益生股份分析师会议 调研日期：2025年04月07日 / 机构调研pro小程序 DJvanbao.com 洞见研报 出品 : 机构调研pro小程序致力于为金融证券投资者提供最新最全的调研会议纪要。 来机构调研pro小程序，了解最新的：行业投资风向、热门公司关注、权威机构分析... 权威完善的信息持续更新! 更多精彩的机构调报告请移步机构调研pro小程序~ 一解投资机构行业关注度。 频判市场 调研行业：农牧饲渔 参与调研的机构：通过互动易平台参与2024年度网上业绩说明会 的投资者等 | Gallia | | | --- | --- | | 11 2 12 200 2 110 | | | 1:给我们 = 影片面临官 = | | | 阿里巴巴佩尼 | | | 钢铁机之题。 8 | 图纸制图: 23 | | 20GB Millio Aller 19 | | | 海双集团 | | | 1 1 80.0 0 | 总机构建 23 | | LOGA: REGH, KETA: 1986 | | | 小麦具日 | | | 的研究次数:8 | 上机构馆:23 | | 定年代的:用者点击:我要的中:主要原因 | | | START ...

Core Viewpoint - Yisheng Shares has become a leader in the domestic white feather broiler breeding industry by successfully importing grandparent stock from France, breaking a 10-year hiatus in imports from that country, and addressing supply shortages caused by avian influenza outbreaks in the U.S. and New Zealand [1][2]. Group 1: Import and Supply Dynamics - In March 2024, Yisheng Shares imported 233,500 sets of grandparent broiler chickens, capturing one-third of the domestic market share for imported breeding stock [1]. - The company is actively working to ensure a stable supply of breeding stock through a purification strategy, with no current impact from avian influenza on its April import plans from France [2]. - The supply of parent stock broiler chickens is expected to tighten in the second half of 2025 due to the previous import disruptions, which may lead to higher prices [2][3]. Group 2: Financial Performance and Growth - In 2024, Yisheng Shares reported revenues of 3.136 billion yuan and a net profit of 504 million yuan, with significant growth in its breeding pig business, which saw sales increase by 806% year-on-year [4]. - The breeding pig segment is projected to become a key growth driver for the company, with full production capacity expected to be reached in 2025 [4]. - The company has implemented share buyback plans and cash dividends, with a total of 337 million yuan allocated for buybacks and dividends, representing 67% of net profit [5]. Group 3: Market Trends and Consumer Behavior - The company anticipates that the "Weight Management Year" initiative will boost demand for chicken as a healthy dietary option, positioning white feather broilers as a core choice in health-conscious diets [5]. - The integration of chicken and pig breeding operations is expected to enhance profitability and support the company's long-term sustainable growth [4].

每经记者 彭斐 每经编辑 杨夏 作为一只外来的鸡，白羽鸡从孵化到出栏一般只需40多天，短周期、来钱快，但受引种短缺等问题影 响，A股禽类养殖企业的业绩也时常"上蹿下跳"。 在行业普遍存在引种"卡脖子"问题的情况下，上市公司如何稳住利润成为必修课题。 4月7日下午，益生股份（002458.SZ，股价9.4元，市值104亿元）举行了2024年业绩说明会，董事长曹 积生表示："在国外禽流感导致我国引种暂停后，公司今年率先从法国进口祖代肉种鸡，结束了我国10 年未从法国引种的历史。" 《每日经济新闻》记者注意到，在2024年，凭借全国独家的法国祖代鸡引种渠道及"益生909"自主育种 技术，益生股份实现归母净利润5.04亿元，虽较上年略有下滑，但整体波动不大。谈及当前的引种局 面，益生股份也表示，受引种短缺的影响，公司预计2025年下半年我国父母代肉种鸡苗的供给将偏紧， 后续也将影响2026年商品代肉鸡苗的供给。 近30年来，我国禽肉增长迅速，鸡肉已成为仅次于猪肉的第二大肉类消费品。然而，中国虽然迅速成为 世界最大的禽类消费国，育种却长期被欧美国家企业垄断，这也成为我国白羽肉鸡产业之痛。 这也经常造成A股相关企业的业绩 ...

