Investment Rating - The investment rating for the company is "Buy" with a target price not specified for the next 6 months [1]. Core Views - The company has shown significant improvement in performance driven by both pork and chicken segments, achieving a notable turnaround from losses to profits [8][9]. - The revenue for 2024 reached 104.86 billion yuan, a year-on-year increase of 16.64%, while the net profit attributable to the parent company was 9.23 billion yuan, marking a substantial recovery from a loss of 6.39 billion yuan in the previous year [8][9]. - The company is expected to maintain growth in the coming years, with projected EPS of 1.40 yuan, 1.63 yuan, and 1.92 yuan for 2025, 2026, and 2027 respectively, corresponding to dynamic PE ratios of 12, 10, and 9 times [9][10]. Summary by Sections Financial Performance - In 2024, the company achieved total revenue of 104.86 billion yuan, a 16.64% increase year-on-year, and a net profit of 9.23 billion yuan, recovering from a previous loss [8][9]. - The first quarter of 2025 saw revenue of 24.32 billion yuan, up 11.34% year-on-year, with a net profit of 2.00 billion yuan, also a recovery from a loss [8]. Revenue Breakdown - The pork segment sold 30.18 million heads, a 14.93% increase, with an average selling price of 16.71 yuan/kg, up 12.83% year-on-year [8][9]. - The chicken segment sold 1.208 billion heads, a 2.09% increase, with an average selling price of 13.06 yuan/kg, down 4.60% year-on-year [8][9]. Cost Management - The comprehensive cost of pork farming was approximately 7.2 yuan/kg, a decrease of about 1.2 yuan/kg year-on-year, maintaining a competitive edge in cost control [8][9]. - The chicken farming cost dropped significantly, with the total cost per chicken reaching 6 yuan/kg, down 0.8 yuan/kg year-on-year [8][9]. Future Projections - Revenue is projected to grow to 109.30 billion yuan in 2025, with a growth rate of 4.23%, and further to 120.37 billion yuan in 2026, reflecting a 10.13% increase [3][9]. - The company anticipates continued growth in both pork and chicken segments, with expected increases in production and sales prices [9].

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company reported a net profit of 4.491 billion yuan in Q1 2025, marking a turnaround from losses in the previous year [3] - Revenue for Q1 2025 reached 36.06 billion yuan, representing a year-on-year growth of 37.3% [3] - The company aims to achieve its 2025 target for pig production, with the cost of pig farming decreasing to 12.5 yuan per kilogram by March 2025 [4] Financial Performance - In Q1 2025, the company sold 22.658 million pigs, a year-on-year increase of 41.5%, with significant growth in both commercial and piglet sales [4] - The company’s cash flow from operating activities was 7.506 billion yuan, up 48.1% year-on-year [3] - The total market capitalization of the company is 218.7 billion yuan, with a circulating market value of 152.5 billion yuan [1] Production and Cost Management - The company plans to sell between 72 million and 78 million commercial pigs in 2025, with a target of 8 million to 12 million piglets [4] - By March 2025, the company had reduced its breeding costs significantly, with one-third of its farms achieving costs below 12 yuan per kilogram [4] - The company’s slaughter volume in Q1 2025 increased by 81% year-on-year, although the meat processing segment reported slight losses [5] Future Projections - The company is expected to increase its pig production volumes to 90.5 million, 95.9 million, and 100.49 million from 2025 to 2027, with corresponding revenue projections of 150.66 billion yuan, 151.52 billion yuan, and 158.40 billion yuan [7] - The net profit forecast for the company is 22.459 billion yuan in 2025, with a projected growth of 25.6% year-on-year [9]

