Investment Rating - The report maintains a "Buy" rating for the company [4] Core Views - The company reported a significant turnaround in performance for the first three quarters of 2024, achieving revenue of 12.684 billion yuan, a year-on-year increase of 13.65%, and a net profit attributable to shareholders of 1.161 billion yuan, a remarkable increase of 507.71% [6] - The improvement in profitability is attributed to the recovery in pork and chicken prices, increased output, and a decline in breeding costs, leading to a substantial enhancement in the profitability of the breeding segment [6] - The company is a leading player in the yellow feathered chicken breeding industry, with a target of maintaining an annual growth rate of 8-10% in output, while also having sufficient pig breeding capacity and potential for further cost reductions [7] Summary by Sections Financial Performance - In Q3 2024, the company achieved revenue of 4.879 billion yuan, a year-on-year increase of 16.12%, and a net profit of 586 million yuan, up 91.02% year-on-year [6] - The total sales of meat chickens for the first three quarters reached 376 million, a 12.07% increase year-on-year, with Q3 sales averaging 13.24 yuan/kg [6] - The company sold 791,600 pigs in the first three quarters, a 35.36% increase year-on-year, with Q3 sales averaging 19.72 yuan/kg, a 20.87% increase year-on-year [6] Future Outlook - The company expects continued profitability growth in Q4 2024 due to favorable market conditions for pork and chicken prices, alongside ongoing cost reductions [7] - Profit forecasts for 2024-2026 are adjusted to 1.677 billion yuan, 1.882 billion yuan, and 1.388 billion yuan respectively, with corresponding EPS of 2.03 yuan, 2.27 yuan, and 1.68 yuan [7] - The current price-to-earnings ratios are projected at 10.94, 9.75, and 13.21 for the years 2024, 2025, and 2026 respectively [8]

Investment Rating - The investment rating for the company is "Outperform the Market" [3][14][16] Core Views - The company has shown a significant recovery in profitability, with a 507.71% year-on-year increase in net profit attributable to shareholders for the first three quarters of 2024, reaching 1.161 billion yuan [1][5] - Revenue growth is primarily driven by increased output of chickens and pigs, along with a rebound in pork prices, while profitability has improved due to lower breeding costs [1][5] - The company is expected to benefit from the upcoming peak consumption season, with a positive outlook for the poultry and pig farming sectors [2][5] Summary by Sections Financial Performance - For the first three quarters of 2024, the company achieved a revenue of 12.684 billion yuan, a year-on-year increase of 13.65%, with Q3 revenue at 4.879 billion yuan, up 17.74% quarter-on-quarter and 16.12% year-on-year [1][5] - The net profit attributable to shareholders for Q3 was 586 million yuan, reflecting a year-on-year increase of 91.02% [1][5] Chicken Production - The company reported a chicken output of 376 million birds for the first three quarters, a year-on-year increase of 12.07%, with Q3 output at 140 million birds, up 14.67% quarter-on-quarter [2][5] - The average selling price for chicken was 13.22 yuan/kg for the first three quarters, down 3.64% year-on-year, with Q3 price at 13.24 yuan/kg, showing a year-on-year decline of 9.93% [2][5] Pig Production - The company achieved a pig output of 791,600 heads for the first three quarters, a year-on-year increase of 35.36%, with Q3 output at 356,700 heads, up 47.52% quarter-on-quarter [2][5] - The average selling price for pigs was 17.63 yuan/kg for the first three quarters, up 14.30% year-on-year, with Q3 price at 19.72 yuan/kg, reflecting a year-on-year increase of 21.20% [2][5] Profitability Metrics - The gross profit margin for the first three quarters was 16.11%, an increase of 11.73 percentage points year-on-year, while the net profit margin was 9.13%, up 11.68 percentage points year-on-year [10] - Operating cash flow for the first three quarters was 1.806 billion yuan, a year-on-year increase of 100% [10]

Investment Rating - The report maintains a "Buy" rating for the company [6][7]. Core Views - The company reported a revenue of 12.68 billion yuan for the first three quarters of 2024, a year-on-year increase of 13.7%, and a net profit attributable to shareholders of 1.16 billion yuan, a significant increase of 507.7% year-on-year [6]. - The chicken business showed improved sales growth, with a total of 376 million chickens sold in the first three quarters of 2024, up 12.1% year-on-year [6]. - The pig business also maintained rapid growth, with 792,000 pigs sold in the first three quarters of 2024, a year-on-year increase of 35.6% [6]. Financial Performance Summary - For 2024, the company expects to achieve total revenue of 18.22 billion yuan, a year-on-year growth of 18.7%, and a net profit of 1.56 billion yuan [8]. - The earnings per share (EPS) is projected to be 1.88 yuan for 2024, with a price-to-earnings (PE) ratio of 11 [8]. - The gross profit margin is expected to be 15.9% for 2024, with a return on equity (ROE) of 16.9% [8].

