| 项目 | 工作内容 | | --- | --- | | 1、公司信息披露审阅情况 | | | （1）是否及时审阅公司信息披露文件 | 是 | | （2）未及时审阅公司信息披露文件的次数 | 0 次 | | 2、督导公司建立健全并有效执行规章制度的情 | | | 况 | | | （1）是否督导公司建立健全规章制度（包括但 | | | 不限于防止关联方占用公司资源的制度、募集资 | 是 | | 金管理制度、内控制度、内部审计制度、关联交 | | | 易制度） | | | （2）公司是否有效执行相关规章制度 | 是 | | 3、募集资金监督情况 | | | （1）查询公司募集资金专户次数 | 12 次 | | （2）公司募集资金项目进展是否与信息披露文 | 是 | | 件一致 | | | 4、公司治理督导情况 | | | （1）列席公司股东大会次数 | 0 次，均事前或事后审阅会议议案 | | （2）列席公司董事会次数 | 0 次，均事前或事后审阅会议议案 | | （3）列席公司监事会次数 | 0 次，均事前或事后审阅会议议案 | | 5、现场检查情况 | | | （1）现场检查次数 | 1 次 | | （2） ...

Investment Rating - The investment rating for the company is "Buy" with a target price of 26.10 CNY for the next 6 months [14][22]. Core Views - The company has shown continuous improvement in breeding performance, achieving profitability in Q1 2024 after a loss in 2023. The significant decline in profit in 2023 was primarily due to low prices for yellow feathered chickens and pigs [14][21]. - The company is the second-largest yellow feathered chicken breeding enterprise in China, with a market share of approximately 12.71% in 2023. The expected growth rates for yellow chicken output from 2024 to 2026 are 10%/8%/5% [21][22]. - The overall industry is expected to maintain high profitability due to low production capacity and strong demand for yellow feathered chickens, which are expected to support price increases [14][21]. Summary by Sections Financial Performance - In 2023, the company's revenue was 15.35 billion CNY, a year-on-year increase of 6.28%. The net profit attributable to shareholders was -0.44 billion CNY, compared to 0.89 billion CNY in 2022 [14][16]. - For Q1 2024, the revenue was 3.66 billion CNY, a year-on-year increase of 7.34%, with a net profit of 0.08 billion CNY, marking a return to profitability [14][16]. Business Segments - The company sold 457 million meat chickens in 2023, exceeding its target and achieving a year-on-year growth of 12.16%. The total number of pigs sold in 2023 was 850,000, a year-on-year increase of approximately 50% [14][21]. - The average economic cost of yellow feathered chickens decreased to 6.3 CNY per jin, and the total cost of pig farming fell below 16 CNY per kilogram [14][21]. Future Outlook - The company aims to increase its pig output to 1-1.2 million heads in 2024 and 2 million heads by 2025, supported by a breeding stock of approximately 60,000 sows as of March 2024 [14][21]. - The expected gross profit margins for the chicken segment from 2024 to 2026 are projected to be 13%/14%/12%, while for the pig segment, they are expected to be 6%/8%/8% [14][21].

Investment Rating - The investment rating for the company is "Buy" [1][45]. Core Views - The company has shown a recovery in poultry prices and a decrease in raw material costs, leading to improved performance in Q1 2024 compared to the previous year. In 2023, the company achieved a revenue of 15.354 billion yuan, an increase of 6.28% year-on-year, but reported a net profit attributable to shareholders of -437 million yuan, a decrease of 149.10% year-on-year. The revenue growth was primarily driven by significant increases in the output of yellow feathered chickens, pigs, and geese, while profitability was pressured by overall low poultry prices throughout 2023 [1][16]. Summary by Sections Chicken Business - In 2023, the company sold 457 million commodity chickens, a year-on-year increase of 12.23%, generating sales revenue of 13.201 billion yuan, up 5.13% year-on-year. The average selling price decreased by 8.80% to 13.70 yuan/kg. The complete cost of chicken dropped to below 6.8 yuan due to lower feed costs and improved production efficiency. Consequently, the gross margin for the chicken business decreased by 6.79 percentage points to 6.72% [2][37]. Pig Business - The company sold 855,100 pigs in 2023, a year-on-year increase of 51.51%, with sales revenue of 1.658 billion yuan, up 14.56% year-on-year. However, the average selling price fell by 26.56% to 15.10 yuan/kg. The operating cost per kilogram rose to 16.6 yuan due to temporary disease impacts, resulting in a gross margin decline of 32.09 percentage points to -9.91% [11][17]. Financial Forecasts - The company is expected to benefit from the recovery in the livestock market, with adjusted net profit forecasts for 2024 and 2025 at 790 million yuan and 1.24 billion yuan, respectively. The forecast for 2026 is a net profit of 830 million yuan, with corresponding EPS for 2024-2026 projected at 0.95, 1.49, and 1.01 yuan, respectively. The current price-to-earnings ratios are estimated at 24.1, 15.4, and 22.8 times for 2024-2026 [45][49]. Operational Efficiency - The company maintained a positive operating cash flow of 1.45 billion yuan in 2023, with the cash flow from operating activities accounting for 9.45% of revenue. The inventory turnover days were 63 days, a decrease of 2.8 days year-on-year, while accounts receivable turnover days were 0.55 days, an increase of 0.07 days from the previous year [43][20]. Cost Management - The overall sales gross margin for 2023 was 4.84%, down 9.56 percentage points year-on-year, while the net profit margin was -2.86%, down 9.02 percentage points. The company managed to keep its expense ratios stable, with sales expense ratio at 1.27%, management expense ratio at 4.41%, and financial expense ratio at 0.60% [20][45].

