一、主要会计数据和财务指标 | 报告期指标 | 2025年一季报 | 2024年一季报 | 本年比上年增减(%) | 2023年一季报 | | --- | --- | --- | --- | --- | | 基本每股收益（元） | 0.0500 | -0.2600 | 119.23 | -0.1800 | | 每股净资产（元） | 3.84 | 3.12 | 23.08 | 4.12 | | 每股公积金(元) | 2.59 | 2.37 | 9.28 | 2.26 | | 每股未分配利润(元) | 0.22 | -0.20 | 210 | 0.90 | | 每股经营现金流(元) | - | - | - | - | | 营业收入(亿元) | 20.79 | 19.96 | 4.16 | 19.86 | | 净利润(亿元) | 0.34 | -1.57 | 121.66 | -1.05 | | 净资产收益率(%) | 1.40 | -7.89 | 117.74 | -4.44 | 二、前10名无限售条件股东持股情况 本次公司不分配不转赠。 前十大流通股东累计持有： 23805.48万股，累计占流通股比： 47.8 ...

Financial Performance - The company's revenue for Q1 2025 was ¥2,079,318,974.83, representing a 4.15% increase compared to ¥1,996,427,252.33 in the same period last year[4] - Net profit attributable to shareholders was ¥34,204,150.99, a significant turnaround from a net loss of ¥157,297,084.34 in the previous year, marking a 121.74% improvement[4] - Basic earnings per share increased to ¥0.05 from a loss of ¥0.26, reflecting a 119.23% improvement[4] - Total operating revenue for the current period reached ¥2,079,318,974.83, an increase from ¥1,996,427,252.33 in the previous period, representing a growth of approximately 4.9%[22] - Net profit for the current period was ¥41,235,626.17, a significant recovery from a net loss of ¥164,821,020.87 in the previous period[23] Cash Flow and Liquidity - The net cash flow from operating activities surged to ¥147,513,695.83, up 624.21% from ¥20,368,895.18 in the prior year[4] - Operating cash flow for the period was ¥147,513,695.83, a significant increase from ¥20,368,895.18 in the previous period[27] - The company reported a cash balance of ¥697,868,049.78 as of March 31, 2025, an increase from ¥666,170,284.21 at the beginning of the period[17] - The company's cash and cash equivalents increased, contributing to improved liquidity ratios[20] - The ending cash and cash equivalents balance was ¥431,597,117.39, down from ¥550,661,286.66 in the previous period[27] Expenses and Costs - Total operating costs decreased to ¥2,059,720,667.19 from ¥2,159,230,693.06, reflecting a reduction of about 4.6%[22] - Research and development expenses increased by 74.69% to ¥15,103,941.35, up from ¥8,646,147.76, indicating a focus on innovation[8] - Research and development expenses rose to ¥15,103,941.35 from ¥8,646,147.76, marking an increase of approximately 74.5%[23] - The company reported a significant decrease in other operating expenses, down 46.82% to ¥1,980,542.18 from ¥3,723,887.85[8] Shareholder Information - The number of ordinary shareholders at the end of the reporting period was 34,334, with the largest shareholder holding 30.25% of the shares[10] - The company’s controlling shareholder, Huadong Group, plans to increase its stake by investing between ¥50 million and ¥100 million over the next six months[13] - As of February 5, 2025, Huadong Group had acquired a total of 4,457,300 shares, representing 0.69% of the total share capital, for a total investment of ¥50,015,400[14] - The company’s top ten unrestricted shareholders include Huadong Group, which holds 191,503,705 shares, representing a significant portion of the total[12] Investment Activities - The company experienced a 39.23% improvement in net cash flow from investing activities, reducing outflows to -¥112,111,576.83 from -¥184,481,304.95[8] - Net cash flow from investing activities was -¥112,111,576.83, an improvement from -¥184,481,304.95 year-over-year[27] Future Strategies - Future growth strategies include potential market expansion and new product development, as indicated by the ongoing investment plans from the controlling shareholder[13] - The company has plans for market expansion and new product development, although specific details were not disclosed in the call[22] - The company did not disclose specific figures for new product development or market expansion strategies in the conference call[28]