证券代码：300761 证券简称：立华股 份 江苏立华牧业股份有限公司 投资者关系活动记录表 编号：2024-006 | --- | --- | --- | |-------------------------|---------------------------------------|----------------------------------------------------------------------------| | | | | | | ☐ 特定对象调研 | ☐ 分析师会议 | | | ☐ 媒体采访 | ☐ 业绩说明会 | | 投资者关活动 | ☐ 新闻发布会 | ☐ 路演活动 | | 类别 | ☐ 现场参观 | | | | 其他：立华股份 2024 | 年三季报解读电话会 | | 参与单位名称及 人员姓名 | | 参会单位名单由价值在线提供，详见附件。 | | 时间 | 2024 年 10 月 21 日 | 20:00-21:00 | | 地点 | 价值在线网络及电话会议 | | | 上市公司接待人 员姓名 | 董事会秘书 虞坚 证券事务代表 沈晨 | | | | 一、公司经营 ...

Investment Rating - The investment rating for the company is "Accumulate" (maintained) [4] Core Views - The company reported a strong performance in Q3 2024, with revenue of 4.879 billion yuan, a year-on-year increase of 16.12%, and a net profit attributable to shareholders of 586 million yuan, up 90.62% year-on-year [2][6] - The recovery in the breeding industry has led to improved profit margins, with a gross profit margin of 19.31% and a net profit margin of 11.98% in Q3 2024 [6] - The company is expected to maintain profitability in the fourth quarter due to favorable market conditions and strong production performance [6] Summary by Sections Financial Performance - In Q3 2024, the company sold 140 million chickens, a 14.45% increase year-on-year, generating sales revenue of 3.849 billion yuan, a 5.02% increase year-on-year [2][6] - The average selling price for chickens was 13.24 yuan/kg, down 9.85% year-on-year [2][6] - The company sold 356,700 pigs in Q3 2024, a 63.03% increase year-on-year, with sales revenue of 845 million yuan, up 102.64% year-on-year [2][6] - The average selling price for pigs was 19.77 yuan/kg, up 20.57% year-on-year [2][6] Cost Management - The company has effectively reduced breeding costs, contributing to significant profitability in both chicken and pig segments [6] - The total operating costs for chicken breeding have continued to decline, enhancing the profitability of the segment [6] Future Outlook - Revenue projections for 2024-2026 are 17.347 billion yuan, 19.125 billion yuan, and 20.825 billion yuan, representing year-on-year growth rates of 12.98%, 10.25%, and 8.89% respectively [6][7] - Net profit forecasts for the same period are 1.490 billion yuan, 1.583 billion yuan, and 1.725 billion yuan, with growth rates of 440.58%, 6.29%, and 8.94% respectively [6][7]

证券代码：300761 证券简称：立华股份 公告编号：2024-072 江苏立华牧业股份有限公司 一、监事会会议召开情况 江苏立华牧业股份有限公司（以下简称公司）第四届监事会第三次会议于 2024 年 10 月 18 日以电话、书面及邮件的形式通知全体监事，于 2024 年 10 月 21 日 14:30 在公司会议室以现场结合通讯表决的方式召开。本次会议应出席监事 3 名，实际出席监事 3 名，会议由钟学军先生主持。本次会议出席人数、召开程 序、议事内容均符合《中华人民共和国公司法》和《公司章程》的有关规定。 二、监事会会议审议情况 经与会监事认真审议，充分讨论，对以下议案进行了表决，形成决议如下： 1、审议通过《关于公司<2024 年第三季度报告>的议案》。 经审核，监事会认为：董事会编制和审核《2024 年第三季度报告》的程序 符合法律、行政法规、中国证券监督管理委员会和深圳证券交易所的规定，报告 内容真实、准确、完整地反映了公司 2024 年第三季度的实际财务状况及经营情 况，不存在任何虚假记载、误导性陈述或者重大遗漏。 表决结果：3 票同意，0 票反对，0 票弃权。 具体内容详见公司同日刊载于巨潮资 ...

