Group 1 - The core point of the article highlights the sales performance of Yisheng Co., Ltd. in March 2025, showing a mixed trend in sales volume and revenue for different products [1] - The sales volume of white feather broiler chicks reached 47.4933 million with a revenue of 138 million yuan, reflecting a year-on-year change of +11.52% in volume but a decrease of -24.06% in revenue [1] - The sales of Yisheng 909 small white feather broiler chicks amounted to 8.6458 million with a revenue of 8.0568 million yuan, showing a year-on-year change of +9.64% in volume and -14.88% in revenue [1] Group 2 - The company sold 7,426 breeding pigs in March 2025, generating a revenue of 15.3852 million yuan, with a significant year-on-year change of +1,084.37% in volume and +701.31% in revenue [1] - The month-on-month changes for breeding pigs were +30.33% in volume and +26.26% in revenue, indicating strong growth in this segment [1] - The overall performance indicates a divergence in sales trends across different product lines, with breeding pigs showing substantial growth while broiler chicks faced revenue declines [1]

事件：公司发布2025Q1 业绩预告，预计实现净利润45~50 亿元，同比+283%~303%；归母净利润43~48 亿元，同比+281~302%；对应EPS 0.8~0.9元/股。 点评： 成本方面，公司商品猪完全养殖成本持续下行至3 月达到12.5 元/kg，成本优势明显。我们认为公司不 断推进低豆日粮技术研发，饲料配方比例较为灵活且生产成绩持续提升，预期关税战背景下饲料价格可 能的波动对公司养殖成本影响幅度较为有限，且价格有望向终端消费传导推动猪价上行，公司相对受 益。 此外，我们认为当前公司发展重点已从快速扩张转向关注成本，资本开支或有所收缩，未来资本结构有 望愈加稳健。 盈利预测与投资评级：我们预计公司2025-2027 年实现营收分别为1403.5、1435.2、1527.0 亿元，实现 归母净利分别为143.77、159.45、215.75 亿元，对应PE 为16.03、14.46、10.69x，维持"推荐"评级。 风险提示：生猪价格波动风险；饲料原材料价格波动风险；动物疫病风险；产能释放不及预期。 受益于生猪均价及公司出栏量的同比增长，以及养殖成本的持续优化，2025Q1 公司业绩同比扭亏为 ...

证券代码：603477 证券简称：巨星农牧 公告编号：2025-029 债券代码：113648 债券简称：巨星转债 乐山巨星农牧股份有限公司2025年3月份担保情况的公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述或者重大遗漏，并对其内容 的真实性、准确性和完整性承担法律责任。 重要内容提示： ● 被担保人名称及是否为上市公司关联人：被担保人包括乐山巨星农牧股份有限公司（以下简称"公 司"或"上市公司"）合并报表范围内的子公司（19家）、部分优质养殖户、客户、合作伙伴（346户）， 不存在关联担保。 ● 本次担保金额及已实际为其提供的担保余额：公司2025年3月（以下简称"本期间"）新增担保金额合 计24,605.44万元，其中，对子公司新增的担保金额为24,105.44万元，对优质养殖户、客户、合作伙伴等 新增的担保金额为500.00万元。截至2025年3月31日，公司及控股子公司对外担保余额为191,266.44万 元，其中，对子公司的担保余额为185,776.67万元，对优质养殖户、客户、合作伙伴等的担保余额为 5,489.77万元。 一、担保情况概述 公司2024年度（以下简称 ...

Group 1: Report Overview - The report is a daily report on the hog market on April 10, 2025, focusing on the current situation of the hog spot and futures markets and providing trading strategies [2] Group 2: Investment Rating - No investment rating for the industry is provided in the report Group 3: Core Viewpoints - The spot market is stable with prices fluctuating narrowly, and there is a possibility of further weakening in the future, with a focus on enterprise sales completion and secondary fattening sales changes [4][5] - The futures market is expected to be weak with oscillations, and the downward movement space is relatively limited [5] Group 4: Spot Market Summary - Spot prices continue to fluctuate, with the average price rising from 14.59 yuan/kg yesterday to 14.63 yuan/kg today [4] - Scale enterprises' sales volume remains stable, but the sales weight remains high, increasing supply pressure [4] - Ordinary farmers are cautious, and the enthusiasm for secondary fattening replenishment is average due to the weakening price difference between fat and standard hogs [4] - The supply side may become looser this month, and the supply pressure is expected to continue [4] Group 5: Futures Market Summary - The near - term futures contracts have declined significantly today, mainly due to the large previous increase [5] - The overall futures market is driven downward, but the further downward space is limited, and it is expected to be weak with oscillations [5] Group 6: Price and Profit Summary - Futures contract prices show different trends, with LH01 rising by 30 yuan, LH05 falling by 195 yuan, etc. [4] - Piglet and sow prices remain unchanged this week compared to last week [4] - The self - breeding and self - raising profit is 47 yuan/head, down 4.83 yuan from yesterday, and the profit from purchasing piglets is - 31.97 yuan/head, down 4.84 yuan from yesterday [4] Group 7: Slaughter and Spread Summary - The slaughter volume decreased from 136,813 heads yesterday to 136,212 heads today [4] - The price differences between different - sized hogs show different changes, such as the standard - medium hog price difference increasing by 0.04 yuan/kg [4] Group 8: Trading Strategies - Unilateral trading: Hold off on trading - Arbitrage: Hold off on trading - Options: Sell a wide - straddle strategy [6]

