证券代码：002726 证券简称：龙大美食 公告编号：2025-003 债券代码：128119 债券简称：龙大转债 山东龙大美食股份有限公司 关于为子公司提供担保的进展公告 本公司及董事会全体成员保证信息披露内容的真实、准确和完整，没有虚 假记载、误导性陈述或重大遗漏。 一、担保情况概述 2023 年 12 月 18 日，山东龙大美食股份有限公司（以下简称"公司"）召开 2023 年第四次临时股东大会，审议通过了《关于公司 2024 年度对外担保额度 预计的议案》，同意公司 2024 年度对合并报表范围内下属公司提供不超过 60 亿 元担保总额度（该预计担保额度可循环使用），用于满足公司下属公司生产经营 资金的需要。其中，公司对资产负债率为 70%以上（含 70%）的下属公司提供 的担保额度为 40 亿元，对资产负债率低于 70%的下属公司提供的担保额度 20 亿元。有效期为股东大会审议通过之日起至 2024 年年度股东大会召开之日止。 具体内容详见 2023 年 12 月 1 日公司在《中国证券报》《证券时报》《证券日报》 《上海证券报》及巨潮资讯网（www.cninfo.com.cn）上披露的《山东龙大美 ...

本公司及董事会全体成员保证信息披露内容的真实、准确和完整，没有虚假 记载、误导性陈述或重大遗漏。 特别提示： 证券代码：002726 证券简称：龙大美食 公告编号：2025-001 债券代码：128119 债券简称：龙大转债 山东龙大美食股份有限公司 2024 年第四季度可转换公司债券转股情况公告 自前次转股价格调整日至 2022 年 3 月 28 日，公司总股本因激励对象自主 行权以及限制性股票回购注销而发生变化，根据公司可转换公司债券转股价格 调整的相关条款，"龙大转债"的转股价由 9.29 元/股调整为 9.28 元/股。调整后 的转股价格自 2022 年 3 月 31 日起生效。 自前次转股价格调整日至 2022 年 8 月 17 日，公司总股本因激励对象自主 行权以及限制性股票回购注销而发生变化，根据公司可转换公司债券转股价格 调整的相关条款，"龙大转债"的转股价由 9.28 元/股调整为 9.30 元/股。调整后 的转股价格自 2022 年 8 月 19 日起生效。 根据《深圳证券交易所股票上市规则》等相关规定和《山东龙大肉食品股 份有限公司公开发行 A 股可转换公司债券募集说明书》（以下简称"《 ...

证券代码：002726 证券简称：龙大美食 公告编号：2024-065 债券代码：128119 债券简称：龙大转债 山东龙大美食股份有限公司 关于为子公司提供担保的进展公告 本公司及董事会全体成员保证信息披露内容的真实、准确和完整，没有虚 假记载、误导性陈述或重大遗漏。 上述担保金额在公司 2023 年第四次临时股东大会审议通过的授权额度内， 无需另行召开董事会及股东大会。 三、被担保人基本情况 一、担保情况概述 2023 年 12 月 18 日，山东龙大美食股份有限公司（以下简称"公司"）召开 2023 年第四次临时股东大会，审议通过了《关于公司 2024 年度对外担保额度 预计的议案》，同意公司 2024 年度对合并报表范围内下属公司提供不超过 60 亿 元担保总额度（该预计担保额度可循环使用），用于满足公司下属公司生产经营 资金的需要。其中，公司对资产负债率为 70%以上（含 70%）的下属公司提供 的担保额度为 40 亿元，对资产负债率低于 70%的下属公司提供的担保额度 20 亿元。有效期为股东大会审议通过之日起至 2024 年年度股东大会召开之日止。 具体内容详见 2023 年 12 月 1 日公 ...