Investment Rating - The report maintains a "Buy" rating for the agriculture, forestry, animal husbandry, and fishery sector [4] Core Viewpoints - The report indicates that the pig farming sector currently has a large safety margin due to sufficient trading expectations, with potential pressure on pig output in the first half of 2025 [3][4] - The report highlights that the supply of breeding sows continues to decline, with the number of breeding sows at 40.39 million heads, down 1.0% quarter-on-quarter [2][13] - The report notes that the average price of live pigs has decreased to 15.2 yuan/kg in March, reflecting a 3.6% decline month-on-month, while the average price of piglets has increased by 2.8% month-on-month [18][34] Summary by Sections 1. Pig Farming Sector - The average weight of pigs at slaughter has increased to 128.94 kg, up 0.37 kg week-on-week, indicating a potential supply-demand balance [35] - The total number of pigs slaughtered in Q1 2025 was 19.476 million heads, a year-on-year increase of 0.11% and a quarter-on-quarter increase of 6.86% [14] - The average profit per pig has decreased to 84 yuan per head for large-scale farms and 54 yuan per head for smallholders, down from 131 yuan and 75 yuan respectively in February [18] 2. Investment Recommendations - The report recommends focusing on pig farming companies with high output and cost recovery, specifically recommending Muyuan Foods and Shennong Group, while suggesting to pay attention to Wens Foodstuff Group and Juxing Agriculture [3] - For the post-cycle sector, the recovery in pig inventory is expected to boost demand for feed and veterinary products, with a recommendation to focus on Haida Group [3] - In the planting chain, the report suggests that the strong grain prices due to Sino-US tariff disputes present investment opportunities, recommending companies like Suqian Agricultural Development and Beidahuang [3] 3. Market Performance - The agriculture, forestry, animal husbandry, and fishery sector underperformed the market, with a decline of 0.16% compared to a 0.56% increase in the Shanghai Composite Index [26] - The report details that the animal health, feed, and agricultural product processing sectors saw varying performance, with animal health up 5.42% and poultry farming down 1.22% [26][29]

2025 年 4 月 27 日 行业研究 一季度均重显著抬升，养殖利润持续缩窄 ——光大证券农林牧渔行业周报（20250421-20250427） 要点 投资建议：（1）生猪养殖板块，预期交易充分背景下，板块当前安全边际较 大。结合前期新生仔猪量来看，25H1 商品猪出栏压力较大，上半年可能开启 去产能交易。重点推荐出栏、成本兑现度高的养殖企业牧原股份、神农集团， 建议关注温氏股份、巨星农牧。（2）后周期板块，生猪存栏量回升将提振饲 料、动保需求，估值修复板块将开启上行，建议关注海大集团。（3）种植链， 中美关税摩擦再度将大宗农产品带到舞台中央，粮价走强背景下，大种植投资 机会凸显，种植链建议关注苏垦农发、北大荒、海南橡胶、秋乐种业、隆平高 科、登海种业。（4）宠物板块，宠食行业是"长坡厚雪"的优质赛道，海外市 场增量不断，国产品牌认可度持续提升，建议关注乖宝宠物、中宠股份、佩蒂 股份等。 风险分析：畜禽价格不及预期；畜禽疫病大规模爆发；原材料价格大幅波动。 农林牧渔 买入（维持） 作者 分析师：李晓渊 执业证书编号：S0930523100002 021-52523881 lixiaoyuan@ebscn.c ...

Investment Rating - The investment rating for the company is "Buy" [1] Core Views - The company's revenue decreased by 11.90% year-on-year to 1.108 billion yuan, primarily due to the contraction of its real estate business, while net profit attributable to shareholders increased by 106.99% year-on-year to 112 million yuan, driven by the pig farming business [2] - The company has optimized breeding costs and is steadily expanding its scale, with the total cost of pig farming decreasing to 14.38 yuan/kg in 2024, down by 2.8 yuan/kg from 2023 [3] - The company plans to sell approximately 2.5 million pigs in 2025, with a significant increase in the number of breeding sows and a focus on cost reduction strategies [3] Summary by Sections Financial Performance - In Q1 2025, the company achieved operating revenue of 1.108 billion yuan, a decrease of 11.90% year-on-year, while net profit reached 112 million yuan, an increase of 106.99% year-on-year [2] - The company’s total revenue for 2024 is projected to be 5.96 billion yuan, with a year-on-year decrease of 52.0%, followed by a recovery to 8.81 billion yuan in 2025, representing a 47.7% increase [6][8] Cost Management and Expansion - The company has implemented a refined management approach and smart systems in pig farming, leading to industry-leading cost control [3] - The breeding cost for pigs is expected to continue decreasing, with a target of 250 million pigs to be sold in 2025, reflecting a 16% increase from 2024 [4] Real Estate Business - The real estate business is currently in a phase of inventory reduction, with only a few projects remaining for sale [3] - The financial structure of the company is improving, with a decrease in the debt-to-asset ratio from 60.25% at the beginning of the year to 58.96% by the end of Q1 2025 [3] Investment Recommendations - The company is expected to continue benefiting from its pig farming business, with projected net profits of 8.19 billion yuan for 2025 and 9.14 billion yuan for 2026 [4] - The stock price as of April 25, 2025, is 15.73 yuan, corresponding to a price-to-earnings ratio of 10/9/7 for 2025/2026/2027, maintaining a "Buy" rating [4]

