证券研究报告 海大集团 (002311 CH) 国内价值属性增强，海外持续高成长 2026 年 1 月 27 日│中国内地 饲料 公司近期上调 2025-2027 年未来三年分红率由 30%至 50%，并向香港联交 所递交了海外业务分拆上市的申请文件。我们认为，当前市场对海大集团国 内业务的分红价值以及海外成长空间仍有预期差，公司 2025 年国内饲料主 业超额优势进一步放大，且单吨盈利壁垒稳固，此外，公司饲料出海持续高 增长，港股上市将加快公司海外产能布局、理顺海外管理与激励思路。重点 推荐国内长期超额优势向分红价值转化、海外盈利水平&成长性双高的稀缺 资产海大集团，维持"买入"评级。 国内主业优势稳固，自由现金流、分红率有望回升 （1）公司国内饲料主业竞争力进一步放大，我们预测，海大集团 2025 年 国内饲料外销量增长约 20%，大幅超出行业约 6%的增速，市占率加速提升； 在激烈的市场竞争下，公司饲料吨毛利长期韧性突出，以 2015 年为基期， 25H1 主要饲料上市公司饲料吨毛利下降 190 元，海大集团仅微降 6 元。我 们认为，公司 2030 年实现国内 4430 万吨饲料产销量目标的确定性不断 ...

证券日报网讯1月27日，花园生物（300401）在互动平台回答投资者提问时表示，公司饲料级胆固醇目 前国内暂未产生营收。饲料级胆固醇作为饲料添加剂，下游主要为预混料、饲料生产厂商等。 ...

证券之星消息，1月27日饲料板块较上一交易日下跌1.85%，佩蒂股份领跌。当日上证指数报收于 4139.9，上涨0.18%。深证成指报收于14329.91，上涨0.09%。饲料板块个股涨跌见下表： | 代码 | 名称 | 收盘价 | 涨跌幅 | 成交量(手) | 成交额(元) | | | --- | --- | --- | --- | --- | --- | --- | | 002548 | 金新农 | 6.49 | 2.69% | 84.57万 | | 5.38 Z | | 002696 | 自洋股份 | 7.83 | 0.38% | 11.90万 | | 9271.72万 | | 603668 | 天马科技 | 15.62 | 0.06% | 7.20万 | | 1.11亿 | | 688156 | 路德科技 | 19.36 | 0.00% | - 3.02万 | | 5787.63万 | | 002100 | 天康生物 | 7.15 | -0.42% | 41.13万 | | 2.93亿 | | 603151 | 邦基科技 | 19.09 | -0.83% | 2.67万 | | 5099.46万 | ...

Core Viewpoint - The company has received a new product certificate for feed additives from the Ministry of Agriculture and Rural Affairs of China, which will restrict other production and import applications for this new feed and feed additive for a monitoring period of five years [1] Group 1 - The company is now authorized to produce a new feed additive, which may enhance its market position in the agricultural sector [1] - The monitoring period of five years will prevent other companies from applying for production or import registration of the same new feed and feed additive, potentially reducing competition [1]

Group 1 - The company announced the establishment of a partnership enterprise, Guangdong Province Yuemao No. 1 Agricultural Investment Partnership (Limited Partnership), with a total subscription capital of 20.001 million yuan, where the company’s wholly-owned subsidiary, Guangdong Tangrenshen Industrial Development Co., Ltd., invested 10 million yuan [2] - Yuemao No. 1 will provide a cash increase of 10 million yuan to the subsidiary Maoming Xiangda Camel Feed Co., Ltd., increasing its registered capital by 9.00875 million yuan, resulting in a 47.99% shareholding [2] - The company is adjusting its strategic direction from primarily exporting feed to becoming an internal supply base to meet the feed demands of its growing breeding business in regions like Maoming and Yangjiang [3] Group 2 - The company completed the acquisition of partnership shares, with Guangdong Tangrenshen and Shenzhen Qianhai Tangrenshen Investment Co., Ltd. acquiring all partnership shares held by Yuemao Fund and Yuemao Investment for 54.0109 million yuan and 0 yuan, respectively [3] - The partnership enterprise has completed the industrial and commercial change registration and received a new business license, with the new establishment date being October 9, 2023 [4] - The main business scope of the partnership includes investment activities using self-owned funds [5] Group 3 - The company disclosed that its shareholder, Daxinghang Feed Co., Ltd., reduced its shareholding from over 5% to 4.999999% through block trading, amounting to a reduction of 14.2293 million shares, which does not trigger a mandatory tender offer [7][8] - The reduction in shareholding will not lead to changes in the company's controlling shareholder or actual controller [8] - The shares reduced were sourced from the company's non-public offering and related equity distribution, thus no prior disclosure of a reduction plan was required [9]

Core Viewpoint - The company Tangrenshen announced that its shareholder, Daxinghang Feed Co., Ltd., has reduced its stake in the company through block trading, decreasing its shareholding from 6% to 4.999999% [1] Shareholding Changes - Daxinghang Feed Co., Ltd. sold a total of 14,229,300 shares between January 6 and January 23, 2026, which represents 0.999887% of the total share capital [1] - Following this reduction, Daxinghang is no longer considered a shareholder with more than 5% ownership in the company [1] Impact on Company Structure - The change in shareholding does not trigger a mandatory tender offer and will not alter the company's controlling shareholder or actual controller [1] - The governance and operational aspects of the company remain unaffected by this change [1]

