宁夏建材 20250714 摘要 宁夏建材在 2025 年上半年业绩表现如何？ 2025 年上半年，宁夏建材的归母净利润预计在 9,700 万到 1.25 亿之间，同 比增长 85%到 138%。扣非归母净利润同比增长 100%至 138%到 236%之 间。主要原因包括市场需求下滑背景下，公司坚持行业生态建设和错峰生产， 保持了量价相对稳定；加强内部管理，降低采购成本和期间费用；以及强化应 收账款清收工作，对公司利润贡献明显。 能否具体分享一下宁夏建材在 2025 年第二季度的销量和价格情况？ 在销量方面，由于正式报告尚未出炉，具体数据暂时无法提供，但总体趋势是 主产品价格有所上升，而销量保持相对稳定。不同产品类别中，有些品类的销 量略有上升，有些则略有下降，但整体变化幅度不大。 中国建材集团已进行多轮整合以解决同业竞争问题，宁夏建材 2022 年 启动的整合方案虽被交易所否决，但仍在推进。运输服务业务收入逐年 递增，但盈利能力较弱，公司致力于提高业务质量和盈利能力。 宁夏建材现金流状况一般，与运输服务业务的账期有关。公司近年来保 持较高比例的现金分红。下半年经营关键在于市场需求、政府投资计划 落实情况和反 ...

Investment Rating - The investment rating for the industry is "Positive" and maintained [10] Core Insights - The report suggests that controlling production capacity from group farms has a sufficiently large radiation scale and strong targeting, which may achieve significant control effects and impacts. In terms of slaughter scale, the degree of scale in the pig farming industry has reached a high level, with the 18 listed pig companies accounting for 24% of the industry's slaughter volume in 2024. The marginal contribution mainly comes from these 18 listed companies, which contributed 120% and 89% of the slaughter volume increment in 2022 and 2023, respectively. In 2024, they maintained growth even in a shrinking industry context, with the weight of group farms in the front-end breeding stock capacity changes also increasing, indicating strong targeting of production capacity control policies [2][6][16]. Summary by Sections Industry Scale and Concentration - The pig farming industry has shown a long-term trend of scale, with the proportion of entities slaughtering over 500 heads increasing from 12% in 2004 to 70% in 2024. The market share of listed companies reached 24% in 2024, indicating a high level of industry concentration. The industry experienced two rounds of accelerated concentration, with the number of small-scale farms decreasing significantly due to environmental regulations and the impact of African swine fever, which forced many small farmers out of the market [7][17][19]. Contribution of Listed Companies - After the African swine fever outbreak, the increase in industry slaughter volume has mainly been driven by the 18 listed companies. In years of declining industry slaughter volume, these companies have shown resilience, contributing positively to overall growth. For instance, in 2022, the listed companies' slaughter volume increased by 34.37 million heads, accounting for 120% of the total industry increment. In 2023, they contributed 23.87 million heads, representing 89% of the total increment. Even in 2024, when the industry faced negative growth, these companies still increased their overall slaughter volume by 9.32 million heads [8][46][47]. Trends in Production Capacity - The report highlights a trend towards specialization within the industry, with group farms gaining importance in front-end production capacity changes. The leading company, Muyuan Foods, maintained stable growth in breeding stock during the industry's contraction phase. From Q1 2024 to Q1 2025, the industry is expected to see a recovery of 470,000 breeding sows, while Muyuan's breeding stock is projected to grow by 340,000 during the same period [51][55]. Capital Expenditure and Market Dynamics - The capital expenditure of listed companies surged during the high-profit period following the African swine fever outbreak, with significant investments made to expand production capacity. However, since 2021, there has been a rationalization in the pace of capacity expansion, with capital expenditures decreasing and the industry experiencing reduced volatility in production capacity [31][40][42]. Conclusion - The report concludes that the pig farming industry is at a critical juncture, with significant contributions from large-scale listed companies and a shift towards more specialized production practices. The targeting of production capacity control policies from group farms is expected to yield positive results in managing industry dynamics [2][6][16].