截至2025年4月30日 10:37，中证畜牧养殖指数(930707)下跌0.07%。成分股方面涨跌互现，天康生物 (002100)领涨2.88%，天马科技(603668)上涨1.08%，播恩集团(001366)上涨0.99%；兄弟科技(002562)领 跌5.35%，金新农(002548)下跌1.56%，梅花生物(600873)下跌0.90%。 养殖ETF(516760)上涨0.32%，最新价报0.63元。拉长时间看，截至2025年4月29日，养殖ETF近1月累计 上涨2.47%，涨幅排名可比基金1/4。 消息面上，农业农村部发布《养殖业节粮行动实施方案》，力争到2030年，全国养殖业饲料中粮食用量 占比降至60%，豆粕用量占比降至10%。方案提出推广精准饲料配方、挖掘非粮饲料资源、发展优质饲 草等措施，以提高饲料利用效率，保障粮食安全。 国盛证券 2025 年 4 月 25 日发布的报告指出养殖板块在基金重仓配置中减配明显。2025 年一季度养殖 业重仓占比 0.45%，环比下降 0.06pct，同比下降 0.65pct。从历史平均来看，目前配置水平远低于平均 水平和标配水平，为近 3 年来最低。但行业关 ...

证券代码：300967 证券简称：晓鸣股份 宁夏晓鸣农牧股份有限公司 投资者关系活动记录表 编号：2025-001 杜建峰先生回复：尊敬的投资者您好，从蛋鸡存栏年度周 期性变化来看，周期一般在 3 年左右，在一个周期内蛋鸡存栏 量呈现"增-减-平"的变化规律。随着蛋鸡养殖行业规模化、 集约化程度的提升，传统的三年一周期波动正在逐渐减弱。现 代化养殖场通过科学管理（如恒温饲养）减少了季节性因素对 鸡蛋产量的影响，同时下游需求端的规模化采购也降低了市场 波动性。除了三年一周期外，蛋鸡行业还表现出一年内两个明 显的季节性波动点，即中秋国庆和春节两个消费高峰期，一般 情况下，这两个节日集中了大量消费需求，推动鸡蛋价格在短 期内上涨。目前每年的季节性波动还相对明显。感谢您的关注。 5、188****5795 问董事郭磊"请问公司年报中反复提及的"1 套祖代繁育约 60 套父母代，1 套父母代繁育约 80 羽商品代"， 1 套是指 1 只公鸡配 10 只母鸡吗？1 套父母代按 10 只母鸡计 算，为何只繁殖 80 只商品代？" | 投资者关系活 | □特定对象调研 □分析师会议 | | --- | --- | | | □ ...

Core Viewpoint - Dayu Bioengineering Co., Ltd. reported a significant decline in revenue and net profit for 2024, indicating ongoing challenges in the industry due to external factors and market competition [1][2]. Company Summary - Dayu Bio's 2024 revenue was 123 million yuan, a year-on-year decrease of 23.71%, while the net profit attributable to shareholders was -23.94 million yuan, a staggering drop of 1045.71% [1]. - The company, established in 2014 and listed on the Beijing Stock Exchange in 2022, has faced losses since 2023, with 2023 revenue at 161 million yuan and a net profit of -0.21 million yuan [1]. - The decline in performance is attributed to the African swine fever epidemic, production capacity adjustments, and intensified competition in the feedstock market [1]. Industry Summary - The past year saw a recovery in pig prices due to falling prices of major raw materials like soybean meal, but consumer demand has not rebounded as expected, leading to reduced pig inventory and declining feed sales [2]. - The industry has faced significant challenges since 2020, with many companies experiencing operational difficulties and rising debt levels [2]. - Dayu Bio plans to extend its business model into pig farming, establishing a wholly-owned subsidiary to implement a self-breeding and "company + farmer" model, aiming to stabilize its operations [2][3]. - The company believes that integrating pig farming into its feed production will create a closed-loop sales system, reduce costs, and enhance operational efficiency [3]. - However, the industry faces challenges such as intensified competition, high disease prevention costs, and price volatility, which could impact the effectiveness of Dayu Bio's transformation efforts [3].

Core Viewpoint - The aquaculture sector is experiencing positive momentum, with the introduction of innovative technologies and a potential recovery in consumer demand, which may lead to improved pricing in the medium term [1][3]. Group 1: Market Performance - As of April 29, 2025, the China Livestock Breeding Index (930707) increased by 0.04%, with notable gains from companies such as RuiPu Bio (300119) up 4.81% and PuLaike (603566) up 3.79% [1]. - The Aquaculture ETF (516760) rose by 0.16%, with a recent price of 0.62 yuan, and has seen a cumulative increase of 2.14% over the past month, ranking first among its peers [1]. Group 2: Industry Developments - The world's first large-scale deep-sea aquaculture vessel, "Bay Area Lingding," is expected to be delivered in June 2025, with an annual production capacity of 5,000 tons, equivalent to the output of 5,000 mu of fish ponds [1]. - Huaxi Securities anticipates that while short-term consumer demand is recovering, supply remains ample. However, due to a slow recovery in production capacity in 2024, pig prices may exceed expectations in the second half of 2025 [1]. Group 3: Valuation Insights - The latest price-to-earnings ratio (PE-TTM) for the index tracked by the Aquaculture ETF is 13.13, which is in the 1.18% percentile over the past year, indicating that the valuation is lower than 98.82% of the time in the last year, suggesting historical low valuations [1]. Group 4: Index Composition - As of March 31, 2025, the top ten weighted stocks in the China Livestock Breeding Index include HaiDa Group (002311), Wen's Foodstuffs (300498), and MuYuan Food (002714), collectively accounting for 69.05% of the index [3].