Core Viewpoint - Xiaoming Co. reported a significant increase in chicken product sales revenue for March, driven by higher sales volume and prices, alongside a rise in the number of laying hens due to low egg prices [1] Group 1: Sales Performance - In March, Xiaoming Co. achieved chicken product sales revenue of 130 million yuan, marking a year-on-year increase of 138.58% [1] - The sales volume for March reached 29.4655 million birds, with a month-on-month increase of 8.15% [1] - The revenue growth was attributed to both increased sales volume and higher unit prices [1] Group 2: Market Conditions - The low price of eggs in March contributed to an increase in the number of laying hens, which in turn boosted the demand for replacement chicks [1] - National egg prices are expected to rebound in late April due to pre-holiday stocking for the May Day holiday, indicating a potential recovery in egg prices [1]

Core Viewpoint - The key factor for Muyuan Foods (牧原股份) to turn losses into profits in Q1 is the significant reduction in costs, despite a decline in pig prices and sales volume [1][2]. Group 1: Financial Performance - Muyuan Foods expects a net profit attributable to shareholders of 4.3 billion to 4.8 billion yuan in Q1, representing a year-on-year increase of 280.75% to 301.77% [1]. - The average sales price of pigs in January and February was 14.76 yuan/kg, dropping to 14.3 yuan/kg in March, indicating a downward trend in pig prices [3]. - The company's breeding costs decreased significantly, with costs per kg dropping from 15.8 yuan in January-February to 12.5 yuan in March, contributing at least 2 yuan/kg to profit growth [4]. Group 2: Sales and Production - The sales volume of pigs in Q1 was 18.395 million heads, aligning with annual targets, while the sales of piglets surged by 595% to 414,900 heads compared to the previous year [5][6]. - The company has a target of 72 million to 78 million heads of market pigs and 8 million to 12 million piglets for 2025 [5]. Group 3: Strategic Direction - Muyuan Foods has shifted its strategy to "steady growth," with capital expenditures expected to decrease, indicating a focus on quality rather than rapid expansion [7]. - The company has established a wholly-owned subsidiary in Vietnam, indicating progress in its international expansion efforts [1][8]. - Investors are concerned about how the company will find new growth markets, as the current production capacity and pig prices will directly impact its upper limits [9].

Core Viewpoint - The three major listed pig companies, Muyuan Foods, New Hope Liuhe, and Wens Foodstuff Group, have recently released their sales reports for March 2025, showing significant growth in sales volume and revenue compared to previous periods [1][2]. Sales Volume Summary - In March 2025, Muyuan Foods sold 693.5 million pigs, a year-on-year increase of 40.48% [2][4]. - Wens Foodstuff Group sold 309.55 million pigs, with a month-on-month increase of 19.14% and a year-on-year increase of 18.13% [2][4]. - New Hope Liuhe sold 155.07 million pigs, with a month-on-month increase of 36.03% and a year-on-year increase of 1.65% [2][4]. Sales Revenue Summary - Muyuan Foods reported a sales revenue of 12.794 billion yuan in March 2025, a year-on-year increase of 49.26% [2][4]. - Wens Foodstuff Group's sales revenue for March was 5.441 billion yuan, with a month-on-month increase of 16.11% and a year-on-year increase of 15.1% [2][4]. - New Hope Liuhe's sales revenue was 2.228 billion yuan, with a month-on-month increase of 35.28% but a year-on-year decrease of 3.3% [2][4]. Average Price Summary - The average selling price for Muyuan Foods' pigs was 14.3 yuan/kg in March 2025, a year-on-year increase of 0.42% [2][7]. - Wens Foodstuff Group's average price for pigs was 14.87 yuan/kg, a month-on-month decrease of 0.6% but a year-on-year increase of 0.95% [2][7]. - New Hope Liuhe's average price was 14.55 yuan/kg, with a month-on-month decrease of 0.61% and a year-on-year increase of 1.46% [2][7]. Company Insights - New Hope Liuhe attributed its sales volume fluctuations to internal upgrades in biosecurity measures and an increase in the proportion of piglet sales due to favorable market conditions [3][5]. - Muyuan Foods noted that its sales volume and revenue growth were primarily due to improved operational planning and production efficiency [5].