Group 1: Company Performance and Financials - In 2024, the net profit attributable to shareholders was CNY 504 million [3] - The company is expected to enhance its production capacity for white feather broiler chicks in 2025 due to new chicken farms coming online [4] - The company maintains a higher profit margin as it operates in the upstream segment of the white feather broiler industry [5] Group 2: Industry Insights and Market Position - The company is the only one in China to import grandparent stock from France, having imported 36,000 sets in 2024 [2][11] - The overall poultry industry is facing a shortage of imported grandparent stock, with a 74% year-on-year decline in the update volume for such stock in early 2024 [11] - The white feather broiler industry is expected to benefit from national policies aimed at ensuring food security and promoting poultry consumption [6][8] Group 3: Technological Advancements and Innovations - The company is implementing a purification strategy for its breeding stock to ensure health and supply stability [2] - Smart farming technologies are being utilized for precise management and automation in the breeding process [9] Group 4: Future Growth and Development - The company plans to focus on its core competency in high-generation poultry breeding and will not expand into downstream operations [13] - The demand for poultry, particularly white feather chicken, is expected to grow as consumer preferences shift towards healthier eating [7][8]

Macroeconomic Insights - China will impose a 34% tariff on all imports from the United States starting April 10, 2025, which is expected to significantly reduce agricultural imports from the U.S. [3] - In 2024, China imported agricultural products worth $24.9 billion from the U.S., with major imports including soybeans (22.1 million tons), sorghum (5.7 million tons), corn (2.1 million tons), and wheat (1.9 million tons) [3]. Agricultural Sector - The increase in tariffs is likely to enhance domestic grain prices and benefit the planting industry chain, emphasizing the need for self-sufficiency in grain production [3]. - The report highlights the importance of technological advancements in agriculture, particularly in genetically modified and gene-edited crops, which are expected to accelerate, benefiting seed companies with leading technology reserves [3]. - The report recommends focusing on companies that are actively expanding their domestic brands in the pet food sector, such as Guibao Pet and Zhongchong Co., which primarily generate revenue from domestic sales [4]. Livestock Industry - The report indicates that the pig farming sector is expected to see a significant improvement in profitability for the 2024 annual report and the first quarter of 2025, driven by favorable pig prices and reduced costs [5]. - The analysis of March's supply and demand dynamics in the pig farming industry shows a balanced market, but a potential downward trend in prices is anticipated if there is no support from state reserves [4][5]. Investment Recommendations - Recommended stocks in the poultry sector include Shengnong Development, Yisheng Shares, and Lihua Shares; for the post-cycle sector, recommended stocks are KQ Bio, Haida Group; in the pig farming sector, recommended stocks include Muyuan Foods, Wens Foodstuff Group, Tiankang Bio, and Shennong Group [7]. - In the seed industry, recommended stocks include Fengle Seed Industry, Quanyin High-Tech, Longping High-Tech, and Dabeinong [7]. - In the pet sector, recommended stocks are Guibao Pet, Zhongchong Co., and Ruipu Bio [7]. Chemical Industry - The report suggests that the imposition of a 34% tariff on U.S. imports will accelerate the domestic substitution process for chemical products, particularly in high-end markets [17]. - Beneficiary products include lubricant additives, nucleating agents, adsorption separation resins, and nano-silica, with specific companies recommended for investment [19]. Rare Earth Industry - The report maintains an "overweight" rating on the rare earth sector, anticipating that the recent tariffs will enhance China's strategic advantages in rare earth production and lead to price increases due to supply-demand mismatches [22]. - The export control measures on heavy rare earths are expected to stimulate overseas stockpiling, further driving up prices [23]. Insurance Sector - The insurance sector is projected to see stable growth in 2025, with a focus on improving asset-liability matching strategies [25]. - The report recommends increasing holdings in companies like China Pacific Insurance and New China Life Insurance, which are expected to benefit from improved investment returns and stable business strategies [40].

