Core Viewpoint - The State Grid Pucheng Power Supply Company is actively enhancing energy efficiency services to help clients reduce energy costs and improve energy utilization efficiency through tailored energy diagnostics and recommendations [1][3]. Group 1: Energy Efficiency Services - The company provides energy efficiency diagnosis services, focusing on identifying issues to enhance electricity efficiency and lower energy costs [1]. - Customized energy analysis is conducted for clients, including the preparation of power load demand response measures [3]. - The company assists enterprises like Shennong Development (Pucheng) Co., Ltd. by analyzing their energy consumption data and operational characteristics to identify high energy-consuming equipment and potential energy-saving opportunities [3]. Group 2: Implementation and Support - Specific energy-saving measures and suggestions are provided to enterprises, along with tracking services to ensure effective implementation of these measures [3]. - After each monthly electricity bill issuance, the company forms a dedicated energy efficiency service team to analyze the energy usage situation and create detailed energy efficiency bills for clients [3]. - The company has helped Shennong Development (Pucheng) Co., Ltd. earn a power factor electricity fee reward of 109,600 yuan this year [3]. Group 3: Future Plans - The company plans to continue conducting energy efficiency diagnosis services for industrial enterprises, utilizing online platforms to monitor client energy usage and assist in reducing energy costs and carbon emissions [5].

Group 1: Financial Performance and Shareholder Returns - The company has distributed a total of RMB 1.024 billion in cash dividends since its listing in 2015, with a focus on stable and predictable dividend policies [3] - In 2024, the company approved a profit distribution plan that resulted in a total cash dividend of RMB 215,134,681.75, which accounted for 104.36% of the net profit attributable to shareholders for that year [3] - The company has implemented a continuous and stable dividend distribution policy, responding to regulatory guidelines aimed at enhancing dividend stability and predictability [3] Group 2: Business Expansion and Market Strategy - The company has initiated a four-phase share buyback plan, with a total investment of RMB 68.6132 million as of February 13, 2025, to support its long-term development [4] - The company is actively expanding its international marketing network, focusing on markets in the EU, Japan, South Korea, the Middle East, Southeast Asia, and Africa [7] - The company has established a subsidiary in Shanghai to innovate and improve its cooked food products, aiming to meet the diverse and personalized needs of the market [5] Group 3: Production Capacity and Project Development - The company’s Zucheng project is expected to produce 54.7281 million broilers in 2024, with a total slaughter capacity of 250-270 million chickens upon full completion [6] - The first phase of the Zucheng project, including processing plants and breeding farms, is already operational, with 27 out of 39 planned farms in production [6] - The company is enhancing its product offerings in the prepared food sector, aiming to increase market share and brand influence [5]

Investment Rating - The investment rating for the company is "Buy" and is maintained [6]. Core Views - The company has transitioned from a high-growth phase to a high-quality development phase, with continuous improvements in internal management and leading industry breeding costs. The profitability of the slaughtering business is improving, and there are prospects for international expansion, creating a new growth curve. The company has long-term investment value, with its current valuation at a historical low, as of May 6, 2025, the price-to-book (PB) ratio is 2.88, which is at the 1.59% historical percentile [2][4]. Financial Performance - In Q1 2025, the company reported revenue of 36.06 billion yuan, a year-on-year increase of 37%. The net profit reached 4.62 billion yuan, with the attributable net profit at 4.49 billion yuan, marking a significant turnaround from losses in the previous year [4][10]. - The average breeding cost in Q1 2025 was approximately 12.8 yuan/kg, while the average selling price of commodity pigs was 14.6 yuan/kg. The company achieved a total of 22.66 million pigs slaughtered, representing a year-on-year increase of 42% [10][24]. - The estimated profit per commodity pig was around 220 yuan, and the profit from breeding operations in Q1 2025 was approximately 4.65 billion yuan, compared to a loss of 2.71 billion yuan in the same period last year [10][24]. Cost Management and Future Outlook - The company is actively optimizing breeding costs, with the latest complete cost reduced to 12.5 yuan/kg. The target for average complete cost in 2025 is set at 12 yuan/kg, driven by improvements in breeding technology, genetic updates, and health management [10][24]. - The average number of breeding sows as of March 2025 was 3.41 million, an increase of 11% year-on-year, with expectations for slaughtering volume to exceed 85 million pigs in 2025, a 20% increase from 2024 [10][24]. Debt Management and Shareholder Returns - The company has adjusted its debt structure, with a debt ratio of 59.2% as of Q1 2025, down 4.39 percentage points year-on-year. Capital expenditures are gradually decreasing, allowing for more cash flow to be directed towards shareholder returns [10][24]. - In 2024, the total profit distribution accounted for 40% of net profit, with buybacks and dividends totaling 45% of net profit [10][24].