Core Viewpoint - The company, Tianbang Food Co., Ltd., anticipates a decline in net profit for the first quarter of 2025 compared to the same period last year, primarily due to the absence of investment gains from the sale of equity in a subsidiary [1][2]. Financial Performance Summary - The estimated net profit attributable to shareholders for Q1 2025 is projected to be between 115 million to 135 million yuan, reflecting a year-on-year decrease [2]. - The net profit after deducting non-recurring gains and losses is expected to be between 95 million to 115 million yuan, marking a significant turnaround from a loss of 455 million yuan in the same quarter last year [2]. - The improvement in profitability is attributed to higher pig prices compared to the previous year, alongside stable operations and ongoing management improvements during the pre-restructuring phase [2]. Operational Context - The company is currently in a pre-restructuring phase, which is a preliminary step before formal restructuring proceedings are initiated by the court [3]. - The company has not yet undergone an audit of its earnings forecast by an accounting firm [1].

Core Viewpoint - A significant number of listed companies in A-shares are expected to report strong earnings growth for the first quarter of 2025, with over 90% of the companies showing positive performance indicators [1] Group 1: Earnings Forecasts - More than 100 listed companies have disclosed their earnings forecasts for Q1 2025, with 60 companies expecting profit increases, 4 maintaining profitability, 11 turning losses into profits, and 21 showing slight increases [1] - Companies like Muyuan Foods expect a net profit of 4.3 billion to 4.8 billion yuan for Q1 2025, recovering from a loss of 2.379 billion yuan in the same period last year [2] - China Shipbuilding Defense anticipates a net profit of 170 million to 200 million yuan for Q1 2025, marking a year-on-year increase of over 1000% [2] - Zhangjiang Hi-Tech expects a net profit of 270 million to 330 million yuan for Q1 2025, representing a year-on-year growth of 127% to 177% [4] Group 2: Industry Performance - The increase in net profits across various sectors, including state-owned enterprises and industry leaders, is attributed to market expansion, increased orders, and cost reduction measures [1] - Companies like Yuedui Co. expect a net profit of 107 million to 127 million yuan for Q1 2025, driven by cost reduction initiatives and rising ore prices [5] - CITIC Securities forecasts a net profit of approximately 6.545 billion yuan for Q1 2025, reflecting a 32% increase year-on-year, primarily due to growth in wealth management and investment trading [5] - Guotai Junan expects a net profit of 11.201 billion to 12.445 billion yuan for Q1 2025, indicating a year-on-year increase of 350% to 400% [5]

工业富联：第一季度净利润预计52亿元—53亿元，同比增长24%—27% 工业富联公告称，2025年第一季度预计营业收入1590亿元-1610亿元，同比增长34.0%-35.6%；预计归属 于上市公司股东的净利润为52亿元-53亿元，同比增长24.4%-26.8%。云计算业务方面，板块营业收入同 比增长超过50%，AI服务器、通用服务器营业收入同比皆超过50%。通讯及移动网络设备方面，公司积 极推进战略布局，有效实现对客户的稳健出货。公司将继续聚焦主营业务，推动AI+技术创新和经营提 质增效。 中国联通：为进一步回报股东，3月公司将此前回购的5.13亿股全部注销 中国联通公告称，公司将深入实施融合创新战略，推进"网络向新、技术向新、服务向新"，2025年将着 力实现创新动力更足、能力优势更强、业务结构更优、经营效益更好、品牌形象卓著。同时，公司坚持 战略引领与价值导向，持续推动提升上市公司投资价值，过去几年每股分红保持双位数增长。为进一步 回报股东，2025年3月公司将此前回购的5.13亿股全部注销。此外，公司将持续完善股东沟通渠道，积 极倾听中小股东声音，与投资者高频次交流。 海油工程：控股股东中国海油集团拟 ...