唐人神集团股份有限公司 2024 年 4 月生猪销售简报 证券代码：002567 证券简称：唐人神 公告编号：2024-055 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。 一、生猪销售情况 唐人神集团股份有限公司（以下简称"公司"）2024 年 4 月生猪销量 31.54 万头（其中商品猪 26.42 万头，仔猪 5.12 万头），2023 年 4 月生猪销量 26.80 万头（其中商品猪 25.11 万头，仔猪 1.69 万头），同比上升 17.69%，环 比下降 9.05%；销售收入合计 48,309 万元，同比上升 14.22%，环比下降 6.93%。 四、其他提示 公司信息披露媒体为《证券时报》、《上海证券报》、《证券日报》、 《中国证券报》和巨潮资讯网。公司所有信息均以上述媒体刊登的信息为准， 请广大投资者理性决策、谨慎投资、注意风险。 特此公告。 唐人神集团股份有限公司董事会 二、原因说明 2024 年 4 月公司生猪销量同比增长的主要原因是生猪产能逐步释放，出栏 量增加；环比下降的主要原因是根据行情变化调整生猪生产与销售计划。 三、风险提示 ...

[Table_Page] 年报点评|饲料 猪价低迷等因素拖累业绩，整体表现基本符合预期 0.65、1.07 元/股。参考可比公司估值，给予公司 24 年 25 倍 PE，对 应合理价值约 6.70 元/股，维持"买入"评级。 [Table_Title] 唐人神（002567.SZ） ⚫ 猪价低迷等因素拖累 23 年业绩，24Q1 亏损幅度有所收窄。公司披露 23 年年报及 24 年 1 季报，23 年公司实现营收 269.49 亿元 （yoy+1.55%）；实现归母净利润-15.26 亿元（22 年为盈利 1.35 亿元）； 扣非后归母净利润为-15.05 亿元，受猪价同比下跌、资产减值等因素 影响，公司业绩大幅下滑。24Q1 公司营收为 48.8 亿元（yoy-25.19%）； 归母净利润为-1.98 亿元（yoy+41.94%），1 季度亏损幅度收窄主要源 于猪价回暖、养殖成本下降等因素。截至 24Q1，公司资产负债率为 67.35%，货币资金余额为 23.3 亿元，较 23Q4 增长 11.57%。 | --- | --- | --- | --- | --- | --- | |------------- ...

公 司 点 评 报 告 公 司 研 究 证券研究报告 ＃industryId＃ 饲料 ＃investSuggestion＃ ＃分析师： emailAuthor＃ jiyuze@xyzq.com.cn S0190522080004 曹心蕊 caoxinrui@xyzq.com.cn S0190521050002 请务必阅读正文之后的信息披露和重要声明 投资要点 ＃summary＃ ⚫ 事件：2023 年公司实现营收 269.5 亿元，同比+1.55%；归母净利润-15.3 亿元、扣非净利润-15.05 亿元，同比均由盈转亏。 ⚫ 生猪出栏高速增长，猪价低迷致利润由盈转亏。2023 年猪价整体低位震 荡，仅三季度短暂涨至行业成本线上，23Q1-Q4 国内生猪均价约 15.1、 14.3、16.0、14.7 元/kg，同比+15%、-6%、-29%、-37%，全年生猪均价 15.0元/kg，同比-19%。公司2023年生猪出栏约371.3万头（同比+72.05%）， 其中肥猪出栏 338.65 万头，仔猪出栏 32.6 万头，养殖业务实现收入 51.5 亿元（同比+5.9%）。此外屠宰及肉品业务，全年肉品销量 10 ...

2024 年 5 月 7 日 个股表现 -24% -21% -18% -15% -12% -9% -6% -3% 0% 3% 6% 9% 2023-05 2023-07 2023-09 2023-12 2024-02 2024-05 唐人神 农林牧渔 证券研究报告：农林牧渔 | 公司点评报告 买入|维持 公司基本情况 研究所 唐人神(002567) ⚫ 事件： 公司发布 2023 年年报及 2024 年一季报：1）2023 年实现营业收 入 269.49 亿元，同比增长 1.55%；实现归母净利润-15.26 亿元，同 比下滑-1228.76%；2）2024 年一季度实现营业收入 48.80 亿元，同 比下降 25.19%，归母净利为-1.98 亿元，亏损同比收窄 41.94%。公 司生猪出栏增长迅速，成本亦逐季下行，2024 年一季度头均亏损较 2023 年明显减少。 养殖：出栏量持续增长，24 年 Q1 头均亏损明显收窄。公司 23 年全年及 24 年一季度生猪出栏量分别为 371.26 万头、94.70 万头， 同比分别增加 72.05%、20.78%。在提升产能利用率、优化种猪体 系、饲料价格下降等多 ...

