[ T able_StockInfo] 2024 年 09 月 03 日 证券研究报告•2024 年中报点评 买入 （维持） 当前价：10.97 元 华统股份（002840）食品饮料 目标价：——元（6 个月） Q2 实现盈利，成本稳步下降 [Table_Summary 业绩总结：公司发布] 2024年中报。2024H1公司营收 41.65亿元，同比增 1.14%， 归母净利润为亏损 1.19亿元，同比减亏 66.59%。其中 Q2实现营业收入为 21.69 亿元，同比增 1.72%，归母净利为3824.02 万元，同比增 115.19%。 点评：降本增效叠加景气上升，Q2 实现盈利。2024 年上半年公司共销售生猪 133.64 万头，生猪销售量较去年同期增长 15.9%；公司共计屠宰生猪 211.28万 头，屠宰及肉类加工业务实现营业收入 39.34亿元。报告期内，全国生猪价格整 体呈现震荡上涨走势，公司商品猪销售价格逐月上涨。此外，仔猪成本、饲料成 本下降，产能利用率提升，养殖成本降低，盈利能力得到显著改善，报告期内公 司亏损金额较上年同期有明显下降。 行业产能去化持续兑现，负债率限制产能增长。上半年， ...

证券代码：002840 证券简称：华统股份 公告编号：2024-089 浙江华统肉制品股份有限公司 公司将根据相关法律法规及回购方案，于回购期限内根据市场情况择机实 施本次回购计划，并按照相关法律法规的规定及时履行信息披露义务。敬请广 大投资者注意投资风险。 特此公告。 浙江华统肉制品股份有限公司董事会 2024 年 9 月 4 日 浙江华统肉制品股份有限公司（以下简称"公司"）于2024年8月19日召开第 五届董事会第十次会议，审议通过了《关于回购公司股份方案的议案》，同意公 司使用自有资金或自筹资金以集中竞价交易方式回购公司部分人民币普通股（A 股）股票，用于后期实施员工持股计划或股权激励计划。本次回购股份的资金总 额不低于人民币5,000万元（含）且不超过人民币10,000万元（含），回购股份价 格不超过人民币21.31元/股（含）。本次回购具体的回购数量及占公司总股本比例 以回购结束时实际回购的股份数量为准。回购股份的实施期限为自公司董事会审 议通过本次回购股份方案之日起十二个月内。具体内容详见公司于2024年8月20 日、2024年8月23日在巨潮资讯网（www.cninfo.com.cn）上披露的 ...

Investment Rating - The report maintains an "Outperform" rating for Huatong Stock (002840 SZ) [1][4][10] Core Views - Huatong Stock's pig farming business shows a positive trend with steadily declining costs and sufficient capital reserves [1][2][5] - The company's pig farming costs have decreased to nearly 16 yuan/kg in Q2 2024, down from 16 4 yuan/kg in Q1 2024 [1][5] - Huatong Stock's pig sales volume grew steadily, with 1 3364 million pigs sold in H1 2024, including 133,300 piglets [1][5] - The company's net profit turned positive in Q2 2024, reaching 38 million yuan, compared to a loss in the same period last year [1][5] Financial Performance - H1 2024 revenue increased by 1 14% YoY to 4 165 billion yuan, with a net loss of 119 million yuan, a 66 59% reduction in losses YoY [1][5] - Q2 2024 revenue increased by 1 72% YoY to 2 169 billion yuan [1][5] - The company's production biological assets reached 306 million yuan at the end of Q2 2024, a 6 3% increase from Q1 2024 [2] - Huatong Stock's monetary funds stood at 656 million yuan at the end of Q2 2024, a 4 5% increase from the end of 2023 [2] Growth Prospects - The company is expected to achieve a pig sales volume of 3 5 million in 2024, a nearly 50% increase from 2023 [2] - Huatong Stock plans to raise up to 1 6 billion yuan through a private placement, which is currently under review [2] - The company's pig farming assets are valued at approximately 1,500 yuan per head, indicating significant potential for valuation recovery [2] Competitive Advantages - Regional advantage: Zhejiang's pig farming assets are scarce, with pig prices typically 2 yuan/kg higher than the national average during peak cycles [2] - Late-mover advantage: The company has benefited from talent and technological dividends due to its expansion during the industry downturn [2] - Capital advantage: Huatong Stock has diversified funding sources, including convertible bonds, private placements, and government subsidies [2] Financial Forecasts - The company's net profit is expected to reach 910 million yuan in 2024, 2 02 billion yuan in 2025, and 2 04 billion yuan in 2026 [10] - The PE ratio is forecasted to be 12X in 2024, 6X in 2025, and 6X in 2026 [10] - Revenue is projected to grow by 57 9% in 2024, 41 4% in 2025, and 6 6% in 2026 [3]

