Investment Rating - The report maintains an "Accumulate" investment rating for the company, indicating a projected relative increase of 5% to 15% compared to the CSI 300 index over the next six months [8][16]. Core Views - The company's performance is under short-term pressure, with total revenue for 2024 at 391 million yuan, down 26.77% year-on-year, and a net profit of 50 million yuan, down 36.49% year-on-year [7]. - The sales of corn seeds are under pressure, with revenue from corn seeds at 196 million yuan, a decrease of 42.05% year-on-year, while wheat seed revenue increased by 5.52% [7]. - The company continues to enhance its R&D capabilities, with a 17.98% year-on-year increase in R&D expenses, which is crucial for maintaining its competitive edge in the industry [7]. - The company’s gross margin for 2024 is reported at 27.86%, down 4.23 percentage points year-on-year, while the net margin is at 12.89%, down 1.98 percentage points year-on-year [7]. - The commercialization of biotechnology breeding is progressing steadily, with significant policy support expected to enhance profitability and market share for industry players [8]. Summary by Sections Financial Performance - In Q1 2025, the company reported a revenue of 19 million yuan, down 45.25% year-on-year, and a net profit of -4.48 million yuan, indicating a shift from profit to loss [7]. - The company’s total revenue for 2024 was 391 million yuan, with a significant decline in net profit and cash flow [7][9]. Product Performance - Corn seed sales have been particularly affected, with a revenue drop of 42.05% year-on-year, while wheat seed sales showed a modest increase [7]. - The company’s core products, including various corn and wheat varieties, continue to receive recognition and maintain competitive advantages in the market [7]. R&D and Competitive Position - The company has increased its R&D investment, which is essential for sustaining its market position and developing new products [7]. - Several of the company’s seed varieties have been recognized as leading products in their respective categories, indicating strong market presence [7]. Market Outlook - The report anticipates a gradual recovery in the industry, with projected net profits of 55 million yuan in 2025, 66 million yuan in 2026, and 77 million yuan in 2027 [8][9]. - The company is expected to remain within a reasonable valuation range compared to industry peers, with projected EPS of 0.33 yuan in 2025 and a PE ratio of 58.86 [8][9].

Group 1: Seed Industry Segment - The company's market share for the traits corresponding to actual planting area is approximately 60% in 2024, with expectations to further increase in 2025 [2] - The company is the only domestic enterprise with formal planting licenses in Brazil, Argentina, and Uruguay, currently implementing the "Technology Export, Grain Import" strategy [3] - The total area for soybean planting in China is around 15 million hectares, requiring approximately 500,000 hectares for seed production [4] Group 2: Pig Farming Segment - In 2024, the total number of pigs slaughtered by the company (including subsidiaries) was 6.405 million, representing a year-on-year growth of 5.9% [6] - The complete cost of fattening pigs as of March 2025 is 12.9 CNY/kg, with a target for further cost reduction [7] Group 3: Feed Segment - The company has significant technical reserves in low-protein diets and can fully replace soybean meal with other protein sources when prices are high [8] - The company is exploring regional industrial chain collaboration to maximize overall efficiency and has established a comprehensive management and supply chain platform [8] Group 4: Other Aspects - The company emphasizes operational management and market value maintenance, implementing measures such as executive stock purchases and profit distribution to share growth dividends with investors [10] - The company aims to be a global leader by 2035, focusing on technological innovation in agricultural development [10] - Sales and management expenses showed a significant decline in 2024, with sales expenses down by 11.31% and management expenses down by 8.46% [11]

