2024 年 03 月 11 日 益生股份(002458.SZ) 业绩概况： 投资建议： 白羽鸡行业：2022 年祖代更新量下降的影响，已传导至父母代环节， 2024 年 1 月在产父母代存栏 4354.46 万套，对比 2023 年 8 月 5006.57 万套高位已下降 13.03%。预计 2024 年商品代鸡苗或存在供应短缺， 价格有望回升。 白羽肉鸡： 2023 年公司销售白羽肉鸡鸡苗 6.45 亿羽,同比+12.26%， 销售收入 26.39 亿元，同比+65.74%。我们预计 2024 年行业景气回 暖，主要表现为商品代鸡苗价格上涨，参考历轮白羽鸡周期价格变化， 预计 2024 年公司父母代/商品代销售均价为 37 元/套和 4.2 元/只。 益生 909：2023 年公司销售鸡苗 7682.18 万羽，同比+0.50%，销售收 入 1.14 亿元，同比-1.02%，销售均价 1.49 元/羽，同比-1.52%，表 现较为稳定。此外，公司仍持续优化益生 909 各项生产性能，预计市 场占有率可进一步扩大。 本报告仅供 Choice 东方财富 使用，请勿传阅。 投资评级 买入-A 首次评级 6 个月 ...

农林牧渔 | --- | --- | |-------------------------------|-------------------------------| | | | | | | | 基础数据 : | 2023 年 12 月 31 日 | | 每股净资产（元） | 4 | | 资产负债率 % | 30.98 | | 总股本 /流通 A 股（百万） | 1106/678 | | 流通 B 股/H 股（百万） | -/- | 证券分析师 看好 2024 年白羽肉鸡行业景气继续复苏，维持公司"增持"评级。2022 年末祖代种鸡 存栏量高位下滑，2023 年中传导至父母代种鸡环节，预计全国商品代鸡苗供应量在 2024 年将有所回落，催化行业景气继续上行。公司作为白羽肉鸡种鸡龙头，有望充分受益。我 们小幅调整了公司 2024-2025 年盈利预测，并引入 2026 年盈利预测。预计公司 2024-2026 年实现营业收入 36.5/33.4/34.0 亿元，实现归母净利润 12.1/8.4/6.8 亿元， （调整前 24-25 年预测值为 12.8/7.4 亿元）。当前股价对应 PE 估值水平为 9X/1 ...

销售情况简报 证券代码：002458 证券简称：益生股份 公告编号：2024-024 山东益生种畜禽股份有限公司 2024 年 02 月份鸡苗和种猪销售情况简报 本公司及董事会全体成员保证信息披露内容真实、准确和完整， 没有虚假记载、误导性陈述或重大遗漏。 一、2024年02月份销售情况 1、鸡苗销售情况 山东益生种畜禽股份有限公司（以下简称"公司"）2024 年 02 月白羽肉鸡苗销售数量 4,355.10 万只，销售收入 20,699.89 万元， 同比变动分别为-12.96%、-23.50%，环比变动分别为-1.46%、29.78%。 益生909小型白羽肉鸡苗销售数量751.19万只，销售收入1063.56 万元，同比变动分别为4.58%、-28.28%,环比变动分别为2.04%、17.16%。 2、种猪销售情况 公司2024年02月种猪销售数量63头，销售收入17.64万元，同比 变动分别为96.88%、53.93%，环比变动分别为-97.46%、-97.63%。 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 一定差异，仅作为阶段性财务数据供投资者参考。 1、上述披露仅包含公司鸡苗和种猪的 ...