Investment Rating - The investment rating for the company is "Buy" and is maintained [2] Core Insights - The company reported a revenue of 9.092 billion yuan for 2024, representing a year-on-year growth of 5.98%, and achieved a net profit of 73.04 million yuan, marking a turnaround from losses [5] - The company has successfully met its annual target for pig production, with a significant increase in sales prices and production volume, indicating effective cost control and growth in output [6] - A recent capital increase plan has been approved, which will raise up to 1.6 billion yuan to support new pig farm projects and repay bank loans, alleviating financial pressure [7] - The company is expected to see further improvements in profitability, with projected EPS of 0.40 yuan, 0.67 yuan, and 1.52 yuan for 2025, 2026, and 2027 respectively, indicating strong growth potential [8] Summary by Sections Company Overview - The latest closing price is 10.62 yuan, with a total market capitalization of 6.7 billion yuan and a circulating market value of 5.3 billion yuan [4] - The company has a debt-to-asset ratio of 72.4% and a price-to-earnings ratio of 88.50 [4] Financial Performance - The company achieved a revenue of 9.092 billion yuan in 2024, with a growth rate of 5.98% [9] - The projected revenues for 2025, 2026, and 2027 are 10.102 billion yuan, 11.255 billion yuan, and 12.383 billion yuan respectively, with growth rates of 11.12%, 11.40%, and 10.03% [9] - The net profit is expected to grow significantly, reaching 253.64 million yuan in 2025 and 962.02 million yuan in 2027, with growth rates of 247.26% and 127.58% respectively [9] Cost Management - The company has managed to reduce breeding costs, with an expected cost of approximately 16 yuan per kilogram for 2024, showing a steady decline throughout the year [6] - The average selling price of pigs in 2024 was 16.61 yuan per kilogram, reflecting a year-on-year increase of 10.46% [6]

Investment Rating - The investment rating for the company is "Buy" and is maintained [2] Core Insights - The company reported a revenue of 9.092 billion yuan for 2024, representing a year-on-year growth of 5.98%, and achieved a net profit of 73.04 million yuan, marking a turnaround from losses [5] - The company has successfully met its annual target for pig production, with a significant increase in sales volume and a steady decline in costs, indicating operational efficiency [6] - A recent capital increase plan has been approved, which will raise up to 1.6 billion yuan to support new pig farm projects and repay bank loans, alleviating financial pressure [7] - The company is expected to see further improvements in profitability, with projected EPS of 0.40 yuan, 0.67 yuan, and 1.52 yuan for 2025, 2026, and 2027 respectively, indicating strong growth potential [8] Financial Summary - The company achieved a revenue of 9.092 billion yuan in 2024, with an expected revenue growth rate of 11.12% in 2025 [10] - The EBITDA for 2024 was 768.73 million yuan, with projections of 1.04119 billion yuan in 2025 [10] - The net profit attributable to the parent company is forecasted to grow significantly, reaching 253.64 million yuan in 2025, up from 73.04 million yuan in 2024 [10] - The company's asset-liability ratio was 72.4% in 2024, with a gradual decrease expected in the coming years [10]

Group 1 - The core viewpoint of the news highlights that Huadong Co., Ltd. has a current stock price of 10.62 yuan, with a decline of 2.48%, and a rolling PE ratio of 92.04 times, significantly higher than the industry average of 41.34 times [1][3] - As of March 31, 2025, the number of shareholders for Huadong Co., Ltd. is 34,334, a decrease of 3,100 from the previous count, with an average holding value of 352,800 yuan per shareholder [1] - The company operates in the food and beverage industry, focusing on feed processing, livestock farming, slaughtering, and deep processing of meat products, with key products including fresh pork and poultry [2] Group 2 - In the latest financial report for 2024, Huadong Co., Ltd. achieved a revenue of 9.092 billion yuan, representing a year-on-year increase of 5.98%, and a net profit of 73.0383 million yuan, showing a significant year-on-year growth of 112.08% [2] - The company's gross profit margin stands at 5.85%, indicating its profitability in the competitive food industry [2] - Huadong Co., Ltd. has received multiple awards over the years, including the "National Science and Technology Progress Second Prize" in 2019 and recognition as an influential brand in the meat industry in 2023 [2]

出栏增长成本稳降，定增落地持续成长，维持"买入"评级公司发布2024 年年报，2024 公司营收90.92 亿 元(+5.98%)，归母净利润0.73 亿元(+112.08%)。单Q4 营收26.07 亿元(+7.96%)，归母净利润0.20 亿元 (+107.96%)。 公司出栏稳步增长，成本持续下降，我们上调公司2025-2026 年盈利预测，新增2027 年盈利预测，预计 公司2025-2027 年归母净利润分别为2.83/3.38/11.21（2025-2026 年原预测分别为1.59/2.13）亿元，对应 EPS 分别为0.45/0.53/1.77元，当前股价对应PE 为24.4/20.4/6.2 倍。公司出栏增长成本稳降，定增落地持 续成长，维持"买入"评级。 2025-2026 年公司生猪出栏目标分别为300-350/400-500 万头，出栏稳步增长。成本方面，2024 年公司 生猪完全成本15.4 元/公斤，2025M3 完全成本14.2 元/公斤，公司推动高性能种群更替，拓展代养模 式，成本稳步下降。截至2025 年3 月末，公司能繁存栏约16 万头，2025 年末能繁存栏目标达20 万头 ...