2019年下半年猪肉价格上涨带动了其它肉类价格跟着上涨，其中禽类的上涨幅度比较大，很多养殖户表示 今年是最近几年养殖禽类行情最好的时候。在禽类养殖中鹅的利润应该是最高，因为鹅长得快个头大、单 价最高，因此养鹅成为很多养殖户的首选，那么养鹅的利润有多少呢？江西小伙养了2000只乌鬃鹅，看看 他的收益怎么样？ 养2000只鹅的利润是多少？ 江西小伙小张8月中旬引进了2000只乌鬃鹅苗，最近几天养的乌鬃鹅出栏了，他说乌鬃鹅长得比较快，70- 75天就可以长到8斤左右，目前收购价格为14元一斤，一只鹅可以卖到100-110元左右。谈起自己的养鹅经 历小张说，这几年非洲猪瘟闹得厉害很多养殖户不敢养猪了，听别人说养这种乌鬃鹅不错。 小张想乌鬃鹅只要70-75天就可以出栏，就算市场行情不好鹅的价格也不会立刻降下来，乌鬃鹅70-75天就 出栏从这方面来说养鹅的风险要比养猪小，因为没有养殖经验小张从最初的几百只发展到了2000只。一只 鹅可以卖100多元，2000只就是20万元，那么小张赚了多少钱呢？ 鹅苗36元一只 乌鬃鹅养殖的时间比较短长得快，只要70天就可以长到8斤重，市场上一只乌鬃鹅可以卖100多元，利润却 不超过30 ...

"我们养了367只羊，已经接了296只羔。去年秋天，除了自己家草场上打的草，我们还储备了20吨 青贮玉米，提前准备好羊的口粮。"娜日苏说。 娜日苏告诉记者，她家这些年养殖方式改变了很多。不仅持续更新养殖品种，把养的羊逐渐换成了 生长发育快、产羔率高、出栏率高的肉羊新品种杜蒙羊，还学习先进养殖技术，实现少养精养。 今年中央一号文件提出"持续增强粮食等重要农产品供给保障能力"。2024年，内蒙古牛羊肉、牛奶 产量稳居全国第一，乳肉薯绒等7条重点产业链产值突破7000亿元。2025年，内蒙古将继续推进畜牧良 种补贴、基础母牛扩群提质等措施，抓好畜牧业生产中接羔保育这个关键环节，为存出栏稳定增长提供 有力保障，持续提升畜产品稳定安全供给能力。 暖意渐浓，但乌兰察布市四子王旗草原的清晨仍裹挟着寒意。天刚微微亮，红格尔苏木白音花嘎查 牧民娜日苏就已经忙碌起来。她穿梭在羊圈之间，仔细观察着每一只母羊的状态，随时准备迎接新生命 的到来。 从传统饲养到科学饲养，保障接羔保育高效高产 尝到了科学养殖的甜头，韩志敏对养羊更有信心了："服务队不仅帮助我们改善养殖环境，还教我 们科学调整饲料配比，羔羊的成活率也明显提高了。" 由自由放 ...

出栏增长成本稳降，定增落地持续成长，维持"买入"评级公司发布2024 年年报，2024 公司营收90.92 亿 元(+5.98%)，归母净利润0.73 亿元(+112.08%)。单Q4 营收26.07 亿元(+7.96%)，归母净利润0.20 亿元 (+107.96%)。 公司出栏稳步增长，成本持续下降，我们上调公司2025-2026 年盈利预测，新增2027 年盈利预测，预计 公司2025-2027 年归母净利润分别为2.83/3.38/11.21（2025-2026 年原预测分别为1.59/2.13）亿元，对应 EPS 分别为0.45/0.53/1.77元，当前股价对应PE 为24.4/20.4/6.2 倍。公司出栏增长成本稳降，定增落地持 续成长，维持"买入"评级。 2025-2026 年公司生猪出栏目标分别为300-350/400-500 万头，出栏稳步增长。成本方面，2024 年公司 生猪完全成本15.4 元/公斤，2025M3 完全成本14.2 元/公斤，公司推动高性能种群更替，拓展代养模 式，成本稳步下降。截至2025 年3 月末，公司能繁存栏约16 万头，2025 年末能繁存栏目标达20 万头 ...

