Group 1 - Longpan Technology's subsidiaries signed a sales contract for over 5 billion yuan of lithium iron phosphate cathode materials, expecting to sell a total of 150,000 tons from 2025 to 2029 [1] Group 2 - Hengda plans to acquire high-precision CNC grinding business assets from German company SMS for 8.5 million euros, aiming to enhance R&D capabilities and product offerings in intelligent CNC equipment [2] Group 3 - China First Heavy Industries' chairman is under investigation for serious violations of discipline and law, prompting the company to appoint an acting chairman [3] Group 4 - In April, various companies reported their sales performance, with notable figures including: - China Merchants Shekou's sales amounting to 14.764 billion yuan - Shoukai's sales down by 23.77% to 1.46 billion yuan - Tiankang Biological's pig sales revenue at 380 million yuan, up 1.06% month-on-month - Longyuan's pig sales revenue at 125 million yuan, up 14.59% month-on-month and 12.72% year-on-year - New Wufeng's pig sales reaching 408,100 heads, up 36.31% year-on-year - GAC Group's car sales at 116,400 units, down 12.66% year-on-year [6] Group 5 - Red Tower Securities proposed a share buyback of 100 million to 200 million yuan, while Mengbaihe plans to buy back shares worth 85 million to 170 million yuan [6]

5月9日晚间，沪深两市多家上市公司发布公告，以下是第一财经对一些重要公告的汇总，供投资者参 考。 【品大事】 卧龙地产：证券简称变更为"卧龙新能" 卧龙地产(600173)公告，公司证券简称将自2025年5月15日起由"卧龙地产"变更为"卧龙新能"，公司证券 代码保持不变。 宁波富达：终止筹划重大资产重组事项 宁波富达(600724)公告，公司原计划以现金方式通过股权受让或增资方式取得宁波晶鑫电子材料有限公 司不少于45%股权，并保证上市公司拥有目标公司的表决权股权比例不低于51%。由于交易双方未能就 交易最终方案达成一致，经友好协商，各方同意终止进一步推进本次交易。终止本次重大资产重组事项 无需提交董事会、股东会审议。交易尚处于筹划阶段，未对上市公司现有生产经营活动、财务状况和战 略发展造成重大不利影响。公司承诺自公告披露之日起至少一个月内不再筹划重大资产重组。 蓝黛科技：拟3411万元收购重庆台冠18%股权 蓝黛科技(002765)公告，拟收购殷文俊、刘健、孙刚、崔颖合计持有的公司控股子公司重庆台冠18%股 权，转让价款为3411万元。本次股权收购完成后，公司将持有重庆台冠100%股权，重庆台冠成为公司 ...

