Group 1: Market Trends - The price of commercial broiler chicks has started to rise since July 2024 due to the elimination of seasonal factors affecting supply and demand [2][3] - The expected reduction in commercial broiler chick supply for the year is 5%, with industry forecasts predicting a 4% decrease in white feather broiler chick supply [3][4] - The current price for parent broiler chicks is 70 yuan per set, indicating a supply shortage [3] Group 2: Demand Factors - The demand for chicken meat is expected to increase due to several factors, including changing consumer preferences towards healthier diets and the growth of the takeaway food industry [3][4] - The per capita chicken meat consumption in China is significantly lower than that in countries like the USA and Brazil, suggesting substantial growth potential for the white feather broiler industry in the long term [4] Group 3: Company Strategy - The company has over 20 years of experience in breeding original pig stock and aims to enhance its breeding capacity and risk resilience through a dual-driven strategy involving both chicken and pig breeding [4]

Investment Rating - The report maintains an "Outperform" rating for the company, indicating a positive outlook for its performance relative to the market [6]. Core Views - The report anticipates a recovery in the white feather broiler market in the second half of 2024, driven by a decrease in supply and a potential increase in demand [6]. - The company has adjusted its sales price assumptions for broiler chicks for 2024, lowering the expected average price growth from 12% to flat compared to 2023, which has led to a revision in profit forecasts [6]. - Revenue projections for the company from 2024 to 2026 are estimated at 3.38 billion, 3.34 billion, and 3.40 billion yuan respectively, with net profits expected to be 850 million, 710 million, and 600 million yuan [6]. Summary by Sections Market Data - Closing price as of August 6, 2024, is 8.91 yuan, with a one-year high/low of 14.04/7.96 yuan [2]. - The company has a price-to-book ratio of 2.3 and a dividend yield of 2.24% [2]. Financial Performance - For the first half of 2024, the company reported total revenue of 1.38 billion yuan, a decrease of 25.8% year-on-year, and a net profit of 183 million yuan, down 67.6% year-on-year [7]. - The average sales price for broiler chicks was 3.78 yuan per chick, reflecting a 21.5% decline year-on-year [7]. - The company sold 277 million white feather chicks in the first half of 2024, a decrease of 15.6% year-on-year [7]. Future Outlook - The company expects to achieve a revenue of 3.38 billion yuan in 2024, with a net profit of 854 million yuan, translating to an earnings per share of 0.77 yuan [5]. - The report highlights the potential for the company's pig breeding business to continue expanding, with significant revenue growth anticipated [7].

证券研究报告 | 半年报点评 2024 年 08 月 04 日 益生股份（002458.SZ） 种源优势显著，淡季盈利平稳 公司发布 2024 年中报。2024 年上半年公司实现收入 13.76 亿元，同比 减少 25.77%；实现归母净利润 1.83 亿元，同比减少 67.61%。2024 年 二季度公司实现收入 6.88 亿元，同比减少 26.76%；实现归母净利润 0.74 亿元，同比减少 70.68%，环比减少 32.67%。 淡季鸡苗跌价，品种溢价保持。2024 年上半年公司销售白羽鸡苗 2.8 亿 只，同比减少 15.6%，综合售价 3.8 元/只，同比下跌 21.5%；二季度公 司销售白羽鸡苗 1.5 亿只，同比减少 17.3%、环比增加 12.4%，综合售价 3.4 元/只，同比下跌 19.3%，环比下跌 23.9%。二季度鸡苗补栏时点对 应为夏季，养殖难度较大且需求疲软，进而压制鸡苗价格表现。从行业均 价看，据中国畜牧业协会，2024 年二季度父母代鸡苗均价 39.1 元/套，环 比上涨 8.8%、商品代鸡苗均价 2.3 元/只，环比下跌 32.5%，公司售价仍 好于行业，且在下游持续疲软下 ...

Investment Rating - The report maintains an "Outperform the Market" rating for the company [4][15]. Core Views - The company experienced a significant decline in sales volume and prices, leading to a year-on-year decrease in net profit attributable to shareholders by 67.61% in Q2 2024 [1][5]. - The white feather broiler chick business faced challenges with a 15.55% drop in sales volume and a 21.50% decrease in average selling price, resulting in a 31.61% decline in overall revenue from this segment [1][5]. - The pig business began to contribute positively to profits in Q2 2024, with a 632% increase in sales volume of breeding pigs, leading to a 299% increase in revenue [1][5]. Summary by Sections Financial Performance - In H1 2024, the company achieved operating revenue of 1.376 billion yuan, a decrease of 25.77% year-on-year, with Q2 revenue at 688 million yuan, down 26.76% [1][5]. - The net profit attributable to shareholders for H1 2024 was 183 million yuan, down 67.61% year-on-year, with Q2 net profit at 74 million yuan, a decline of 70.68% [1][5]. Chick Business - The white feather broiler chick sales volume decreased to 277 million chicks, a 15.55% drop, while the average selling price fell by 21.50%, leading to a 31.61% decline in revenue from this segment to 1.205 billion yuan [1][5]. - The gross margin for the chicken business decreased by 13.98 percentage points to 30.01%, with gross profit down 53.35% to 362 million yuan [1][5]. Pig Business - The company’s breeding pig sales reached 8,452 heads, a 632% increase, contributing to a revenue of 89.34 million yuan, up 299% year-on-year [1][5]. - The pig business achieved profitability in Q2 2024, with a gross margin of 5.47%, despite a year-on-year decrease of 4.38 percentage points [1][5]. Market Outlook - The report indicates a tightening supply of white feather broiler chicks due to reduced imports, which is expected to impact production negatively in the second half of the year [2]. - The demand for chicken and pork is anticipated to improve as the pig cycle enters an upward trend, potentially benefiting the company [2]. Earnings Forecast - The forecast for net profit attributable to shareholders is set at 403 million yuan for 2024, 903 million yuan for 2025, and 809 million yuan for 2026, with corresponding earnings per share of 0.36 yuan, 0.82 yuan, and 0.73 yuan [2][3].

