金十数据4月28日讯，国家发展改革委副主任赵辰昕4月28日在国新办新闻发布会上表示，下一步，我们 将会同有关部门继续深入实施国家粮食安全战略，以更高标准践行能源安全新战略，为务实开展国际合 作，切实保障国内粮食、能源稳定供给，市场平稳运行。 （证券时报） 国家发改委赵辰昕：将切实保障国内粮食、能源稳定供给，市场平稳运行 ...

4月28日，国家发展改革委副主任赵辰昕在国新办新闻发布会上表示，我国始终坚持"以我为主、立足国 内、确保产能、适度进口、科技支撑"的国家粮食安全战略，实行最严格的耕地保护制度，实施"藏粮于 地、藏粮于技"，加强政府储备管理，推进进口来源多元化。2024年，我国粮食产量首次迈上1.4万亿斤 的新台阶。我国人均粮食占有量远远高于国际公认的400公斤粮食安全线。我国完全能够做到谷物基本 自给、口粮绝对安全，中国人的饭碗稳稳地端在自己手中。(人民财讯) ...

Investment Rating - The industry rating is "Outperform the Market" [4][69] Core Viewpoints - The report highlights that the pig price has been fluctuating, with the average price on April 24 being 14.92 yuan/kg, showing a slight increase of 0.01 yuan/kg week-on-week. The second batch of fattening pigs accounted for 9.73% of the total sales, an increase of 4.38 percentage points compared to the previous ten days [2][12][34] - In the poultry sector, the white chicken price has slightly adjusted downwards due to limited demand as the May Day stocking approaches its end. The average price for meat chickens was 7.47 yuan/kg, down 0.03 yuan/kg week-on-week [3][36] - The seed industry is seeing enhanced regulatory activities focusing on intellectual property protection, which is expected to improve market order and support the supply of essential agricultural products [3][48] Summary by Sections Pig Farming - The pig price has shown fluctuations, with a slight recovery in average weight. The average weight of pigs sold was 128.94 kg, up 0.37 kg week-on-week. The slaughter volume has slightly increased, with an average daily slaughter of 139,600 pigs, up 2.16% week-on-week [2][12][16][24] - The price difference between different weight categories of pigs is narrowing, indicating a shift in market dynamics [2][24][34] Poultry Sector - The white chicken market is experiencing a slight price adjustment due to seasonal factors and limited demand. The average price for chicken chicks was 2.85 yuan/bird, down 0.12 yuan/bird week-on-week [3][36][40] - The egg price has continued to rise, with an average price of 7.25 yuan/kg, up 0.11 yuan/kg week-on-week [3][36] Seed Industry & Agricultural Products - The Ministry of Agriculture has initiated a regulatory campaign to enhance intellectual property protection in the seed industry, which is expected to support the supply of essential agricultural products [3][48] - The report notes a strong short-term trend in soybean meal prices, with the current price at 3,580.00 yuan/ton, up 78.00 yuan/ton week-on-week, driven by supply constraints [3][49]

近日，有两则新闻引人关注。其一，自然资源部、国家林业和草原局通报了2025年一季度18起破坏 耕地、毁林毁草典型问题，其中有4起毁林毁草开垦耕地的事例。 其二，内蒙古印发《毁林毁草违规违法行为集中整治工作方案》，称将用一年时间，集中整治毁林 毁草、乱开滥垦等行为。 这两则新闻，提醒我们注意当前占用林地、草地、湿地等开垦耕地违法违规行为的苗头。 粮食安全是"国之大者"，耕地则是粮食生产的命根子。2021年以来，全国耕地总量增加1758万亩， 连续3年实现净增加，遏制了耕地持续多年减少的态势。这是意义重大且难度很高的巨大成就。因为我 们面临的基础条件是耕地空间分布不均、总体质量不高，人均耕地仅有1.36亩，不足世界平均水平的四 成。为此，我国实行了最严格的耕地保护制度。 但是，生态文明建设同样在我国全局工作中处于突出位置，同确保粮食安全、千方百计保护耕地并 行不悖。尤其是，我国已进入加快绿色化、低碳化的高质量发展阶段，生态环境保护结构性、根源性、 趋势性压力尚未根本缓解。当此之时，更须时时保持加强生态文明建设的战略定力。 从这个角度看，毁林毁草违法违规行为不可小视，反映的是各级政府部门能否真正领悟绿色化、低 碳化 ...

