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 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。 ...

Financial Performance - Revenue for Q3 2024 reached ¥4,878,730,576.32, an increase of 16.12% year-over-year[2] - Net profit attributable to shareholders was ¥586,195,028.96, up 91.02% compared to the same period last year[2] - Net profit excluding non-recurring items was ¥597,229,057.69, reflecting a 102.79% increase year-over-year[2] - Basic earnings per share for Q3 2024 was ¥0.7083, a rise of 91.01% from the previous year[2] - Total operating revenue for Q3 2024 reached ¥12,683,822,047.95, an increase of 13.6% compared to ¥11,160,681,320.76 in Q3 2023[18] - Operating profit for Q3 2024 was ¥1,170,264,360.90, a significant recovery from a loss of ¥267,725,758.34 in the same period last year[18] - Net profit attributable to shareholders for Q3 2024 was ¥1,160,797,230.41, compared to a loss of ¥284,708,789.62 in Q3 2023, marking a turnaround[19] - Total comprehensive income for Q3 2024 was ¥1,171,113,675.78, a significant improvement from a loss of ¥276,100,742.01 in Q3 2023[19] Assets and Liabilities - Total assets as of September 30, 2024, amounted to ¥14,745,225,120.12, representing a 7.91% increase from the end of the previous year[2] - The total liabilities amounted to ¥5,959,609,511.65, compared to ¥5,877,860,670.49 at the beginning of the year, showing a slight increase of about 1.4%[16] - The owner's equity increased to ¥8,785,615,608.47 from ¥7,786,765,782.99, marking a growth of approximately 12.8%[16] - The total equity attributable to the parent company increased to ¥8,686,609,194.76 from ¥7,684,786,822.23, reflecting a growth of approximately 13.0%[16] Cash Flow - The net cash flow from operating activities for the year-to-date period was ¥1,805,789,012.33, reflecting a 100.40% increase compared to the previous year[2] - Cash flow from operating activities was ¥12,752,096,450.51 in Q3 2024, compared to ¥11,207,463,941.52 in Q3 2023, indicating improved cash generation[19] - Operating cash inflow totaled CNY 13,167,587,552.78, an increase of 14.15% compared to CNY 11,537,842,525.51 in the previous year[20] - Net cash flow from operating activities reached CNY 1,805,789,012.33, up from CNY 901,086,560.84, representing a significant increase[20] - Cash outflow from financing activities amounted to CNY 3,066,319,067.23, compared to CNY 2,159,380,881.52 in the same period last year, indicating a rise of 42.00%[21] - The ending balance of cash and cash equivalents decreased to CNY 245,515,478.89 from CNY 708,890,950.36, reflecting a decline of 65.32%[21] Shareholder Information - The total number of common shareholders at the end of the reporting period is 11,153, with the largest shareholder, Cheng Lili, holding 32.64% of shares[7] - Cheng Lili's shareholding includes 270,130,501 shares, of which 202,597,876 are subject to lock-up, and 74,300,000 shares are pledged[7] - The top ten shareholders hold a combined 83.55% of the shares, indicating a concentrated ownership structure[8] - The company has not disclosed any significant changes in the shareholding structure of the top ten shareholders compared to the previous period[9] - The total number of restricted shares at the beginning of the period was 213,510,196, with 100,660,501 shares released from restrictions during the period[9] - The company has not entered the vesting period for the restricted stock incentive plan as of the end of the reporting period[11] Research and Development - R&D expenses for the first nine months of 2024 were ¥75,562,090.47, a 40.81% increase compared to the same period in 2023[6] - Research and development expenses increased to ¥75,562,090.47 in Q3 2024, up from ¥53,661,610.10 in Q3 2023, reflecting a focus on innovation[18] Investment Performance - The company reported a significant increase in investment income, with fair value changes amounting to ¥8,536,391.72, a 362.80% rise year-over-year[6] - The company reported investment income of ¥8,536,391.72 in Q3 2024, compared to ¥1,844,514.43 in Q3 2023, indicating better performance in investments[18] - Other comprehensive income after tax for Q3 2024 was ¥13,288,992.42, up from ¥8,942,520.49 in Q3 2023, reflecting positive changes in equity investments[19]

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 ...

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：2024-069 江苏立华牧业股份有限公司 2024 年 9 月销售情况简报 一、2024 年 9 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 9 月销售肉鸡（含毛鸡、 屠宰品及熟制品）4,853.14 万只，销售收入 13.24 亿元，毛鸡销售均价 13.16 元/公 斤，环比变动分别为 2.31%、1.07%、-1.50%，同比变动分别为 15.38%、0.30%、- 14.43%。 公司 2024 年 9 月销售肉猪 13.21 万头，销售收入 3.09 亿元，肉猪销售均价 19.46 元/公斤，环比变动分别为 31.05%、23.11%、-5.26%，同比变动分别为 72.23%、 101.96%、15.42%。 二、原因说明 2024 年 9 月，公司肉猪销量环比、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； 2024 年 9 月，公司肉猪销售收入同比增长，主要原因为市场供求关系较去年 同期改善，肉猪销量和 ...

证券代码：300761 证券简称：立华股份 公告编号：2024-067 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 生及其一致行动人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，获悉程立力先生所持有的部分股份办理了解质押业务，奔腾牧业所持有的 部分股份办理了质押业务，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 | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | | | 持股份 | | 是，注明 | 补充质 | | | 质权人 | 质押 | | 名称 | 大股东及其 | 量（股） | 比例 | 股本 | 限售类 | 押 | 始日 | 期日 | | 用途 | | | 一致行动人 | | | 比例 | | | | | | | | | | | | | 型） | | | | | | | 常州市奔腾 牧业技术服 | | | | | | | 2024 年 | ...