证券研究报告 中粮科工 (301058 CH) 粮油表现较好，冷链利润承压 2025 年 8 月 29 日│中国内地 建筑设计及服务 王玺杰* 研究员 SAC No. S0570524110002 wangxijie@htsc.com | 樊星辰* | 研究员 | | --- | --- | | SAC No. S0570525040003 | fanxingchen@htsc.com | | | +(86) 10 6321 1166 | 基本数据 | 目标价 (人民币) | 14.66 | | --- | --- | | 收盘价 (人民币 截至 8 月 28 日) | 12.01 | | 市值 (人民币百万) | 6,152 | | 6 个月平均日成交额 (人民币百万) | 165.72 | | 52 周价格范围 (人民币) | 7.67-13.94 | | BVPS (人民币) | 4.20 | 股价走势图 (4) 16 37 57 77 Aug-24 Dec-24 Apr-25 Aug-25 (%) 中粮科工 沪深300 资料来源：Wind | 华泰研究 | | 中报点评 | 投资评级(维持): | 买 ...

对加工企业而言，托市收购提供了相对稳定的原料来源，加工企业可以更放心地从政策性渠道获取原 料，这客观上对保障食品供应稳定具有积极作用。 从更宏观的粮食安全战略角度看，托市收购的启动，可在不冲击市场的前提下，适度增加政策性库存， 有助于保持合理的粮食库存水平，增强粮食安全保障能力。 总的来看，小麦托市收购重启，犹如市场中的"定海神针"，更生动诠释了如何"把中国人的饭碗牢牢端 在自己手中"。 6月6日，国家粮食和物资储备局回复中国储备粮管理集团有限公司关于在河南启动2025年小麦最低收购 价执行预案的请示，同意自6月7日起在河南省境内符合条件的地区启动2025年小麦最低收购价执行预 案。 时隔五年后，小麦托市收购正式重启。根据国家此前公布的《小麦和稻谷最低收购价执行预案》，当本 地粮食市场收购价格持续3天低于国家公布最低收购价格时，经中储粮集团公司报国家粮食和物资储备 局批准，在符合条件的相关地区启动预案。小麦托市收购预案执行时间为当年6月1日至9月30日。 从农民利益保护角度看，托市收购的必要性更为显著。 作为全国小麦产量第一大省，河南小麦产量占全国总产量的四分之一，是名副其实的"中国粮仓"。然 而，自今年5月 ...

Core Viewpoint - Jifeng Technology's controlling shareholder, Sichuan Tequ Education Management Co., Ltd., is planning a change in the company's control, leading to a suspension of trading for the stock starting April 11 [3][5]. Group 1: Company Control Change - Jifeng Technology announced that its controlling shareholder, Tequ Education, is in the process of planning a change in control, with specific details to be determined by agreements signed by the parties involved [3][5]. - The stock of Jifeng Technology will be suspended from trading to ensure fair information disclosure and avoid abnormal stock price fluctuations, with the suspension expected to last no more than two trading days [5]. Group 2: Financial Performance - Jifeng Technology reported a significant decline in net profit for 2024, with a net profit attributable to shareholders of -30.81 million yuan, a decrease of 283.36% year-on-year [7][8]. - The company's operating revenue for 2024 was 2.709 billion yuan, reflecting a year-on-year increase of 2.24% [8]. - The basic earnings per share for 2024 were -0.0621 yuan, a decrease of 265.60% compared to the previous year [8]. Group 3: Business Overview - Jifeng Technology operates primarily in two segments: agricultural machinery chain sales services and high-end specialty agricultural machinery research and manufacturing [7]. - The company has agency rights for several international and domestic agricultural machinery brands, including Case New Holland, Kubota, and DJI drones [7]. Group 4: Future Outlook - For 2025, Jifeng Technology aims to enhance internal management and operational efficiency, promote innovation in subsidiary operations, and actively integrate high-end, intelligent resources to align with industry trends [9]. - The company's stock price has increased by over 50% year-to-date, closing at 8.06 yuan per share on April 10, with a total market capitalization of 4 billion yuan [9].