四川省纪委监委把建章立制作为管长远、保常态、见长效的重要举措。该省纪委监委推动出台的四川省 高标准农田建设管理条例于3月1日起开始实施，连日来，成都等地纪检监察机关督促农业农村部门及基 层镇村开展条例宣讲学习，助力打造更高水平"天府粮仓"。 在推动出台条例的同时，四川省纪委监委督促省财政厅等部门加强协调，设立县级子账户218个，实现 高标准农田建设资金专款专户、直达"终端"。梓潼县纪委监委就监督检查发现的招投标程序违规、灌排 沟渠跑冒滴漏、硬化道路开裂损坏等问题，推动健全项目管理等制度，构建"全链条"监管体系。据悉， 去年以来，针对高标准农田建设领域存在的突出问题，四川省纪检监察机关共制发纪检监察建议书417 份，推动建立完善相关制度机制670件。 中央纪委国家监委网站 徐菱骏 刘远航 保障粮食安全这一"国之大者"，根本在耕地，高标准农田建设是重要抓手。各地纪检监察机关聚焦高标 准农田建设领域损害农民利益、群众反映强烈事项，强化政治监督、专项监督，严查贪污侵占、虚报冒 领、弄虚作假等行为，坚决纠治高标准农田建设中的腐败和作风问题，切实防范廉洁风险。 安徽省纪委监委多措并举强化监督，督促相关职能部门扛牢粮食保供 ...

Investment Rating - The report maintains a "Strong Buy" investment rating for the company [3][6]. Core Views - The rice seed industry is experiencing counter-cyclical growth with better-than-expected profitability; the domestic corn seed industry maintains its leading advantage and demonstrates operational resilience; the overseas corn seed industry may reach a transformative turning point and is expected to benefit from changes in international trade dynamics, leading to market expansion. The long-term development prospects of the company are viewed positively [1][6]. Financial Data and Valuation - The company is projected to achieve total revenue of 85.66 billion yuan in 2024, a year-on-year decrease of 7%, with a net profit attributable to shareholders of 1.14 billion yuan, down 43% year-on-year. The earnings per share (EPS) for 2024 is expected to be 0.09 yuan [2][18]. - Revenue is expected to grow to 94.81 billion yuan in 2025, with a net profit of 4.32 billion yuan, reflecting a significant year-on-year increase of 279% [18][21]. - The company’s total market capitalization is approximately 13.6 billion yuan, with a current share price of 10.29 yuan [3][6]. Performance Summary - The domestic rice seed business has shown strong performance, with a revenue increase of 13% in 2024, leading to a net profit of 340 million yuan, which is over 50% growth [6][19]. - The domestic corn seed business generated revenue of 2.12 billion yuan despite high inventory pressures, showcasing operational resilience [6][19]. - The overseas corn seed business faced challenges due to falling international grain prices and extreme weather, but maintained a market share of around 20% [6][19]. Future Outlook - The domestic hybrid rice seed industry is entering a destocking phase, indicating a potential upward trend in the rice seed market; the company’s product lineup is well-prepared, and high growth is expected to continue [6][19]. - The overseas corn seed market is anticipated to benefit from changes in international trade patterns, leading to market expansion opportunities [6][19]. - The company is expected to see a recovery in its Brazilian corn seed business, contributing positively to its overall performance [6][19].

春潮涌动，万物复苏，闽北大地农事正酣，春耕备耕的繁忙景象已全面呈现。农行南平分行紧扣农时， 精准发力，为粮食产业链精心配制金融"良方"，全方位护航粮食产、供、销各环节，为闽北稻田注入源 源不断的"活水"，为确保粮食安全贡献金融力量。 截至3月末，该分行粮食产业贷款余额达到6.68亿元，比上年末增加1.91亿元，增长40%；种业贷款余额 达到3.14亿元，比上年末增加9370万元，增长42.5%。 种出"优质稻" 位于闽浙赣三省通衢之处的浦城县，素以"浦稻天成产好米"闻名，得天独厚的地缘气候优势，为水稻生 长提供了近乎完美的环境。 "粮稳天下安，地肥仓廪实"。土地作为粮食生产的根基，浦城县近年来正全力推进高标准农田建设，秉 持灌排高效化、作业机械化、田园规整化、生态持续化、管理数字化理念，整区域发力，为新时代"福 建粮仓"筑牢根基。 浦城县仙阳镇巽岭阳墩村的860亩高标准农田，正是农田改造的典范。站在这片充满希望的田野上，福 建联昊建设工程有限公司负责人难掩喜悦："得益于农行提供的199万元贷款及时雨，农田改造配套材料 供应无忧，工期有了保障，再也不用担心耽误春耕，高标准农田的建成指日可待。" 回顾去年年底，该 ...