证券研究报告 ＃industryId＃ 公 司 研 究 公司点评报告(带市场行情) | --- | --- | --- | --- | --- | |---------------------------------------|-------|-------------------------|----------------|--------| | ＄ 会计年度 zycwzb\| 主要财务指标＄ | | 2023 2024E | 2025E | 2026E | | 营业收入 ( 百万元 ) | | 15354 17696 18906 19780 | | | | 同比增长 | 6.3% | 15.3% | 6.8% | 4.6% | | 归母净利润 ( 百万元 ) | | -437 1091 1303 1143 | | | | 同比增长 | — | — | 19.4% | -12.3% | | 毛利率 | 4.8% | 12.8% | 13.5% | 12.3% | | ROE | -5.7% | 12.4% | 13.1% | 10.5% | | 每股收益 ( 元 ) | | -0.53 1.32 1.5 ...

证券研究报告：农林牧渔 | 公司点评报告 2024 年 4 月 23 日 公司基本情况 最新收盘价（元） 22.16 总股本/流通股本（亿股）8.28 / 6.05 总市值/流通市值（亿元）183 / 134 52 周内最高/最低价 40.38 / 15.40 资产负债率(%) 43.0% 市盈率 -41.93 第一大股东 程立力 股票投资评级 立华股份(300761) 买入|维持 个股表现 -26% -22% -18% -14% -10% -6% -2% 2% 6% 10% 2023-04 2023-07 2023-09 2023-11 2024-02 2024-04 立华股份 农林牧渔 资料来源：聚源，中邮证券研究所 研究所 分析师:王琦 SAC 登记编号:S1340522100001 Email:wangqi2022@cnpsec.com 24 年 Q1 扭亏为盈，养殖成本下降明显 ⚫ 事件： 公司发布 2023 年年报，全年实现营业收入 153.54 亿元，同比增 长 6.28%；归母净利润为亏损 4.37 亿元，同比-149.10%。23 年生猪 价格低迷，对公司业绩形成较大拖累；黄鸡价格虽然较 2 ...

从黄玉吉这个猪的出栏目标之前也有过交流那么黄玉吉基本上还是我们还是这个口径8%到10%吧这么一个口径那么商品猪呢今年整个出栏呢我们是说100到120万头尽量是朝上线去努力这么一个这个出栏量那么整体来讲呢就是应该说 本身公司在就是母猪的一个产能方面的话我们的母猪因为本身它已经有12万头的一个存栏的一个就是存在吧包括猪舍啊等等所以目前是6万多头的一个基础母猪那么应该说本身这个母猪也实现了这个自团自养所以 所以未来的话我们针对明年这一块应该说也是只是根据公司的计划去做而已不会说有太大的一个压力吧整体来讲的话就是租的这一块来讲的话我们之前也一直在说我们的投苗也是会根据我们的行情 做一些调整那么应该说就是从今年的展望来讲的话理论上要好于去年所以我们的量会进一步这个就是说增长那么才能有一个比较好的一个利用这又会对我们的成本的一个下降就是带来一个正向的一个作用 徐青总我要不先介绍这些然后看看大家有问题我们再针对问题再来再来做交流好的好的感谢余总啊那我们就直接进入到提问交流环节吧为助手播报一下那个提示信息大家好通过网络端介入的投资者可点击举手连麦等候提问或在文字交流区提交您的问题通过电话端介入的投资者请按新一键提问先按新键再 ...