证券代码：002726 证券简称：龙大美食 公告编号：2024-064 债券代码：128119 债券简称：龙大转债 山东龙大美食股份有限公司 关于为子公司提供担保的进展公告 本公司及董事会全体成员保证信息披露内容的真实、准确和完整，没有虚 假记载、误导性陈述或重大遗漏。 （一）烟台龙大饲料有限公司 1、公司名称：烟台龙大饲料有限公司 2、类型：有限责任公司（自然人投资或控股的法人独资） 3、住所：山东省莱阳市龙旺庄街道办事处乔家泊 4、法定代表人：苏倩倩 一、担保情况概述 2023 年 12 月 18 日，山东龙大美食股份有限公司（以下简称"公司"）召开 2023 年第四次临时股东大会，审议通过了《关于公司 2024 年度对外担保额度 预计的议案》，同意公司 2024 年度对合并报表范围内下属公司提供不超过 60 亿 元担保总额度（该预计担保额度可循环使用），用于满足公司下属公司生产经营 资金的需要。其中，公司对资产负债率为 70%以上（含 70%）的下属公司提供 的担保额度为 40 亿元，对资产负债率低于 70%的下属公司提供的担保额度 20 亿元。有效期为股东大会审议通过之日起至 2024 年年度股东大会 ...

Company Establishment - Bazhong Longda Meat Food Trading Co Ltd was recently established with a registered capital of 10 million yuan [1] - The company's legal representative is Lan Lan [1] - The business scope includes food sales, import and export of goods, wood sales, construction steel product sales, mechanical equipment sales, textile sales, office supplies sales, hardware product retail, and home goods sales [1] Ownership Structure - The company is indirectly wholly owned by Longda Food (002726) [2]

| 证券代码：002726 | 证券简称：龙大美食 | 公告编号：2024-063 | | --- | --- | --- | | 债券代码：128119 | 债券简称：龙大转债 | | 山东龙大美食股份有限公司 关于为全资子公司提供担保的进展公告 本公司及董事会全体成员保证信息披露内容的真实、准确和完整，没有虚 假记载、误导性陈述或重大遗漏。 一、担保情况概述 2023 年 12 月 18 日，山东龙大美食股份有限公司（以下简称"公司"）召开 2023 年第四次临时股东大会，审议通过了《关于公司 2024 年度对外担保额度预 计的议案》，同意公司 2024 年度对合并报表范围内下属公司提供不超过 60 亿元 担保总额度（该预计担保额度可循环使用），用于满足公司下属公司生产经营资 金的需要，担保范围包括但不限于申请综合授信、借款、承兑汇票等融资或开 展其他日常经营业务等。其中，公司对资产负债率为 70%以上（含 70%）的下 属公司提供的担保额度为 40 亿元，对资产负债率低于 70%的下属公司提供的担 保额度 20 亿元。有效期为股东大会审议通过之日起至 2024 年年度股东大会召 开之日止。具体内容详见 ...