Group 1 - The China Livestock Breeding Index (930707) decreased by 0.21% as of May 8, 2025, with mixed performance among constituent stocks [3] - Leading gainers included Bio-Stock (600201) up 2.30%, Yiduoli (300381) up 1.61%, and Tianma Technology (603668) up 0.76%, while Meihua Biological (600873) led the declines down 1.28% [3] - The Livestock ETF (516760) fell by 0.32%, with the latest price at 0.62 yuan [3] Group 2 - The agricultural sector is entering a busy season with winter wheat in the grain-filling stage and winter rapeseed being harvested, while corn and rice are in peak spring sowing [3] - Among bond issuers in the agriculture, forestry, animal husbandry, and fishery sector, 13 companies reported year-on-year net profit growth, with Wens Foodstuffs and Muyuan Foods showing significant increases of 250.43% and 554.07% respectively [3] Group 3 - In the seed industry, a new batch of genetically modified varieties is undergoing preliminary review, with attention on the expansion of biological breeding [4] - As of April 30, the national average prices for wheat, soybean meal, and corn were 2456, 3545, and 2314 yuan per ton, reflecting week-on-week changes of +0.7%, -10.7%, and +1.4% respectively [4] - The China Livestock Breeding Index tracks companies involved in livestock feed, veterinary drugs, and livestock farming, with the top ten weighted stocks accounting for 69.38% of the index [4] Group 4 - The top ten weighted stocks in the China Livestock Breeding Index include Haida Group (002311), Muyuan Foods (002714), and Wens Foodstuffs (300498), with respective weights of 11.24%, 10.10%, and 10.08% [6] - The performance of these stocks varied, with Haida Group down 0.30%, Wens Foodstuffs down 0.47%, and Muyuan Foods up 0.28% [6]

Group 1: Overall Financial Performance - In 2024, the company achieved total revenue of 28.767 billion CNY, with feed product revenue accounting for 19.054 billion CNY (66.24%) [2] - The net profit for 2024 was 715 million CNY, with a year-on-year growth of 115.9% [2] - The overall gross profit margin improved to 15.14% [2] Group 2: Business Segment Performance Feed Segment - In 2024, external sales volume of feed products was 5.4055 million tons, a decrease of 7.6% year-on-year [3] - Revenue from pig feed was 14.658 billion CNY, down 21.7% due to raw material price declines [3] - Aquaculture feed external sales volume decreased by 29.9%, with revenue of 1.33 billion CNY, a 32.3% decline [3] Pig Farming Segment - Total pig output for 2024 was 6.4046 million heads, a 5.9% increase year-on-year [4] - Average profit per head was 175 CNY, with some regions exceeding 300 CNY [4] - The total cost of pig farming was below 14 CNY/kg [4] Seed Industry Segment - In 2024, total sales of corn, rice, and soybean seeds reached 53.5264 million kg [5] - Corn seed sales were 36.3039 million kg, down 9%, generating revenue of 820 million CNY [5] - Soybean seed sales increased by 102%, achieving revenue of 22 million CNY [5] Group 3: Q1 2025 Performance - In Q1 2025, the company reported revenue of 6.865 billion CNY, a 2.4% increase year-on-year [7] - The net profit for Q1 2025 was 134 million CNY, a 164.13% increase [7] - Pig farming output for Q1 2025 was 1.8399 million heads, a 26.7% increase [7] Group 4: Future Technology and Research Initiatives - The company is advancing synthetic biology research, focusing on high-efficiency genetic transformation and gene editing [10] - The establishment of the Agricultural Synthetic Biology Innovation Center aims to develop key technologies in agricultural biotechnology [12] - The center will support the development of new products such as feed proteins and green fertilizers [12] Group 5: Cost Management and Efficiency - The company has implemented measures to reduce costs in pig farming, achieving a complete cost of 12.9 CNY/kg [8] - Strategies include breed improvement, enhanced biosecurity, and optimized nutrition [14] - The company aims to further reduce costs through continuous improvements in various operational aspects [14] Group 6: Market Position and Growth Strategy - The company targets a feed production capacity of 10 million tons, focusing on differentiated product offerings [18] - The market share for seed traits is expected to increase, supported by favorable government policies [17] - The company plans to enhance collaboration across business segments to explore new growth opportunities [19]

