基本每股收益与扣非每股收益大幅提升 基本每股收益为1.31元/股，相较于2023年的 -0.77元/股，增长270.13%；扣除非经常性损益后的基本每 股收益为1.33元/股，2023年为 -0.76元/股，增长275.00%。这两项指标的大幅提升，反映了公司盈利能 力的增强，为股东带来了更好的回报。 2025年，云南神农农业产业集团股份有限公司（以下简称"神农集团"）发布2024年年度报告，各项财务 数据呈现出鲜明的变化态势。其中，经营活动产生的现金流量净额增长7769.11%，财务费用增长 2843.17%，这两项数据变化幅度较大，凸显了公司在过去一年中的经营状况与财务策略调整。以下将 对该公司年报进行详细解读。 关键财务指标解读 营收增长显著，生猪业务贡献突出 2024年，神农集团实现营业收入55.84亿元，较上年同期的38.91亿元增长43.51%。这一增长主要得益于 生猪销量增加以及生猪价格上涨。从业务板块来看，生猪业务实现主营业务收入37.98亿元，同比增加 81.53%，成为推动营收增长的核心力量。饲料加工业务收入为2.92亿元，同比下降41.31% ，主要是由 于公司业务布局调整，更加聚焦生猪 ...

华 金 期 货 生 猪 周 报 华金期货 研究院 2025/4/28 | 期货数据 | | 收盘价 | 周涨跌 | 涨跌幅 | 备注 | | --- | --- | --- | --- | --- | --- | | 生猪 | LH2507 | 13540 | -120 | -0.9% | | | | LH2509 | 14150 | -315 | -2.2% | 主力合约 | | | LH2511 | 13795 | -215 | -1.5% | | | 现货数据 | | 最新 | 周涨跌 | 涨跌幅 | 备注 | | 商品猪出栏价 | 全国（元/kg） | 14.87 | -0.03 3 | -0.2% | | | | 河南（元/kg） | 15.07 | -0.06 | -0.4% | 交割基准地 | | 出栏均重 | 样本企业（kg） | 124.04 | 0.03 | 0.0% | | | 价差 | | 变化 | 基差 | 基差值 | 变化 | | 09-07价差 | 610 | -195 | 7月 | 1530 | 60 | | 11-09价差 | -355 | 100 | 9月 | 920 | ...

2025 年 04 月 20 日 3 月行业超卖明显，猪价底部或仍有支撑 生猪养殖行业 202503 月报点评 消费品/农林牧渔 3 月标肥价差季节性收窄，行业超卖明显，猪价季节性走弱、但整体强于市场 预期，而冻品库存、二次育肥仍有提升空间，预计猪价底部仍有支撑。上市猪 企产能仍处释放期，单月出栏量创历史新高。考虑到 25 年生猪供给增幅有限， 行业成本方差较大，优质猪企或仍可实现可观盈利，持续修复资产负债表。重 点推荐牧原股份、温氏股份等，建议关注神农集团、东瑞股份等。 ❑ 风险提示：农产品价格波动超预期，突发大规模不可控疾病，重大食品安全 事件，上市公司销量/成本不达预期。 重点公司主要财务指标 | 公司简称 | 公司代码 | 市值 | 23EPS | 24EPS | 24PE | PB | 投资评级 | | --- | --- | --- | --- | --- | --- | --- | --- | | 牧原股份 | 002714.SZ | 220.5 | -0.78 | 3.27 | 12.3 | 3.1 | 强烈推荐 | | 温氏股份 | 300498.SZ | 113.8 | -0.96 | 1 ...

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]

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 ...

证券代码：603477 证券简称：巨星农牧 公告编号：2025-026 债券代码：113648 债券简称：巨星转债 乐山巨星农牧股份有限公司 2025年3月养殖业务销售情况简报 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述或者重大遗漏，并对其内容 的真实性、准确性和完整性承担法律责任。 2、上述销售数据来源于公司内部统计，未经审计，与定期报告披露的数据之间可能存在差异，上述销 售数据仅作为阶段性数据供投资者参考。因四舍五入，以上数据可能存在尾差。商品猪销价为当月销售 均价。 3、生猪市场价格的大幅波动（下降或上升）与动物疫病是生猪养殖行业的系统性风险，对任何一家生 猪养殖生产者来讲都是客观存在的、不可控制的外部风险，可能会对公司的经营业绩产生重大影响。 ■ 注：2025年3月，公司销售生猪33.90万头，其中商品猪销售32.62万头、仔猪销售1.23万头、种猪销售 0.04万头，生猪销售收入5.93亿元。 二、2025年1至3月养殖业务销售情况 ■ 三、特别说明与风险提示 1、上述披露信息仅包含公司养殖业务的生猪销售情况，不包括其他业务和其他产品。 乐山巨星农牧股份有限公司（以下简称"公 ...