种猪产能逐步释放，业绩增幅显著。2025Q1 公司种猪实现销量14,099 头，同比+344.1%；营收3,026 万 元，同比+216.9%。由于公司种猪产能逐步释放，2025Q1 猪业务销售量营收均实现大幅增加。 事件：公司于4 月29 日发布2025 年一季报，公司2025Q1 实现营收6.2亿元，同比-9.4%，环比-36.6%； 实现归母净利润-0.1 亿元，同比-112.0%，环比-106.5%。 禽业务追加投资，进一步拓展公司白羽肉鸡业务。根据公司战略发展规划，为进一步拓展公司白羽肉鸡 业务，扩大公司父母代肉种鸡的养殖规模，提高公司商品代白羽肉雏鸡的供给能力，公司拟投资5 亿元 在山西省大同市云州区建设100 万套父母代白羽肉鸡养殖场及配套饲料厂项目，主要建设内容为9 个父 母代种鸡养殖场和1 个配套饲料厂。 鸡苗供应增加导致苗价低迷，一季度业绩承压。2025Q1 公司合计销售白羽肉鸡苗（父母代+商品代） 1.5 亿只，环比-0.4%，同比+18.2%；实现营收4.1亿元，环比+45.0%，同比-25.8%；鸡苗销售均价2.6 元/羽，环比-44.1%，同比-37.1%。根据禽业协会数据，202 ...

| 推荐 | 维持评级 | | --- | --- | | 当前价格： | 8.28 元 | 益生股份（002458.SZ）2025 年一季报点评 供应增加导致苗价低迷，一季度业绩承压 2025 年 05 月 03 日 ➢ 事件：公司于 4 月 29 日发布 2025 年一季报，公司 2025Q1 实现营收 6.2 亿元，同比-9.4%，环比-36.6%；实现归母净利润-0.1 亿元，同比-112.0%，环 比-106.5%。 ➢ 鸡苗供应增加导致苗价低迷，一季度业绩承压。2025Q1 公司合计销售白羽 肉鸡苗（父母代+商品代）1.5 亿只，环比-0.4%，同比+18.2%；实现营收 4.1 亿元，环比+45.0%，同比-25.8%；鸡苗销售均价 2.6 元/羽，环比-44.1%，同 比-37.1%。根据禽业协会数据，2025Q1 父母代鸡苗均价 47.4 元/套，环比 -13.0%；商品代鸡苗均价 2.1 元/羽，环比-34.8%。随着 2023 年起海外引种逐 步恢复，国内祖代更新偏充裕。2023 年和 2024 年国内祖代引种量 127.9 万套 和 157.5 万套，同比+57.2%和+23.1%。2 ...

Core Insights - The goose industry in Linzi County, Heilongjiang Province, is being promoted as a key driver for local economic development, with a projected total industry output value exceeding 800 million yuan in 2024, contributing to a 3.5% growth in the overall agricultural output [1][2] Group 1: Industry Development - Linzi County has established a "leading enterprise + cooperative + farmer" development model for white goose farming, with one large-scale breeding base of one million geese and two bases of 500,000 geese each [2] - The county plans to hatch 8 million goose chicks this year, with the total breeding scale expected to exceed 4 million geese [2] Group 2: Technological and Quality Improvements - The local government promotes green and scientific farming practices, introducing high-quality breeding geese and standardizing breeding techniques to enhance the quality of the geese [1][2] - The establishment of a modern slaughter line at Heilongjiang Zhonglin Tianheng Food Co., Ltd. allows for the processing capacity of over 6 million poultry annually, including geese and chickens [2] Group 3: Culinary and Cultural Integration - The "Iron Pot Goose" dish has become a renowned culinary specialty in Linzi, attracting many food enthusiasts due to its unique taste and preparation methods [2] - Linzi County is implementing six major projects to support the comprehensive development of the goose industry, including breeding, processing, culinary tourism, and local brand cultivation [2]

近期天康生物（002100）发布2025年一季报，证券之星财报模型分析如下： 天康生物在2025年一季度实现了营业总收入41.8亿元，同比上升了10.68%；归母净利润达到了1.48亿 元，同比大幅增长174.02%；扣非净利润为1.28亿元，同比增长126.59%。这表明公司在该季度内盈利能 力显著增强。 从毛利率来看，虽然有所下降至11.82%，同比下降4.54%，但净利率却从去年同期的较低水平增至 4.1%，同比增长157.4%。这说明尽管产品或服务的附加值不高，但公司通过有效的成本控制提高了整 体盈利水平。 此外，公司的三费(销售费用、管理费用、财务费用)总计为2.64亿元，占营业收入的比例降至6.31%，较 上年同期减少了18.57个百分点，显示出公司在费用管理方面取得了一定成效。 每股指标方面，每股净资产达到5.22元，同比增长11.09%；每股收益为0.11元，同比增幅高达 175.00%；每股经营性现金流也由负转正，从-0.24元升至0.09元，增幅为137.16%，反映了公司在经营活 动中的现金流量状况得到明显改善。 然而，需要注意的是，天康生物的应收账款规模较大，占最新年报归母净利润比例高 ...