Investment Rating - The report maintains a "Buy" rating for Longda Foodstuff (002726) [1] Core Views - Longda Foodstuff's food segment shows steady growth with continuous business structure optimization [1] - The company's Q3 2024 revenue declined by 12.12% YoY to 2.97 billion yuan, but net profit surged 161.61% YoY to 15 million yuan [2] - The food segment accounted for over 20% of total revenue, with prepared food revenue reaching 1.509 billion yuan in the first three quarters [3] - The slaughtering business saw improved profitability through channel restructuring and high-margin product development [3] - The breeding business turned profitable in Q3 2024 due to rising pig prices and effective cost control [3] Financial Performance - Q1-Q3 2024 revenue reached 8.014 billion yuan, down 20.7% YoY, while net profit increased 111.26% YoY to 73 million yuan [2] - Q3 2024 prepared food revenue grew 34.61% QoQ to 536 million yuan, driven by seasonal demand and new customer acquisition [3] - The company's slaughtering volume reached 3.6008 million heads in Q1-Q3 2024, with breeding output at 247,600 heads [3] - The company's total market capitalization stood at 7.26275 billion yuan as of November 18, 2024 [3] Strategic Development - The company focuses on expanding its food business through product diversification and channel optimization [3] - The "consolidate existing and develop new" strategy for large B-end customers has shown effectiveness [3] - The company is strengthening its presence in online and new retail channels for C-end customers [3] - The Q4 2024 Spring Festival season is expected to boost annual performance [3] Industry Analysis - China's slaughtering and breeding industries are becoming more standardized under policy guidance [3] - The industry entered a de-capacity cycle in January 2023, leading to improved market conditions [3] Financial Forecasts - Revenue is projected to reach 12.107 billion yuan in 2024, growing to 14.158 billion yuan by 2026 [6] - Net profit is expected to increase from 102 million yuan in 2024 to 248 million yuan in 2026 [6] - EPS is forecasted to grow from 0.09 yuan in 2024 to 0.23 yuan in 2026 [6] - The company's P/E ratio is expected to decrease from 71.11 in 2024 to 29.33 in 2026 [6] Valuation Metrics - The company's current price is 6.73 yuan, with a 52-week range of 5.93-8.75 yuan [3] - ROE is projected to improve from 6% in 2024 to 12% in 2026 [6] - P/B ratio is expected to decline from 4.58 in 2024 to 3.57 in 2026 [6] - P/S ratio is forecasted to decrease from 0.60 in 2024 to 0.51 in 2026 [6]

Investment Rating - The report maintains an "Accumulate" rating for the company [5][11]. Core Insights - The company reported a total revenue of 8.014 billion yuan for the first three quarters of 2024, a year-on-year decrease of 20.70%, while achieving a net profit of 73 million yuan, reversing from a loss of 649 million yuan in the same period last year [2][7]. - The pre-prepared food segment showed a significant recovery, with Q3 revenue reaching 536 million yuan, a quarter-on-quarter increase of 34.61%, driven by improved demand during the restaurant peak season [3][10]. - The gross profit margin for the first three quarters improved to 4.84%, up 4.42 percentage points year-on-year, indicating enhanced profitability due to better cost management and product mix optimization [4][9]. Summary by Sections Financial Performance - For Q3 2024, the company reported total revenue of 2.970 billion yuan, down 12.12% year-on-year, but net profit was 15 million yuan, reversing from a loss of 24 million yuan in Q3 2023 [2][7]. - The gross profit margin for Q3 was 4.60%, reflecting a year-on-year increase of 1.44 percentage points [4][9]. Business Strategy - The company continues to focus on its core food business while expanding its B-end customer base in the pre-prepared food sector, which has shown stable growth despite overall revenue decline [3][8]. - The company has optimized its business structure and improved cost efficiency, contributing to enhanced profitability [4][9]. Future Outlook - Revenue projections for 2024-2026 are estimated at 11.139 billion, 12.172 billion, and 13.211 billion yuan, with expected net profits of 86 million, 186 million, and 242 million yuan respectively [5][11]. - The company is expected to benefit from its strategic focus on pre-prepared foods, with significant growth potential in both product development and market expansion [10].