Core Insights - The impact of highly pathogenic avian influenza (HPAI) from the US and New Zealand is expected to continue into 2025, with zero import of breeding stock from these countries since December 2024, leading to potential supply shortages in the domestic market [1][4] - The parent stock chick sales remain high, but the meat chicken industry chain prices have been relatively weak since 2025 [2][3] Group 1: Industry Overview - As of March 2025, the stock of breeding chickens is at a record high since 2019, with 1.3586 million breeding stock and 22.8669 million parent stock [1] - Parent stock chick sales in 2024 reached 75.2214 million sets, a year-on-year increase of 13.3% [1] - The average price of parent stock chicks in January and February 2025 was 53.63 CNY/set and 46.5 CNY/set, showing significant year-on-year growth of 43.4% and 32.1% respectively [2] Group 2: Price Trends - The prices of commodity chicks have shown a downward trend, with averages of 2.06 CNY/bird and 1.84 CNY/bird in January and February 2025, reflecting year-on-year declines of 23.2% and 58.7% [2] - White feather chicken prices were recorded at 7.41 CNY/kg, 6.05 CNY/kg, and 7.13 CNY/kg from January to March 2025, marking the lowest levels since 2018 [2] Group 3: Supply Chain Dynamics - The total breeding stock update in 2024 was 1.5007 million sets, the highest since 2014, but the update volume dropped significantly in early 2025 due to HPAI impacts [3][4] - The overseas breeding stock update is expected to decline significantly in 2025 due to ongoing outbreaks of HPAI in the US and New Zealand, which have halted imports [4]

Group 1: TMT Industry Insights - SUTENG JUCHUANG is expected to become the global leader in LiDAR shipments in 2024, driven by the increasing penetration of ADAS and the acceleration of embodied intelligence commercialization [4] - The company possesses strong self-research technology barriers, scale advantages, and a pioneering position in the robotics ecosystem, making it a key player to watch for technology iterations and market share growth [4] Group 2: Medical Device Sector - The National Medical Products Administration is promoting the innovation of high-end medical devices, which is expected to drive rapid development in areas such as high-end imaging equipment, surgical robots, brain-computer interfaces, and AI in healthcare [5] - Investment opportunities are recommended in the medical device sector, particularly for companies with competitive product advantages that are likely to emerge as leaders [5] Group 3: Retail and Consumer Sector - China Resources Vientiane Life reported a record high in shopping center openings, with 2024 revenue reaching 17 billion yuan, a 15% year-on-year increase, and a net profit of 3.63 billion yuan, up 24% year-on-year [6] - The shopping center business saw a 30% increase in revenue, reaching 4.2 billion yuan, with a gross profit of 3.06 billion yuan, reflecting a 31% year-on-year growth [6] Group 4: Agricultural Sector - Yisheng Co., Ltd. reported a revenue of 3.136 billion yuan in 2024, a decrease of 2.76% year-on-year, with a net profit of 504 million yuan, down 6.84% year-on-year [6] - Quarterly revenue showed a gradual increase from 687 million yuan in Q1 to 982 million yuan in Q4, indicating a potential recovery trend [6] Group 5: Glass Industry - Fuyao Glass announced a revenue of 18.683 billion yuan in 2024, a decrease of 13.20% year-on-year, with a net profit of 1.007 billion yuan, down 63.52% year-on-year [8] - The fourth quarter of 2024 saw a significant drop in revenue to 4.079 billion yuan, a 27.67% decrease year-on-year, and a net loss of 289 million yuan, marking a 136.54% decline [8] Group 6: Robotics and Automation - Aikodi reported a total revenue of 6.75 billion yuan in 2024, a year-on-year increase of 13.2%, with a net profit of 940 million yuan, up 2.9% year-on-year [9] - The fourth quarter of 2024 showed a revenue of 1.77 billion yuan, with a net profit decline of 37.4% year-on-year, attributed to foreign exchange losses and rising raw material costs [9] Group 7: Home Appliances - Hisense Home Appliances achieved a revenue of 92.75 billion yuan in 2024, an 8.3% year-on-year increase, with a net profit of 3.35 billion yuan, up 18% year-on-year [10] - The fourth quarter of 2024 reported a revenue of 22.17 billion yuan, a 7.1% increase year-on-year, and a net profit of 550 million yuan, reflecting a 34.9% year-on-year growth [10]

证券代码：002458 证券简称：益生股份 公告编号：2025-031 山东益生种畜禽股份有限公司 本公司及董事会全体成员保证信息披露内容真实、准确和完整， 没有虚假记载、误导性陈述或重大遗漏。 （1）自可能对本公司证券及其衍生品种交易价格产生重大影响 的重大事项发生之日或者在决策过程中，至依法披露之日内； （2）中国证监会和深圳证券交易所规定的其他情形。 （1）委托价格不得为公司股票当日交易涨幅限制的价格； 因公司实施 2024 年前三季度权益分派，本次回购股份的价格上 限由不超过人民币 12.00 元/股（含）调整为不超过人民币 11.90 元 /股（含） ，具体内容详见 2025 年 01 月 04 日公司刊登于《中国证券 报 》《 上 海 证 券 报 》《 证 券 时 报 》《 证 券 日 报 》 和 巨 潮 资 讯 网 （www.cninfo.com.cn）的《关于 2024 年前三季度权益分派实施后调 整回购股份价格上限的公告》（公告编号：2025-003）。 根据《上市公司股份回购规则》 《深圳证券交易所上市公司自律 监管指引第 9 号——回购股份》等有关规定，在回购股份期间，公司 应当在每个月 ...

