证券研究报告 非金融公司|公司点评|唐人神（002567） 生猪养殖经营向好，饲料业务短期承压 请务必阅读报告末页的重要声明 glzqdatemark1 2024年09月04日 证券研究报告 |报告要点 2024 年上半年，公司实现营业收入 108.37 亿元，同比下降 19.60%；实现归母净利润 0.05 亿元，同比扭亏为盈。 生猪业务增长明显，饲料业务承压。2024H1 公司生猪养殖收入同比增加 11.91%，生猪出 栏同比增加 13.46%；按照公司上半年出栏量占比约为 40%的出栏节奏，2024 年有望达成 450-500 万的计划出栏量。受饲料原材料价格高位回落的影响，2024H1 公司饲料营业收 入同比下降 26.98%，公司饲料毛利率 5.89%，同比减少 0.62pct。 |分析师及联系人 王明琦 马鹏 涂雅晴 SAC：S0590524040003 SAC：S0590524050001 请务必阅读报告末页的重要声明 1 / 5 非金融公司|公司点评 glzqdatemark2 2024年09月04日 唐人神(002567) 生猪养殖经营向好，饲料业务短期承压 | --- | --- | |- ...

证券代码：002567 证券简称：唐人神 唐人神集团股份有限公司 投资者关系活动记录表 | --- | --- | --- | |-------------------------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- ...

Investment Rating - The investment rating for the company is "Outperform the Market" [2][15][18] Core Views - The company achieved a turnaround in net profit in H1 2024, benefiting from a recovery in pig prices. Revenue decreased by 19.6% year-on-year to 10.837 billion yuan, while net profit turned positive to 0.05 billion yuan [2][5] - The company expects to maintain high growth in pig output, with a projected total of 4.5 million pigs for 2024, supported by improved breeding costs and a favorable market environment [2][10] - The company is focused on a full-chain operational model, integrating biological feed, healthy breeding, and meat processing, which enhances its competitive advantage [2][10] Financial Forecasts and Indicators - Revenue projections for 2024-2026 are 27.361 billion yuan, 29.553 billion yuan, and 29.980 billion yuan, respectively, with growth rates of 1.53%, 8.01%, and 1.45% [14][13] - Net profit forecasts for the same period are 0.402 billion yuan, 0.920 billion yuan, and 0.615 billion yuan, with corresponding EPS of 0.28 yuan, 0.64 yuan, and 0.43 yuan [14][15] - The company’s EBIT margin is expected to improve from -2.9% in 2023 to 2.3% in 2024, and further to 4.8% in 2025 [14][16] Business Segmentation - The pig farming segment is projected to generate revenues of 7.849 billion yuan, 8.513 billion yuan, and 8.385 billion yuan for 2024-2026, with gross margins of 12.9%, 20.1%, and 16.4% respectively [11][12] - The feed business is expected to see revenues of 17.493 billion yuan, 18.784 billion yuan, and 19.387 billion yuan, with gross margins of 6.0%, 6.5%, and 6.2% [11][12] - The meat business is projected to generate revenues of 1.997 billion yuan, 2.234 billion yuan, and 2.186 billion yuan, with gross margins of 5.0%, 5.2%, and 5.1% [11][12] Cost and Margin Analysis - The company anticipates a decrease in breeding costs due to improved production efficiency and lower feed prices, which will positively impact profit margins [2][10] - The gross margin for the company is expected to improve from 7.94% in 2024 to 10.33% in 2025, reflecting better cost management and pricing strategies [14][13]