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：2024-02 ■特定对象调研 □分析师会议 □媒体采访 □业绩说明会 投资者关系 □新闻发布会 □路演活动 活动类别 □现场参观 □其他 天风证券：冯佳文 冯子阳 中国国际金融：王思洋 陈煜东 开源证券：陈雪丽 王高展 申银万国证券：盛 瀚 胡静航 海通证券：巩 健 蔡子慕 中信建投证券：马 鹏 孟龙飞 中信证券：彭家乐 施 杨 中银国际证券：卫 辛 长江证券：顾熀乾 招商证券：李秋燕 兴业证券: 陈勇杰 东兴证券：程诗月 中泰证券：严 谨 国盛证券：樊嘉敏 国海证券：王思言 国信证券：江海航 国投证券：冯永坤 西部证券：熊 航 华创证券：陈 鹏 德邦证券：申钰雯 中邮证券：王 琦 银河证券：陆思源 广发证券：李雅琦 华安基金：刘淑生 财通证券：王宇璇 华夏久盈：张 宇 ...

Investment Rating - The report maintains a "Recommend" rating for the company, citing its leading position in the poultry breeding industry and potential benefits from the industry's upward cycle [4][19] Core Views - The company achieved a significant turnaround in 2023, with annual revenue of 3.22 billion yuan, up 52.7% YoY, and net profit attributable to the parent company of 540 million yuan, reversing from a loss [2] - The company's self-developed "Yisheng 909" small white-feathered chicken shows stable performance and economic benefits, with sales reaching 80 million units in 2023, up 0.5% YoY [3] - The company aims to achieve annual sales of 1 billion units of commercial white-feathered chicken chicks and "Yisheng 909" chicks by 2025, supported by expanding parent stock and commercial chick production [3] - The poultry industry is expected to remain in an upward cycle due to ongoing shortages in overseas breeding stock imports, which will support prices for both parent and commercial chicks [16][17] Financial Performance and Forecast - In 2023, the company sold 650 million chicks (parent and commercial), up 12.3% YoY, with an average price of 4.1 yuan per chick, up 47.6% YoY [16] - For 2024-2026, the report forecasts net profit attributable to the parent company of 884 million, 1.011 billion, and 854 million yuan, respectively, with EPS of 0.80, 0.91, and 0.77 yuan [4] - The company's revenue is expected to grow to 3.801 billion, 4.114 billion, and 4.259 billion yuan in 2024-2026, with growth rates of 17.9%, 8.2%, and 3.5%, respectively [7] - Gross margin is projected to remain strong, at 36.07%, 36.65%, and 31.41% for 2024-2026, respectively [21] Industry Analysis - The poultry industry entered a high-growth phase in 2023 due to shortages in overseas breeding stock imports since May 2022, leading to increased prices for both parent and commercial chicks [16] - The impact of the breeding stock shortage is expected to continue into the first half of 2024, supporting chick prices and benefiting the company's performance [17] - Domestic white-feathered chicken breeding stock imports were only 370,000 and 400,000 units in 2022 and 2023, respectively, indicating ongoing structural issues in the industry [17]

