[Table_Summary] 事件概述 证券研究报告|公司点评报告 [Table_Date] 2025 年 04 月 30 日 [Table_Title] 现金分红比例持续增高，养殖业务未来可期 [Table_Title2] 广弘控股(000529) | [Table_DataInfo] 评级： | 增持 | 股票代码： | 000529 | | --- | --- | --- | --- | | 上次评级： | 增持 | 52 周最高价/最低价： | 8.2/4.76 | | 目标价格： | | 总市值(亿) | 35.03 | | 最新收盘价： | 6 | 自由流通市值(亿) | 34.19 | | | | 自由流通股数(百万) | 569.88 | 公司发布 2024 年年报，报告期内，公司实现营业收入 23.36 亿元，同比-16.29%；实现归母净利润 1.22 亿元， 同比-42.79%。2025Q1，公司实现营业收入 5.09 亿元，同比-8.54%；实现归母净利润 0.14 亿元，同比增长 1.70%。 分析判断: ► 主业稳定，公司近三个会计年度累计分红总额为 2.45 亿元 2024 年 ...

顶端新闻记者 金艾琳 4月29日晚，河南111家A股上市公司公开披露2024年年报。 2024年，谁才是河南A股上市公司中的 "KPI达人"?是稳扎稳打的老牌巨头，还是异军突起的后起之秀？ 通过2024年年报数据，一探究竟。 【营收双雄！洛阳钼业、牧原股份营收超千亿】 | 序号 证券代码 | 证券名称 | x VIV X | | | | --- | --- | --- | --- | --- | | 1 | 603993.SH | | 洛阳铝业 可 | 2,130.2866 | | 2 | 002714.SZ | | 牧原股份 = | 1,379.4689 | | 3 | 000895.SZ | 双 发展 四 | | 595.6122 | | ব | 600531.SH | 豫光金铝 四 | | 393.4454 | | 5 | 000933.SZ | | 神火股份 " | 383.7266 | | e | 600066.SH | | 宇通客车 四 | 372.1759 | | 7 | 601717.SH | | 郑煤机 ~ | 370.2457 | | 8 | 601677.SH | | 明泰铝业 可 | ...

Investment Rating - The investment rating for the company is "Accumulate" [1] Core Views - The company has shown a stable main business with a total cash dividend of 245 million yuan over the last three accounting years, indicating a commitment to returning value to shareholders [3] - The frozen products business remains the primary revenue source, contributing 82.64% of total revenue in 2024, although it has seen a decline in revenue [4] - The livestock farming business is expected to expand, with projected annual output increasing to 870,000 pigs by 2025, which could enhance the company's performance [6][7] Summary by Sections Financial Performance - In 2024, the company achieved operating revenue of 2.336 billion yuan, a year-on-year decrease of 16.29%, and a net profit attributable to shareholders of 122 million yuan, down 42.79% [2] - The first quarter of 2025 saw operating revenue of 509 million yuan, a decrease of 8.54%, but net profit increased by 1.70% to 14 million yuan [2] Business Segments - The frozen products segment generated 1.930 billion yuan in revenue in 2024, down 20.66% year-on-year, while the cold storage business contributed 91 million yuan, down 6.35% [3] - The livestock farming segment reported revenue of 177 million yuan, a decrease of 4.66%, but its revenue share increased by 0.92 percentage points [3] Dividend Policy - The company plans to distribute a cash dividend of 1.20 yuan per 10 shares, totaling 70.05 million yuan, with a payout ratio of 57.53% for 2024 [3] Future Projections - Revenue forecasts for 2025-2027 are 2.530 billion yuan, 2.788 billion yuan, and 2.813 billion yuan, respectively, with net profits expected to rise to 211 million yuan, 265 million yuan, and 302 million yuan [7] - The earnings per share (EPS) are projected to be 0.36 yuan, 0.45 yuan, and 0.52 yuan for the years 2025, 2026, and 2027, respectively [7]

Group 1: Financial Performance - In Q1 2025, the company achieved an operating income of 9.36 billion CNY, with a net cash inflow of 1.23 billion CNY [2] - For 2024, the projected operating income is 12.26 billion CNY, with a net profit of 243.43 million CNY, reflecting a year-on-year growth of 123.29% [2] - The company's asset-liability ratio stands at 63.35%, with a year-on-year increase in operating cash flow of 22.40% [2] Group 2: Livestock Production - In 2024, the company is expected to have a pig output of 433.62 million heads, a year-on-year increase of 16.80%, with 90.18% being fat pigs [2] - By 2025, the company aims to achieve a pig output of 500-550 million heads, with a focus on low-cost breeding models [3] - The "company + farmer" model is projected to account for approximately 78% of the pig output by 2025, indicating potential for further growth [4] Group 3: Cost Reduction Strategies - The company plans to lower breeding costs by replacing with high-reproduction Dan pigs and improving management practices [6] - Expansion of the "company + farmer" model is expected to enhance production efficiency and management effectiveness [6] - Collaboration between feed and breeding businesses will leverage scale procurement advantages to reduce feed costs [6] Group 4: Feed Business Outlook - The current feed sales structure is primarily based on distribution, with a shift towards direct sales and innovative feeding assistance models [7] - The company aims to enhance feed sales through a "product + service" model, ensuring a reasonable sales structure for downstream feed customers [7] - Rising piglet prices are attributed to increased demand from large-scale producers and feed companies transitioning to breeding models [8]