1、公司未在下列期间内回购公司股票： 证券代码：002567 证券简称：唐人神 公告编号：2024-054 唐人神集团股份有限公司 关于股份回购进展情况的公告 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 2023 年 12 月 28 日召 开第九届董事会第二十一次会议，审议通过了《关于回购公司股份方案的议 案》，同意公司使用自有资金人民币 1,000 万元-2,000 万元以集中竞价交易方式 回购部分公司股份，用于后续实施股权激励或员工持股计划，具体内容详见公 司于 2023 年 12 月 29 日在巨潮资讯网披露的相关公告。 一、回购公司股份的进展情况 根据《深圳证券交易所上市公司自律监管指引第 9 号—回购股份》等有关 规定，公司应当在每个月的前三个交易日内披露截至上月末的回购进展情况。 现将公司回购进展情况公告如下： 截至 2024 年 4 月 30 日，公司通过股份回购专用证券账户以集中竞价方式回 购公司股份 1,618,400 股，占公司目前总股本的 0.11%，最高成交价为 6.37 元/股， 最低 ...

证券代码：002567 证券简称：唐人神 公告编号：2024-053 唐人神集团股份有限公司 关于为子公司担保的进展公告 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"）分别于 2023 年 12 月 18 日、 2024 年 1 月 4 日召开了第九届董事会第二十次会议、2024 年第一次临时股东大 会，审议通过了《关于 2024 年公司及子公司担保额度预计的议案》，根据公司 及子公司日常生产经营需要，公司及子公司（含授权期限内新设立或纳入的子 公司）向业务相关方（包括但不限于银行、金融机构、融资租赁公司、供应商 等）申请授信、借款、保理业务、融资租赁业务、采购或其他履约义务，公司 及子公司提供担保总额不超过 79 亿元，额度在有效期内可循环使用，即任一时 点的担保总额度不超过 79 亿元，有效期为 2024 年 1 月 1 日至 2024 年 12 月 31 日。 上述担保包括公司为子公司提供担保、子公司为母公司提供担保、子公司 之间互相担保。担保范围包括但不限于申请银行借款、融资租赁等融资业务、 保理业务、采购履 ...

Investment Rating - The report maintains a "Buy" rating for the company [1][7]. Core Views - The company is expected to achieve significant growth in its three main business segments: pig farming, feed, and meat products, with a clear development plan and a mature operating model [7]. - The feed business is projected to see further improvements in gross margin, while the meat business has shown notable growth, with a 64.28% increase in sales volume to 100,100 tons in 2023 [7]. - The company aims to leverage its low-cost competitive advantage and is actively promoting strategic transformations across its three major business areas [7]. Financial Summary - Revenue for 2023 was 26.949 billion, with a growth rate of 1.55%. The forecast for 2024 is 34.389 billion, representing a growth rate of 27.61% [8]. - The net profit for 2023 was -1.526 billion, with a projected recovery to 442 million in 2024, and further growth to 1.812 billion in 2025 [8]. - The earnings per share (EPS) is expected to improve from -1.06 in 2023 to 0.31 in 2024, and further to 1.26 in 2025 [8]. Business Performance - The company reported a pig output of 3.7126 million heads in 2023, a year-on-year increase of 72.05%, with a focus on expanding its fattening capacity [17]. - The feed sales volume reached 7.0831 million tons in 2023, an increase of 14.87%, outperforming the overall industry growth [17]. - The gross margin for the feed business improved to 6.52% in 2023, up by 0.5 percentage points from the previous year, driven by a shift towards higher-margin products and increased production efficiency [17].

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 □ 特定对象调研 □ 分析师会议 投资者关系 □ 媒体采访 □ 业绩说明会 活动类别 □ 新闻发布会 □ 路演活动 □ 现场参观 ■ 其他：电话会议 参与单位名称 中金公司王思洋、龙友琪、陈煜东、陈泰屹、单妍，上银基金杨东朔、 及人员姓名 黄颢等投资者，具体名单详见附件。 时 间 2024年4 月30 日10:00-11:00 、14:00-14:50 地 点 公司总部会议室 董事会秘书：孙双胜 上市公司 证券部总经理：徐岩 接待人员姓名 证券部高级经理：谭勇波 第一：介绍阶段 公司从1988年至今36年始终坚持“饲料、养殖、肉品”三大主营 业务，坚持生猪全产业链经营。2023年公司实现营业收入269.49亿元， 同比增长1.55%；实现归母净利润-15.26亿元；实现饲料内外销量708.31 万吨，同比增长14.87%；实现生猪出栏量371.26万头，同比增长72.05%， 完成全年生猪出栏目标，其中，肥猪出栏量338.65万头，占比91.22%。 ...