Company Overview - Guangdong Yuehai Feed Group Co., Ltd. primarily engages in the research, production, and sales of aquatic feed, focusing on special aquatic feed products [4][8] - The company has a comprehensive range of aquatic feed products that cater to different growth stages of aquatic animals, including special and ordinary aquatic feeds [5][8] - The company is recognized as a national innovative pilot enterprise and a high-tech enterprise, ranking among the top three in the special aquatic feed industry in China [8][10] Financial Performance - In 2024, the company reported a net loss of approximately 85.39 million yuan, with the parent company's net profit at around -34.34 million yuan [27][29] - The company plans to not distribute any cash dividends for the 2024 fiscal year due to the reported losses [25][28] - The total asset impairment provision for 2024 is set at 342.72 million yuan, which will reduce the company's total profit for the year by the same amount [22][27] Industry Context - The aquatic feed industry in China is experiencing challenges due to adverse weather, diseases, and fluctuating raw material prices, leading to a decline in overall feed production and sales [11][12] - In 2024, the total output value of the national feed industry decreased by 10%, with aquatic feed production down by 3.5% to 2.26 million tons [11][12] - Despite current challenges, the demand for high-quality aquatic products is expected to grow, driven by rising consumer income and changing dietary preferences [12][10] Strategic Initiatives - The company is actively involved in social responsibility initiatives, including the "Yuehai Village" project, which aims to enhance the profitability of local farmers through innovative products and techniques [9] - The company has adopted a "three highs and three lows" technical strategy to improve product quality and efficiency, which is expected to drive industry growth [8][10] - The company has received multiple awards in 2024, highlighting its contributions to the aquatic feed industry and its commitment to innovation and quality [9]

证券研究报告：食品饮料 | 公司点评报告 发布时间：2025-04-29 股票投资评级 买入|维持 个股表现 -53% -46% -39% -32% -25% -18% -11% -4% 3% 10% 2024-04 2024-07 2024-09 2024-12 2025-02 2025-04 华统股份 食品饮料 资料来源：聚源，中邮证券研究所 公司基本情况 | 最新收盘价（元） | 10.62 | | --- | --- | | 总股本/流通股本（亿股）6.33 / 4.98 | | | 总市值/流通市值（亿元）67 / 53 | | | 52 周内最高/最低价 | 24.08 / 9.89 | | 资产负债率(%) | 72.4% | | 市盈率 | 88.50 | | 第一大股东 | 华统集团有限公司 | 研究所 分析师:王琦 SAC 登记编号:S1340522100001 Email:wangqi2022@cnpsec.com 华统股份(002840) 成本仍有下降空间，资本运作缓解资金压力 ⚫ 事件： 公司发布 2024 年年报，实现营业收入 90.92 亿元，同比增长 5.98%；归母净利为 0 ...

Core Viewpoint - The company has shown improved profitability in Q1 2025, driven by lower feed prices and enhanced production efficiency, leading to a decrease in the debt-to-asset ratio to 51% [1][3]. Financial Performance - In 2024, the company reported revenue of 104.9 billion yuan (up 17% year-on-year) and a net profit of 9.23 billion yuan (turning from loss to profit) [1]. - For Q4 2024, the company achieved revenue of 29.5 billion yuan (up 17% year-on-year) and a net profit of 2.82 billion yuan (turning from loss to profit) [1]. - In Q1 2025, the company reported revenue of 24.3 billion yuan (up 11% year-on-year) and a net profit of 2.0 billion yuan (turning from loss to profit) [2]. Segment Performance - In the pig farming segment for 2024, the company sold 30.18 million pigs (up 15% year-on-year) with estimated costs of 14.0-14.5 yuan/kg, achieving a profit of 280-330 yuan per pig [1]. - In the chicken farming segment for 2024, the company sold 1.21 billion chickens (up 2.1% year-on-year) with estimated costs of 12.0-12.5 yuan/kg, achieving a profit of 1.5-2.0 yuan per chicken [1]. - In Q1 2025, the company sold 8.59 million pigs (up 20% year-on-year), with estimated costs of 12.5-13.0 yuan/kg, achieving a profit of 270-320 yuan per pig [2]. - In Q1 2025, the company sold 282 million chickens (up 5.4% year-on-year), with estimated costs of 11.0-11.5 yuan/kg, incurring a loss of 0.8-1.3 yuan per chicken [2]. Cash Flow and Debt Management - The company experienced improved cash flow, with net operating cash inflows of 6.8 billion yuan in Q4 2024 and 3.82 billion yuan in Q1 2025, contributing to a decrease in the debt-to-asset ratio to 51% [3]. - The breeding stock of sows increased to approximately 1.74 million by the end of 2024, up 12% year-on-year, supporting stable production growth [3]. Investment Outlook - The company maintains a "strong buy" investment rating, with expected net profits of 9.16 billion yuan, 11.3 billion yuan, and 13.1 billion yuan for 2025-2027, corresponding to P/E ratios of 12X, 10X, and 8.6X respectively [3].