农 林 牧 渔 立华股份 沪深300 [Table_invest] 买入（维持） 报告原因：业绩点评 [Table_QuotePic] -34% -26% -19% -12% -5% 3% 10% 17% 23-04 23-07 23-10 24-01 善，一季度扭亏为盈 [立华股份（ Table_NewTitle] 300761）：猪鸡成本持续改 ——公司简评报告 ➢ 事件：4月21日，公司发布2023年年度报告及2024年一季报。2023年公司实现营业收入 153.54亿元，同比+6.28%；归母净利润-4.37亿元，同比-149.10%；扣非后归母净利润-4.57 亿元，同比-152.91%。主要由于2023年猪鸡价格低迷。2024年Q1实现营业收入36.62亿 元，同比+7.34%；归母净利润8003.15万元（2023年Q1亏损3.91亿元）；扣非后归母利润 4334.56万元（2023年Q1亏损4.17亿元），一季度扭亏为盈，表现超预期。 ➢ 生猪养殖成本仍有下降空间。2023年公司销售商品猪85.51万头，同比+51.51%；销售收 入16.58亿元，同比+14.58%；商品猪销售均价15.10 ...

证 券 研 究 报 告 2024 年 04 月 22 日 立华股份 (300761) 1 请务必仔细阅读正文之后的各项信息披露与声明 第2页 共3页 简单金融 成就梦想 证券分析师承诺 本报告署名分析师具有中国证券业协会授予的证券投资咨询执业资格并注册为证券分析师，以勤勉的职业态度、专业审慎的研究方 法，使用合法合规的信息，独立、客观地出具本报告,并对本报告的内容和观点负责。本人不曾因，不因，也将不会因本报告中的 具体推荐意见或观点而直接或间接收到任何形式的补偿。 证券的投资评级： 以报告日后的 6 个月内，证券相对于市场基准指数的涨跌幅为标准，定义如下： 买入（Buy） 增持（Outperform） 中性 (Neutral) 减持 (Underperform) ：相对强于市场表现 20％以上； ：相对强于市场表现 5％～20％； ：相对市场表现在－5％～＋5％之间波动； ：相对弱于市场表现 5％以下。 行业的投资评级： 以报告日后的 6 个月内，行业相对于市场基准指数的涨跌幅为标准，定义如下： 看好（Overweight） 中性 (Neutral) 看淡 (Underweight) ：行业超越整体市场表现； ...

2024 年 04 月 22 日 立华股份(300761) 养殖景气低迷致 23 年业绩承压，24Q1 业绩改善显 著 公司披露 2023 年报，实现营收 153.54 亿元，同比增长 6.28%；归母净利 润-4.37 亿元，同比下降 149.10%。 公司披露 2024 年一季报，实现营收 36.62 亿元，同比增长 7.34%；归母净利润 0.80 亿元，同比增长 120.47%。 ➢ 鸡板块量增利减，猪板块受周期影响承压明显。 证券研究报告 2023 年公司销售毛利率为 4.84%（同比-9.56pcts），销售净利率为-2.86% （同比-9.02pcts），公司 2023 年利润率下滑主要系生猪及黄鸡价格低迷。 费用方面，公司 2023 年销售 / 管 理 / 研 发 / 财务费用分别为 1.95/6.78/0.80/0.92 亿元，同比分别+16.93%/+15.68%/-4.55%/-5.14%； 其中销售费用增长显著系装卸费及其他费用增加所致；管理费用增长系股 权激励及资产折旧增加。 公司 2023 年鸡板块实现营收 134.54 亿元（同比+4.99%） ，肉鸡销量 4.57 亿羽（同比+ ...

Investment Rating - The report maintains a "Buy" rating for the company [1][8][20] Core Views - The company has shown significant cost optimization effects, leading to a turnaround in performance in Q1 2024, with a net profit of 80.03 million yuan compared to a loss of 153 million yuan in Q4 2023 [2][20] - The overall market conditions for yellow feathered chickens and pigs were weak in 2023, impacting the company's performance, but the company managed to maintain strong competitive production metrics [2][20] - The company plans to control feed costs aggressively and optimize feed formulas, which contributed to a decrease in the cost of chicken production to below 6.8 yuan per kilogram, resulting in profitability for the yellow chicken business [2][20] Financial Performance Summary - In 2023, the company reported total revenue of 15.354 billion yuan, a year-on-year increase of 6.28%, but a net loss of 437 million yuan [1][3] - For Q1 2024, the company achieved total revenue of 3.662 billion yuan, a year-on-year increase of 7.34%, and a net profit of 80.03 million yuan [1][2] - Revenue projections for 2024 to 2026 are 17.455 billion yuan, 18.786 billion yuan, and 19.620 billion yuan respectively, with net profits expected to be 1.302 billion yuan, 1.533 billion yuan, and 1.162 billion yuan [3][20] - The company's P/E ratios for 2024 to 2026 are projected to be 13.08, 11.11, and 14.65 respectively [3][20] Market Performance - The company's stock performance over the last month is +2.8%, over three months is +3.8%, and over twelve months is -3.7% [2][20] - The current stock price is 20.58 yuan, with a 52-week price range of 15.20 to 40.65 yuan [2][20] - The total market capitalization is approximately 17.03 billion yuan [2][20]