丨证券研究报告丨 公司研究丨点评报告丨温氏股份（300498.SZ） [Table_Title] 温氏股份 2024 年年报和 2025 年一季报点评： 成本优化驱动盈利反转，猪鸡双板块增长强劲 报告要点 [Table_Summary] 公司 2024 年实现营收 1049.24 亿元，同比增长 16.68%，现归属净利润 92.30 亿元，扣非后净 利润 95.73 亿元，同比均扭亏为盈；2025 年一季度实现营收 243.31 亿元，同比增长 11.37%， 实现归属净利润 20.01 亿元，同比扭亏为盈，是近四年来公司首次实现一季度盈利。我们看好 公司作为猪鸡养殖龙头企业，凭借行业领先的成本管控优势和稳健的产能释放，持续实现盈利 增长。我们预计 2025 年和 2026 年公司实现归母净利润 100 亿元、50 亿元，重点推荐。 分析师及联系人 [Table_Author] 陈佳 顾熀乾 SAC：S0490513080003 SAC：S0490519060003 SFC：BQT624 请阅读最后评级说明和重要声明 %% %% %% %% research.95579.com 1 温氏股份（300498. ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company reported a revenue of 104.92 billion yuan for 2024, representing a year-on-year increase of 16.68%, and a net profit attributable to shareholders of 9.23 billion yuan, up 244.46% year-on-year. For Q1 2025, the revenue was 24.33 billion yuan, with a year-on-year growth of 11.37%, and a net profit of 2.00 billion yuan, reflecting a 261.92% increase year-on-year [2] - The company is a leading player in pig and chicken farming, with stable growth in output and high production performance. The sales volume of pigs reached 30.18 million heads in 2024, a year-on-year increase of 14.93%, while the sales volume of chickens was 1.208 billion, up 2.09% year-on-year [5][6] - The company has successfully controlled costs, with the comprehensive cost of pigs dropping from 7.2 yuan per jin in 2024 to 6.3-6.4 yuan per jin in Q1 2025, exceeding quarterly cost targets [5] - The company aims to sell between 33 to 35 million pigs in 2025, representing a year-on-year increase of 9% to 16% [5] Summary by Sections Financial Performance - In 2024, the company achieved a total revenue of 104.92 billion yuan, with a net profit of 9.23 billion yuan. The projected revenues for 2025, 2026, and 2027 are 106.98 billion yuan, 116.62 billion yuan, and 124.44 billion yuan respectively, with corresponding net profits of 9.27 billion yuan, 9.67 billion yuan, and 11.06 billion yuan [3][6] - The earnings per share (EPS) for 2025 is projected at 1.39 yuan, with a price-to-earnings (P/E) ratio of 12.17 [3][6] Market Position - The company holds a 4.3% share of the national pig output, ranking second among listed companies. It also leads the market in chicken production with an 8.41% share [5] - The company has a strong asset-liability management strategy, with a debt ratio of 51.45% as of Q1 2025, down from 53.14% in 2024 [5] Investment Outlook - The company is expected to maintain its leadership in the pig and chicken farming sectors, with stable growth in output and production efficiency. The investment recommendation remains "Buy" based on the anticipated performance and market conditions [5][6]

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company reported a revenue of 104.92 billion yuan for 2024, a year-on-year increase of 16.68%, and a net profit attributable to shareholders of 9.23 billion yuan, up 244.46% year-on-year. For Q1 2025, the revenue was 24.33 billion yuan, with a year-on-year growth of 11.37%, and a net profit of 2.00 billion yuan, reflecting a 261.92% increase year-on-year [2] - The company is a leading player in pig and chicken farming, with stable growth in output and high production performance. The sales volume of pigs reached 30.18 million heads in 2024, a 14.93% increase year-on-year, while the sales price for pigs averaged 16.71 yuan/kg, up 12.83% year-on-year [5][6] - The company has a solid balance sheet with a decreasing debt ratio, aiming to reduce the debt ratio to around 45% by the end of 2025. The company plans to invest approximately 50 billion yuan in fixed assets in 2025, focusing on the construction and upgrade of breeding facilities [5][6] Summary by Sections Financial Performance - In 2024, the company achieved a total revenue of 104,924.35 million yuan, with a year-on-year growth rate of 16.68%. The net profit attributable to shareholders was 9,230.42 million yuan, reflecting a year-on-year increase of 244.46% [3] - For 2025, the estimated revenue is projected at 106,977.16 million yuan, with a growth rate of 1.96%, and the net profit is expected to be 9,268.64 million yuan, a slight increase of 0.41% [3] Sales and Production - The company sold 30.18 million pigs in 2024, capturing 4.3% of the national market, and aims to sell between 33 to 35 million pigs in 2025, representing a year-on-year growth of 9% to 16% [5] - The chicken sales volume in 2024 was 1.208 billion birds, with a market share of 8.41%. The company expects a 5% increase in chicken sales volume in 2025 [5] Cost Management - The comprehensive cost of pig farming was 7.2 yuan/kg in 2024, which decreased to 6.3-6.4 yuan/kg in Q1 2025, exceeding quarterly cost targets [5] - The total cost of chicken farming was approximately 6 yuan/kg in 2024, which dropped to about 5.6 yuan/kg in Q1 2025 [5] Investment and Future Outlook - The company plans to invest around 50 billion yuan in fixed assets in 2025, focusing on breeding facilities and equipment upgrades [5] - The projected net profits for 2025, 2026, and 2027 are 9.27 billion yuan, 9.67 billion yuan, and 11.06 billion yuan, respectively, with corresponding EPS of 1.39 yuan, 1.45 yuan, and 1.66 yuan [5][6]

