销售情况简报 证券代码：002458 证券简称：益生股份 公告编号：2024-026 山东益生种畜禽股份有限公司 2024 年 03 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03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 03 月白羽肉鸡苗销售数量 4,258.82 万只，销售收入 18,213.07 万元， 同比变动分别为-15.61%、-47.37%，环比变动分别为-2.21%、-12.01%。 益生909小型白羽肉鸡苗销售数量788.56万只，销售收入946.54 万元，同比变动分别为17.51%、-28.75%,环比变动分别为4.98%、- 11.00%。 2、种猪销售情况 销售情况简报 司种猪多用于自养，导致公司 2024 年 03 月种猪销售数量和销售收入 环比大幅增加。 三、风险提示 1、上述披露仅包含公司鸡苗和种猪的销售情况，不包含其他业 务。 2、产品价格的大幅波动（下降或上升），可能会对公司的经营业 绩产生重大影响。敬请广大投资者注意投资风险。 ...

股东大会决议公告 1、会议召开时间： 现场会议时间：2024 年 03 月 28 日下午 14：30。 网络投票时间： 证券代码：002458 证券简称：益生股份 公告编号：2024-025 山东益生种畜禽股份有限公司 2023 年度股东大会决议公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没 有虚假记载、误导性陈述或重大遗漏。 特别提示： 1、本次股东大会未出现否决提案的情形。 2、本次股东大会未涉及变更以往股东大会已通过的决议。 一、会议召开和出席情况： （一）会议召开情况 本次股东大会的召集、召开程序符合《公司法》等有关法律、法规的要求和《公司 章程》的规定。 （二）会议出席情况： （1）通过深圳证券交易所交易系统进行网络投票的时间为：2024 年 03 月 28 日上 午 09:15—09:25、09:30-11:30，下午 13:00-15:00； （2）通过深圳证券交易所互联网投票系统进行网络投票的时间为：2024 年 03 月 28 日上午 09:15-下午 15:00 期间的任意时间。 2、现场会议召开地点：山东省烟台市福山区益生路 1 号，山东益生种畜禽股份有 限公司会议室 ...

北京金诚同达律师事务所 关于 山东益生种畜禽股份有限公司 2023 年度股东大会的 法律意见书 金证法意[2024]字 0328 第 0147 号 中国北京市建国门外大街1号国贸大厦A座十层 100004 电话：010-5706 8585 传真：010-8515 0267 北京金诚同达律师事务所 法律意见书 北京金诚同达律师事务所 关于山东益生种畜禽股份有限公司 2023 年度股东大会的 法律意见书 金证法意[2024]字 0328 第 0147 号 致：山东益生种畜禽股份有限公司 受山东益生种畜禽股份有限公司（以下简称"益生股份"或"公司"）聘请 和北京金诚同达律师事务所（以下简称"本所"）委派，本所律师出席益生股份 2023 年度股东大会并对会议的相关事项出具法律意见书。 根据《中华人民共和国证券法》（以下简称"《证券法》"）、《中华人民共 和国公司法》（以下简称"《公司法》"）、《上市公司股东大会规则》（以下简称 "《股东大会规则》"）、《律师事务所从事证券法律业务管理办法》《律师事务 所证券法律业务执业规则》等法律、法规和规范性文件的要求以及《山东益生种 畜禽股份有限公司章程》（以下简称"《公司章程》 ...

Group 1: Market Trends and Supply Dynamics - The price of broiler chicks is currently at 4.5 RMB per chick, driven by strong demand and tight supply conditions [2] - Since May 2022, the import volume of breeding chickens has significantly decreased due to avian influenza and flight restrictions, impacting the supply of parent breeding chickens [3] - The reduction in parent breeding chicken imports is expected to affect the production of commercial broiler chicks in 2024 and beyond [3] Group 2: Demand Factors - Changing consumer perceptions favor chicken meat due to its nutritional profile, which aligns with healthy eating trends, indicating potential growth in the domestic chicken market [3] - The cost-effectiveness of broiler chickens compared to pork, beef, and lamb positions chicken as a preferred protein source, likely leading to increased consumption [3] - The rise of the takeaway industry and pre-prepared meals, driven by faster lifestyles, is expected to further boost chicken consumption and demand for commercial broiler chicks [3] Group 3: Financial Performance and Projections - The company anticipates a favorable price outlook for broiler chicks in 2024 due to tight supply and increasing demand [3] - The company’s revenue has increased by nearly 50%, attributed to rising chick prices and improved production efficiency, while operating costs have remained stable [6] - The company plans to focus on the breeding sector, leveraging its core competency in high-quality poultry breeding to drive future growth [5] Group 4: Strategic Initiatives and Market Position - The company is expanding its breeding capacity for pigs, with expectations that this will contribute to a dual-driven business model alongside chicken production [5] - The company has successfully increased its market share in the breeding sector through acquisitions and self-built facilities [5] - The introduction of domestically developed broiler breeds is seen as beneficial for the industry, enhancing competition and consumer choice [6]

