中泰证券股份有限公司 关于江苏立华牧业股份有限公司 2024 年半年度持续督导跟踪报告 | 保荐机构名称：中泰证券股份有限公司 | 被保荐公司简称：立华股份（300761） | | --- | --- | | 保荐代表人姓名：苑亚朝 | 联系电话：010-59013863 | | 保荐代表人姓名：仓勇 | 联系电话：010-59013863 | 一、保荐工作概述 1 | （3）关注事项的进展或者整改情况 | 不适用 | | --- | --- | | 9、保荐业务工作底稿记录、保管是否合规 | 是 | | 10、对上市公司培训情况 | | | （1）培训次数 | 0 次，拟于下半年开展培训 | | （2）培训日期 | 不适用 | | （3）培训的主要内容 | 不适用 | | 11、其他需要说明的保荐工作情况 | 无 | 二、保荐人发现公司存在的问题及采取的措施 | 事项 | 存在的问题 | 采取的措施 | | --- | --- | --- | | 1、信息披露 | 无 | 不适用 | | 2、公司内部制度的建立和执行 | 无 | 不适用 | | 3、"三会"运作 | 无 | 不适用 | | 4、控股股东及实 ...

本公司及董事会全体成员保证信息披露的内容真实、准确和完整，没有虚 假记载、误导性陈述或重大遗漏。 证券代码：300761 证券简称：立华股份 公告编号：2024-061 江苏立华牧业股份有限公司 关于实际控制人之一致行动人股份质押的公告 注 1：上表所述限售股份不包括高管锁定股，不存在股份冻结情形，下同。 注 2：上表若出现总数与各分项数值之和尾数不符的情况，均为四舍五入原因所致，下同。 二、股东股份累计质押情况 截止本公告披露日，公司实际控制人及其一致行动人所持股份质押情况如下： | | | | | | | | 已质押股份情 | | | 未质押股份情 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | | | | | | | 况 | | | 况 | | | | | | | | | | | 未质 | | | | | | 本次质押前 | 本次质押后 | 质押股 | 质押股 | 已质押 | | 押股 | | | 股东名称 | 持股数量 | 持股 | 质押股份数 | 质押股份数 | 份占其 | 份占公 | 股份限 | 占 ...

江苏立华牧业股份有限公司 证券代码：300761 证券简称：立华股份 公告编号：2024-060 截止本公告披露日，公司实际控制人及其一致行动人所持股份质押情况如下： 关于实际控制人之一致行动人股份质押、解质押的公告 本公司及董事会全体成员保证信息披露的内容真实、准确和完整，没有虚 假记载、误导性陈述或重大遗漏。 江苏立华牧业股份有限公司（以下简称公司）于近日收到股东常州市奔腾牧业 技术服务中心（有限合伙）（以下简称奔腾牧业）的通知，获悉奔腾牧业所持有的 部分股份办理了质押、解除质押业务，具体情况公告如下： | | 是否为 控股股 | | | | 是否为限 | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 股东 | 东或第 | 本次质押 | 占其所 | 占公司 | 售股（如 | 是否为 | | | | 质押 | | | 一大股 | | 持股份 | 总股本 | 是，注明 | 补充质 | 质押起始日 | 质押到期日 | 质权人 | | | 名称 | 东及其 | 数量（股） | 比例 | 比例 | 限售 ...

证券代码：300761 证券简称：立华股份 公告编号：2024-059 江苏立华牧业股份有限公司 2024 年 7 月销售情况简报 本公司及董事会全体成员保证信息披露的内容真实、准确和完整，没有虚 假记载、误导性陈述或重大遗漏。 一、2024 年 7 月销售情况 江苏立华牧业股份有限公司（以下简称公司）2024 年 7 月销售肉鸡（含毛鸡、 屠宰品及熟制品）4,438.08 万只，销售收入 12.15 亿元，毛鸡销售均价 13.19 元/公 斤，环比变动分别为 7.94%、1.50%、-5.31%，同比变动分别为 12.43%、10.66%、 -2.08%。 公司 2024 年 7 月销售肉猪 12.38 万头，销售收入 2.85 亿元，肉猪销售均价 19.32 元/公斤，环比变动分别为 58.72%、60.11%、2.88%，同比变动分别为 52.09%、 100.70%、30.72%。 二、原因说明 2024 年 7 月，公司肉猪销量、销售收入环比、同比增长，主要原因为公司养 猪产能利用率上升，肉猪出栏量增加所致；同时市场供求关系较去年同期改善，肉 猪销售价格同比上升。 三、销售情况汇总 （一）公司肉鸡销 ...

