食品饮料/食品加工 华统股份（002840.SZ） 成本稳步下降，屠宰盈利改善 2025 年 04 月 30 日 投资评级：买入（维持） 陈雪丽（分析师） 王高展（联系人） chenxueli@kysec.cn wanggaozhan@kysec.cn 证书编号：S0790520030001 证书编号：S0790123060055 成本稳步下降，屠宰盈利改善，维持"买入"评级 公司发布 2025 年一季报，2025Q1 营收 20.79 亿元(+4.15%)，归母净利润 0.34 亿 元(+121.74%)。公司出栏稳步增长，持续推动养殖成本下降及种群更替，我们维 持公司 2025-2027 年盈利预测不变，预计公司 2025-2027 年归母净利润分别为 2.83/3.38/11.21 亿元，对应 EPS 分别为 0.45/0.53/1.77 元，当前股价对应 PE 为 24.0/20.1/6.1 倍。公司成本稳步下降推进种群更替，屠宰头均盈利季度环比改善， 维持"买入"评级。 公司成本稳步下降，持续推进高繁法系种群更替 2025Q1 公司生猪养殖营收 11.5 亿元（8.32%），生猪出栏 66.2 万头 ...

Financial Performance - In 2024, the company achieved total revenue of CNY 9.092 billion, with a net profit of CNY 73 million and a net cash flow from operating activities of CNY 526 million [2] - In Q1 2025, the company reported total revenue of CNY 2.079 billion, with a net profit of CNY 34 million and a net cash flow from operating activities of CNY 148 million [3] Livestock and Processing Operations - In 2024, the company sold a total of 2.5582 million pigs, an increase of 11.10% compared to the previous year [2] - The company processed 4.35 million pigs in 2024, a decrease of 2.94% from the previous year [2] - In Q1 2025, the company processed 1.23 million pigs, with a gross profit of approximately CNY 20.6 per head [10] Cost Management - The complete cost as of March 2025 was CNY 13.9 per kg, with a target to reduce it to an average of CNY 13.7 per kg by the end of the year [4][5] - The cost of weaned piglets is currently around CNY 300 per head, expected to decrease to CNY 260 after breed adjustments [12] Production Goals - The slaughter target for 2025 is set at 6 million pigs [6] - The target for the number of pigs to be marketed this year is between 3 to 3.3 million [7] - The company aims to achieve a minimum of 400,000 pigs from its contract farming operations this year [8] Capital Expenditure and Financial Strategy - The estimated capital expenditure for the year is around CNY 600 million, which includes projects for meat processing, slaughterhouse renovations, and environmental upgrades [13] - The company plans to reduce its debt ratio to approximately 55% by the end of the year through various financial strategies [15][16] Strategic Focus - The company's strategic focus remains on pig farming and slaughtering, with plans to control costs, manage capital expenditures prudently, and enhance operational efficiency over the next three years [16]

证券代码：002840 证券简称：华统股份 公告编号：2025-048 浙江华统肉制品股份有限公司 第五届监事会第十五次会议决议公告 以上议案具体内容详见同日公司在《证券时报》、《证券日报》、《中国证券报》 及巨潮资讯网（www.cninfo.com.cn）披露的《2025 年第一季度报告》。 三、备查文件 经与会监事签字并加盖印章的第五届监事会第十五次会议决议。 二、监事会会议审议情况 本公司及监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。 1、审议并通过《关于公司 2025 年第一季度报告的议案》 一、监事会会议召开情况 经审核，监事会认为：董事会编制和审核公司 2025 年第一季度报告的程序 符合法律、行政法规和中国证监会的规定，报告内容真实、准确、完整地反映了 公司的实际情况，不存在任何虚假记载、误导性陈述或者重大遗漏。 浙江华统肉制品股份有限公司（以下简称"公司"）第五届监事会第十五次 会议于 2025 年 4 月 26 日以电子邮件、电话通讯等形式发出通知，并于 2025 年 4 月 29 日以现场方式召开。本次会议应到监事 3 名，实际到会监事 3 名。 ...

证券代码：002840 证券简称：华统股份 公告编号：2025-047 浙江华统肉制品股份有限公司 第五届董事会第十九次会议决议公告 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。 一、董事会会议召开情况 浙江华统肉制品股份有限公司（以下简称"公司"）第五届董事会第十九次 会议于 2025 年 4 月 26 日以电子邮件、电话通讯等形式发出通知，并于 2025 年 4 月 29 日在公司会议室以现场与通讯相结合方式召开。本次会议应到董事 7 名， 实际到会董事 7 名，其中独立董事郭站红先生、吴天云先生、楼芝兰女士采取通 讯方式表决。会议由董事长朱俭军先生主持，公司监事、高级管理人员列席了本 次会议，会议的召集和召开符合《中华人民共和国公司法》等法律法规及公司章 程的规定。 二、董事会会议审议情况 1、审议并通过《关于公司2025年第一季度报告的议案》 经审核，董事会认为：公司《2025 年第一季度报告》符合《中华人民共和 国公司法》、《中华人民共和国证券法》、《上市公司信息披露管理办法》等相关规 定，报告内容真实、准确、完整地反映了公司 2025 年第一季度 ...

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]

Core Viewpoint - The company is experiencing steady growth in pig production and a continuous decline in costs, leading to an upward revision of profit forecasts for 2025-2027 and maintaining a "Buy" rating [1]. Group 1: Revenue and Profit Growth - In 2024, the company's revenue is projected to be 9.092 billion yuan (+5.98%), with a net profit attributable to shareholders of 73 million yuan (+112.08%) [1]. - For Q4 2024, revenue is expected to reach 2.607 billion yuan (+7.96%), with a net profit of 20 million yuan (+107.96%) [1]. - The company has revised its profit forecasts for 2025-2027, expecting net profits of 283 million yuan, 338 million yuan, and 1.121 billion yuan respectively, with corresponding EPS of 0.45 yuan, 0.53 yuan, and 1.77 yuan [1]. Group 2: Pig Production and Cost Management - In 2024, the company plans to sell 2.558 million pigs (+11.10%), with an average selling price of 16.55 yuan/kg (+10.66%) [2]. - The company aims for pig production targets of 3-3.5 million in 2025 and 4-5 million in 2026, indicating steady growth [2]. - The total cost of pig production in 2024 is estimated at 15.4 yuan/kg, with a target of 14.2 yuan/kg by Q3 2025, driven by high-performance breeding and expanded contract farming [2]. Group 3: Slaughtering Operations and Financial Health - In 2024, the company's revenue from pig slaughtering is expected to be 8.684 billion yuan (+7.78%), with a slaughter volume of 4.35 million pigs and an average profit of approximately 13 yuan per pig [3]. - The company anticipates slaughtering over 5 million pigs in 2025 [3]. - As of December 2024, the company's debt-to-asset ratio is 72.36% (-2.32 percentage points), with cash reserves of 666 million yuan (+5.97%) [3]. - The successful completion of a capital increase raising 1.6 billion yuan will further improve the company's financial situation and support ongoing expansion [3].