Group 1 - Tianbang Food (002124) has made progress in its restructuring, selecting Xiamen Jianfa Real Estate Co., Ltd. consortium as the chosen investor, and signing a restructuring investment agreement with industry investors [1][2] - According to the restructuring investment agreement, after the completion of the restructuring, Jianfa Real Estate and Nanning Liyuan Grain and Oil Feed Co., Ltd. will each receive 200 million shares of the listed company at a price of 1.85 yuan per share, totaling an investment of 740 million yuan [1][2] - The restructuring aims to improve the financial structure and resolve the debt crisis, while introducing new capital to restore and enhance the company's sustainable operation and profitability [2][3] Group 2 - In 2024, Tianbang Food achieved a turnaround in its operating performance, generating a net profit attributable to shareholders of 1.459 billion yuan, with a net profit of 257 million yuan after deducting non-recurring gains and losses [3] - The company's asset-liability ratio at the end of 2024 was 72.58%, a decrease of 14.15 percentage points from the end of 2023, indicating improved financial conditions [3] - In the first quarter of 2025, Tianbang Food's net profit after deductions turned significantly positive, exceeding 100 million yuan, compared to a loss of over 450 million yuan in the same period last year [3]

证券代码：002661 证券简称：克明食品 公告编号：2025-060 登录新浪财经APP 搜索【信披】查看更多考评等级 本公司及董事会全体成员保证信息披露内容的真实、准确和完整，没有虚假记载、误导性陈述或重大遗 漏。 陈克明食品股份有限公司（以下简称"公司"）控股子公司阿克苏兴疆牧歌食品股份有限公司（以下简 称"兴疆牧歌"）经营范围包括畜禽养殖业务，现公司就每月畜禽销售情况进行披露，具体内容如下： 一、2025年4月生猪销售情况 兴疆牧歌2025年4月份销售生猪6.39万头，销量环比增长14.53%，同比增长33.00%；销售收入7,090.48万 元，销售收入环比增长4.94%，同比增长16.04%。 2025年1-4月，公司累计销售生猪19.02万头，较去年同期增长11.52%；累计销售收入21,849.26万元，较 去年同期增长6.61%。 上述数据未经审计，与定期报告披露的数据之间可能存在差异，因此上述数据仅作为阶段性数据供投资 者参考，敬请广大投资者注意投资风险。 二、原因说明 2025年4月生猪销售数量同比增长主要系产能逐步释放及销售策略调整所致。 三、风险提示 1、上述销售情况只代表兴疆牧歌生 ...

Group 1 - The company achieved a turnaround in net profit for 2024, with a year-on-year increase in revenue of 16.68% to 104.92 billion yuan and a net profit of 9.23 billion yuan [1] - The improvement in profitability is attributed to the recovery in meat pig prices and better livestock production performance, with estimated comprehensive costs for pig farming in Q1 2025 around 12.6-12.8 yuan/kg, a decrease of nearly 0.8 yuan/kg from the previous quarter [1] - The company has a competitive advantage in pig farming, with selling prices approximately 0.5 yuan/kg higher than peers, leading to superior profitability per head [1] Group 2 - The company's financial situation is strong, with a debt-to-asset ratio of 51.45% as of Q1 2025, a decrease of 1.69 percentage points from the end of 2024, and cash reserves of 5.781 billion yuan, up 29.62% from the end of 2024 [2] - The company plans to expand production steadily, with a fixed asset investment of about 5 billion yuan in 2025, focusing on the construction and upgrading of pig farms, chicken farms, slaughterhouses, and egg-laying facilities [2] - In 2024, the company sold 30.1827 million pigs, a year-on-year increase of 14.93%, and 1.208 billion chickens, a growth of 2.09%, with sales targets for 2025 set at 33-35 million pigs and a growth of 5% or more for chicken sales [2]