Investment Rating - The report maintains a "Buy" rating for the company, indicating a positive outlook for its stock performance relative to the market [3][4]. Core Insights - The company has turned its performance around in the first half of 2024, achieving a net profit of 575 million yuan, compared to a loss of 592 million yuan in the same period of 2023. Revenue for H1 2024 reached 7.81 billion yuan, marking a year-on-year increase of 12.2% [3][4]. - The chicken business has shown steady growth with a sales volume of 235 million birds in H1 2024, up 10.7% year-on-year. The average selling price for chicken was 13.21 yuan/kg, reflecting a slight increase of 0.2% [3][4]. - The pig business has also rebounded, with sales of 435,000 pigs in H1 2024, an increase of 18.8% year-on-year. The average selling price for pigs was 15.9 yuan/kg, up 7.1% [4]. Summary by Sections Financial Performance - In H1 2024, the company reported a revenue of 7.81 billion yuan, with a net profit of 575 million yuan, a significant recovery from the previous year's loss [5]. - The company expects to achieve revenues of 18.22 billion yuan in 2024, with a year-on-year growth rate of 18.7% [5]. Chicken Business - The company sold 235 million chickens in H1 2024, achieving a profit of approximately 510 million yuan from chicken farming, with an average profit per bird of 2.17 yuan [3][4]. - The total cost of chicken farming decreased to 12.2 yuan/kg in H1 2024, down 13.5% year-on-year [3]. Pig Business - The company sold 435,000 pigs in H1 2024, with a significant recovery in profitability in Q2 2024 as costs normalized [4]. - The total cost of pig farming fell to 14.8 yuan/kg in Q2 2024, reflecting the easing of pandemic impacts and lower feed prices [4].

Investment Rating - The report maintains a "Buy" rating for the company, with a target price adjusted to 25.62 CNY based on a 14x PE ratio for comparable companies [2][7]. Core Insights - The company's poultry and pig farming businesses have achieved significant profitability improvements in the first half of 2024, driven by reduced breeding costs and increased sales volumes [1][3]. - The report projects a decrease in the 2024 net profit forecast to 1.514 billion CNY, a 17.45% reduction from previous estimates, while the 2025 net profit forecast is slightly increased to 1.730 billion CNY, reflecting a 2.00% rise [2][3]. Summary by Sections Poultry Business - In H1 2024, the company sold 235 million yellow feathered chickens, a year-on-year increase of 10.69%, with an average selling price of 13.21 CNY/kg, up 0.23% year-on-year [1]. - Revenue from the chicken business reached 6.794 billion CNY, a 10.09% increase year-on-year, with a gross margin of 13.86%, up 13.54 percentage points [1]. - The cost of chicken farming significantly improved, with total costs dropping to 6.1 CNY per jin, down from 6.3 CNY in Q1 to 5.9 CNY in Q2 [1]. Pig Farming Business - The pig farming segment turned profitable in H1 2024, with sales of 434,900 pigs, an 18.83% increase year-on-year, and an average selling price of 15.92 CNY/kg, up 7.13% year-on-year [1]. - Revenue from pig farming reached 895 million CNY, an 18.50% increase year-on-year, with a gross margin of 15.55%, up 33.44 percentage points [1]. - The company has established a pig production capacity of approximately 1.8 million heads, with 80,000 breeding sows, setting a solid foundation for future growth [1]. Financial Performance - The company's total revenue for H1 2024 was 7.805 billion CNY, a 12.16% increase year-on-year, with a net profit of 575 million CNY, marking a turnaround from a loss of 592 million CNY in H1 2023 [3]. - The report provides a detailed financial forecast, projecting revenues of 17.616 billion CNY for 2024, with a growth rate of 14.73% [4].