Investment Rating - The report maintains a "Buy" rating for the company, with a target price of 30.32 CNY per share, corresponding to a PE valuation of 16 times for 2024 [3]. Core Insights - The company reported significant growth in Q3, with a revenue of 12.7 billion CNY, a year-on-year increase of 14%, and a net profit of 1.16 billion CNY, up 508% year-on-year. The growth is attributed to a notable decrease in breeding costs and an increase in the output of yellow feathered chickens and pigs [1]. - In Q3, the output of yellow chickens increased by 14%, with a profit of approximately 3 CNY per chicken. The average selling price was around 13.2 CNY per kilogram. The company maintained stable growth in breeding scale, with a total output of about 3.8 billion chickens in the first three quarters, a 12% increase year-on-year [1]. - The breeding cost for pigs continued to decline, with an average profit of about 615 CNY per pig in Q3. The company expects to increase pig output to 1.2 million heads in 2024, supported by improved production performance and lower feed costs [1]. - The earnings per share (EPS) forecast for 2024-2026 is 1.92, 2.07, and 2.80 CNY, respectively, indicating high earnings growth potential due to reduced breeding costs and rising livestock prices [1]. Financial Summary - The company's revenue for 2022 was 14.447 billion CNY, with a growth rate of 29.8%. The projected revenue for 2024 is 17.130 billion CNY, reflecting an 11.6% growth rate [2]. - The net profit for 2022 was 891 million CNY, with a significant projected increase to 1.593 billion CNY in 2024, representing a growth rate of 464.2% [2]. - The EPS for 2022 was 1.17 CNY, with a forecasted EPS of 1.92 CNY for 2024, indicating a strong recovery and growth trajectory [2].

江苏立华牧业股份有限公司 2024 年第三季度报告 1 证券代码：300761 证券简称：立华股份 公告编号：2024-070 江苏立华牧业股份有限公司 2024 年第三季度报告 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。 重要内容提示： 1.董事会、监事会及董事、监事、高级管理人员保证季度报告的真实、准确、完整，不存在虚假记载、误导性陈述或重 大遗漏，并承担个别和连带的法律责任。 2.公司负责人、主管会计工作负责人及会计机构负责人(会计主管人员)声明：保证季度报告中财务信息的真实、准确、 完整。 3.第三季度报告是否经过审计 □是 否 江苏立华牧业股份有限公司 2024 年第三季度报告 一、主要财务数据 （一） 主要会计数据和财务指标 公司是否需追溯调整或重述以前年度会计数据 | --- | --- | --- | --- | --- | |------------------------------------------------------|-------------------|-------------------------|-------- ...

江苏立华牧业股份有限公司 第四届董事会第三次会议决议的公告 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。 一、董事会会议召开情况 证券代码：300761 证券简称：立华股份 公告编号：2024-071 表决结果：9 票同意，0 票反对，0 票弃权。 具体内容详见公司同日刊载于巨潮资讯网（http://www.cninfo.com.cn）的 《2024 年第三季度报告》（公告编号：2024-070），敬请投资者注意查阅。 三、备查文件 1、《第四届董事会第三次会议决议》。 特此公告。 江苏立华牧业股份有限公司 董事会 江苏立华牧业股份有限公司（以下简称公司）第四届董事会第三次会议于 2024 年 10 月 18 日以电话、书面及邮件形式通知全体董事，于 2024 年 10 月 21 日 14:00 在公司会议室以现场结合通讯表决的方式召开。本次会议应出席董事 9 名，实际出席董事 9 名。公司监事及高级管理人员列席了会议。会议由程立力先 生主持，本次会议出席人数、召开程序、议事内容均符合《中华人民共和国公司 法》（以下简称《公司法》）和《公司章程》的有关规定。 ...

证券代码：300761 证券简称：立华股份 公告编号：2024-073 江苏立华牧业股份有限公司 关于实际控制人股份质押、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）于近日收到实际控制人程立力先 生的通知，获悉其所持有的部分股份办理了质押、解质押业务，具体情况公告如下： | 股东 | 是否为控股 股东或第一 | 本次质押数 | 占其所 | 占公 司总 | 是否为限 售股（如 | 是否为 | 质押起 | 质押到 | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 名称 | 大股东及其 | 量（股） | 持股份 | 股本 | 是，注明 | 补充质 | 始日 | 期日 | 质权人 | 质押 用途 | | | | | 比例 | | 限售类 | 押 | | | | | | | 一致行动人 | | | 比例 | 型） | | | | | | | 程立力 | 是 | 27,550,000 | 10.20% | 3.33 ...