Core Viewpoint - The article highlights the significant growth of the Qingyuan chicken industry, which has achieved an annual output value exceeding 10 billion yuan, driven by e-commerce, brand development, and live-streaming sales strategies [8][12][10]. Group 1: Industry Growth and E-commerce Impact - The Qingyuan chicken industry is recognized as one of the five major billion-yuan modern agricultural industries in Qingyuan, with a comprehensive output value surpassing 10 billion yuan [8][12]. - E-commerce sales of Qingyuan chicken (fresh/prepared) are projected to exceed 10 million units and generate over 1.3 billion yuan in revenue in 2024, maintaining the top position nationally [14][12]. - The transformation of the Qingyuan chicken industry is attributed to the integration of digitalization, strategic shifts by companies, and innovative government policies [15][10]. Group 2: Company Initiatives and Product Development - Liu Qiuyan, founder of the company "Chicken Mama," initiated a business to make Qingyuan chicken accessible to a broader audience through e-commerce and live-streaming [21][23]. - The company has developed various prepared chicken products, achieving sales exceeding 10 million yuan for several items, establishing itself as a model enterprise in the prepared food sector [33][32]. - The collaboration with major e-commerce platforms like Taobao and Tmall has significantly expanded the market reach of Qingyuan chicken [37][38]. Group 3: Marketing Strategies and Consumer Engagement - The use of live-streaming and short videos has effectively increased consumer awareness and sales of Qingyuan chicken products, with notable sales events generating substantial revenue [30][31]. - The "traceability live-streaming" model has been adopted to enhance consumer trust by showcasing the production process and quality control of Qingyuan chicken [56][58]. - The partnership with high-profile brands and influencers has led to successful promotional campaigns, with some live-streaming events achieving sales of over 3 million yuan [68][69]. Group 4: Future Prospects and Industry Significance - The Qingyuan chicken industry is positioned as a key player in rural revitalization efforts, contributing to local economic development and agricultural modernization [78][80]. - The combination of entrepreneurial spirit, government support, and farmer innovation is crucial for the continued growth and market penetration of Qingyuan chicken [78][80]. - The industry aims to leverage digital tools to enhance brand identity and market potential, paving the way for broader national recognition [79][80].

Core Viewpoint - The company aims to establish a low-cost competitive system to smooth out the fluctuations of the pig cycle and create better returns for investors [2] Industry Development Outlook - Pork is the primary source of animal protein for Chinese residents and will maintain a dominant position in meat consumption in the long term, making it a stable and evergreen industry [2] - The pig farming market experiences cyclical price fluctuations due to factors such as growth cycles, inventory levels, feed prices, and market supply and demand [2] Cost Reduction Strategy - The company is focusing on reducing costs as a systematic project rather than merely cutting individual costs [2] - In 2024, the company plans to reduce fattening costs by 1.59 yuan per kilogram and weaning pig costs by 46.34 yuan per head compared to the previous year [2] - The company emphasizes technological innovation in genetic breeding, feed nutrition, and health farming to continuously lower pig farming costs and enhance profitability [2] Management and Operational Innovations - The company is committed to management innovation, enhancing internal management through project systems, and advancing digital transformation [2] - The company is accelerating the promotion of the "company + farmer" fattening model in consumption areas such as Hunan, Guangdong, and Guangxi [2] Environmental Considerations - The company is investing in environmental measures such as ventilation, odor control, and wastewater treatment, and has established a specialized environmental department [3] - The company aims to lower comprehensive costs without sacrificing the interests of stakeholders or increasing social and environmental costs [3] Business Structure and Strategy - The company has a clear division of its three main business segments: biological feed, healthy farming, and branded meat products [3] - The company follows a full industry chain operation strategy, focusing on professional development, industrial collaboration, and value prioritization to enhance profitability [3]

2025 年 05 月 13 日 公司点评 买入/维持 温氏股份(300498) 目标价: 昨收盘:16.66 年报&1 季报点评：猪鸡业务稳健增长，成本持续优化 ◼ 走势比较 (30%) (20%) (10%) 0% 10% 20% 24/5/13 24/7/25 24/10/6 24/12/18 25/3/1 25/5/13 温氏股份 沪深300 ◼ 股票数据 | 总股本/流通(亿股) | 66.54/52.35 | | --- | --- | | 总市值/流通(亿元) | 1,108.54/872. | | | 21 | | 12 个月内最高/最低价 | 23.9/15.12 | | (元) | | 相关研究报告 <<公司点评：生猪出栏快速增长，成 本持续下降>>--2025-01-14 <<温氏股份：双主业优势显著，三季 度业绩亮眼>>--2019-10-24 <<中报点评：双主业弱化猪周期影 响，持续盈利>>--2018-08-16 证券分析师：程晓东 电话：010-88321761 E-MAIL：chengxd@tpyzq.com 分析师登记编号：S1190511050002 事件：公司近日发布 ...

