ...

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 ...