Financial Performance - In the first half of 2024, the company achieved operating revenue of 7.805 billion CNY, marking a turnaround with a net profit attributable to shareholders of 575 million CNY, a year-on-year increase of 12.16% and 197.13% respectively [1] - The company sold 235 million meat chickens, a year-on-year increase of 10.69%; sold 434,900 meat pigs, up 18.83%; and sold 960,500 geese, up 12.92% [1] - The slaughter volume of meat chickens reached 24.8189 million, reflecting a growth of 234.32% [1] Cost Structure - The complete cost of raising yellow feathered chickens in the first half of the year was 6.1 CNY per kilogram, a decrease of 13.48% compared to the same period last year; the cost in the second quarter was 5.9 CNY per kilogram [2] - The complete cost for the pig farming segment was approximately 17.6 CNY per kilogram in the first quarter, returning to normal at 14.8 CNY per kilogram in the second quarter [2] Market Outlook - The company anticipates stronger consumption of yellow feathered chickens in the second half of the year due to seasonal demand, with upcoming events like school celebrations and the Mid-Autumn Festival expected to boost sales [2] - The proportion of medium-speed chickens has increased to over 40%, while the proportion of fast-growing chickens has decreased to below 20%, indicating a shift towards higher quality products [2] Production Capacity - As of the end of June, the company had established a production capacity of approximately 1.8 million meat pigs, with a breeding sow inventory of 80,000 [2] - The company expects to exceed 800,000 meat pig sales in the second half of the year, with an annual target of over 1.2 million [2]

证券研究报告 非金融公司 | 公司点评 | 立华股份 (300761) 养殖行情回暖,公司业绩显著改善 请务必阅读报告末页的重要声明 2024年08月02日 证券研究报告 |报告要点 公司披露 2024 年中报，突现营收 78.05 亿元，同比增长 12.16%；归母净利润 5.75 亿元，同 比上升 197. 13%。向全体股东每 10 股派发现金红利 3 元（含税)。2024H1 公司鸡板块实现营 收 67.94 亿元（同比+10.81%）, 肉鸡销量 2.35 亿只（同比+10.69%）, 公司斤鸡完全成本为 6.1 元，较去年同期下降 13.48%，二手皮斤鸡完全成本下降至 5.9 元。2024H1 公司商品鸡销售价 格 13.21 元/公斤，同比上升 0.23%，板块实现较好盈利。 | 分析师及联系人 马鹏 王明琦 SAC: S0590524040003 SAC: S0590524050001 请务必阅读报告末页的重要声明 1 / 5 非金融公司 | 公司点评 2024年08月02日 立华股份(300761) 养殖行情回暖,公司业绩显著改善 | --- | --- | --- | |-------| ...