Group 1 - The core viewpoint of the news is the establishment of a platform for value enhancement among listed companies in Henan, aimed at improving development quality and increasing investor returns [1][2] - A total of 37 major A-share companies and H-share representatives participated in the exchange meeting, sharing experiences and practices for value enhancement [1] - The "Henan Listed Company Value Enhancement Professional Committee" was established to serve as a platform for ongoing communication and to promote value enhancement practices [1][2] Group 2 - Participating companies expressed commitment to implementing the new "National Nine Articles" spirit, focusing on internal system establishment and value management centered on investors [2] - The meeting enriched the practical experience of value enhancement for Henan listed companies through the sharing of case studies and best practices [2] - The Henan Listed Company Association plans to leverage the meeting's outcomes to solidify responsibilities, enhance value management tools, and contribute to the stability and prosperity of the capital market [2]

Financial Performance - The company reported a basic earnings per share of -0.0056 yuan for Q1 2025, a decrease of 1220% compared to 0.0005 yuan in Q1 2024 [1] - The net profit for Q1 2025 was -0.12 billion yuan, a significant decline of 1300% from 0.01 billion yuan in Q1 2024 [1] - The return on equity (ROE) for Q1 2025 was -1.25%, down from 0.11% in Q1 2024, indicating a substantial decrease of 1236.36% [1] - The company's operating revenue increased to 7.7 billion yuan in Q1 2025, reflecting a growth of 3.77% from 7.42 billion yuan in Q1 2024 [1] Shareholder Structure - The top ten unrestricted shareholders hold a total of 117,895.46 million shares, accounting for 55.51% of the circulating shares, with a decrease of 6,348.96 million shares compared to the previous period [1] - The largest shareholder, Xinyang Dingxin Xinghua Industrial Investment Partnership, holds 51,189.36 million shares, representing 24.10% of the total share capital, with no change [2] - The second-largest shareholder, Henan Guangzhou Chenyue Industrial Co., Ltd., holds 34,151.99 million shares, accounting for 16.08% of the total share capital, also unchanged [2] - China Agricultural Bank's Henan Branch and Henan Nontou Jinkong Co., Ltd. have exited the top ten shareholders list [2] Dividend Distribution - The company has announced that there will be no distribution or transfer of dividends this time [3]

Investment Rating - The report maintains a "Buy" rating for the company with a target price of 19.41 RMB [7][8]. Core Insights - The company achieved a revenue of 4.115 billion RMB in Q1 2025, a year-over-year decrease of 2.38% and a quarter-over-quarter decrease of 15%. However, the net profit attributable to the parent company was 148 million RMB, showing a significant year-over-year increase of 338% [1][2]. - The company's profitability is supported by a price advantage and a reduction in costs, with the average price of chicken in the industry dropping by 5.9% year-over-year, while the company's revenue only declined by 2.4% [2][3]. - The company has successfully reduced its comprehensive meat production costs by approximately 10% year-over-year, driven by improvements in self-researched breeding stock and operational efficiency [2][3]. Summary by Sections Financial Performance - Q1 2025 revenue was 4.115 billion RMB, with a net profit of 148 million RMB, aligning with the performance forecast range [1]. - The company estimates its Q1 broiler meat business profit at around 85 million RMB, with a per-unit profit of nearly 0.6 RMB, while the industry faces losses of about 1.1 RMB per unit [2]. Cost Management and Sales Strategy - The company has restructured its sales channels and product strategies, leading to high revenue growth across various channels, including C-end retail, which saw over 30% year-over-year growth [3]. - The company continues to focus on cost reduction and efficiency improvements, which are expected to sustain the downward trend in comprehensive meat production costs [3]. Profit Forecast and Valuation - The report maintains profit forecasts for the company, projecting net profits of 1.284 billion RMB, 1.643 billion RMB, and 1.890 billion RMB for 2025, 2026, and 2027, respectively [4]. - The estimated book value per share (BVPS) for 2025 is 9.03 RMB, with a price-to-book ratio (PB) of 2.15x for the same year [4].

