Group 1 - The core viewpoint emphasizes the implementation of policies to enhance agricultural productivity and ensure food security in Guangxi, aligning with national directives on rural revitalization [1] Group 2 - Continuous enhancement of grain and important agricultural product supply capabilities is prioritized, with a target to stabilize total grain production at approximately 14.1 million tons [2] - A multi-faceted food supply system is being constructed, ensuring the breeding stock of sows remains stable at around 2.1 million heads [3] - Strengthening farmland protection and quality improvement through strict management and monitoring of farmland usage [4] Group 3 - Agricultural technology collaboration is being promoted, focusing on smart agriculture and digital supply chain advancements [4] - Disaster risk monitoring and agricultural emergency response capabilities are being enhanced to mitigate agricultural losses [5] Group 4 - Efforts to consolidate and expand poverty alleviation achievements include a focus on employment stability for over 2.68 million people [5] - Establishing a layered and categorized assistance system to prevent poverty recurrence and support low-income rural populations [6] Group 5 - Development of modern characteristic rural industries is being pursued, with initiatives to upgrade agricultural product processing and promote e-commerce [6] - Integration of rural culture and tourism is emphasized, with plans for eco-tourism and seasonal travel routes [7] Group 6 - Channels for increasing farmers' income are being broadened, supporting stable partnerships between farmers and enterprises [7] - A focus on enhancing rural infrastructure, including water supply and transportation systems, is underway [8] Group 7 - Improvement of basic public services in rural areas is prioritized, including education and healthcare enhancements [9] - Environmental governance in rural areas is being strengthened, targeting pollution control and waste management [10] Group 8 - Strengthening rural governance systems through enhanced party organization and community engagement is a key focus [11] - Reducing bureaucratic burdens on grassroots organizations to improve efficiency and responsiveness [12] Group 9 - Mechanisms for ensuring the sustainable management of rural resources and assets are being established [14] - Innovative financing mechanisms for rural revitalization projects are being developed, including support for agricultural insurance and credit systems [15]

Core Viewpoint - The overall performance of A-share listed companies in 2024 remains stable, with a majority reporting profits despite a slight decline in total revenue and net profit compared to the previous year [1][2]. Group 1: Financial Performance - As of April 29, 2024, 75.49% of A-share companies reported profits, with 3961 out of 5274 companies achieving profitability [1]. - Total revenue for A-share companies reached 69.77 trillion yuan, a decrease of 0.35% year-on-year, while net profit was 5.23 trillion yuan, down 0.81% from the previous year [1]. - Approximately 2986 companies reported revenue growth, accounting for 57% of those that disclosed annual reports, with 215 companies experiencing revenue increases exceeding 50% [1][2]. Group 2: Industry Performance - In 2024, 13 out of 31 primary industries saw year-on-year revenue growth, with non-bank financials, automotive, and electronics leading the way with growth rates of 16.06%, 13.15%, and 9.32% respectively [3]. - The agriculture, forestry, animal husbandry, and fishery sector saw significant profit increases, with companies like Muyuan Foods and Wens Foodstuffs turning losses into profits, reporting net profits of 178.81 billion yuan and 92.30 billion yuan respectively [3]. Group 3: Research and Development Investment - A-share companies increased their R&D investments, totaling 1.55 trillion yuan in 2024, a 1.6% increase year-on-year [4]. - BYD led in R&D spending with 531.95 billion yuan, marking a 34.42% increase from the previous year [4]. Group 4: Top Companies - The top three companies by revenue in 2024 were Sinopec with 30,745.62 billion yuan, PetroChina with 29,379.81 billion yuan, and China State Construction with 21,871.48 billion yuan [2]. - The banking and insurance sectors dominated profitability, with the top ten companies by net profit including four major state-owned banks, led by Industrial and Commercial Bank of China at 365.86 billion yuan [2].

Financial Performance - The company reported a basic earnings per share of 0.6700 yuan for 2024, a significant increase of 115.91% compared to a loss of 4.2100 yuan in 2023 [1] - The net profit for 2024 was 5.79 billion yuan, recovering from a loss of 36.51 billion yuan in 2023, marking a 115.86% improvement [1] - Operating revenue decreased to 87.63 billion yuan in 2024, down 54.96% from 194.58 billion yuan in 2023 [1] - The net asset return rate was not reported for 2024, but it was -49.79% in 2022 [1] Shareholder Structure - The top ten unrestricted shareholders collectively hold 91,766.53 million shares, accounting for 62.52% of the circulating shares, with an increase of 60,495.80 million shares compared to the previous period [1] - New significant shareholders include Fujian Aonong Biotechnology Group Co., Ltd. with 47,941.08 million shares (32.66% of total shares) and Xinyang Bank with 8,665.81 million shares (5.90% of total shares) [2] - Notable exits from the top ten shareholders include Huang Zuyiao and Cen Yetao, who have withdrawn from the list [2] Dividend Distribution - The company has announced no distribution or capital increase for the current period [3]

