3Q 海外业务承压，内销延续较快增长 佩蒂股份(300673) 1. 《2Q 海外业务暂承压，盈利能力持续提 升》 2025-08-27 2. 《2024 年业绩同比大幅增长，爵宴品牌 维持高增》 2025-01-22 3. 《Q3 归母净利同比大幅高增，自主品牌 保持增长》 2024-10-23 核心观点 盈利预测 | [币种Table_FinchinaSimple] (人民币) | 2023A | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业收入(百万元) | 1,411 | 1,659 | 1,707 | 2,047 | 2,291 | | 收入增长率(%) | -18.5 | 17.6 | 2.9 | 19.9 | 11.9 | | 归母净利润(百万元) | -11 | 182 | 164 | 219 | 267 | | 净利润增长率(%) | -108.7 | — | -10.0 | 33.9 | 21.9 | | EPS(元) | -0.04 | 0.75 | 0.66 | 0.88 | 1.0 ...

"10亿元用于注销减资，直接减少总股本，有助于提升每股收益和净资产收益率，强化对股东的回 报。"市场分析人士指出，与此同时，股权激励部分则可将核心团队利益与公司长期发展绑定，优化治 理结构。值得注意的是，公司控股股东、实控人及董监高在回购期间暂无增减持计划，进一步传递股权 稳定信号。 作为水产与畜禽饲料领域龙头企业，海大集团2025年股价累计上涨18.15%，截至公告日市值达943亿 元。从长期回报看，公司上市后累计派现约76亿元，近三年派现约37亿元，此次回购与分红形成叠加效 应。机构持仓数据显示，截至9月末，香港中央结算有限公司作为第二大流通股东，持股量较上期增加 801.50万股，显示外资对其长期价值的认可。 海大集团表示，后续将根据市场情况择机实施回购，并按规定及时披露进展。市场期待此次回购能进一 步夯实投资者信心，推动公司在饲料主业升级与产业链延伸中持续领跑。 10月28日晚间，海大集团（002311）公告，拟以集中竞价交易方式回购公司A股股份，回购资金总额区 间为10亿元至16亿元，全部来源于公司自筹资金。该方案若获通过，公司将在5个月内实施完毕。 公告显示，本次回购价格上限设定为62.00元/股 ...

Group 1: Currency and Monetary Policy - Morgan Stanley reports that dollar positioning has turned positive for the first time since Q1 2025, indicating increasing investor confidence in the U.S. outlook [1] - The firm anticipates that the Federal Reserve will implement significant rate cuts, which may lead to a weaker dollar over the next year due to a potential decline in U.S. growth advantages [2] - Barclays expects a divergence in opinions within the Federal Reserve regarding the extent of rate cuts, with some members advocating for larger cuts while others may prefer to maintain current rates [3] Group 2: Commodity and Market Trends - Huatai Securities predicts that global LME aluminum prices may rise above $3,200 per ton next year, driven by a supply growth slowdown and a demand increase amid a manufacturing recovery [6] - Guotai Haitong indicates that the coal sector has confirmed a cyclical bottom in Q2 2025, with coal prices exceeding 770 yuan per ton, driven by multiple favorable factors [4] - Galaxy Securities highlights that intensified losses in October may accelerate the capacity reduction in the pig farming industry, while also noting growth opportunities in the pet food sector [6] Group 3: Investment Opportunities - CICC forecasts that Vietnam's reclassification as a secondary emerging market will attract foreign capital inflows, potentially amounting to $1-1.5 billion over 1-3 years, benefiting sectors like finance, real estate, and consumption [5] - CITIC Securities suggests maintaining a focus on themes such as anti-involution, AI computing power, semiconductors, and short dramas, as the market remains in a high-level oscillation phase [7]

Investment Rating - The investment rating for the company is "Accumulate" (maintained) [5] Core Views - The company's profitability improved quarter-on-quarter in Q3 2025, although short-term profits are pressured by losses from its Cambodian subsidiary [5] - The company achieved a revenue of 619 million yuan in Q1-Q3 2025, representing an 8% year-on-year increase, while net profit decreased by 21% year-on-year to 46.78 million yuan [7] - The company is focusing on enhancing its brand presence both domestically and internationally, participating in key industry exhibitions to promote its products [7] Financial Summary - Revenue projections for the company are as follows: 696 million yuan in 2023, 778 million yuan in 2024, 874 million yuan in 2025E, 1,003 million yuan in 2026E, and 1,147 million yuan in 2027E, with year-on-year growth rates of 26.82%, 11.68%, 12.40%, 14.81%, and 14.34% respectively [6] - The projected net profit for 2025E is 71 million yuan, with a year-on-year decrease of 9.37% [6] - The company’s earnings per share (EPS) are expected to be 0.69 yuan in 2025E, with a price-to-earnings (P/E) ratio of 26.26 [6] Operational Insights - The company’s gross margin for Q1-Q3 2025 was 20.12%, down by 2.83 percentage points year-on-year [7] - The main product categories, including staple food, saw significant revenue growth, with staple food products achieving 59.46 million yuan in revenue, a 40.02% year-on-year increase [7] - The Cambodian project is expected to add 3,000 tons of pet snack production capacity annually once fully operational, contributing to the company's overseas expansion strategy [7]

| 代码 | 名称 | 收盘价 | 涨跌幅 | 成交量(手) | 成交额(元) | | --- | --- | --- | --- | --- | --- | | 920419 | 路斯股份 | 17.56 | -2.71% | 1.72万 | 3035.79万 | | 002311 | 海大集团 | 56.69 | -2.56% | 10.64万 | 6.04亿 | | 603668 | 天马科技 | 13.78 | -1.99% | 18.78万 | 2.61亿 | | 603363 | 傲农生物 | 5.06 | -1.94% | 60.98万 | 3.08亿 | | 000702 | 正虹科技 | 7.23 | -1.63% | 7.34万 | 5324.48万 | | 002100 | 天康生物 | 7.81 | -1.01% | 21.41万 | 1.68亿 | | 002548 | 金新农 | 4.76 | -0.83% | 20.34万 | 9688.79万 | | 002567 | 唐人神 | 4.82 | -0.82% | 19.96万 | 9639.83万 | | 300673 | 佩蒂 ...