2025 年 5 月 7 日 晨会速递 分析师点评 市场数据 总量研究 【策略】盈利探底回升，科技板块景气度上行——A 股及港股财报分析 A 股 2024 年盈利增速回落，但 2025Q1 盈利增速显著回升。全部 A 股 2024 年归母 净利润同比下降2.3%，较2024年前三季度归母净利润增速回落2.4pct，而其2025Q1 归母净利润同比增长 3.6%，较 2024 年全年归母净利润增速回升 5.9pct。此外，港 股方面，2024H2 港股盈利增速较 2024H1 回升，恒生科技盈利保持高增。 市场基准利率以政策利率为中枢运行既是健全市场化利率调控机制的应有之义，也是 内嵌于"牵 OMO 利率之一发而带动各市场利率全身"的必然选择。即便没有美国加 征高额关税等事件，今年一季度以来的"正偏离"亦将向常态回归，而 4 月份相关事 件的出现加速了这一过程的到来。 行业研究 【汽车】新势力改款+新车相继发布，关注节后终端优惠变化——特斯拉与新势力 4 月销量跟踪报告(买入) 4 月车市表现平稳，新车上市/老车型终端优惠持续提振新势力销量，五一新势力购车 权益总体稳定，1）预计以旧换新驱动的 2025E 国内 ...

Investment Rating - The investment rating for the agriculture, forestry, animal husbandry, and fishery industry is "Positive" (maintained) [2] Core Insights - The agricultural industry achieved a revenue of CNY 11,498.20 billion in 2024, a year-on-year decrease of 3.68%, while the net profit attributable to shareholders rose to CNY 466.39 billion, an increase of 806.55% [6][17] - In Q1 2025, the industry reported a revenue of CNY 2,706.77 billion, a year-on-year growth of 6.79%, with a net profit of CNY 133.13 billion, up 795.07% [6][17] - The overall profitability of the industry improved significantly in Q1 2025, with gross profit margin at 12.91%, net profit margin at 5.16%, and return on equity (ROE) at 2.57%, all showing year-on-year increases [21][30] Summary by Sections Overall Industry Performance - In 2024, the agricultural industry saw a slight decline in revenue but a substantial increase in net profit, indicating improved profitability despite lower sales [17] - The profitability metrics for Q1 2025 showed significant improvements compared to the previous year, with a notable decrease in the expense ratio [21] Sub-industry Analysis - The livestock sector experienced a remarkable increase in net profit, with pig farming turning profitable in 2024 and continuing strong performance into 2025 [6][29] - The poultry farming sector also showed strong growth, with net profit increasing significantly due to reduced feed costs and improved efficiency [43][44] - The pet food sector maintained high growth rates, with revenues and profits continuing to rise [6][25] Livestock Farming - In 2024, pig farming companies generated CNY 4,370.03 billion in revenue, a slight decline, but net profit surged to CNY 320.13 billion, reflecting a recovery in profitability [29] - In Q1 2025, revenues for pig farming increased by 18.69% year-on-year, with net profit rising by 236.12% [29][30] Poultry Farming - Poultry farming companies achieved a revenue of CNY 520.71 billion in 2024, with a net profit of CNY 28.49 billion, marking a significant increase [43] - In Q1 2025, revenue continued to grow, reaching CNY 118.71 billion, with net profit increasing to CNY 4.51 billion [43][44] Feed Industry - The feed industry reported a revenue of CNY 1,863.30 billion in 2024, with a net profit of CNY 52.48 billion, showing a significant recovery in profitability [58] - In Q1 2025, revenues rose to CNY 428.66 billion, with net profit increasing to CNY 15.26 billion [58][61] Animal Health - The animal health sector saw a revenue of CNY 129.02 billion in 2024, with a net profit of CNY 10.82 billion, despite a decline in profitability [66] - In Q1 2025, revenues increased to CNY 30.96 billion, with net profit rising to CNY 4.26 billion [66]