资金面上，该股今日主力资金净流出193.64万元，近5日资金净流出464.61万元。（数据宝） （文章来源：证券时报网） 邦基科技（603151）1月26日发布2025年业绩预增公告，预计实现净利润为1.10亿元~1.35亿元，净利润 同比增长119.43%~169.30%。 证券时报·数据宝统计显示，邦基科技今日收于19.25元，下跌1.28%，日换手率为1.31%，成交额为 4331.19万元，近5日上涨0.63%。通过对2025年业绩预增50%以上的个股走势进行统计发现，预告发布 后当日股价上涨的占比62.11%，股价发布当日股价涨停的有12家。预告发布后5日股价上涨的占比 64.21%。 ...

Investment Rating - The investment rating for the agricultural, forestry, animal husbandry, and fishery industry is "Positive" (maintained) [1] Core Viewpoints - The report highlights that the pig farming sector is experiencing short-term supply pressure, with piglet prices continuing to rise. The industry is seeing a recovery in breeding sentiment as profits have turned positive, and the expectation of capacity reduction is weakening. The report anticipates that pig prices may stop declining and start to rise due to capacity control policies and decreasing costs for listed companies, leading to sustained profitability [4][16] - The poultry sector is facing a contradiction of "high capacity, weak consumption," with the potential for leading companies to increase their market share. The report emphasizes the importance of focusing on companies with improving return on equity (ROE) and sustainable performance [6][18] - The feed sector is recommended to focus on Hai Da Group, which aims to increase its dividend payout ratio and has a clear long-term growth path. The company is also expanding its overseas market presence, which is expected to lead to significant growth [8][20] - The pet food sector shows a trend of increasing concentration, with head brands gaining advantages. The report notes a decline in export growth rates, particularly to the U.S., but anticipates a recovery in domestic sales [10][21] - The agricultural products sector is seeing a price recovery from the bottom, with attention needed on weather and import impacts. The report suggests that the agricultural sector has significant investment value due to its historical low valuations and the need to protect farmers' incomes [11][23] Summary by Sections 1. Pig Farming - The SW pig farming sector has seen a 1.1% decline, primarily due to market sentiment and concerns over capacity reduction. The average weight of pigs at market is still high at 129 kg, with prices fluctuating around 13.03 yuan/kg. The number of breeding sows has decreased by 2.9% year-on-year, indicating a normal holding level [4][16] - The report emphasizes the shift in industry policy towards protecting farmers' rights and encouraging innovation, suggesting that future growth stocks will focus on technological content and innovative models [4][16] 2. Poultry - The poultry sector is experiencing price fluctuations, with broiler prices at 3.8 yuan/kg, reflecting a 4.11% increase week-on-week. The report notes that the poultry industry is facing a contradiction of high production capacity and weak consumption, which may lead to market share gains for integrated companies [6][18] 3. Feed - The report recommends Hai Da Group, which plans to increase its dividend payout ratio to over 50% and has set ambitious sales targets for 2050. The company is expected to benefit from improved management and increased production capacity [8][20] 4. Pet Food - The pet food sector is seeing a decline in export growth, particularly to the U.S., where exports fell by 29.7%. However, the report anticipates a recovery in domestic sales, suggesting that companies focusing on domestic brands will have a long-term advantage [10][21] 5. Agricultural Products - The agricultural products sector is witnessing a price recovery, with soybean meal prices rising by 0.6%. The report highlights the importance of monitoring weather conditions and import situations, as well as the overall investment value of the agricultural sector due to its low valuations [11][23]

Group 1 - The feed sector increased by 1.12% on January 26, with Tangrenshen leading the gains [1] - The Shanghai Composite Index closed at 4132.61, down 0.09%, while the Shenzhen Component Index closed at 14316.64, down 0.85% [1] - Tangrenshen's stock price rose by 5.13% to 4.51, with a trading volume of 1.0471 million shares and a transaction value of 461 million yuan [1] Group 2 - The feed sector saw a net inflow of 31.2553 million yuan from institutional investors, while retail investors experienced a net outflow of 52.6372 million yuan [2] - Major stocks in the feed sector showed varied net capital flows, with Dabeinong experiencing a net outflow of 41.6369 million yuan from institutional investors [3] - Tiankang Biological had a net inflow of 37.5631 million yuan from institutional investors, indicating strong interest [3]

本期公司盈利水平同比提升，主要系直销渠道合作的规模化养殖企业存栏量增加，拉动公司产品销量及 销售收入同步增长，进而推动整体盈利规模提升。 邦基科技（603151）(603151.SH)发布2025年年度业绩预告，经初步测算，预计2025年年度实现归属于 母公司所有者的净利润11,000万元到13,500万元，与上年同期相比，将增加5,987.02万元到8,487.02万 元，同比增加119.43%到169.30%。 ...