Investment Rating - The investment rating for the company is "Outperform the Market" [4][2][18] Core Views - The company experienced a significant decline in sales volume and price of chicks, leading to a year-on-year decrease in net profit attributable to shareholders by 67.61% in Q2 2024 [1][2] - The overall revenue for the first half of 2024 was 1.376 billion yuan, down 25.77% year-on-year, with Q2 revenue at 688 million yuan, a decrease of 26.76% [1][2] - The decline in revenue and profit is primarily attributed to reduced sales volume and prices of chicken chicks, influenced by decreased imports of grandparent white feather broilers since May 2022 [1][2] Summary by Sections Chicken Business - The sales volume of white feather broiler chicks decreased by 15.55% to 277 million chicks in H1 2024, with an average selling price down by 21.50%, resulting in a 31.61% decline in overall revenue from chicken business to 1.205 billion yuan [1][2] - Despite cost reduction measures and lower feed costs, the gross margin for the chicken business fell by 13.98 percentage points to 30.01%, with gross profit down 53.35% to 362 million yuan [1][2] Pig Business - The pig business began to contribute to profitability in Q2 2024, with sales of two-way breeding pigs increasing by 632% to 8,452 heads, leading to a 29% increase in revenue to 89.34 million yuan in H1 2024 [1][2] - The overall gross margin for the pig business decreased by 4.38 percentage points to 5.47%, but gross profit increased by 121.97% to 4.89 million yuan [1][2] Market Outlook - The supply of white feather broiler chicks is expected to tighten in the short term due to import restrictions, which may lead to a significant reduction in the production of commodity white feather broiler chicks in the second half of the year [1][2] - The current pig cycle is entering an upward phase, which is anticipated to boost demand for broilers and chicken meat, suggesting a potential recovery in the white feather broiler industry in the latter half of 2024 [1][2]

关于独立董事辞任的公告 证券代码：002458 证券简称：益生股份 公告编号：2024-059 山东益生种畜禽股份有限公司 关于独立董事辞任的公告 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， 没有虚假记载、误导性陈述或者重大遗漏。 山东益生种畜禽股份有限公司（以下简称"公司"）董事会近日 收到公司独立董事赵桂苹女士的书面辞任报告。赵桂苹女士因个人工 作需要，申请辞去公司第六届董事会独立董事和董事会战略委员会委 员、提名委员会委员、薪酬与考核委员会主任委员职务。辞去上述职 务后，赵桂苹女士不再担任公司任何职务。 截至本公告披露日，赵桂苹女士持有公司股份 1,700 股，赵桂苹 女士不存在与辞职有关或其认为有必要引起公司股东和债权人注意 的情况。 赵桂苹女士在公司任职独立董事期间独立公正、恪尽职守、勤勉 尽责，利用自身专业知识与经验为公司规范运作和高质量发展发挥了 重要作用。公司董事会对赵桂苹女士任职期间对公司所做的贡献表示 衷心感谢！ 特此公告。 山东益生种畜禽股份有限公司 董事会 2024 年 08 月 05 日 鉴于赵桂苹女士的辞任将导致公司董事会战略委员会、提名委员 会、薪酬与考核委员会中 ...

Investment Rating - The report maintains a "Recommended" rating for the company [2]. Core Views - The company's H1 2024 revenue was 1.376 billion yuan, a year-on-year decrease of 25.77%, with a net profit attributable to shareholders of 183 million yuan, down 67.61% year-on-year [2]. - The decline in performance is primarily attributed to a reduction in the sales volume of white feather broiler chicks and the low prices of chicken and live chickens [2]. - The company expects a recovery in profitability in Q3 due to seasonal demand, which may lead to an increase in chicken prices and boost the demand for broiler chicks [2]. Financial Performance Summary - H1 2024 revenue from chicken-related products was 1.205 billion yuan, a decrease of 31.61% year-on-year, accounting for 87.58% of total revenue, with a gross margin of 30.01%, down 13.98 percentage points [2]. - The company sold approximately 277 million broiler chicks in H1 2024, a decrease of 15.6% year-on-year, with an estimated average selling price of 3.78 yuan per chick, down 21.5% [2]. - The company's pig business showed improvement, with H1 2024 revenue of 8.9 million yuan, a year-on-year increase of 299.37%, and the gross margin was 5.47% [2]. Future Outlook - The company aims to sell approximately 600 million broiler chicks in 2024 and 1,000 million parent stock chicks, with a long-term goal of 700 million broiler chicks and 300 million "Yisheng 909" chicks by the end of the 14th Five-Year Plan [2]. - The report projects net profits for 2024, 2025, and 2026 to be 690 million yuan, 712 million yuan, and 667 million yuan respectively, with corresponding EPS of 0.62 yuan, 0.64 yuan, and 0.60 yuan [2][7].