在越南胡志明市举办中国—越南智慧养殖技术交流会，与韩国忠清南道签署畜牧业发展合作协议……近 段时间，由广西大学、广西扬翔集团股份有限公司、深圳数影科技有限公司等联合组建的中国—东盟生 猪产业创新联盟打造的数字畜牧，特别是智能养猪技术，正加速"出海"，助力构筑中国—东盟农业科技 合作新高地。 广西是中国面向东盟开放合作的前沿，是"一带一路"有机衔接的重要门户。目前，广西正抢抓国家实施 人工智能能力建设普惠计划等重大机遇，积极构建"北上广研发+广西集成+东盟应用"的发展路径。 中新网贵港4月29日电 题：广西智能养猪技术"出海" 云端猪场走向东盟 作者 周珂 陈梅 广西大学动物科学技术学院教授、扬翔集团育种研究中心总监赵云翔介绍，近年来，集团与深圳数影科 技合作，推出FPF智能养猪整体解决方案，即将猪场的猪、人、物、场、企业等关键要素互联网化，为 猪场管理提供智能化的应用和决策服务，形成了一个真实且实时可控的云端猪场。 共创共享中外协作科研平台，加速推动与东盟合作的进程。 目前，产学研深度融合正在打开国际合作新空间。2024年10月，中国—东盟生猪产业创新联盟成立。 赵云翔介绍，联盟主要致力推动中国与东盟在生猪育 ...

Core Viewpoint - The company reported strong Q1 2025 results with significant year-on-year growth in revenue and net profit, indicating robust operational performance and cost management strategies [1][2][4]. Group 1: Financial Performance - Q1 2025 revenue reached 36.061 billion yuan, a year-on-year increase of 37.26% but a quarter-on-quarter decrease of 12.41% [1]. - The net profit attributable to shareholders for Q1 2025 was 4.491 billion yuan, showing a year-on-year increase of 288.79% and a quarter-on-quarter decrease of 39.31% [1]. - The company sold 22.66 million pigs in Q1 2025, representing a year-on-year increase of 42% and a quarter-on-quarter increase of 5.6% [2]. Group 2: Operational Highlights - The average profit per pig was 200 yuan, significantly higher than the industry average of approximately 93 yuan, attributed to a decrease in breeding costs to around 12.9 yuan per kilogram [2]. - The slaughtering volume reached 5.29 million pigs in Q1 2025, a year-on-year increase of 80% and a quarter-on-quarter increase of 15% [2]. - The utilization rate of slaughtering capacity exceeded 70%, improving by over 30 percentage points year-on-year, driven by enhanced sales channels and operational management [2]. Group 3: Future Outlook - The company aims to achieve a target of 72 to 78 million market pigs and 8 to 12 million piglets in 2025, indicating a year-on-year growth of 10% to 19% for market pigs and 41% to 112% for piglets [3]. - The company plans to continue reducing costs through advancements in health management, breeding, nutrition research, and smart applications [3]. - The establishment of a subsidiary in Vietnam and plans for an H-share listing are expected to enhance the company's international presence and long-term growth potential [3]. Group 4: Valuation and Profit Forecast - The company has adjusted its profit forecasts for 2025, 2026, and 2027 to 19.7 billion, 18.3 billion, and 47.2 billion yuan respectively, reflecting increases of 39%, 36%, and 9% [4]. - The target price is set at 51.30 yuan, with a price-to-book ratio of 3.3x for 2025, maintaining a "buy" rating [4].

公司披露2025 年一季度报告，第一季度实现营收360.61 亿元，同比增长37.26%；归母净利润44.91 亿 元，同比扭亏为盈。 2025Q1 公司销售商品猪1839.5 万头(同比+20.17%),商品猪销售均价14.53 元/公斤（同比+3.49%）。销售 仔猪414.9 万头（同比+594.97%），种猪11.3 万头（同比+5.61%）。截至2025 年3 月末，公司能繁母猪 存栏为348.5 万头。一季度销售量增明显，仔猪销量增加显著。屠宰业务方面，随公司屠宰量提升以及 管理精进，屠宰业务经营情况逐步好转。展望全年，我们认为公司出栏目标有望达成，养殖成本或进一 步下降，屠宰业务向好发展。 龙头优势显著，维持"买入"评级 考虑2025 年猪价或低于2024 全年，我们预计公司2025-2027 年营业收入分别为1434.91/1497.96/1961.42 亿元，同比分别+4.02%/+4.39%/+30.94%，归母净利润分别为180.70/168.61/249.11 亿元，同比分别 +1.06%/-6.69%/+47.74%，EPS 分别为3.31/3.09/4.56 元/股。公司为行业龙头 ...