Investment Rating - The report maintains a "Buy" rating for Yisheng Co., Ltd. (益生股份) [12][16]. Core Views - The company has shown strong growth in its main business, with a significant increase in both sales volume and price of broiler chicks. In 2023, the company sold 645 million broiler chicks, a year-on-year increase of 12.3%, with an average selling price of 4.1 RMB per chick, up 48% year-on-year [2]. - The increase in average price is attributed to the inclusion of higher-priced parent stock chicks in sales, with the average price of parent stock chicks reaching 54.5 RMB per set, a 93.3% increase year-on-year. The average price of commercial broiler chicks was 3 RMB per chick, up 30.9% year-on-year [2]. - The company reported a total revenue of 3.225 billion RMB in 2023, a year-on-year increase of 52.71%, and a net profit attributable to shareholders of 541 million RMB, a year-on-year increase of 247.34% [12]. - The company expects a decline in chick prices in the second half of 2024, leading to a projected net profit of 1.055 billion RMB in 2024, representing a year-on-year increase of 95.1% [12]. Financial Summary - In 2023, the company achieved a revenue of 3.225 billion RMB, with a growth rate of 52.71% compared to 2022. The net profit attributable to shareholders was 541 million RMB, with a growth rate of 247.34% [12][14]. - The projected financials for 2024 to 2026 include revenues of 3.911 billion RMB, 4.097 billion RMB, and 4.290 billion RMB, with corresponding net profits of 1.055 billion RMB, 548 million RMB, and 632 million RMB [14]. - The earnings per share (EPS) for 2023 was 0.49 RMB, with projections of 0.95 RMB for 2024 and 0.50 RMB for 2025 [14].

兴业证券股份有限公司经中国证券监督管理委员会批准，已具备证券投资咨询业务资格。 ，本公司不会因接收人收到本报告而视其为客户。 本报告中的信息、意见等均仅供客户参考，不构成所述证券买卖的出价或征价邀请或要约，投资者自主作出投资决策并自行 承担投资风险，任何形式的分享证券投资收益或者分担证券投资损失的书面或口头承诺均为无效，任何有关本报告的摘要或 节选都不代表本报告正式完整的观点，一切须以本公司向客户发布的本报告完整版本为准。该等信息、意见并未考虑到获取 本报告人员的具体投资目的、财务状况以及特定需求，在任何时候均不构成对任何人的个人推荐。客户应当对本报告中的信 息和意见进行独立评估，并应同时考量各自的投资目的、财务状况和特定需求，必要时就法律、商业、财务、税收等方面咨 询专家的意见。对依据或者使用本报告所造成的一切后果，本公司及/或其关联人员均不承担任何法律责任。 本报告所载资料的来源被认为是可靠的，但本公司不保证其准确性或完整性，也不保证所包含的信息和建议不会发生任 何变更。本公司并不对使用本报告所包含的材料产生的任何直接或间接损失或与此相关的其他任何损失承担任何责任。 本报告所载的资料、意见及推测仅反映本公 ...

Investment Rating - The report assigns a "Buy-A" investment rating with a target price of 13.66 CNY for the next six months, while the current stock price is 10.22 CNY [5][12]. Core Insights - The white feather chicken industry is expected to recover in 2024, with the company positioned as a leading player in the sector, likely benefiting from the cyclical upturn and releasing performance elasticity [12][41]. - The company is projected to achieve revenues of 37.6 billion CNY in 2024, with a year-on-year growth rate of 16.7%, and net profits of 10.8 billion CNY, reflecting a significant increase of 99.6% [12][51]. - The company is also expanding its pig breeding business, which is expected to contribute significantly to revenue growth in the coming years [10][51]. Summary by Sections Performance Overview - In 2023, the company achieved an operating income of 32.25 billion CNY, a year-on-year increase of 52.71%, and a net profit of 5.40 billion CNY, marking a turnaround from losses [24]. - The fourth quarter of 2023 saw a decline in revenue to 5.66 billion CNY, down 17.76% year-on-year, primarily due to falling prices of parent stock chicken [24][12]. Chicken Business - The company sold 645 million white feather chicken chicks in 2023, a year-on-year increase of 12.26%, generating sales revenue of 2.639 billion CNY, up 65.74% [3]. - The average selling price for parent stock and commercial chicks is expected to be 37 CNY per set and 4.2 CNY per chick, respectively, in 2024 [3][50]. Pig Business - The company is enhancing its pig breeding capacity, with current production at 13,600 heads and plans to increase to 54,000 heads of original breeding pigs and 29,400 heads of commercial pigs by 2026 [10]. - Revenue from the pig business is projected to reach 2.0 billion CNY in 2024, with a year-on-year growth rate of 274.9% [10][51]. Financial Projections - The company is expected to achieve net profits of 10.8 billion CNY in 2024, 7.2 billion CNY in 2025, and 8.4 billion CNY in 2026, with corresponding EPS of 0.98, 0.65, and 0.76 CNY [12][51]. - The projected revenue for the chicken business for 2024-2026 is 33.7 billion CNY, 30.4 billion CNY, and 32.3 billion CNY, with gross margins of 42.8%, 34.9%, and 36.8% respectively [50][51].

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 ...