Investment Rating - The report assigns a "Buy" rating for the company for the first time [1] Core Insights - The profitability level of the company is recovering, with a strong turnaround in Q2 2024, achieving a net profit of 24.86-27.36 billion yuan, a year-on-year increase of 228.1-241.0% [3] - The decline in breeding costs for pigs and chickens is significant, leading to improved profit margins [4][5] - The company is expected to maintain high pig prices in the second half of 2024, supported by seasonal demand for chicken [3][4] Summary by Sections Financial Performance - The company forecasts a net profit of 12.5-15.0 billion yuan for the first half of 2024, a year-on-year increase of 126.7-132.0% [3] - In Q2 2024, the company achieved a net profit of 24.86-27.36 billion yuan, with a significant year-on-year growth of 228.1-241.0% [3] Breeding Operations - In the first half of 2024, the company reported a pig output of 14.3742 million heads, a year-on-year increase of 22.0%, with an average selling price of 15.32 yuan/kg, up 5.10% [4] - The comprehensive cost of pig breeding decreased from 7.8-7.9 yuan/kg in January 2024 to 7.1 yuan/kg in May 2024, contributing to improved profitability [4] Chicken Operations - The company sold 548 million chickens in the first half of 2024, a slight decrease of 1.04%, with an average selling price of 13.29 yuan/kg, an increase of 1.51% [5] - The cost of chicken breeding dropped from 6.5 yuan/kg in January 2024 to 6.0 yuan/kg in May 2024, indicating a potential for increased profitability [5][6] Debt and Cash Flow - The company is expected to improve its operating cash flow significantly, with a capital debt ratio of 63.47% as of Q1 2024, which is anticipated to decrease as the company uses surplus cash flow to repay debts [6] Revenue Forecast - The company projects revenues of 1090.78 billion yuan, 1241.02 billion yuan, and 1318.33 billion yuan for 2024, 2025, and 2026 respectively, with corresponding EPS of 1.42, 1.87, and 1.72 yuan [7]

Investment Rating - The investment rating for the company is "Outperform the Market" (maintained) [2][7]. Core Views - The company is expected to achieve a net profit attributable to shareholders of 1.25 to 1.5 billion yuan in the first half of 2024, recovering from a loss of 4.689 billion yuan in the same period last year [2][3]. - The second quarter of 2024 is projected to yield a net profit of 2.486 to 2.736 billion yuan, compared to a loss of 1.94 billion yuan in the previous year, indicating a significant turnaround [2][3]. - The company has a robust pig farming capacity with approximately 46 million heads of breeding stock and an effective fattening capacity of about 35 million heads, which is expected to support steady growth in output [2][4]. Summary by Sections Financial Performance - The company forecasts a net profit of 1.25 to 1.5 billion yuan for H1 2024, a significant improvement from a loss of 4.689 billion yuan in H1 2023 [2]. - For Q2 2024, the expected net profit is between 2.486 and 2.736 billion yuan, compared to a loss of 1.94 billion yuan in Q2 2023 [2][3]. - The average profit per fattened pig is estimated to be around 220 to 240 yuan, with the total cost of pig farming at approximately 14.5 yuan/kg [2][3]. Production and Cost Management - The company has improved its breeding performance, with the average number of piglets per litter increasing to 11.3 and the survival rate of piglets at about 93% [4]. - The cost of piglets has decreased to around 330 yuan per head, down by 60 yuan from December 2023, which is expected to positively impact future costs of market pigs [4]. - The company has maintained a steady decline in costs for both pig and chicken farming, benefiting from lower feed prices and improved production management [3][4]. Market Position and Growth Potential - In 2023, the company sold 1.183 billion chickens, a year-on-year increase of 9.51%, capturing 9.1% of the national market share for meat chickens [6]. - The company plans to increase chicken sales by 5% to 10% in 2024, indicating a stable growth trajectory [6]. - The company has developed nine approved breeds of yellow feathered chickens, enhancing its competitive edge in the poultry market [6].