2025 年 04 月 26 日 投资评级：买入（维持） 日期 2025/4/25 当前股价(元) 10.89 一年最高最低(元) 24.65/9.68 总市值(亿元) 68.94 流通市值(亿元) 54.21 总股本(亿股) 6.33 流通股本(亿股) 4.98 近 3 个月换手率(%) 194.96 股价走势图 -60% -40% -20% 0% 20% 40% 2024-04 2024-08 2024-12 华统股份 沪深300 数据来源：聚源 相关研究报告 《成本下降出栏稳健增长，定增稳步 推进持续成长—公司信息更新报告》 -2024.11.3 食品饮料/食品加工 华统股份（002840.SZ） 出栏增长成本稳降，定增落地持续成长 《2024H2 成本下降空间大，出栏稳增 业绩逐步释放—公司信息更新报告》 -2024.8.31 陈雪丽（分析师） 王高展（联系人） chenxueli@kysec.cn 证书编号：S0790520030001 wanggaozhan@kysec.cn 证书编号：S0790123060055 出栏增长成本稳降，定增落地持续成长，维持"买入"评级 公司发布 2024 年年报， ...

4月24日，华统股份（002840.SZ）发布了2024年年度报告。2024年度，华统股份实现营业收入90.92亿元，同比增长5.98%，实现归母净利润7303.83万元，同 比扭亏为盈。 4月23日，华统股份发布《向特定对象发行股票发行情况报告书》。公告显示，公司本次向特定对象发行股票数量为1.72亿股，发行价格为9.30元/股，募集 资金总额16亿元。本次发行对象19家，中央企业乡村产业投资基金股份有限公司获配金额2.5亿元，为单一最大认购方。此外，UBSAG（瑞士银行）本次认 购4500万元，从侧面印证了华统股份当前的投资价值得到了以稳健、严谨著称的国际资本高度认可。 在饲料加工板块，随着公司生猪养殖规模持续扩大，对饲料产能需求开始日益加大，2024年公司饲料产能接近80万吨。公司通过饲料自给不但有利于降低畜 禽养殖成本，还有利于从源头上控制生物安全，保证食品安全。 在家禽业务板块，公司已实现从种禽繁育、苗鸡孵化、肉鸡饲养、家禽屠宰加工的完整产业链，主要分布在金华市及台州市，具备年饲养1000万羽、屠宰 3600万羽白羽鸡的产能。2024年，公司实现鸡销售数量约1861.66万羽、家禽屠宰量约1156. ...

证券代码：002840 证券简称：华统股份 公告编号：2025-042 浙江华统肉制品股份有限公司 董事会关于公司 2024 年度拟不进行现金分红的专项说明 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、审议程序 （一）董事会审议情况 2025 年 4 月 23 日，浙江华统肉制品股份有限公司（以下简称"公司"）召 开第五届董事会第十八次会议，审议通过了《关于公司 2024 年度利润分配预案 的议案》。 公司董事会认为：公司 2024 年度利润分配方案符合中国证监会《上市公司 监管指引第 3 号——上市公司现金分红》、《公司章程》及《公司未来三年股东回 报规划（2023-2025 年）》中关于利润分配的相关规定，充分考虑了公司目前的发 展状况、未来发展资金需求、股东投资回报以及向特定对象发行股票工作的安排 和推进计划等综合因素，兼顾了股东的即期利益和长远利益，符合公司的发展规 划以及公司和全体股东的利益。 本议案经公司董事会审议通过后，尚需提交公司股东大会以特别决议表决通 过。 （二）监事会意见 经审核，监事会认为：公司 2024 年度不进行现金分红，符 ...

浙江华统肉制品股份有限公司 关于召开公司 2024 年度股东大会的通知 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、召开会议的基本情况 证券代码：002840 证券简称：华统股份 公告编号：2025-046 1、股东大会届次：2024 年度股东大会（以下简称"本次股东大会"、"会 议"）。 2、股东大会召集人：浙江华统肉制品股份有限公司董事会。 3、会议召开的合法、合规性：经公司第五届董事会第十八次会议审议通过， 决定召开 2024 年度股东大会，召集程序符合有关法律、行政法规、部门规章、 规范性文件和《公司章程》的规定。 4、会议召开的日期、时间： 6、会议的股权登记日：2025 年 5 月 12 日。 （1）现场会议召开时间为：2025 年 5 月 15 日（星期四）下午 14:30； （2）网络投票时间为：2025 年 5 月 15 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：2025 年 5 月 15 日 9:15-9:25，9:30-11:30 和 13:00-15:00；通过深圳证券交易所互联网投票 系统投票的具体时间为 ...