证券研究报告 | 公司点评报告 2025 年 05 月 02 日 大北农（002385.SZ） 养殖盈利修复，饲料及种业开局良好 消费品/农林牧渔 25Q1饲料及种业开局良好、养殖盈利改善。公司未来将聚焦强化种业、疫苗动 保等科技产业业务，夯实饲料业务，平稳发展生猪养殖业务。 ❑ 风险提示：猪价表现/公司规模扩张低于预期，突发大规模不可控疫情；自然 灾害，转基因商业化进度不达预期。 财务数据与估值 | 会计年度 | 2023 | 2024 | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业总收入(百万元) | 33390 | 28767 | 33720 | 35969 | 38193 | | 同比增长 | 3% | -14% | 17% | 7% | 6% | | 营业利润(百万元) | (2485) | 791 | 805 | 984 | 1218 | | 同比增长 | -761% | -132% | 2% | 22% | 24% | | 归母净利润(百万元) | (2174) | 346 | 549 | 725 | 93 ...

Core Insights - The company reported a revenue of 6.865 billion yuan for Q1 2025, representing a year-on-year increase of 2.36% [1] - The net profit attributable to shareholders reached approximately 134 million yuan, showing a significant year-on-year growth of 164.13% [1] Group 1: Swine Farming Business - The company sold a total of 1.8399 million pigs in Q1 2025, generating sales revenue of 3.046 billion yuan [1] - In March 2025, the company sold 382,100 pigs, with sales revenue of 614 million yuan, marking a month-on-month sales volume increase of 35.54% and a year-on-year increase of 26.78% [1] - The sales revenue in March 2025 increased by 43.12% month-on-month and 35.84% year-on-year, significantly outperforming the industry average growth rates [1] Group 2: Biotechnology Achievements - The company achieved major breakthroughs in biotechnology, with its subsidiary receiving approval for the planting of genetically modified herbicide-resistant soybeans [1] Group 3: Management and Cost Control - The company has shown significant improvements in management and cost control, with operating expenses decreasing compared to the previous year [2] - In 2024, sales expenses decreased by 11.31% and management expenses decreased by 8.46% year-on-year [2] - This refined management approach continued into Q1 2025, effectively enhancing the company's profitability [2]

以下文章来源于RimeData 来觅数据 ，作者来觅研究院 导读：4月7日，中共中央、国务院印发《加快建设农业强国规划（2024-2035）》，其中提到要推动种业自主创新全面突破，加强种质资 源保护利用，建设国际一流的国家农业种植资源保存、鉴定、创制和基因挖掘重大设施。实施育种联合攻关和畜禽遗传改良计划，加快建 设南繁硅谷。实施生物育种重大专项，选育高油高产大豆、耐盐碱作物等品种，加快生物育种产业化应用。 01 生物育种 生物育种是指利用现代生物学技术（如基因工程、分子标记、细胞工程等）结合传统育种方法，对动植物进行遗传改良，以获得优良性状（如高产、抗 病、耐逆、优质等）的新品种的过程，其核心是通过操控生物体的遗传物质（DNA）来定向优化目标性状，提高农业生产效率。 全球大力发展生物育种技术，主要是为了应对传统种植方法存在的诸多问题，如育种效率低、抗逆性差、资源利用效率低以及难以满足多样化市场需求 等。生物育种技术凭借其精准高效、抗逆性强、资源利用高效等优势，能显著提高粮食产量，保障粮食安全，同时推动农业的智能化和可持续发展。生物 育种技术已成为现代农业发展的关键驱动力，对于提升农业竞争力、应对资源约束以及推 ...

Industry Overview - The biobreeding industry is a crucial segment of high-tech agricultural development in China, with a focus on modern agricultural practices [1] - As of January 2025, there are 21 biobreeding industrial parks in China, with the highest concentration in Shandong Province, which has 6 parks [1] Company Developments - Dabeinong has entered a strategic partnership with Fuhua Tongda Chemical Co., aiming to explore new technologies and applications for biobreeding crop herbicides [5] - Wanxiang Denong has reported that two genetically modified varieties have passed national approval, with four varieties participating in the national testing this year. These GM varieties are designed to resist pests, reducing yield loss [5] - Yisheng has successfully imported 28,000 sets of Lihong ancestor white feather broilers, contributing to a total of 230,000 sets imported this year, enhancing domestic supply [5] - Longping High-Tech has improved its rice breeding information system, achieving a 52.58% increase in breeding efficiency for high-yield varieties in the Yangtze River basin [5] Challenges in the Industry - The acceptance of genetically modified rice in China is lower compared to hybrid rice, primarily due to limited public awareness and promotion of GM technology [8] - Currently, only two GM rice varieties have received production safety certificates, indicating a gap in technology maturity compared to developed countries [8] - The dominance of hybrid rice seeds in the market poses a significant challenge for the commercialization and scaling of GM rice seeds [8]