Investment Rating - The report maintains a "Buy" rating for the company [2] Core Views - The company is expected to see significant cost reductions in the second half of 2024, with stable increases in livestock output leading to gradual performance releases [1][3] - The report projects a decrease in net profit for 2024-2026, with estimates of 0.77 billion, 0.88 billion, and 0.66 billion respectively, and corresponding EPS of 1.24, 1.42, and 1.06 yuan [1][2] Financial Performance Summary - The company's revenue for the first half of 2024 was 4.165 billion yuan, a year-on-year increase of 66.59% [2] - The company reported a net profit of 0.38 billion yuan for the first half of 2024, reflecting a year-on-year increase of 1.72% [1][2] - The total market capitalization is 7.058 billion yuan, with a circulating market capitalization of 5.357 billion yuan [2] Operational Insights - In the first half of 2024, the company achieved internal revenue of 2.344 billion yuan from pig farming, a 29.37% increase, with a total of 1.3364 million pigs sold, marking a 15.91% increase [3] - The average selling price of pigs was 15.36 yuan per kilogram, up 3.30% year-on-year [3] - The company is expected to reduce its total cost from 16.45 yuan per kilogram in Q1 2024 to 15 yuan per kilogram by the end of 2024 [3] Slaughtering Business Development - The company's slaughtering business generated revenue of 3.934 billion yuan in the first half of 2024, a 4.06% increase, with an estimated slaughter volume exceeding 5 million pigs for the entire year [4] - As of June 2024, the company has established 25 pig slaughtering facilities, achieving a preliminary nationwide layout [4] Financial Projections - The report forecasts a significant increase in revenue from 8.578 billion yuan in 2023 to 15.322 billion yuan in 2024, representing a year-on-year growth of 78.6% [5] - The projected net profit for 2024 is expected to be -0.605 billion yuan, with a recovery to 0.876 billion yuan in 2025 and 0.656 billion yuan in 2026 [5]

证券代码：002840 证券简称：华统股份 公告编号：2024-087 浙江华统肉制品股份有限公司 2、交易品种：公司进行套期保值业务的期货、期权品种，只限于生产经营相 关的产品或者所需的原材料，包括大豆、豆粕、豆油、棕榈油、玉米、淀粉、菜 粕、生猪、鸡肉等农产品期货、期权及相关场外期权品种。 3、交易工具和交易场所：与公司生产经营业务相关的期货、期权及相关场外 期权品种。交易场所为场内或场外。场内为境内商品期货交易所；场外交易对手仅 限于经营稳健、资信良好，具有衍生品交易业务经营资格的金融机构。 4、交易金额：公司及子公司拟使用自有资金进行套期保值业务。根据业务实 际需要，公司及子公司在套期保值业务中拟动用的交易保证金和权利金（包括为交 易提供的担保物价值、预计占用的金融机构授信额度、为应急措施所预留的保证金 等，不含期货标的实物交割款项）总额不超过人民币2,000万元。 5、审议程序：公司于2024年8月27日召开第五届董事会第十一次会议审议通过 了《关于开展套期保值业务的议案》。本次交易属于董事会审批权限范围，无需提 交公司股东大会审议。 6、风险提示：公司及子公司开展套期保值业务不以投机为目的，主要为 ...