Investment Rating - The report maintains a "Buy" rating for the company, indicating a positive outlook for its stock performance in the near term [6][9]. Core Insights - The company is expected to achieve a significant turnaround in its financial performance, with a projected net profit of 12.5 to 15 billion yuan for the first half of 2024, compared to a loss of 46.89 billion yuan in the same period last year [4]. - The improvement in profitability is attributed to rising pig prices and a rapid decrease in costs, with the average selling price of live pigs reaching 18.1 yuan per kilogram in June, the highest since the beginning of 2023 [5]. - The company has successfully increased its pig output by 21.96% year-on-year, with a total of 14.37 million pigs sold in the first half of 2024 [5]. Financial Summary - The company's revenue is projected to grow from 89.92 billion yuan in 2023 to 103.24 billion yuan in 2024, reflecting a growth rate of 14.81% [7]. - The net profit attributable to the parent company is expected to recover from a loss of 6.39 billion yuan in 2023 to a profit of 9.89 billion yuan in 2024, marking a substantial increase of 254.78% [7]. - Earnings per share (EPS) are forecasted to improve from -0.96 yuan in 2023 to 1.49 yuan in 2024, indicating a strong recovery in profitability [7].

温[Ta氏ble股_Sto份ckN(ameRptType] 300498) 公司点评 [Table_Title] Q2 同环比扭亏为盈,畜禽成本稳步回落 | --- | --- | --- | |--------------------------------|------------|-----------| | [T投a资ble评_R级an:k] | 买入(维持) | 主要观点: | | 报告日期: | 2024-07-16 | | | [收Ta盘bl价e_(Ba元se)Data] | 20.38 | | | 近12个月最高/最低(元) | 22.39/16.3 | | | 总股本(百万股) | 6,653 | | | 流通股本(百万股) | 5,438 | | | 流通股比例(%) | 81.7 | | | 总市值(亿元) | 1356 | | | 流通市值(亿元) | 1108 | | | [公Ta司ble价_C格ha与rt]沪深300 | 走势比较 | | 公司公布 2024 年半年度业绩预告:归母净利润 12.5 亿元-15 亿元,扣 非后归母净利润 13 亿元-15.5 亿元,同比扭亏为盈。分季 ...

证券研究报告 温氏股份 (300498 CH) 猪鸡共振+成本改善,24Q2 强势扭亏 投资评级(维持): 买入 目标价(人民币): 25.53 华泰研究 公告点评 2024 年 7 月 16 日│中国内地 农业综合 Q2 强势扭亏,公司养猪头均盈利排名前列 公司发布 24H1 业绩预告,预计 24H1 实现归母净利润 12.5~15.0 亿元,其 中 Q2 预计实现归母净利 24.9~27.4 亿元、同环比扭亏。考虑到公司成本加 速下降,我们上调公司 2024 年盈利预测至 100 亿元,维持 2025、2026 年 盈利预测不变,对应公司 24/25/26 年 BVPS 分别为 6.48/8.29/10.16 元,参 考可比公司 Wind 一致预期 3.55X PB,考虑到公司成本优势稳固,给予公 司 2024 年 3.94 倍 PB,维持"买入"评级。 猪鸡共振+成本改善,Q2 归母净利润同环比扭亏 生猪、黄鸡价格上涨及公司养殖成本稳步拓潜是温氏 24Q2 扭亏、并带动 24H1 整体扭亏的主因。拆分来看,我们估算 Q2 公司养猪盈利约 17~19 亿 元,对应养猪完全成本约 14.2~14.7 元/公 ...

[Table_Page] 公告点评|养殖业 证券研究报告 [Table_Title] 温氏股份(300498.SZ) 上半年实现扭亏为盈,畜禽养殖成本下降超预期 [Table_Summary] 核心观点: ⚫ 24 年上半年实现扭亏为盈,业绩表现超出市场预期。公司发布 2024 年上半年业绩预告,上半年公司实现归母净利润 12.5-15.0 亿元,同比 扭亏;扣非后净利润为 13.0-15.5 亿元,同比扭亏。单 2 季度,公司实 现归母净利润 24.9-27.4 亿元,同比扭亏,上半年公司实现扭亏为盈主 要源于 2 季度畜禽价格明显回暖以及养殖成本下降超预期。 ⚫ 生猪:养殖成本下降超预期,母猪产能保持增长。24 年上半年,公司 肉猪出栏量(含毛猪和鲜品)为 1437.4 万头,同比增长 21.96%;销 售均价为 15.32 元/公斤,同比上涨 5.09%;其中单 2 季度,公司出栏 肉猪 719.4 万头,同比增长 16.22%;估算头均利润为 250-280 元/头。 公司养殖生产持续向好,2 季度养殖成本下降超市场预期,根据投资者 关系活动记录表,5 月公司猪苗成本下降至 330 元/头,养殖综合成 ...