Financial Performance - The company's operating revenue for 2023 was approximately ¥26.95 billion, a slight increase from ¥26.54 billion in 2022, indicating a growth of about 1.56%[1] - The net profit attributable to shareholders for the first quarter of 2023 was -¥340.18 million, with a total net profit of -¥1.55 billion across all four quarters, reflecting ongoing financial challenges[5] - The company reported a net cash flow from operating activities of -¥309.25 million in 2023, a significant decrease compared to ¥383.06 million in 2022[8] - Non-recurring gains and losses totaled -¥20.60 million in 2023, contrasting with a gain of ¥33.16 million in 2022, highlighting a decline in non-operational income[8] - The company's net profit attributable to shareholders was -1.526 billion yuan, a significant decline of 1,228.76% year-on-year[50] - The net profit attributable to shareholders after deducting non-recurring gains and losses was -¥1,505,313,744.67, reflecting a decline of 1,575.51% compared to the previous year[123] - The basic earnings per share for 2023 was -¥1.0916, a decrease of 1,062.61% compared to the previous year[123] - The weighted average return on equity for 2023 was -24.97%, down from 2.41% in the previous year[123] Production and Sales - The company achieved a total feed sales volume of 7.0831 million tons in 2023, ranking among the top ten in the national feed industry[21] - The company reported a 72.05% year-on-year increase in live pig output, totaling 3.7126 million heads in 2023, with fat pig output accounting for 91.22%[21] - The company's meat product revenue reached 1.719 billion yuan in 2023, reflecting a year-on-year growth of 32.58%[22] - The company achieved a significant increase in pig sales volume, reaching 3.7126 million heads, a year-on-year growth of 72.05%[53] - Total feed sales volume increased to 7.083 million tons, representing a year-on-year growth of 14.87%[59] Assets and Liabilities - The company's total assets at the end of 2023 were approximately 17.01 billion yuan, a decrease of 7.75% compared to the previous year[33] - The net assets attributable to shareholders of the listed company were approximately 5.495 billion yuan, down 19.16% year-on-year[33] - The company's total bank credit limit for 2024 is set at ¥14 billion, with a debt-to-asset ratio of 64.84% as of December 2023[53] - Long-term borrowings increased significantly to $4,721,317,113.00, a 27.76% increase, attributed to increased long-term financing from financial institutions[179] Research and Development - The company has developed five innovative technologies for liquid biological feed, improving piglet survival rates and feed conversion rates[44] - Research and development expenses were reported at ¥132,429,246.50, a decrease of 6.33% compared to the previous year[71] - The ratio of research and development expenditure to operating revenue was 0.49% in 2023, down from 0.53% in 2022[78] - Research and development personnel increased to 841 in 2023, representing a 0.72% growth from 835 in 2022[77] - The proportion of research and development personnel to total employees rose to 7.29% in 2023 from 6.92% in 2022[77] Strategic Initiatives - The company aims to enhance its competitive advantage by focusing on strong epidemic prevention capabilities and balancing scale with management efficiency in the future[19] - The company focuses on a full industry chain model, integrating feed production, pig breeding, and meat processing to enhance competitive advantages[27] - The company plans to utilize ¥300 million raised from a small-scale private placement for digital transformation initiatives[54] - The company aims to optimize its breeding business model to further reduce pig farming costs and maintain a low-cost competitive advantage[50] - The company is expanding its sales network from local to national levels, utilizing various sales channels including e-commerce and live streaming[37] Market Context - The pig farming industry in China saw a production increase of 4.6% in 2023, with pork production reaching 57.94 million tons, which is crucial for the company's market context[15] - The total industrial feed production in China reached 322 million tons in 2023, with a year-on-year growth rate of 6.6%, indicating a robust market for the company's feed products[15] Environmental and Sustainability Efforts - The company has implemented modern environmental treatment processes in new pig farms, achieving a "zero discharge" goal through wastewater recycling and organic fertilizer production[132] - The establishment of a professional environmental department aims to enhance the company's sustainability efforts and recruit specialized talent[132] - The company is advancing projects in solar power generation to achieve energy savings and promote green practices[132] Risk Management - The fluctuation in raw material prices, particularly for corn and soybean meal, poses a significant risk to the company's feed and pig farming operations, impacting production costs and profit margins[135] - The company faces risks related to management and control due to the geographical distribution of subsidiaries and increased fixed asset investments, which may elevate the debt ratio if capacity utilization is low[90] Shareholder Information - The company will not distribute cash dividends or issue bonus shares for the year[92] - The company completed the distribution of dividends on July 10, 2023[175] - The total share capital used for the dividend distribution was 1,375,720,300 shares after excluding repurchased shares[176]