Group 1 - The collaboration between Xuzhou and Dutch agricultural experts aims to enhance modern agricultural productivity through advanced technology and practices [1][2] - Xuzhou is a significant agricultural production base in China, with annual outputs of 21.2 million tons of vegetables, 2.84 million tons of fruits, and 600,000 tons of meat [1] - The signing of multiple cooperation agreements during the exchange meeting indicates a strong commitment to modern agricultural projects, including smart greenhouse initiatives and flower breeding collaborations [1][2] Group 2 - The investment of 650 million yuan in a smart greenhouse project by the Dutch Van der Hoeven Group is expected to yield cherry tomatoes with a market price of approximately 50 yuan per kilogram, leading to a potential output value of 1 million yuan per acre [2] - The establishment of the Jiangsu Huaihai Tomato Quality Breeding Research Center focuses on digital and intelligent enhancements, aiming for an annual seedling supply of over 50 million plants [3] - Xuzhou's agricultural enterprises are leveraging Dutch platforms to expand overseas markets, including the development of a comprehensive trading service platform for ornamental horticulture [3]

Investment Rating - Industry Rating: Outperform the market (maintained rating) [12] Core Views - The pig sector shows a narrowing increase in breeding sows, indicating a need to focus on the expectation gap in the pig market [1][3] - The poultry sector, particularly broilers, is experiencing low valuations and potential elasticity in prices due to supply and demand dynamics [19][21] - The planting sector emphasizes food security and the strategic importance of biological breeding, with a focus on self-sufficiency [23] - The pet sector is witnessing a rise in domestic brands and exports, indicating a robust growth trajectory [24][25] - The feed sector is recommended for investment due to its fundamental turning point and relatively low valuations [26] Summary by Sections Pig Sector - As of April 12, the average price of pigs in China is 14.70 CNY/kg, remaining stable week-on-week, with a profit of approximately 164 CNY per head for self-breeding farms [1][16] - The supply side shows a slight decrease in average weight of pigs slaughtered, while demand remains weak, leading to a potential seasonal decline in prices [2][17] - The sector is characterized by low valuations, with major companies like Muyuan Foods and Wens Foodstuffs trading at historical lows [3][18] Poultry Sector - The broiler market faces uncertainties due to import restrictions and trade tensions, impacting supply [19][20] - Prices for broiler chicks have increased, with the average price for broiler chicks in Shandong at 3.25 CNY per chick [20] - Investment recommendations include Shengnong Development and Yisheng Livestock, with a focus on the potential for price recovery [20][21] Planting Sector - The report highlights the importance of food security, with significant imports of soybeans, corn, and wheat from the US [23] - The government is pushing for advancements in agricultural technology, particularly in biological breeding [23] - Recommended companies include Longping High-Tech and Dabeinong [23] Pet Sector - The domestic pet brand market is growing rapidly, with sales on Douyin reaching 818 million CNY in March, a year-on-year increase of 24.32% [24] - Exports of pet food are also increasing, with a total of 52,800 tons exported in the first two months of 2025, reflecting a 17.11% year-on-year growth [24][25] - Key companies to watch include Guibao Pet and Zhongchong Co [25] Feed Sector - Hai Da Group is highlighted as a key investment opportunity due to improving market conditions in aquaculture feed [26] - The report notes a significant recovery in prices for various aquatic products, indicating a positive outlook for the sector [26][27]