Core Viewpoint - The company has shown improved profitability in Q1 2025, driven by lower feed prices and enhanced production efficiency, leading to a decrease in the debt-to-asset ratio to 51% [1][3]. Financial Performance - In 2024, the company reported revenue of 104.9 billion yuan (up 17% year-on-year) and a net profit of 9.23 billion yuan (turning from loss to profit) [1]. - For Q4 2024, the company achieved revenue of 29.5 billion yuan (up 17% year-on-year) and a net profit of 2.82 billion yuan (turning from loss to profit) [1]. - In Q1 2025, the company reported revenue of 24.3 billion yuan (up 11% year-on-year) and a net profit of 2.0 billion yuan (turning from loss to profit) [2]. Segment Performance - In the pig farming segment for 2024, the company sold 30.18 million pigs (up 15% year-on-year) with estimated costs of 14.0-14.5 yuan/kg, achieving a profit of 280-330 yuan per pig [1]. - In the chicken farming segment for 2024, the company sold 1.21 billion chickens (up 2.1% year-on-year) with estimated costs of 12.0-12.5 yuan/kg, achieving a profit of 1.5-2.0 yuan per chicken [1]. - In Q1 2025, the company sold 8.59 million pigs (up 20% year-on-year), with estimated costs of 12.5-13.0 yuan/kg, achieving a profit of 270-320 yuan per pig [2]. - In Q1 2025, the company sold 282 million chickens (up 5.4% year-on-year), with estimated costs of 11.0-11.5 yuan/kg, incurring a loss of 0.8-1.3 yuan per chicken [2]. Cash Flow and Debt Management - The company experienced improved cash flow, with net operating cash inflows of 6.8 billion yuan in Q4 2024 and 3.82 billion yuan in Q1 2025, contributing to a decrease in the debt-to-asset ratio to 51% [3]. - The breeding stock of sows increased to approximately 1.74 million by the end of 2024, up 12% year-on-year, supporting stable production growth [3]. Investment Outlook - The company maintains a "strong buy" investment rating, with expected net profits of 9.16 billion yuan, 11.3 billion yuan, and 13.1 billion yuan for 2025-2027, corresponding to P/E ratios of 12X, 10X, and 8.6X respectively [3].

业务销量大幅增长，肉猪板块实现量价齐升。2024 年公司销售肉猪3018.27 万头，同比增长14.93%；肉 猪销售收入648.55 亿元，同比增长 33.71%；毛猪销售均价16.71 元/公斤，同比增长12.83%。2024 年公 司销售肉鸡12.08 亿只，同比增长2.09%；肉鸡销售收入357.18 亿元，同比下降2.58%；毛鸡销售均价 13.06 元/公斤，同比下降4.60%。公司养猪单头盈利水平保持领先水平，鸡业生产保持高水平稳定，并 计划2025 年肉鸡销售量同比增长5%或以上。 养殖成绩持续向好，资产负债表大幅改善 核心生产指标改善，生产成绩持续向好。截至2 月份，公司肉猪养殖上市率达93%-94%，肉猪养殖综合 成本降至12.6 元/公斤左右；公司肉鸡养殖上市率达95.2%，毛鸡出栏完全成本降至11.2 元/公斤。公司 资产负债率持续下降，财务结构显著改善。2024 年末，资产负债率降至53.14%，比上年末下降 8.27pcts，截至2025年一季度末，资产负债率已下降至51.45%，此外，公司2024 年度累计现金分红总额 达23.16 亿元，并且拟于2025 年中期再次实施现金分红 ...

禽业成本优势凸显，盈利逆势增长。2024 年，公司销售肉鸡12.08 亿只（含毛鸡、鲜品及熟食），同比 增长2.09%。毛鸡销售均价13.06 元/公斤，同比下降4.60%。肉鸡类业务实现销售收入357.18 亿元，同比 下降2.58%。尽管售价下降，但得益于饲料原料价格下降及生产效率保持高水平，肉鸡上市率达95%， 养殖成本同比大幅下降，2024 年全年毛鸡出栏完全成本降至6元/斤（约12 元/公斤），同比下降0.8 元/ 斤；第四季度降至5.7 元/斤。成本降幅大于销售价格降幅，养鸡业务实现显著盈利。 盈利预测与投资建议。预计2025-2027 年EPS 分别为1.40 元、1.63 元、1.92元，对应动态PE 分别为 12/10/9 倍，维持"买入"评级。 风险提示：产能释放不及预期，下游需求不及预期、养殖端突发疫情等风险。 业绩总结：公司发布 2024年年度报告。公司 2024年实现营业收入1048.63亿元，同比增长16.64%；实现 归母净利润92.30 亿元，上年同期净亏损63.90 亿元，同比扭亏为盈；实现扣除非经常性损益后的归母净 利润95.73 亿元，扭亏为盈。2025 年第一季度实现营 ...