Business Performance - The company reported a net profit of 724,870.87 yuan for the reporting period, with a significant increase in the production of commercial broiler chicks[16]. - The total revenue for 2023 reached approximately CNY 3.22 billion, a significant increase from CNY 2.11 billion in 2022, representing a year-on-year growth of 53%[38]. - Chicken revenue accounted for 92.41% of total revenue, amounting to CNY 2.98 billion, compared to CNY 1.90 billion in 2022, reflecting a growth of 57.3%[38]. - The company's poultry revenue reached approximately CNY 2.98 billion, a year-on-year increase of 57.14%[68]. - The pig revenue was CNY 53.20 million, reflecting a year-on-year growth of 53.21%[68]. - The dairy revenue amounted to CNY 61.21 million, with a slight decline of 3.83% compared to the previous year[68]. - The total sales volume for poultry was 722,195,131 units, representing a 10.89% increase from 2022[64]. - The production volume for poultry reached 726,684,685 units, marking a 10.62% increase year-on-year[64]. - The company achieved operating revenue of 3,224.68 million yuan, an increase of 52.71% year-on-year, and net profit attributable to shareholders of 540.79 million yuan, up 247.34% year-on-year[81]. Market Outlook - Chicken meat consumption in China is expected to grow, with a shift in consumer demand towards healthier options, indicating a promising market outlook[18]. - The company is positioned to benefit from the increasing demand for white-feathered broiler chicken products due to rising living standards and changing consumer preferences[153]. - The company anticipates further growth in the livestock industry due to stricter quality and safety regulations, leading to increased market share for leading enterprises[173]. Research and Development - The company has initiated several key R&D projects, including the development of the Yisheng 909 small white feather chicken breed, which aims to enhance production performance and expand market competitiveness[36]. - The company is actively involved in national key research and development projects, including one focused on the integrated breeding and promotion of new poultry varieties, which has made significant progress in various areas[100]. - The company’s research and development investment focuses on key infectious diseases and management challenges in poultry farming, improving customer satisfaction and loyalty[99]. - The company has achieved significant progress in research and development, including the approval of two new key research projects related to disease prevention and bio-veterinary drug creation[116]. Breeding and Production - The company has become the largest seller of white feather broiler chicks in China, continuously expanding the breeding volume of parent stock chickens[20]. - The self-bred "Yisheng 909" small white feather broiler chicken variety has received national recognition, marking a significant achievement in the breeding industry[20]. - The company has established a strong presence in the Shandong region, generating 60.09% of total revenue, which highlights its market dominance in this area[38]. - The company continues to expand its parent stock breeding capacity and increase the production of commercial broiler chicks, enhancing its market position and mitigating risks from market fluctuations[95]. - The company is focusing on expanding its breeding capacity for both poultry and pigs to enhance risk resistance and profitability[62]. - The company plans to expand its breeding scale for parent stock white feather broilers, aiming to increase market share for commercial broiler chicks[175]. - The company is accelerating the construction of pig breeding farms, aiming to establish a modern breeding system for pigs based on successful experiences in chicken breeding[175]. Financial Management - The company's cash and cash equivalents at the end of 2023 amounted to approximately 909.29 million, representing 13.83% of total assets, up from 7.57% at the beginning of the year[112]. - The company completed a stock issuance to specific targets, raising a total of 1.16 billion, which will primarily be used for parent pig breeding and hatching projects[116]. - The company raised a total of 116,000 million yuan through a private placement, with a net amount of 113,910.66 million yuan after deducting issuance costs, and has utilized 46,295.73 million yuan of the raised funds[129]. - The net cash flow from financing activities decreased by 49.61% year-on-year, primarily due to increased cash payments for debt repayment as a result of company profits and fundraising[111]. Supply Chain and Procurement - The company has a strong reliance on foreign suppliers for breeding stock, which poses a risk if supply is disrupted due to disease or other factors[33]. - The total procurement amount from the top five suppliers is ¥429,882,445.08, accounting for 28.47% of the annual total procurement[73]. - The procurement amount from related parties among the top five suppliers is 4.38% of the annual total procurement[73]. - To mitigate raw material price volatility, the company has established strategic partnerships with multiple suppliers and employs a procurement bidding mechanism to stabilize costs[158]. Biosecurity and Disease Management - The company has established a disease monitoring laboratory to ensure the health of breeding pigs, maintaining a negative status for several infectious diseases[32]. - The company has developed several patents related to disease detection and prevention in poultry, enhancing its competitive edge in the industry[21]. - The company emphasizes disease prevention in poultry farming, implementing strict management systems to prevent pathogens from entering breeding sites[158]. - The company is committed to disease purification strategies in its breeding operations to ensure the health of its breeding stock[175]. Governance and Investor Relations - The company has established a robust internal management and control system to enhance operational governance and information disclosure[183]. - The cumulative voting system was implemented to ensure equal rights for all shareholders during board elections, promoting fair governance practices[183]. - The company is enhancing its investor relations management to improve communication with shareholders and investors[167]. - The company held multiple investor relations activities throughout 2023, focusing on industry conditions, future development plans, and market outlooks[178][180].