Financial Performance - The company's operating revenue for Q1 2024 was ¥4,880,079,621.11, a decrease of 25.19% compared to ¥6,523,067,834.99 in the same period last year[4] - The net loss attributable to shareholders was ¥197,512,579.11, an improvement of 41.94% from a loss of ¥340,178,286.41 in the previous year[4] - The net profit for Q1 2024 was -224,366,712.75 CNY, compared to -360,366,544.42 CNY in Q1 2023, showing an improvement of approximately 37.6%[27] - The company's operating profit for Q1 2024 was -210,308,531.30 CNY, compared to -353,735,800.83 CNY in Q1 2023, indicating a reduction in operating losses[27] - The total revenue from sales in Q1 2024 was 4,880,451,095.48 CNY, down from 6,422,007,319.03 CNY in Q1 2023, representing a decline of approximately 23.9%[28] - The cash flow from operating activities decreased by approximately 22.1% year-over-year, reflecting challenges in revenue generation[28] Cash Flow and Investments - The net cash flow from operating activities improved by 52.92%, amounting to -¥145,605,740.39 compared to -¥309,251,408.99 in the prior year[12] - The net cash flow from investment activities improved by 56.39%, amounting to -¥180,172,888.66 compared to -¥413,155,755.04 in the previous year[12] - Investment activities resulted in a net cash outflow of -180,172,888.66 CNY in Q1 2024, compared to -413,155,755.04 CNY in Q1 2023, indicating a significant reduction in cash outflow[30] - Financing activities generated a net cash inflow of 590,811,450.83 CNY in Q1 2024, slightly down from 597,910,218.81 CNY in Q1 2023[30] Assets and Liabilities - The total assets at the end of the reporting period increased by 3.73% to ¥17,643,275,952.09 from ¥17,009,423,697.72 at the end of the previous year[4] - Total liabilities increased to ¥11,882,633,482.21 from ¥11,028,638,223.09, marking a rise of 7.7%[24] - The company's long-term borrowings rose to ¥4,801,747,113.00, up from ¥4,721,317,113.00, reflecting a growth of 1.7%[24] Shareholder Information - The company plans to repurchase shares using self-owned funds ranging from RMB 10 million to 20 million, with 1,618,400 shares repurchased by March 31, 2024, accounting for 0.11% of the total share capital[18] - The company issued 45,454,545 ordinary shares to specific investors, with the shares listed on September 19, 2023, and the lock-up period lasting for 6 months[18] - The company’s major shareholders include Hunan Tangrenshen Holdings with 140,629,910 shares and Dashing Feed Co., Ltd. with 98,106,200 shares[17] - The company’s stockholders' voting rights agreement expired on December 31, 2023, and was not renewed, effective January 1, 2024[20] - The company’s top 10 shareholders hold a significant portion of shares, with the largest shareholder holding 140,629,910 shares[17] - The company has not reported any participation in margin financing by the top 10 shareholders[17] - The company’s share repurchase program is aimed at implementing equity incentives or employee stock ownership plans[18] - The company’s stock repurchase account held 13,494,948 shares as of March 31, 2024, indicating active management of its share capital[18] Operational Metrics - The total operating costs amounted to ¥5,094,879,358.05, down 26.0% from ¥6,878,598,385.83 year-over-year[25] - The company's cash and cash equivalents increased to ¥2,332,610,611.55 from ¥2,090,680,820.39, reflecting a growth of 11.6%[22] - Accounts receivable rose to ¥345,675,234.70, up 9.6% from ¥315,265,827.21 at the beginning of the period[22] - Inventory increased to ¥2,712,099,344.45, a rise of 6.5% from ¥2,547,481,870.26[22] - The net profit margin for the quarter was impacted by increased operating costs, with a significant rise in sales and management expenses[25] - The company is focusing on expanding its market presence and investing in new product development to drive future growth[25] Earnings Per Share - The basic earnings per share improved by 44.01% to -¥0.1379 from -¥0.2463 in the same period last year[4] - Basic earnings per share for Q1 2024 were -0.1379 CNY, compared to -0.2463 CNY in the same period last year, indicating a reduction in losses per share[28]