Investment Rating - The industry investment rating is "Leading the Market - A" and the rating is maintained [6] Core Views - The report highlights the impact of avian influenza on breeding restrictions, particularly focusing on white feather chickens [2] - The report indicates a short-term supply-demand game in pig farming, emphasizing the need to monitor weight feedback [22] - The report suggests investment opportunities in the aquaculture sector, noting stable prices in the aquatic products market [58] Summary by Sections 1. Weekly Market Review - The agricultural sector increased by 0.56% this week, ranking second among the Shenwan first-level industries [13] - The animal husbandry and veterinary sectors showed an upward trend, with notable stock performances [16] 2. Livestock Farming - **Pig Farming**: The average price of live pigs is 14.66 CNY/kg, with a week-on-week increase of 0.07% and a two-week increase of 0.31%. The average price of piglets is 647 CNY/head, with a week-on-week increase of 2.70% [22] - **Poultry Farming**: The average price of white feather meat chickens is 7.48 CNY/kg, with a week-on-week increase of 2.05%. The price of meat chicks is 2.98 CNY/chick, with a week-on-week increase of 2.41% [33] - **Aquaculture**: Prices for various aquatic products remain stable, with carp priced at 18.00 CNY/kg and shrimp at 300.00 CNY/kg [58] 3. Investment Recommendations - For pig farming, recommended companies include Wen's Foodstuffs, Muyuan Foods, and Shennong Group. For white feather chicken, focus on companies like Shengnong Development and Yisheng Biotechnology [4] - The report anticipates a tighter supply-demand balance in the first half of 2025, suggesting significant performance improvement potential in the post-cycle sector [4] 4. Industry Events - The report notes that over 35 million acres of grain have been sown nationwide, with a focus on improving yields through modern agricultural practices [69] - Central government support for pig farming is highlighted, particularly in terms of subsidies for breeding sows and fattening pigs [69]

Investment Rating - The investment rating for the company is "Outperform the Market" [5] Core Views - The company's 2024 revenue is reported at 3.136 billion yuan, a decrease of 2.76% year-on-year, with a net profit attributable to the parent company of 504 million yuan, down 6.84% year-on-year, primarily due to a decline in chick sales and a slight drop in sales prices [1][6] - The chicken business experienced a 9.27% decrease in chick sales volume to 586 million chicks, leading to a 9.50% decline in overall revenue for the chicken segment to 2.697 billion yuan, despite a stable average sales price [1][6] - The pig business saw a significant increase in sales volume, with the number of breeding pigs sold rising by 806% to approximately 30,000 heads, resulting in a 320% increase in revenue to 224 million yuan [2][7] - The company anticipates an improvement in white chicken consumption in 2025, supported by domestic demand stimulation policies and macroeconomic recovery [2][3] Summary by Sections Financial Performance - In Q4 2024, the company achieved revenue of 982 million yuan, a quarter-on-quarter increase of 26.26% and a year-on-year increase of 73.41, with a net profit of 203 million yuan, reflecting a quarter-on-quarter increase of 72.88% and a year-on-year increase of 242.33% [1][6] - The gross margin for the chicken business improved by 0.28 percentage points to 33.54%, despite an 8.73% decline in gross profit to 905 million yuan [1][6] - The overall gross margin for 2024 is reported at 29.41%, down 2.20 percentage points year-on-year, while the net profit margin is at 16.01%, down 0.97 percentage points [13] Future Projections - The net profit forecast for 2025 has been revised down to 720 million yuan from the previous estimate of 900 million yuan, while the 2026 and 2027 net profit forecasts remain at 810 million yuan and 870 million yuan, respectively [3][17] - The expected earnings per share for 2025-2027 are projected to be 0.7, 0.7, and 0.8 yuan, respectively [3][17] Market Position - The company is positioned as a leading player in the domestic white feather broiler breeding industry, with long-term potential to benefit from its genetic advantages and the recovery of the white feather broiler market [3][17]