温氏食品集团股份有限公司 1 证券代码:300498 证券简称:温氏股份 公告编号:2024-87 债券代码:123107 债券简称:温氏转债 温氏食品集团股份有限公司 2024 年半年度业绩预告 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、本期业绩预计情况 1、业绩预告期间:2024年1月1日-2024年6月30日 2、预计业绩:亏损扭亏为盈同向上升同向下降 3、业绩预告情况表 项 目 本报告期 上年同期 归属于上市公司股东的 净利润 盈利:125,000 万元–150,000 万元 亏损 468,874.16 万元 扣除非经常性损益后的 净利润 盈利:130,000 万元–155,000 万元 亏损 512,762.77 万元 二、与会计师事务所沟通情况 本次业绩预告相关数据是公司财务部门初步测算的结果,未 经会计师事务所审计。 三、业绩变动原因说明 1、报告期内,公司销售肉猪(含毛猪和鲜品)1,437.42万头, 同比增长21.96%,毛猪销售均价15.32元/公斤,同比上升5.09%。 报告期内,公司坚持做好基础生产管理,生产保持稳定,生产成 ...

温氏食品集团股份有限公司 | 证券代码：300498 | 证券简称：温氏股份 | 公告编号：2024-86 | | --- | --- | --- | | 债券代码：123107 | 债券简称：温氏转债 | | 温氏食品集团股份有限公司 2024年6月主产品销售情况简报 1 温氏食品集团股份有限公司 | 2024 | 年 | 4 月 | 9,364.38 | 36,083.21 | 26.77 | 103.28 | 13.21 | | --- | --- | --- | --- | --- | --- | --- | --- | | 2024 | 年 | 5 月 | 9,421.86 | 45,505.06 | 27.19 | 130.47 | 13.83 | | 2024 | 年 | 6 月 | 9,249.56 | 54,754.62 | 26.25 | 156.73 | 13.68 | 注：因四舍五入，以上数据可能存在尾差。 2、公司2024年6月销售白羽鸡苗1,891.02万只，当年累计销售 白羽鸡苗8,022.19万只。 二、2024年6月份猪产品销售情况 1、公司2024年6月销售肉猪233.25 ...

温氏食品集团股份有限公司 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、基本情况概述 （一）温氏食品集团股份有限公司（以下简称"公司"）全资 子公司广东温氏投资有限公司（以下简称"温氏投资"）、温氏（深 圳）股权投资管理有限公司（以下简称"温氏产投"）以自有资金 合计21,600万元与专业投资机构广东省农业供给侧结构性改革基 金管理有限公司等共同投资温润煦兴壹号（珠海）股权投资基金合 伙企业（有限合伙）（以下简称"温润煦兴壹号"）。具体内容详 见公司在巨潮资讯网分别于2021年3月18日披露的《关于与专业投 资机构共同投资及合作的公告》（公告编号：2021-9）、2021年4 月27日和2021年7月2日披露的《关于与专业投资机构共同投资及 合作的进展公告》（公告编号：2021-61、2021-94）。 （二）温氏投资、温氏产投以自有资金合计5,000万元与公司 关联方广东新州投资合伙企业（有限合伙）共同投资温润清新壹号 （珠海）股权投资基金合伙企业（有限合伙）（以下简称"温润清 新壹号"）。具体内容详见公司在巨潮资讯网分别于2021年6月1日 1 温氏 ...

温氏食品集团股份有限公司 | 证券代码：300498 | 证券简称：温氏股份 | 公告编号：2024-84 | | --- | --- | --- | | 债券代码：123107 | 债券简称：温氏转债 | | 温氏食品集团股份有限公司 2024 年第二季度可转换公司债券转股情况公告 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。 特别提示： 1、股票代码：300498，股票简称：温氏股份 2、债券代码：123107，债券简称：温氏转债 3、转股价格：16.94 元/股 4、转股时间：2021 年 10 月 8 日至 2027 年 3 月 28 日 根据《深圳证券交易所创业板股票上市规则》、《深圳证券 交易所上市公司自律监管指引第 15 号——可转换公司债券》的 有关规定，温氏食品集团股份有限公司（以下简称"公司"）现 将 2024 年第二季度可转换公司债券转股及公司股本变动情况公 告如下： 一、可转债发行上市概况 （一）可转债发行情况 1 温氏食品集团股份有限公司 经中国证券监督管理委员会《关于同意温氏食品集团股份有 限公司向不特定对象发行可转换公司债券注册 ...