业务销量大幅增长，肉猪板块实现量价齐升。2024 年公司销售肉猪3018.27 万头，同比增长14.93%；肉 猪销售收入648.55 亿元，同比增长 33.71%；毛猪销售均价16.71 元/公斤，同比增长12.83%。2024 年公 司销售肉鸡12.08 亿只，同比增长2.09%；肉鸡销售收入357.18 亿元，同比下降2.58%；毛鸡销售均价 13.06 元/公斤，同比下降4.60%。公司养猪单头盈利水平保持领先水平，鸡业生产保持高水平稳定，并 计划2025 年肉鸡销售量同比增长5%或以上。 养殖成绩持续向好，资产负债表大幅改善 核心生产指标改善，生产成绩持续向好。截至2 月份，公司肉猪养殖上市率达93%-94%，肉猪养殖综合 成本降至12.6 元/公斤左右；公司肉鸡养殖上市率达95.2%，毛鸡出栏完全成本降至11.2 元/公斤。公司 资产负债率持续下降，财务结构显著改善。2024 年末，资产负债率降至53.14%，比上年末下降 8.27pcts，截至2025年一季度末，资产负债率已下降至51.45%，此外，公司2024 年度累计现金分红总额 达23.16 亿元，并且拟于2025 年中期再次实施现金分红 ...

Core Viewpoint - The company reported strong Q1 2025 results with significant year-on-year growth in revenue and net profit, indicating robust operational performance and cost management strategies [1][2][4]. Group 1: Financial Performance - Q1 2025 revenue reached 36.061 billion yuan, a year-on-year increase of 37.26% but a quarter-on-quarter decrease of 12.41% [1]. - The net profit attributable to shareholders for Q1 2025 was 4.491 billion yuan, showing a year-on-year increase of 288.79% and a quarter-on-quarter decrease of 39.31% [1]. - The company sold 22.66 million pigs in Q1 2025, representing a year-on-year increase of 42% and a quarter-on-quarter increase of 5.6% [2]. Group 2: Operational Highlights - The average profit per pig was 200 yuan, significantly higher than the industry average of approximately 93 yuan, attributed to a decrease in breeding costs to around 12.9 yuan per kilogram [2]. - The slaughtering volume reached 5.29 million pigs in Q1 2025, a year-on-year increase of 80% and a quarter-on-quarter increase of 15% [2]. - The utilization rate of slaughtering capacity exceeded 70%, improving by over 30 percentage points year-on-year, driven by enhanced sales channels and operational management [2]. Group 3: Future Outlook - The company aims to achieve a target of 72 to 78 million market pigs and 8 to 12 million piglets in 2025, indicating a year-on-year growth of 10% to 19% for market pigs and 41% to 112% for piglets [3]. - The company plans to continue reducing costs through advancements in health management, breeding, nutrition research, and smart applications [3]. - The establishment of a subsidiary in Vietnam and plans for an H-share listing are expected to enhance the company's international presence and long-term growth potential [3]. Group 4: Valuation and Profit Forecast - The company has adjusted its profit forecasts for 2025, 2026, and 2027 to 19.7 billion, 18.3 billion, and 47.2 billion yuan respectively, reflecting increases of 39%, 36%, and 9% [4]. - The target price is set at 51.30 yuan, with a price-to-book ratio of 3.3x for 2025, maintaining a "buy" rating [4].

公司披露2025 年一季度报告，第一季度实现营收360.61 亿元，同比增长37.26%；归母净利润44.91 亿 元，同比扭亏为盈。 2025Q1 公司销售商品猪1839.5 万头(同比+20.17%),商品猪销售均价14.53 元/公斤（同比+3.49%）。销售 仔猪414.9 万头（同比+594.97%），种猪11.3 万头（同比+5.61%）。截至2025 年3 月末，公司能繁母猪 存栏为348.5 万头。一季度销售量增明显，仔猪销量增加显著。屠宰业务方面，随公司屠宰量提升以及 管理精进，屠宰业务经营情况逐步好转。展望全年，我们认为公司出栏目标有望达成，养殖成本或进一 步下降，屠宰业务向好发展。 龙头优势显著，维持"买入"评级 考虑2025 年猪价或低于2024 全年，我们预计公司2025-2027 年营业收入分别为1434.91/1497.96/1961.42 亿元，同比分别+4.02%/+4.39%/+30.94%，归母净利润分别为180.70/168.61/249.11 亿元，同比分别 +1.06%/-6.69%/+47.74%，EPS 分别为3.31/3.09/4.56 元/股。公司为行业龙头 ...