Core Viewpoint - The company reported a revenue of 2.652 billion yuan for 2024, representing a year-on-year increase of 9.84%, and a net profit attributable to shareholders of 234 million yuan, up 7.34% year-on-year, indicating stable growth in both revenue and profit [1] Financial Performance - For 2024, the company's gross margin was 25.49%, an increase of 0.75 percentage points year-on-year, while the expense ratio was 11.5%, a decrease of 0.69 percentage points [2] - The cash flow from operations (CFO) net amount was 514 million yuan, an increase of 82 million yuan year-on-year, with collection and payment ratios at 106.42% and 86.42%, respectively [2] Business Segmentation - In 2024, the company achieved revenues of 610 million yuan from design consulting, 1.575 billion yuan from electromechanical engineering system delivery, and 399 million yuan from equipment manufacturing, with the electromechanical engineering segment showing a significant year-on-year growth of 46.64% [1] - The gross margins for the respective segments were 47.90%, 19.78%, and 13.28%, with notable improvements in gross margins for design consulting and electromechanical engineering [1] Long-term Investment Outlook - The company is expected to benefit from the ongoing demand for grain storage and cold chain logistics, with a positive outlook on the high-end, intelligent, and green development trends in the grain and oil processing industry [1][3] - The projected net profits for 2025-2027 are estimated at 280 million, 340 million, and 400 million yuan, respectively, reflecting a slight downward revision from previous estimates [3]

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The report highlights steady growth in sales of bio-fermented feed and significant improvement in cash flow [1] - The company is focusing on expanding its bio-fermented feed business, which now accounts for 78% of its revenue, while actively reducing its environmental engineering business [7] - The report anticipates a gradual increase in production capacity, with a projected annual capacity of 700,000 tons for bio-fermented feed by the end of 2024 [7] Financial Summary - Total revenue for 2024 is projected at 2.78 billion yuan, a decrease of 20.92% year-on-year, with a net profit attributable to shareholders of -0.57 billion yuan, down 309.69% [7] - The gross margin for the bio-fermented feed segment is expected to be 21.93%, reflecting a decrease of 14.32 percentage points [7] - The company’s operating cash flow is expected to increase significantly, with a net operating cash flow of 0.53 billion yuan in 2024, up 379.41% [7] - The report forecasts a net profit of 0.17 billion yuan for 2025 and 0.35 billion yuan for 2026, with a long-term net profit projection of 0.74 billion yuan for 2027 [1][8] Business Performance - The revenue from the distiller's grains feed segment is projected to be 2.17 billion yuan in 2024, representing a year-on-year increase of 10.19% [7] - The company’s sales volume for distiller's grains bio-fermented feed is expected to reach 11.26 million tons in 2024, an increase of 20.75% [7] - The average selling price for this segment is projected to be 1,926 yuan per ton, down 8.74% year-on-year [7] Market Data - The closing price of the company's stock is 14.39 yuan, with a market capitalization of 1,449.28 million yuan [5] - The price-to-earnings ratio (P/E) is projected to be 89.85 for 2025 and 44.11 for 2026 [1][8] Asset and Liability Overview - The company’s total assets are projected to be 1,725 million yuan in 2024, with total liabilities of 853 million yuan [8] - The debt-to-asset ratio is expected to be 49.41% in 2024, indicating a moderate level of leverage [8] Future Outlook - The report emphasizes the strategic importance of the company's bio-fermented feed products in ensuring food security, as they can partially replace soybean meal and corn [7] - The company is positioned as an industry leader with expanding production capacity, which is expected to enhance long-term profitability [1][7]

2025 年 04 月 15 日 晨会纪要 研究所： 证券分析师： 余春生 S0350513090001 yucs@ghzq.com.cn [Table_Title] 晨会纪要 证券研究报告 1、最新报告摘要 1.1、证券业务市占率持续提升，AI 赋能金融生态--东方财富/证券Ⅱ (300059/214901) 公司动态研究 分析师：董栋梁 S0350525030005 分析师：林加力 S0350524100005 投资要点: 东方财富在 4 月 10 日宣布 2024 年度权益分派实施公告，每 10 股分红 0.6 元，且之前在 2025 年 3 月 15 日 发布 2024 年年报，年报表现优秀。东方财富 2024 年实现营收 116.04 亿元，同比增长 4.72%，实现归母净 利润 96.10 亿元，同比增长 17.29%。其中 Q4 单季度实现营收 43.01 亿元，同比增长 65.86%，实现归母净 利润 35.68 亿元，同比增长了 79.81%，我们认为和 2024Q4 资本市场的回暖有关。 ——2025 年第 62 期 观点精粹: 最新报告摘要 证券业务市占率持续提升，AI 赋能金融生态-- ...