格林大华期货养殖业月报 日期：2025年4月25日 玉米区间低多思路 生猪鸡蛋供给增量预期仍存 F0242716 Z0011864 张晓君 2 3 4月玉米期货区间运行；生猪、鸡蛋期货先扬后抑 玉米盘面回顾：4月玉米期货区间运行，2507合约月涨幅 2.12%，收于2355元/吨。（截至收稿） 生猪盘面回顾：4月生猪期货先扬后抑，2509合约月涨幅 1.47%，收于14150元/吨。（截至收稿） 鸡蛋盘面回顾：4月鸡蛋期货先扬后抑，2506合约月涨幅 5.02%，收于3012元/500千克。（截至收稿） 策略复盘：4月22日早报提示玉米关注逢低做多机会。 4月定 期报告持续提示关注生猪、鸡蛋逢高沽空机会。 备注：具体内容参照格林大华期货月报、周报、日报等定期 报告。 4 数据来源：博易大师 5 2.1 玉米品种观点 宏观逻辑：关税事件对全球玉米市场影响体现在价格、供应和贸易流向等方面；对国内玉米市场影响更多体现在情 绪层面，关注关税事件对全球谷物市场的后续影响。 产业逻辑：或进入被动建库周期，重点关注定向稻谷/进口玉米拍卖政策、谷物进口政策等。 供需逻辑：供给方面，国际方面，全球玉米供给形势逐渐趋紧，美玉米供 ...

Core Insights - The company reported a significant increase in revenue and net profit for 2024, with revenue reaching 104.92 billion yuan, up 16.7% year-on-year, and net profit of 9.23 billion yuan, up 244.5% year-on-year [1] - For Q1 2025, the company achieved revenue of 24.32 billion yuan, an increase of 11.3% year-on-year, and a net profit of 2.00 billion yuan, up 261.9% year-on-year [2] Group 1: Business Performance - In 2024, the company benefited from significant optimization of breeding costs and a decrease in feed raw material prices, leading to strong profitability in both pig and poultry farming [3] - The pig farming segment saw a notable increase in profits due to a significant rise in pig prices, while the poultry segment experienced stable profit growth despite a decline in sales prices [3] - For Q1 2025, the company continued to see a decline in breeding costs, with pig prices remaining strong, contributing to higher-than-expected overall profitability [3] Group 2: Production and Cost Analysis - The company reported a steady increase in pig output, with 30.18 million pigs and 8.59 million pigs slaughtered in 2024 and Q1 2025 respectively, representing year-on-year increases of 15% and 20% [3] - The average breeding cost for pigs in 2024 was approximately 14.2 yuan/kg, a decrease of about 2.4 yuan/kg year-on-year, positioning the company among the top tier in the industry [3] - In Q1 2025, the breeding cost further decreased to 12.6 yuan/kg, with an estimated profit of about 300 yuan per pig [3] Group 3: Poultry Farming Insights - The company sold 1.21 billion and 280 million meat chickens in 2024 and Q1 2025 respectively, with year-on-year increases of 2.1% and 5.4% [4] - The average sales price for chickens in 2024 was approximately 13 yuan/kg, down 4.6% year-on-year, while the total cost of production decreased to 12 yuan/kg, down 11.8% year-on-year, allowing for profit growth despite market challenges [4] - By February 2025, the total production cost for chickens further declined to 11.2 yuan/kg, with an estimated loss of about 0.5 yuan per chicken in Q1 [4] Group 4: Financial Health - The company's capital structure improved, with the debt-to-asset ratio decreasing to 51.45% by the end of Q1 2025, down 11.92 percentage points year-on-year [4] - The ratio of interest-bearing debt also declined, and the financial expense ratio decreased by 0.5 percentage points to 0.78% year-on-year [4] Group 5: Future Projections - The company is projected to achieve revenues of 105.59 billion, 111.80 billion, and 121.46 billion yuan for 2025, 2026, and 2027 respectively, with corresponding net profits of 9.75 billion, 11.63 billion, and 14.10 billion yuan [4] - The projected price-to-earnings ratios for these years are 11.51, 9.65, and 7.96 times [4]