关于公司拟向关联方提供房产租赁暨关联交易的公告 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。 一、关联交易概述 浙江华统肉制品股份有限公司 （一）关联交易概述 浙江华统肉制品股份有限公司（以下简称"公司"）拟与关联方高乐新能源 科技（浙江）有限公司（以下简称"高乐新能源"）签订《租赁合同》，将公司 位于义亭镇姑塘工业区的 6 号厂房租赁给高乐新能源，出租厂房使用面积为 17,660.16 平方米，租金单价 32 元/㎡/月，即每年租金为 6,781,501.44 元，租金每 叁年上涨 3%，租赁期限为 10 年，高乐新能源需向公司支付定金 50 万元，水电 费按照自来水公司、电网价平价由公司代收代缴。 公司与广东海大集团股份有限公司签订了《合资经营协议》，共同设立了丽 水海大华统生物科技有限公司（以下简称"海大华统"），协议约定将公司全资 子公司丽水市绿生源饲料有限公司（以下简称"丽水绿生源"）的饲料资产租赁 给海大华统从事饲料生产、销售业务。近期，丽水绿生源与关联方海大华统签订 了《整体工厂租赁合同》，将丽水绿生源位于浙江省丽水市莲都区南明山街道石 牛路 ...

浙江华统肉制品股份有限公司（以下简称"公司"）主要从事畜禽饲料加工、 畜禽养殖、畜禽屠宰、肉制品深加工业务，为避免原材料价格波动带来的潜在风 险，公司拟开展套期保值业务，充分利用期货、期权工具，合理规避原料价格波动 给经营带来的不利影响，提升企业经营水平，保障企业健康持续运行。 公司开展套期保值业务，是以规避和防范原材料价格波动给公司带来的经营风 险，降低其价格波动对公司的影响为目的，不进行投机和套利交易。 浙江华统肉制品股份有限公司 关于开展套期保值业务的可行性分析报告 一、开展套期保值业务的目的 二、开展套期保值业务基本情况 （一）交易品种 公司进行套期保值业务的期货、期权品种，只限于生产经营相关的产品或者所 需的原材料，包括大豆、豆粕、豆油、棕榈油、玉米、淀粉、菜粕、生猪、鸡肉等 农产品期货、期权及相关场外期权品种。 （二）交易工具和交易场所 与公司生产经营业务相关的期货、期权及相关场外期权品种。交易场所为场内 或场外。场内为境内商品期货交易所；场外交易对手仅限于经营稳健、资信良好， 具有衍生品交易业务经营资格的金融机构。 （三）交易金额 公司及子公司拟使用自有资金进行套期保值业务。根据业务实际需要，公 ...

非经营性资金占用及其他关联资金往来情况汇总表 | 编制单位：浙江华统肉制品股份有限公司 | | | | | | | | | | 单位：人民币万元 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 其它关联资金往来 | 资金往来方名称 | 往来方与上市公司的关 | 上市公司核算的 | 2024年期初 | 2024年半年度往 来累计发生金额 | 2024年半年度往来 资金的利息 | 2024年半年度偿还累计 | 2024年半年度 | 往来形成原因 | 往来性质（经营性往 | | | | 联关系 | 会计科目 | 往来资金余额 | （不含利息） | （如有） | 发生金额 | 往来资金余额 | | 来、 非经营性往来 ） | | | 杭州临安深山坞里肉类有限公司 | 子公司 | 其他应收款 | 1,450.00 | | 29.77 | 29.77 | 1,450.00 | 往来款 | 非经营性往来 | | | 仙居县绿发饲料有限公司 | 子公司 | 其他应收款 | 1,250.00 | 5,560.00 | 34.66 | ...