| 投资者关系活动 | □特定对象调研 □ 分析师会议 | | --- | --- | | 类别 | □ 媒体采访 √ 业绩说明会 | | | □ 新闻发布会 □ 路演活动 | | | □ 现场参观 | | | 其他 □ | | 参与单位名称及 | 投资者网上提问 | | 人员姓名 | | | 时间 | 2025 年 5 月 13 日 (周二) 下午 15:00~17:00 | | 地点 | 公司通过全景网"投资者关系互动平台"（https://ir.p5w.net） | | | 采用网络远程的方式召开业绩说明会 | | 上市公司接待人 | 1、董事长朱俭军 | | 员姓名 | 2、财务总监张开俊 | | | 3、董事会秘书王志龙 | | | 4、独立董事吴天云 | | | 投资者提出的问题及公司回复情况 | | | 公司就投资者在本次说明会中提出的问题进行了回复： | | | 1、请问，目前猪肉价格短期仍然在低位运行，这对公司 2025 | | | 年营收情况是否产生不利影响，公司采取哪些措施保持业绩增 | | 投资者关系活动 | 长？ | | 主要内容介绍 | 您好，公司通过加强采购管理、优化饲料配方、提 ...

2025 年 05 月 13 日 农林牧渔 产能环比增加，5 月猪价或稳定微涨 生猪养殖：产能稳定微增，猪价短期内或小幅上涨 价格端：本周生猪均价 14.81 元/kg，周环比+0.14%，两周环比-0.50%； 仔猪价格 647 元/头，周环比-0.31%，两周环比-0.15%。根据 iFinD 数据，本周猪肉批发价格 20.82 元/kg，周环比+0.15%。 供给端：本周生猪日均屠宰量为 17.34 万头，周环比变动+1.89%。 周观点：根据涌益咨询数据，4 月能繁母猪存栏量环比+0.96%，同比 +5.21%，上月环比数值-0.25%。部分中型规模母猪场布局扩产，本月 新增母猪产能略有增加，计划根据下半年卖仔猪或明年自繁自养卖育 肥猪灵活操作。据 Mysteel 点评，5 月份出栏计划较四月份实际完成 微增 1.22%，出栏压力增加不明显，散户和二育集中出栏所造成的影 响有限，加上二育入场托底，大概率月度价格重心上移，均价水平或 高于四月。不过终端需求无明显改善，阶段性拉涨动力不足，因此价 格稳步小涨为主。 家禽养殖：白羽肉鸡持续稳定，分割品价格大稳小落 周观点：据我的钢铁网显示，本周种蛋价格下行调 ...

禽养殖 2024A&25Q1 综述 消费品/农林牧渔 2024 年禽板块收入逐季度增长，养殖成本改善驱动板块盈利修复。2025 年看 好下半年白鸡种禽端景气回升，旺季黄鸡价格回暖后有望大幅释放利润弹性。 重点公司主要财务指标 | 公司简称 | 公司代码 | 市值 | 24EPS | 25EPS | 25PE | PB | 投资评级 | | --- | --- | --- | --- | --- | --- | --- | --- | | 圣农发展 | 002299.SZ | 19.6 | 0.58 | 0.89 | 17.8 | 1.9 | 强烈推荐 | | 温氏股份 | 300498.SZ | 111.8 | 1.39 | 1.38 | 12.2 | 2.6 | 强烈推荐 | | 立华股份 | 300761.SZ | 16.0 | 1.84 | 2.33 | 8.3 | 1.7 | 强烈推荐 | 证券研究报告 | 行业定期报告 2025 年 05 月 12 日 成本改善驱动板块盈利修复，静待鸡价回暖 资料来源：公司数据、招商证券（备注：市值单位为十亿元） 推荐（维持） 行业规模 | | | 占比% | | ...

2025 年 5 月 10 日 行业研究 4 月猪企销售月报解读 ——光大证券农林牧渔行业周报（20250505-20250511） 要点 本周猪价上涨。根据博亚和讯， 5 月 9 日全国外三元生猪均价为 14.82 元/kg， 周环比上涨 0.07%，15 公斤仔猪均价 36.87 元/公斤，周环比下跌 0.08%。根 据涌益咨询数据，本周商品猪出栏均重为 129.71kg，周环比上升 0.77kg，全 国冻品库容率为 14.14%，环比下降 0.59pct。当前宰后均重已处于 23 年初以 来的新高，库存处于绝对高位，五一节后需求转弱，南方大猪出栏压力逐步上 升，标肥价差逐步收敛背景下，二育出栏意愿松动有望开启行业去库存阶段。 4 月猪企销售月报解读。（1）出栏量：4 月肥猪、仔猪出栏量均有小幅下降。 13 家上市猪企合计出栏生猪 1626.39 万头，环比-5.39%，同比+39.69%。具 体来看，1）商品猪方面：4 月 13 家上市猪企出栏商品猪总量约为 1332.5 万 头，环比-2.83%，同比+34.76%。根据前期新生仔猪来看，4 月的理论出栏量 依然较高，但行业整体缩量增重，继续维持补库， ...