鸡苗景气修复仍待拐点，种鸡、种猪与益生909 布局具备一定潜力。1）行业层面，据禽业协会，24 年 我国祖代鸡更新同比+17%至150 万套，25 年鸡苗供应或较宽松。但新西兰、美国禽流感疫情影响下1-2 月祖代鸡更新量同比-74%，我们认为或令2H25 父母代鸡苗供给边际收缩，有望托底商品代鸡苗价格。 2）公司层面，24 年公司祖代种鸡进口回升至23 万套，3 月从法国引进3.6 万套祖代种鸡，为24 年12 月 至今唯一从国外引种企业；同时，24 年东营、河北、山西等多处新场投产，4 月公告拟投资新建100万 套父母代白羽肉鸡产能；我们预计公司鸡苗销量有望同比持续回升。此外，25 年公司种猪产能仍将继 续释放，也有望逐步贡献业绩增量。 1Q25 归母净利-0.13 亿元，基本符合我们预期公司公布1Q25 业绩：1Q25 收入6.23 亿元，归母净利-0.13 亿元，同比分别-9.4%/-112.0%，环比分别-36.6%/-106.5%，业绩基本符合我们预期。公司短期业绩下 滑，一方面系商品代鸡苗销售价格低于去年同期，另一方面在于小白鸡、乳业等副业板块亏损。 发展趋势 鸡苗价格低迷叠加副业亏损，公司短期业 ...

证券代码：002100 证券简称：天康生物 天康生物股份有限公司 投资者关系活动记录表 编号：2025-003 | 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 | 天风证券、中信证券、国泰海通证券、华安证券、兴业证券、 | | 人员姓名 | 银河证券、开源证券等 22 位投资者，名单详见附件清单。 | | | (重要提示：参会人员名单由组织机构提供并经整理后展示。公司无 | | | 法保证参会人员及其单位名称的完整性、准确性，请投资者注意。) | | 时间 | 2025 年 4 月 30 日 (周三) 上午 10:30-11：30 | | 地点 | 公司办公室 | | 上市公司接待人 | 副总经理兼董事会秘书 郭运江 | | 员姓名 | 耿立新 财务总监 | | | 段效岩 财务经理 | | | 李 明 证券事务代表 | | | 一、公司经营情况介绍 | | | 公司 2025 年一季度实现营业收入是 41.8 亿元，较上年同 | | | ...

行业月报· 农林牧渔行业 4 月养殖利润向好、Q1 宠食出口量增 20% — 4 月行业动态报告 2025年4月30日 核心观点 | 核心组合 | | | | | | --- | --- | --- | --- | --- | | 股票代码 | 股票名称 | 月涨跌幅(%) | 市盈率(TTM) | 市值(亿元) | | 002311.SZ | 海大集团 | 10.01 | 18.56 | 914.23 | | 002714.SZ | 牧原股份 | 1.99 | 8.72 | 2,157.79 | | 300761.SZ | 立华股份 | 2.09 | 9.58 | 157.83 | | 301498.SZ | 乖宝宠物 | 29.51 | 67.66 | 460.49 | 资料来源：Wind,中国银河证券研究院(注:收盘价为 2025年 4 月 29 日) 农林牧渔行业 推荐 维持评级 分析师 谢芝优 网: lusiyuan_yj @chinastock.com.cn 2025-4-29 相对沪深 300 表现图 沪深300 农林牧渔行业 20% 10% 0% -10% 资料来源：Wind、中国银河证券研究 ...