1Q25 业绩符合我们预期 巨星农牧公布1Q25 业绩：1Q25 营收同比+73.4%至16.45 亿元，归母净利同比+2.68 亿元至1.3 亿元， 1Q25 商品猪成本持续下降，出栏量、销售均价较同期增加，支撑利润上行。公司业绩符合我们预期。 发展趋势 1Q25 公司生猪销量同比快速增长，以商品猪销售为主。1）收入端，1Q25生猪销售收入15.22 亿元，公 司收入增长因商品猪出栏量价均同比增长。 维持2025/26 年净利润预测4.7/8.6 亿元。当前股价对应25/26 年23/13 倍P/E，维持跑赢行业评级。维持 目标价23 元，对应2025/26 年25/14 倍P/E，对应9%上行空间。 风险 非瘟等动物疫病风险；公司出栏低于预期风险；饲料成本上涨风险。 出栏重回扩张通道，较低成本构建高质量发展基础。1）降本增效：公司制定2025 年商品猪完全成本目 标13 元/千克以内，我们判断随公司产能爬坡，叠加技术创新及管理优化，成本控制目标具备达成基 础。2）资金稳健：轻资产养殖模式叠加低成本优势，资金状况有望保持稳健。公司坚持多种形式的、 轻资产为主的高质量种场发展模式，以及高质量寄养为主的育肥发展 ...

考虑2025 年猪价或低于2024 全年,我们预计公司2025-2027 年营业收入分别为72.67/89.36/108.63 亿元,同 比分别+19.55%/+22.98%/+21.57%,归母净利润分别为4.81/7.82/11.12 亿元,同比分 别-7.33%/+62.76%/+42.18% ,EPS 分别为0.94/1.53/2.18 元/股。公司出栏增速较高且成本水平偏低,维 持"买入"评级。 风险提示:发生疫病的风险,生猪价格长期处于低位的风险,原材料价格波动的风险。 生猪出栏高增,板块实现较好盈利 2025Q1 公司销售生猪83.30 万头(同比+63%),其中销售商品猪81.66 万头,商品猪销售均价15.00 元/公斤。 受益于猪价同比回升,以及公司成本持续下降,公司该板块实现较好盈利。展望全年,我们认为公司2025 全 年出栏目标有望达成,板块有望维持较好利润。 出栏有望加速,维持"买入"评级 事件 公司披露2025 年一季度报告,第一季度实现营收16.45 亿元,同比增长73.45%;归母净利润1.30 亿元,同比扭 亏为盈。 猪价同比回升叠加成本改善,利润率同比提升2025Q1 公司 ...

1. Report Industry Investment Ratings - The investment rating for the pig market is "cautiously bearish" [3] - The investment rating for the egg market is "neutral" [5] 2. Core Views - In the short - term, the rolling entry of secondary fattening and farmers' reluctance to sell continue. The pre - May Day stocking demand may boost spot prices, and the slaughtering enterprise's开工率 will rise. But in the long - term, with the slow recovery of the fertile sow data, there is supply pressure in the pig market [2] - Near May Day, although there is an increase in egg consumption due to supermarket and e - commerce promotions and tourism catering, the overall demand is still weak, and the short - term oversupply pattern is hard to change [4] 3. Summary by Related Catalogs Pig Market Market News and Important Data - Futures: The closing price of the pig 2509 contract was 14,130 yuan/ton, a change of - 20.00 yuan/ton (- 0.14%) from the previous trading day [1] - Spot: In Henan, the price of outer ternary pigs was 14.88 yuan/kg; in Jiangsu, it was 15.16 yuan/kg; in Sichuan, it was 14.32 yuan/kg. The national average wholesale price of pork on April 28 was 20.87 yuan/kg, up 1.3% from the previous day [1] Market Analysis - Short - term: Secondary fattening and farmers' reluctance to sell continue. Pre - May Day stocking may boost prices, and the supply and slaughtering enterprise's开工率 will increase [2] - Long - term: The fertile sow data is slowly recovering, leading to supply pressure [2] Strategy - The strategy for the pig market is "cautiously bearish" [3] Egg Market Market News and Important Data - Futures: The closing price of the egg 2506 contract was 2,981 yuan/500 kilograms, a change of - 31.00 yuan (- 1.03%) from the previous trading day [3] - Spot: In Liaoning, the egg price was 3.33 yuan/jin; in Shandong, it was 3.20 yuan/jin; in Hebei, it was 3.07 yuan/jin. On April 28, the production - link inventory was 1.29 days, and the circulation - link inventory was 1.81 days [3] Market Analysis - Demand: Near May Day, consumption is boosted by promotions and tourism catering, but overall demand is still weak due to insufficient terminal consumption and concerns about egg storage [4] - Market Pattern: The short - term oversupply pattern is hard to change, and the consumer end has limited ability to accept high prices [4] Strategy - The strategy for the egg market is "neutral" [5]

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