www.chinastock.com.cn 证券研究报告 请务必阅读正文最后的中国银河证券股份有限公司免责声明 | --- | --- | --- | --- | --- | |----------------------|-------------|---------|---------|-------------| | [Table_MainFinance] | 2023A 2024E | | | 2025E 2026E | | 营业收入（百万元） | 3224.68 | 3830.90 | 4289.92 | 4364.06 | | 增长率 | 52.71% | 18.80% | 11.98% | 1.73% | | 归母净利润（百万元） | 540.79 | 955.67 | 1024.01 | 765.86 | | 增长率 | 247.34% | 76.72% | 7.15% | -25.21% | | 每股收益 EPS（元） | 0.49 | 0.86 | 0.93 | 0.69 | | 净资产收益率 ROE | 12.07% | 18.13% | 16.70% | 11.45% | | PE | ...

2024 年 03 月 07 日 公司研究 评级：买入(维持) 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] 营收利润双增，商品代鸡苗价格上涨 ——益生股份（002458）2023 年报点评报告 事件: 投资要点: 营收利润双增。2023 年公司实现营收 32.25 亿元，同比增长 52.71%； 实现归母净利润 5.41 亿元，去年同期为-3.67 亿元，扭亏为盈，主要系 2023 年白羽肉鸡行业景气度较高，公司主要产品父母代肉种鸡雏鸡和商 品代肉鸡雏鸡的销售价格同比大幅上涨。叠加公司生产规模的不断扩大， 鸡苗销量同比继续增长，公司营业收入和净利润同比大幅增加。据公司 公开披露的投资者调研纪要（2024/1/22），商品代鸡苗价格趋势从祖代 种鸡传导到商品代鸡苗至少需要 14 个月的时间，再考虑到产蛋高峰和孵 化期的影响，祖代引种量的减少将主要影响今年商品代鸡苗的产量，公 司预计今年商品代鸡苗的行情要好于去年。 相对沪深 300 ...

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。 一、召开会议的基本情况 1、股东大会届次：山东益生种畜禽股份有限公司（以下简称"公 司"）2023 年度股东大会（以下简称"本次股东大会"）。 2、股东大会的召集人：公司董事会。 经公司第六届董事会第十六次会议审议通过，决定召开本次年度 股东大会。 3、会议召开的合法、合规性：本次股东大会的召开符合有关法律、 行政法规、部门规章、规范性文件、《上市公司股东大会规则》和《公 司章程》的规定。 股东大会通知 证券代码：002458 证券简称：益生股份 公告编号：2024-023 山东益生种畜禽股份有限公司 关于召开 2023 年度股东大会的通知 4、会议召开时间： （1）现场会议召开时间：2024 年 03 月 28 日下午 14：30。 （2）网络投票时间：2024 年 03 月 28 日 其中，通过深圳证券交易所交易系统进行网络投票的具体时间为 2024 年 03 月 28 日上午 09:15—09:25、09:30-11:30，下午 13:00- 15:00；通过深圳证券交易所互联网投票系统进行网络投票的具体 ...

国投证券股份有限公司 关于山东益生种畜禽股份有限公司 2023年度募集资金存放与使用情况的专项核查意见 国投证券股份有限公司（以下简称"国投证券"或"保荐机构"）作为山东 益生种畜禽股份有限公司（以下简称"益生股份"或"公司"）2022 年度向特定 对象发行 A 股股票的保荐机构，根据《证券发行上市保荐业务管理办法》《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》《深圳证 券交易所股票上市规则》和《上市公司监管指引第 2 号——上市公司募集资金管 理和使用的监管要求》等有关法律法规和规范性文件及《公司章程》的要求，对 公司 2023 年度募集资金存放与使用情况进行了专项核查，具体情况如下： 一、募集资金基本情况 （一）实际募集资金金额和资金到账时间 经中国证券监督管理委员会《关于同意山东益生种畜禽股份有限公司向特定 对象发行股票注册的批复》（证监许可〔2023〕1598 号）同意注册，公司本次向 特定对象发行股票数量为 113,502,935 股，发行价格为 10.22 元/股，募集资金总 额为人民币 1,159,999,995.70 元，扣除保荐机构部分承销及保荐费用（含增值税） ...