Food Safety and Quality Control - The company reported a significant focus on food safety, emphasizing strict quality control standards across procurement, production, storage, and sales to prevent food safety incidents[1]. - Food safety remains a critical concern, with strict quality control measures in place to prevent incidents that could damage the company's reputation and sales[52]. Revenue and Profitability - Zhejiang Huatong Meat Products Co. reported a revenue of RMB 1.2 billion for the first half of 2024, representing a year-on-year increase of 15%[9]. - The company achieved a net profit of RMB 150 million in the same period, up 20% compared to the previous year[9]. - Future guidance estimates a revenue growth of 12% for the full year 2024, driven by increased demand and market expansion[9]. - The company reported a net loss of CNY 85,580,749.80, compared to a profit of CNY 33,476,131.97 in the previous period[139]. - The total comprehensive income for the current period is CNY 28,470,569.49, with a significant decrease of CNY 3,649,523.96 compared to the previous period[163]. Market Expansion and Customer Growth - User data indicates a growth in customer base by 10%, reaching 1.5 million active users[9]. - The company plans to expand its market presence by opening 50 new retail outlets by the end of 2024[9]. - The company plans to expand its market presence by entering three new provinces by the end of 2024, aiming for a 10% increase in market share[89]. Product Development and Innovation - New product lines, including organic meat products, are expected to launch in Q3 2024, targeting a 25% increase in sales from these products[9]. - Research and development investments increased by 30% to enhance product quality and innovation[9]. - The company is investing heavily in R&D, with a budget allocation of 100 million yuan for new product development and technological advancements in 2024[87]. Financial Performance and Costs - Fluctuations in raw material prices, particularly for feed ingredients like wheat and corn, are anticipated to impact the company's operating costs and net profit[4]. - The company's operating revenue for the first half of 2024 was ¥4,165,239,492.84, representing a 1.14% increase compared to ¥4,118,372,833.59 in the same period last year[13]. - The cost of goods sold decreased by 3.53% to ¥4,021,466,900.30 from ¥4,168,696,581.30 in the previous year[33]. Risk Factors - The company faces risks from animal diseases affecting livestock health, which could lead to reduced supply and consumer demand for pork and poultry products[3]. - Changes in tax policies and government subsidies could adversely affect the company's financial performance, particularly if agricultural tax incentives are reduced[5]. - The cyclical nature of pig prices poses a risk to the company's profitability, especially with new pig farming projects coming online; effective cost control measures are being implemented to mitigate this risk[51]. Environmental Compliance - The company is subject to various environmental protection laws and standards, indicating compliance with national regulations[59]. - The company has implemented measures to control volatile organic compounds as per GB 37822-2019[64]. - The company has established a wastewater treatment facility to manage and reduce emissions effectively[65]. Shareholder and Investor Relations - The company plans not to distribute cash dividends or issue bonus shares, indicating a focus on reinvestment[5]. - The company has established a comprehensive investor relations management system, ensuring fair and transparent communication with all shareholders[85]. - Shareholders have been assured of continued adherence to lock-up commitments, with no more than 25% of shares being transferred annually by major shareholders during their tenure[87]. Strategic Partnerships and Acquisitions - The company is exploring potential acquisitions in the poultry sector to diversify its product offerings[9]. - The company is considering strategic acquisitions to enhance its market position, with potential targets identified in the meat processing sector[87]. Financial Health and Stability - The company's total assets at the end of the reporting period were ¥9,080,361,624.32, reflecting a 1.93% increase from ¥8,908,249,931.99 at the end of the previous year[13]. - The company's retained earnings improved to CNY 618,610,946.88 from CNY 590,140,377.39, an increase of approximately 4.83%[143]. - The company has a total of CNY 1,012,439,417.03 in restricted assets, primarily due to pledges and mortgages related to loans[39]. Corporate Governance - The company has not reported any changes in its board of directors, supervisors, or senior management during the reporting period[55]. - The company has committed to avoiding competition with its subsidiaries, ensuring no conflicts of interest arise from its controlling shareholder status[86].

招商证券股份有限公司 关于浙江华统肉制品股份有限公司 向特定对象发行股票 之 发行保荐书 保荐机构（主承销商） （深圳市福田区福田街道福华一路 111 号） 二〇二四年八月 3-1-1 华统股份向特定对象发行股票申请文件 发行保荐书 声 明 招商证券股份有限公司（以下简称"招商证券"或"保荐机构"）接受浙江 华统肉制品股份有限公司（以下简称"发行人"、"公司"或"华统股份"）的 委托，担任发行人向特定对象发行股票事项（以下简称"本次发行"）的保荐机 构。 本保荐机构及保荐代表人根据《公司法》、《证券法》、《证券发行上市 保荐业务管理办法》（下称"《保荐管理办法》"）、《上市公司证券发行注册管 理办法》（以下简称"《注册管理办法》"）等有关法律、法规和中国证监会的 有关规定，诚实守信，勤勉尽责，严格按照依法制订的业务规则、行业执业规范 和道德准则出具本发行保荐书，并保证所出具文件的真实性、准确性和完整性。 本发行保荐书中所有简称和释义，如无特别说明，均与尽职调查报告一致。 3-1-2 华统股份向特定对象发行股票申请文件 发行保荐书 第一节 本次证券发行基本情况 （一）保荐机构、保荐代表人、项目组成员介绍 | 保 ...