证券研究报告 唐人神 (002567 CH) 养猪带动强势扭亏，饲料尚待修复 华泰研究 中报点评 ): 增持 ): 5.55 2024年8月30日│中国内地 Q2 强势扭亏，养猪持续向好 Q2 猪价上涨+成本下降带动公司养猪明显扭亏，生猪头均盈利约 160~195 元。我们维持盈利预测，预计 2024/25/26 年归母净利润为 6.23/10.49/9.75 亿元，对应 BVPS 为 4.27/5.00/5.68 元，参考 2024 年可比公司 Wind 一致 预期 1.25x PB，考虑到公司养猪持续向好，我们给予公司 2024 年 1.30x PB， 对应目标价 5.55 元，维持"增持"评级。 风险提示：生猪出栏量不达预期，猪价不达预期，爆发大规模动物疾病等。 研究员 樊俊豪 SAC No. S0570524050001 SFC No. BDO986 fanjunhao@htsc.com +(852) 3658 6000 养猪带动 Q2 强势扭亏，饲料等业务收入仍承压 公司 2024H1 实现营收 108 亿元（yoy-19.60%），归母净利 466 万元 （yoy+101%）；其中 Q2 实现营收 ...

Financial Performance - The company's operating revenue for the first half of 2024 was ¥10,837,074,787.18, a decrease of 19.60% compared to ¥13,479,628,446.96 in the same period last year[10]. - Net profit attributable to shareholders was ¥4,657,048.50, a significant turnaround from a loss of ¥664,031,736.77 in the previous year, representing a 100.70% increase[10]. - The net profit after deducting non-recurring gains and losses was ¥3,586,253.88, compared to a loss of ¥652,556,350.20 last year, marking a 100.55% improvement[10]. - The net cash flow from operating activities was ¥31,753,363.04, down 56.98% from ¥73,808,473.71 in the previous year[10]. - Basic and diluted earnings per share were both ¥0.0033, a recovery from a loss of ¥0.4796 per share in the same period last year, reflecting a 100.69% increase[10]. - Total revenue for the reporting period was CNY 1,083,707.48 million, a decrease of 19.60% compared to CNY 1,347,962.84 million in the same period last year[31]. - The net loss for the first half of 2024 was CNY 31,459,943.70, significantly improved from a net loss of CNY 758,666,715.21 in the first half of 2023[155]. - The total equity of the company rose to CNY 8,733,031,991.72 in the first half of 2024, up from CNY 8,507,641,543.87 in the first half of 2023, indicating a growth of 2.6%[154]. Revenue and Sales - The company achieved operating revenue of 10.837 billion yuan, a year-on-year decrease of 19.60%[17]. - Feed segment revenue was CNY 743,972.36 million, accounting for 68.65% of total revenue, down 26.98% from CNY 1,018,800.49 million last year[31]. - The pig farming segment saw revenue increase by 11.91% to CNY 258,473.62 million, representing 23.85% of total revenue[31]. - The company sold 1.8828 million heads of pigs, an increase of 13.46% year-on-year, with fattened pigs accounting for 87.48% of the total[17]. - The company’s revenue from the South China region increased by 55.28% to CNY 229,977.25 million, indicating strong market performance in that area[31]. Costs and Expenses - The operating cost decreased by 24.15% to approximately ¥10.00 billion from ¥13.18 billion year-on-year[30]. - The company reported a significant decrease in investment, with total investments of CNY 224,536,860.12, down 61.46% from CNY 582,635,462.80 in the previous year[38]. - The company’s interest expenses increased to approximately ¥71.30 million, compared to ¥67.14 million in the same period last year[157]. - The cash paid for purchasing goods and services decreased to approximately ¥683 million, down from ¥863 million in the first half of 2023, indicating a reduction of 20.8%[161]. Assets and Liabilities - Total assets at the end of the reporting period were ¥17,684,946,091.54, an increase of 3.97% from ¥17,009,423,697.72 at the end of the previous year[10]. - Total liabilities reached CNY 11,657,703,935.83, up from CNY 11,028,638,223.09, indicating an increase of