Summary of the Conference Call for Lihua Co., Ltd. Company Overview - **Company**: Lihua Co., Ltd. - **Date of Call**: August 1, 2024 - **Key Focus**: Half-year financial results and operational outlook Key Points Financial Performance - The company achieved a significant turnaround with a profit of **575 million** (5.75亿) in the first half of 2024, compared to previous losses [3] - Revenue increased by **12.7%** year-on-year, despite a substantial decrease in feed costs [3] - The main business segments, including poultry and pig farming, experienced approximately **10%** growth [4] Operational Insights - The number of yellow-feathered chickens raised showed steady growth, supported by improved production performance and reduced raw material costs [1] - The cost of pig farming has also improved significantly, with costs dropping from **17.0** (17块) to **14.8** (14.8块) per kilogram in the second quarter [8] - The company plans to increase pig output to over **1.2 million** (120万) heads for the year, with **430,000** (43万) heads already achieved in the first half [7] Market Dynamics - The yellow-feathered chicken market is experiencing seasonal consumption patterns, with the second half of the year expected to account for over **50%** of total consumption [17] - The company noted a decline in chicken prices in July compared to June, attributed to various factors including weather impacts and consumer behavior [18][19] - The overall market for yellow-feathered chickens is stable, with expectations for continued demand during the upcoming Mid-Autumn Festival and National Day [20] Industry Trends - The industry is witnessing a consolidation trend, with leading companies like Lihua and Wen's maintaining growth plans despite a generally low cycle in the market [27] - The average cost of production for yellow-feathered chickens has decreased significantly, with costs dropping from **6.3** (6.3块) to **5.9** (5.9块) per kilogram year-on-year [29] - The company anticipates stable raw material costs moving forward, supported by government policies promoting grain production [25] Future Outlook - Capital expenditures are expected to remain around **1 billion** (十亿) annually, focusing on expanding production capacity and improving facilities [31][34] - The company plans to maintain a steady growth rate of **8% to 10%** in the coming years, primarily driven by new company developments [32] - There is a cautious approach towards expanding pig farming capacity, with no immediate plans for cross-regional expansion [62] Additional Notes - The company declared a dividend of **0.30** (三毛) per share for the first time, reflecting its improved financial position [15] - The management emphasized the importance of maintaining quality and market share amidst changing consumer preferences and competitive pressures [41][42] This summary encapsulates the key insights and operational strategies discussed during the conference call, highlighting Lihua Co., Ltd.'s financial recovery, market positioning, and future growth plans.

Investment Rating - The investment rating for the company is "Outperform the Market" [4][15]. Core Views - The company has shown stable growth in output and a decrease in costs, leading to a significant increase in net profit attributable to shareholders, which rose by 346% year-on-year in Q2 2024 [1][5]. - The revenue for the first half of 2024 reached 7.805 billion yuan, a year-on-year increase of 12.16%, with Q2 revenue at 4.144 billion yuan, up 16.79% year-on-year [1][5]. - The growth in revenue is attributed to over 10% year-on-year increases in the output of meat chickens, pigs, and geese, while profitability has improved due to lower breeding costs for pigs and chickens [1][5]. Summary by Sections Chicken Business - The output of yellow feathered chickens continues to grow, with the complete cost per chicken dropping below 6 yuan. In H1 2024, the sales price of meat chickens remained stable year-on-year, while the output increased by 10.69% to 235 million chickens, resulting in a revenue increase of 10.09% to 6.794 billion yuan [1][5]. - The complete cost per chicken decreased by 13.48% year-on-year to 6.1 yuan, with Q2 costs further reduced to 5.9 yuan, leading to a gross margin increase of 13.54 percentage points to 13.86% [1][5]. - The company is expected to maintain good profitability in its chicken business, especially with the upcoming consumption peak in the second half of the year [1][5]. Pig Business - The pig business has maintained rapid growth, with sales of pigs in H1 2024 increasing by 18.83% to 434,900 heads, and the average sales price rising by 7.13% to 15.92 yuan/kg, resulting in a revenue increase of 18.50% to 895 million yuan [2][6]. - The complete breeding cost has decreased, with costs dropping below 16 yuan/kg in March and further to 14.8 yuan/kg in Q2, contributing to a gross margin increase of 33.44 percentage points to 15.55% [2][6]. - The company has established a pig production capacity of approximately 1.8 million heads and aims to achieve over 1.2 million heads of output within the year [2][6]. Goose Business - The goose business has also shown growth, with 960,500 geese sold in H1 2024, a year-on-year increase of 12.92%, although revenue slightly decreased by 1.02% to 82 million yuan [6]. - The gross profit for the goose business increased by 10.81% year-on-year to 16 million yuan due to improved costs and favorable market conditions [6]. Financial Forecasts - The company is expected to benefit from the recovery in the livestock industry, with projected net profits for 2024-2026 being 1.03 billion, 1.44 billion, and 870 million yuan respectively, corresponding to EPS of 1.24, 1.74, and 1.05 yuan [2][5]. - The current price-to-earnings ratio (PE) is projected to be 19, 14, and 22 times for the years 2024, 2025, and 2026 respectively [2][5].