证券研究报告·公司点评报告·饲料 | [Table_EPS] 盈利预测与估值 | 2023A | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业总收入（百万元） | 1,411 | 1,659 | 1,734 | 2,094 | 2,404 | | 同比（%） | (18.51) | 17.56 | 4.50 | 20.77 | 14.84 | | 归母净利润（百万元） | (11.09) | 182.21 | 158.71 | 230.10 | 284.01 | | 同比（%） | (108.72) | 1,742.81 | (12.90) | 44.99 | 23.43 | | EPS-最新摊薄（元/股） | (0.04) | 0.73 | 0.64 | 0.92 | 1.14 | | P/E（现价&最新摊薄） | (383.42) | 23.34 | 26.79 | 18.48 | 14.97 | [Table_Tag] [Table_Summary] 投资要点 佩蒂股份（300673） 2025 年三 ...

人民财讯10月28日电，银河证券研报称，10月亏损加剧或将加速生猪养殖产能去化。宠物食品9月出口 量增价跌，出口总额持续承压。银河证券持续重点强调生猪养殖行业的攻守兼备布局机会，基于能繁母 猪作用值及养殖效率的考虑，2025年猪价同比下行；综合考虑政策去产能以及行业亏损去产能，重点关 注成本边际变化显著、资金面良好的优质猪企。2)宠物食品行业处成长过程中，优质企业市占率呈提升 趋势。3)可关注养殖链后周期，推荐饲料龙头海大集团（002311）及动物疫苗相关企业。4)考虑黄羽鸡 自身供给端相对低位，叠加旺季来临，后续价格高位或可延续。 ...

10月27日，"山西运城饲料上市公司"大禹生物发布了三季度报，今年7-9月，大禹生物营业收入3027.22 万元，同比减少5.37%；归母净亏损169.35万元，上年同期净亏损566.7万元，亏损缩窄。 | 项目 | 本报告期 | 上年同 | | | --- | --- | --- | --- | | | (2025年7-9月) | (2024年7-3 ロノ | 用有限口 | | 营业收入 | 30,272,150.05 | 31,991,670.42 | -5.37% | | 归属于上市公司股东的净利润 | -1,693,482.89 | -5,667,012.62 | 70.12% | | 归属于上市公司股东的扣除非经 | -3.460.645.01 | -6,956,400.15 | 50.25% | | 常性损益后的净利润 | | | | | 经营活动产生的现金流量净额 | -17,302,703.53 | 8.302.573.71 | -308.40% | | 基本每股收益(元/股) | -0.02 | -0.05 | 60.00% | | 加权平均净资产收益率%(依据 | -0.60% | -1. ...

每经头条（nbdtoutiao）——拉1人入伙返1500元，投10万元成亿万富翁？这家公司大肆宣传将房产海外 代币化，有交了钱的人称是"牙签撬动地球" （记者 胡玲） 截至发稿，正虹科技市值为25亿元。 每经AI快讯，正虹科技（SZ 000702，收盘价：7.35元）10月27日晚间发布公告称，截至本公告披露 日，公司及其控股子公司对外担保额度总金额4.42亿元，公司及控股子公司对外担保总余额约为1.02亿 元，占公司最近一期经审计净资产的28.17%。公司及其控股子公司对合并报表外单位提供的担保总余 额3778.6万元，占公司最近一期经审计净资产的10.41%，无逾期及涉及诉讼的担保。 2025年1至6月份，正虹科技的营业收入构成为：饲料行业占比82.52%，饲养行业占比16.72%，其他业 务占比0.53%，其他行业占比0.23%。 ...

海大集团10月27日大宗交易平台共发生3笔成交，合计成交量60.00万股，成交金额3134.40万元。以折溢 价进行统计，今日3笔大宗交易成交价相对收盘价均为折价交易。 进一步统计，近3个月内该股累计发生4笔大宗交易，合计成交金额为1.05亿元。 两融数据显示，该股最新融资余额为1.92亿元，近5日增加6249.88万元，增幅为48.11%。 据天眼查APP显示，广东海大集团股份有限公司成立于2004年01月08日，注册资本166374.997万人民 币。（数据宝） 10月27日海大集团大宗交易一览 证券时报·数据宝统计显示，海大集团今日收盘价为58.18元，上涨0.97%，日换手率为0.47%，成交额为 4.58亿元，全天主力资金净流入1439.78万元，近5日该股累计上涨1.34%，近5日资金合计净流出4275.61 万元。 | 成交量 | 成交金 | 成交价 | 相对当日收 | | | | --- | --- | --- | --- | --- | --- | | （万 | 额（万 | 格 | 盘折溢价 | 买方营业部 | 卖方营业部 | | 股） | 元） | （元） | （%） | | | | 30 ...