Investment Rating - The investment rating for the company is "Accumulate" (maintained) [1] Core Views - The company's H1 2024 revenue decreased by 25.77% year-on-year, and the net profit attributable to shareholders dropped by 67.71%. In Q2 2024, revenue fell by 26.62%, and net profit decreased by 70.52%. The total revenue for H1 2024 was 1.376 billion yuan, with a net profit of 183 million yuan [1][2] - The sales revenue and quantity of broiler chicks decreased year-on-year due to low prices of broiler meat and live chickens. In Q1 and Q2 2024, the company sold 130 million and 150 million broiler chicks, respectively, with Q2 sales revenue down 37.07% year-on-year [2] - The price of parent stock has risen to a high level, and the price of commercial broiler chicks is on an upward trend. The company's chicken business generated 1.21 billion yuan in revenue, a year-on-year decline of 31.61%, while the pig business revenue increased by 299.37% [2] - The company is the largest supplier of grandparent stock in China and maintains the top position in commercial broiler chick sales. Revenue projections for 2024-2026 are 3.244 billion, 3.661 billion, and 3.872 billion yuan, with net profits of 580 million, 630 million, and 596 million yuan, respectively [2] Summary by Sections Financial Performance - H1 2024 revenue was 1.376 billion yuan, down 25.77% year-on-year, with a net profit of 183 million yuan, down 67.71% [1] - Q2 2024 revenue was 688 million yuan, with a net profit of 74 million yuan [1] - The company expects revenue growth rates of 0.61%, 12.85%, and 5.75% for 2024, 2025, and 2026, respectively [2] Sales and Pricing - The average selling price of broiler chicks has increased significantly, with a rise from 2.8 yuan to 4.2 yuan per chick, marking a 55.56% increase [2] - The sales of parent stock have been in high demand, with all orders for parent stock booked until September [2] Market Position - The company is recognized as the largest grandparent stock breeding enterprise in China, with a strong competitive edge in high-generation poultry breeding [2]

2024 年 08 月 01 日 评级：买入(维持) 公司研究 | --- | --- | |--------------|---------------------------------------------| | | | | 研究所： | | | 证券分析师： | 程一胜 S0350521070001 chengys01@ghzq.com.cn | | 证券分析师： | 王思言 S0350524010001 wangsy02@ghzq.com.cn | [Table_Title] 业绩短期承压，下半年行业景气度有望回升 ——益生股份（002458）2024 年中报点评报告 最近一年走势 | --- | --- | --- | --- | |---------------------|-----------|-------|------------------| | 相对沪深 300 \n表现 | 表现 \n1M | 3M | 2024/08/01 \n12M | | 益生股份 | 2.0% | -6.1% | -33.3% | | 沪深 300 | -1.7% | -5.1% | -14.5% | | ...

Investment Rating - The report maintains a "Buy" rating for the company with a target price of RMB 11.05, based on a projected PE of 17 times for 2024 [1]. Core Views - The company's profitability in Q2 2024 was under pressure due to a significant decline in chick prices and a reduction in sales volume. The parent stock chick business remains a major profit contributor despite a price drop of over 30% [2][3]. - The supply of high-quality parent stock chicks is still tight, which supports the price stability of the company's premium varieties. The report anticipates continued price increases for parent stock chicks in the coming months [4]. - The company's self-developed "Yisheng 909" variety is recognized for its superior production performance, contributing to an expected increase in market share and sales volume [3]. Financial Performance Summary - For H1 2024, the company reported revenue of RMB 1.376 billion, down 26% year-on-year, and a net profit of RMB 183 million, down 68% year-on-year. Q2 revenue was RMB 688 million, down 27% year-on-year, with a net profit of RMB 73.62 million, down 71% year-on-year [2]. - The company sold 277 million white feather broiler chicks in H1 2024, a decrease of 16% year-on-year, with an average selling price down 22% [2]. - The projected net profits for the company for 2024, 2025, and 2026 are RMB 715 million, RMB 701 million, and RMB 504 million, respectively, with corresponding EPS of RMB 0.65, RMB 0.63, and RMB 0.46 [1][5]. Market Position and Competitive Advantage - The company holds an estimated 20% market share in the parent stock chick segment and 8% in the commodity chick segment, indicating a strong competitive position [3]. - The recent increase in parent stock chick prices, which rose to over RMB 50 per set in June 2024, is attributed to a decrease in the import volume of grandparent white feather broilers since May 2022 [4].