approximately 5.69%[149]. - The company’s total liabilities increased to CNY 6,375,026,376.55 in the first half of 2024, compared to CNY 5,789,185,787.73 in the same period of 2023, marking an increase of 10.1%[154]. - Cash and cash equivalents at the end of the reporting period were CNY 199,602.13 million, accounting for 11.29% of total assets, down from 12.29% last year[34]. Investments and Projects - The company has invested RMB 12,024.6 million in the Hunan Huayuan County pig breeding project, achieving an investment progress of 100.21%[50]. - The company reported a total investment of RMB 15,508.67 million in the Foshan Gaoming District pig breeding project, with an investment progress of 101.38%[50]. - The company is expanding its production capacity with new projects, including a 24,000-ton animal nutrition core additive production base in Hunan Zhuzhou, which has achieved an investment progress of 101.61%[51]. - The company has allocated RMB 10,209.43 million for the Hubei Wuhan special aquatic feed project, with an investment progress of 65.87%[50]. Risk Management - The company faces environmental risks due to its operations, which generate noise, odors, and wastewater, and has implemented necessary environmental protection facilities[67]. - The company is exposed to significant epidemic risks in pig farming, which can lead to reduced production and financial losses if not managed effectively[68]. - Fluctuations in raw material prices, particularly for corn and soybean meal, directly impact production costs and profit margins[69]. - The company is enhancing its disease prevention and production cost management systems to mitigate risks associated with pig farming[70]. Environmental Compliance - The company has implemented various environmental protection laws and standards, including the "Environmental Protection Law of the People's Republic of China" and the "Air Pollution Prevention and Control Law" among others[82]. - The company has a total nitrogen discharge of 41.4 tons per year from the Ten Mile Chong base, with no exceedance of discharge limits reported[85]. - The company reported a total nitrogen concentration of 229 mg/l at the Dongchong site, indicating effective wastewater management[88]. - The company’s wastewater treatment process includes ozone disinfection, enhancing the quality of treated water[89]. Shareholder and Equity Information - The company plans not to distribute cash dividends or issue bonus shares for the half-year period[74]. - The employee stock ownership plan includes 210 employees holding a total of 5,924,985 shares, representing 0.41% of the company's total equity[77]. - The company has not reported any overdue guarantees that would significantly impact its financial position[120]. - The largest shareholder, Hunan Tangrenshen Holdings, holds 11.24% of the shares, totaling 161,091,448 shares, with 83,630,000 shares pledged[135]. Future Outlook - The company plans to focus on expanding its market presence and enhancing product development in the upcoming quarters, aiming for a more robust recovery[167]. - The company aims to improve operational efficiency and reduce costs by approximately 5% in the next fiscal year[167]. - The company is exploring potential mergers and acquisitions to enhance its competitive edge in the market[167]. - The company has set a performance guidance for the next quarter, targeting a revenue growth of 10% year-over-year[167].