Core Viewpoint - The company, Tangrenshen, has shown significant growth in revenue and profit, with a focus on enhancing its competitive edge in the feed and pig farming sectors through innovative business models and improved operational efficiency [2][3][9]. Financial Performance - In 2024, the company achieved a revenue of 24.343 billion yuan and a net profit of 355 million yuan, marking a year-on-year increase of 123.29%. The asset-liability ratio stood at 63.35%, with a net cash inflow from operating activities of 936 million yuan [2]. - For Q1 2025, the company reported a revenue of 5.973 billion yuan, a 22.40% increase year-on-year, but a net loss of 77 million yuan, although this represented a 60.99% improvement compared to the previous year [2][9]. Business Segments Feed Business - The company is enhancing its feed business by providing high-value products and services to downstream customers, which has led to a 12.26% increase in feed exports in Q1 2025 [2]. - The current sales structure is primarily based on distribution, but the company is shifting towards direct sales to adapt to the growing scale of the farming industry [6][7]. Pig Farming Business - In 2024, the company reported a pig output of 4.3362 million heads, a 16.80% increase year-on-year, with a target of 5-5.5 million heads for 2025 [3]. - The company employs a "company + farmer" model, which is expected to account for approximately 78% of pig output in 2025, with further growth potential [3][4]. Cost Management Strategies - The company aims to reduce pig farming costs through several strategies, including replacing breeding stock with high-reproduction Dan pigs, improving production management, and enhancing feed cost efficiency through industry collaboration [5]. Market Dynamics - The rising prices of piglets are attributed to increased demand outpacing supply, driven by the accelerated scale of pig farming and the transformation of feed companies into pig farming [8]. Investment Insights - Recent institutional ratings indicate a positive outlook for the stock, with four buy ratings and a target average price of 6.91 yuan over the past 90 days [10]. - The company has seen a net inflow of 26.8584 million yuan in financing over the last three months, indicating growing investor interest [11].

证券代码：002299 证券简称：圣农发展 福建圣农发展股份有限公司投资者关系活动记录表 编号：2025-002 | 投资者关系活 | □特定对象调研□分析师会议 | | --- | --- | | 动类别 | □媒体采访□业绩说明会 | | | □新闻发布会□路演活动 | | | □现场参观 | | | 其他（2025 年一季报交流会） | | 参与单位名称 | 兴证全球基金王志强、博道基金孙文龙、华泰保兴基金王语 | | 及人员姓名 | 嫣、中加基金张泽迅、摩根士丹利基金缪东航、华夏基金胡 | | | 一立、广发基金姜冬青、西部利得基金张昭君等 92 名投资者 | | 时间 | 2025 年 4 月 29 日 16:00-17:30 | | 地点 | 公司会议室 | | 上市公司接待 | 董事会秘书、副总经理 廖俊杰 | | 人员姓名 | 投资者关系总监 陈阳 | | | 公司经营情况介绍 | | | 2025年一季度，公司实现营业收入41.15亿元，同比略微下滑2.38%； | | | 实现归母净利润 1.48 亿元，同比增长 338.28%；实现扣非归母净利润为 | | | 1.7 亿，同比增长 3 ...

Core Viewpoint - The poultry farming industry is experiencing a cautious sentiment regarding restocking due to declining profitability, leading to a decrease in demand for chick prices, which initially rose but are now expected to fall further [1][3][8]. Group 1: Chick Price Trends - In the first quarter, the average price of layer chicks was 4.33 yuan per chick, with a quarter-on-quarter increase of 12.31% and a year-on-year increase of 45.51% [1]. - January saw the highest price in nearly three years at 4.51 yuan per chick, but prices began to decline due to reduced demand from cautious farming units [1][3]. - As of the end of April, the average price of layer chicks was 4.13 yuan per chick, with a maximum decline of 8.43% during the period [1]. Group 2: Profitability and Demand - The gross profit per kilogram of eggs in the first quarter was 0.39 yuan, reflecting a significant quarter-on-quarter decline of 72.92% [3]. - In January, the average gross profit per kilogram of eggs was approximately 1.13 yuan, but this dropped to 0.00 yuan and 0.01 yuan in February and March, respectively, leading to a cautious restocking sentiment among farmers [3]. - By April 24, the average gross profit per kilogram of eggs was only 0.06 yuan, indicating continued low profitability and further reduction in chick demand [3]. Group 3: Future Market Outlook - In May, the demand for eggs is expected to remain relatively high, providing support for egg prices, but June may see a seasonal decline in demand, potentially leading to oversupply and downward pressure on prices [5][8]. - The overall trend for egg prices from May to June is anticipated to be an initial increase followed by a decrease, with feed costs remaining stable and profitability fluctuating [5][8]. - The chick hatching difficulty is expected to increase due to high temperatures, further reducing demand for chicks and leading to a continued decline in chick prices in the second quarter [8].