Investment Rating - The report maintains a "Buy" rating for Longda Foodstuff (002726) [6] Core Views - Longda Foodstuff's revenue declined slightly in 24Q3 due to focusing on core business and reducing non-core operations, while profitability improved [1] - The company's food business proportion increased, indicating potential for future growth [1] - Net profit attributable to parent company surged 111.26% YoY in the first three quarters of 2024 [1] Financial Performance Revenue and Profit - 24Q3 revenue reached 2.97 billion yuan, down 12.12% YoY [1] - Net profit attributable to parent company in 24Q3 was 15 million yuan, up 161.61% YoY [1] - First three quarters of 2024 saw revenue of 8.014 billion yuan, down 20.70% YoY [1] Business Segments - Breeding segment achieved profitability in first three quarters with 247,600 heads slaughtered [2] - Slaughtering volume reached 3.6008 million heads in 24Q1-3, down YoY due to weak fresh product demand [2] - Food segment revenue remained stable at 1.707 billion yuan, accounting for over 20% of total revenue [2] Profitability - Gross margin improved to 4.84% in 24Q1-Q3, up 4.42 percentage points YoY [3] - Net margin reached 0.98% in 24Q1-Q3, up 7.89 percentage points YoY [3] - 24Q3 gross margin was 4.60%, up 1.44 percentage points YoY [3] Future Projections - Revenue is expected to grow to 14.474 billion yuan in 2024, 16.102 billion yuan in 2025, and 18.159 billion yuan in 2026 [4] - Net profit attributable to parent company is projected to reach 106 million yuan in 2024, 211 million yuan in 2025, and 278 million yuan in 2026 [4] - EPS is forecasted to be 0.10 yuan in 2024, 0.20 yuan in 2025, and 0.26 yuan in 2026 [4] Valuation - Current share price is 6.82 yuan with a market capitalization of 7.35987 billion yuan [6] - P/E ratio is projected at 69.52x for 2024, 34.85x for 2025, and 26.44x for 2026 [4]

Investment Rating - The report maintains a "Buy" rating for Longda Foodstuff (002726 SZ) [1] Core Views - Pre-made dishes business remains stable against market trends while breeding and slaughtering operations show improvement [1] - The company achieved a turnaround in net profit in 2024Q1-Q3 with revenue of 8 014 billion yuan (down 20 7% YoY) and net profit of 73 million yuan [3] - For 2024Q3 revenue reached 2 97 billion yuan (down 12 1% YoY) with net profit of 15 million yuan and operating cash flow of 64 million yuan [3] - The report forecasts net profits of 95/212/330 million yuan for 2024-2026 with corresponding EPS of 0 09/0 20/0 31 yuan [3] Business Performance Pre-made Dishes - Food segment revenue reached 1 707 billion yuan in 2024Q1-Q3 remaining flat YoY [4] - Pre-made dishes revenue stood at 1 509 billion yuan flat YoY but up 34 61% QoQ driven by strong demand from catering clients and seasonal factors [4] - Gross margin improved by 4 5 percentage points to 11 61% due to lower raw material costs [4] - Key products achieved significant scale with large intestine surpassing 200 million yuan and sausages exceeding 100 million yuan in revenue [4] Slaughtering - Slaughtering volume reached 3 6008 million heads in 2024Q1-Q3 showing a YoY decline due to weak demand for fresh products and controlled frozen inventory [4] - Despite lower volumes the segment showed improved gross profit [4] Breeding - Breeding output reached 247 600 heads in 2024Q1-Q3 showing a YoY decline [4] - The segment returned to profitability benefiting from rising pig prices and lower breeding costs [4] Financial Performance - In 2024Q3 gross margin increased by 1 44 percentage points YoY driven by higher pig prices and lower raw material costs [5] - The company maintained cost control with sales management and R&D expense ratios decreasing by 0 08 0 05 and 0 02 percentage points respectively [5] - Financial expense ratio remained stable [5] Strategic Focus - The company continues to focus on large B clients in the pre-made dishes business consolidating existing clients and developing new ones [6] - New product categories are being expanded with new clients gradually contributing to orders [6] - The pre-made dishes business maintained its scale advantage in 2024 and is expected to benefit from potential recovery in catering demand [6] Financial Projections - Revenue is projected to grow from 14 294 billion yuan in 2024E to 21 082 billion yuan in 2026E [7] - Net profit is forecasted to increase from 95 million yuan in 2024E to 330 million yuan in 2026E [7] - Gross margin is expected to improve from 4 5% in 2024E to 5 0% in 2026E [7] - ROE is projected to recover from 5 7% in 2024E to 15 2% in 2026E [7]