关于唐人神集团股份有限公司 终止部分募投项目并将剩余募集资金永久补充流动资金的 核查意见 世纪证券有限责任公司（以下简称"世纪证券"或"保荐机构"）作为唐人 神集团股份有限公司（以下简称"唐人神"或"公司"）2023 年度以简易程序 向特定对象发行股票持续督导的保荐机构，根据《证券发行上市保荐业务管理办 法》《深圳证券交易所股票上市规则》《深圳证券交易所上市公司自律监管指引 第 13 号——保荐业务》《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》等有关规定，对唐人神终止部分募投项目并将剩余募集资 金永久补充流动资金的事项进行了审慎核查，发表核查意见如下： 世纪证券有限责任公司 一、募集资金基本情况 根据中国证券监督管理委员会《关于核准唐人神集团股份有限公司非公开发 行股票的批复》（证监许可〔2022〕2670 号）核准，截至 2022 年 12 月 5 日止， 公司本次非公开发行 A 股股票实际募集资金总额为人民币 1,139,619,299.00 元， 扣除承销、保荐费用、审计等相关发行费用后，实际募集资金净额为 1,112,479,228.56 元。上述资金已于 2022 年 ...

《公司章程》上述条款的修订最终以工商核准登记为准，《公司章程》的其 他条款不变。 特此公告。 唐人神集团股份有限公司 《公司章程》修改对照表 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。 唐人神集团股份有限公司（以下简称"公司"）于 2024 年 8 月 30 日召开第 九届董事会第二十六次会议，审议通过了《关于修订<公司章程>的议案》，修订 《公司章程》中的经营范围。本议案尚需提交公司股东大会审议。具体修改内容 如下： | 原《公司章程》条款 | 修改后的《公司章程》条款 | | --- | --- | | 第十四条 经依法登记，公司的经营范围：生产配合饲 | 第十四条 经依法登记，公司的经营范围：生产配合饲 | | 料、浓缩饲料（凭有效的饲料生产企业审查合格证经 | 料、浓缩饲料（凭有效的饲料生产企业审查合格证经 | | 营），生产添加剂预混合饲料（凭有效的添加剂预混合 | 营），生产添加剂预混合饲料（凭有效的添加剂预混合 | | 饲料生产许可证经营），养殖畜禽种苗（限分支机构凭 | 饲料生产许可证经营），养殖畜禽种苗（限分支机构凭 | | 种畜禽生产经 ...

证券代码：002567 证券简称：唐人神 公告编号：2024-086 二、本次增加部分募投项目实施方式的具体内容 本次拟对"集团化云平台建设与升级项目"、"数字智能化养殖体系建设与升 级项目"的实施方式进行调整，以上项目实施主体为公司，原计划由公司购置软 件、硬件设施设备用于"集团化云平台建设与升级项目"、"数字智能化养殖体系 建设与升级项目"运营。 唐人神集团股份有限公司 关于增加募投项目实施方式的公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假 记载、误导性陈述或重大遗漏。 唐人神集团股份有限公司（以下简称"公司"）于 2024 年 8 月 30 日召开第九 届董事会第二十六次会议、第九届监事会第二十一次会议，审议通过了《关于增 加募投项目实施方式的议案》，该议案尚需提交公司股东大会审议。具体情况如下： 一、募集资金基本情况 1、根据中国证券监督管理委员会《关于同意唐人神集团股份有限公司向特 定对象发行股票注册的批复》（证监许可〔2023〕1924 号）同意注册，截至 2023 年 9 月 11 日止，公司本次以简易程序向特定对象发行股票募集资金总额为人民 币 299,999,99 ...

唐人神集团股份有限公司 2024 年半年度非经营性资金占用及其他关联资金往来情况汇总表 单位：万元 非经营性 资金占用 资金占 用方 名称 占用方与上 市公司的 关联关系 上市公司核 算的会计 科目 2024 年期 初占用资 金余额 2024年 1-6 月占用累 计发生金 额（不含利 息） 2024年 1-6月 占用资金的 利息（如有） 2024年 1-6 月偿还累 计发生 金额 2024 年 6 月末占用 资金余额 占用形成 原因 占用性质 控股股东、实际控制人 及其附属企业 非经营性占用 小计 - 前控股股东、实际控制 人及其附属企业 非经营性占用 小计 - 其他关联方及其附属企 业 非经营性占用 小计 - | 总计 | | | | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | 资金往 | 往来方与上 | 上市公司核 | 年期 2024 | 2024年 1-6 月往来累 | 2024年 1-6月 | 2024年 1-6 月偿还累 | 年 2024 6 | | 往来性质 | | 其他 ...

唐人神集团股份有限公司 章 程 二〇二四年八月 | | ﺍ ﻋ | | --- | --- | | . | | | 第一章 | 总 | 则 3 | | --- | --- | --- | | 第二章 | | 经营宗旨和范围 4 | | 第三章 | 股 | 份 4 | | 第一节 | | 股份发行 4 | | 第二节 | | 股份增减和回购 5 | | 第三节 | | 股份转让 6 | | 第四章 | | 股东和股东大会 7 | | 第一节 | | 股 东 7 | | 第二节 | | 股东大会的一般规定 9 | | 第三节 | | 股东大会的召集 12 | | 第四节 | | 股东大会的提案与通知 13 | | 第五节 | | 股东大会的召开 15 | | 第六节 | | 股东大会的表决和决议 17 | | 第五章 | | 董事会 21 | | 第一节 | | 董 事 21 | | 第二节 | | 董事会 24 | | 第三节 | | 独立董事 28 | | 第四节 | | 董事会秘书 31 | | 第六章 | | 总裁及其他高级管理人员 33 | | 第七章 | | 监事会 34 | | 第一节 | | 监 ...