2025Q1农业板块公募基金重仓持股占比下降，中宠股份获逆势增持 2025Q1农业板块公募重仓持股环比下降，受中美关税升级催化，2025Q2农业板块公募重仓持股或环比 提升。2023Q4以来农业板块公募重仓持股环比持续下降，2025Q1农业板块总流通市值降至12367亿元， 环比-0.40%，占A股流通市值比重降至1.69%，环比-0.03pct。从公募重仓持股看，2025Q1农业板块重仓 持股市值占公募股票投资总市值0.40%(环比-0.03pct，自2023Q4高点-0.44pct)。2024年3月末以来中美互 加关税加码升级，农业板块避险属性凸显投资逻辑增强，预计2025Q2农业板块公募重仓持股或环比提 升。 细分板块看，2025Q1养殖细分板块公募重仓持股同比下降明显，其他子板块持股占比相对稳定。 2025Q1农业细分板块中养殖/饲料/种植/动保/农产品加工公募重仓持股占比分别为0.19%、0.17%、 0.03%、0.01%、0.003%，分别同比-0.31、-0.01、-0.03、-0.01、0.00pct，因持仓占比绝对点位已处低水 平，故各农业细分板块持仓占比环比均微降。受猪周期影响，养殖板块 ...

Investment Rating - The report assigns an "Accumulate" rating to the company, with an expected price target of 108.28 CNY over the next six months [5]. Core Insights - The company reported a revenue of 5.245 billion CNY for 2024, representing a year-on-year growth of 21.22%. The net profit attributable to the parent company reached 625 million CNY, up 45.68% year-on-year [1]. - The growth in the staple food business, particularly the self-owned brand segment, has been a significant driver, with self-owned brands accounting for 67.59% of total revenue in 2024, an increase of 4.15 percentage points [2]. - The overall gross margin improved by 5.43 percentage points to 42.27% in 2024, driven by a decline in chicken prices and the growth of high-margin self-owned brand products [3]. Financial Summary - For 2024, the company achieved a revenue of 5.245 billion CNY, with a projected revenue growth of 20.17% for 2025 [12]. - The net profit attributable to the parent company is expected to grow to 810 million CNY in 2025, reflecting a 29.72% increase [12]. - The earnings per share (EPS) for 2025 is projected to be 2.03 CNY, with a corresponding price-to-earnings (P/E) ratio of 51x [4][12]. Business Performance - The pet food and staple food segments generated revenues of 2.484 billion CNY and 2.690 billion CNY respectively in 2024, with year-on-year growth rates of 14.66% and 28.88% [2]. - The company’s direct sales channel saw a significant increase in revenue, growing by 59.33% year-on-year, indicating a shift towards higher-margin sales strategies [3]. Market Outlook - The domestic business is expected to serve as a stabilizing factor for the company's performance amid uncertainties in overseas operations due to changing tariff policies [4]. - The report anticipates steady growth in overseas OEM demand, with revenue from international operations reaching 1.693 billion CNY in 2024, a 15.70% increase year-on-year [4].

Group 1: Hai Da Group - Hai Da Group reported favorable prices for common freshwater fish, with significant price increases for special freshwater fish and South American white shrimp [1] - The company is focusing on developing family farms with breeding advantages and expanding into medium to large-scale aquaculture companies [1] - The pig farming sector is experiencing an increase in stock, leading to higher feed demand, with the industry currently in a favorable phase [1] - The feed industry has a secure and controllable supply chain, with stable and rich import channels to flexibly respond to price fluctuations [1] - The integration of the pig feed industry chain is beginning to show potential, although it has not yet formed a large-scale trend [1] - The company is exploring a light asset, low-risk, and stable pig farming model, which is gradually becoming clearer [1] - The business of South American white shrimp seedlings is seeing increased enthusiasm from farmers due to rising prices [1] - The feed industry is highly competitive, making survival difficult for small and medium-sized feed companies [1] - Factory-based shrimp farming is reducing costs and expanding scale through refined management and specialized operations [1] - The company plans to appropriately accelerate overseas capital expenditure under controllable risk conditions [1] Group 2: BOE Technology Group - BOE Technology Group indicated that the prices of mainstream LCD TV panel sizes will rise comprehensively from January 2025 to March 2025 [2] - The average operating rate of the LCD industry is expected to rise above 80% starting from November 2024 [2] - The company aims to ship approximately 140 million flexible MOLED panels in 2024, with a target of 170 million in 2025 [2] - Depreciation for the company is projected to be around 38 billion in 2024, with minimal fluctuations expected in 2025 and 2026 [2] - Capital expenditures will primarily focus on semiconductor display business and IoT innovations [2] - In 2024, the revenue breakdown for the company's display device business is projected to be 26% from TV, 34% from IT, and 40% from mobile and other products, with OLED business revenue accounting for 27% [2] - The company plans to repurchase minority shareholder equity based on operational conditions and cash flow [2] Group 3: Aide Biology - Aide Biology is expected to achieve total revenue of 1.109 billion in 2024, representing a year-on-year growth of 6.27%, with a net profit attributable to shareholders of 255 million [3] - The company's R&D team consists of 523 members, with R&D investment of 216 million, accounting for 19.49% of total revenue, and five new invention patents authorized [3] - Domestic market revenue is projected at 777 million, showing a year-on-year decline of 1.08%, but has shown signs of stable growth in Q1 2025 [3] - International sales revenue is expected to reach 332 million, reflecting a year-on-year growth of 28.61%, supported by a team of over 70 members focused on international markets [3] - The company collaborates with global pharmaceutical companies across various platforms, supporting multiple innovative oncology drug approvals [3] - The field of tumor gene testing is maturing and showing robust growth, with a clear trend towards industry compliance [3] - The company’s products have not yet entered the national medical insurance system, although some provinces have included them [3] - The international market primarily focuses on East Asia, Europe, and Southeast Asia, with an emphasis on managing key raw material suppliers [3] - The product range includes ADC drug CDx and common immunohistochemistry targets, with approved Class III products including PD-L1, HER2, ER, and PR antibody reagents [3] - The development of innovative drugs is driving progress in tumor treatment, directly increasing the demand for related gene testing [3]

Investment Rating - The investment rating for the company is "Buy" [4] Core Views - The company reported strong performance in 2024 with a revenue of 114.6 billion yuan, a slight decrease of 1.3% year-on-year, and a net profit attributable to shareholders of 4.5 billion yuan, an increase of 64.3% year-on-year [1] - In Q1 2025, the company achieved a revenue of 25.63 billion yuan, up 10.6% year-on-year, and a net profit of 1.28 billion yuan, up 49.0% year-on-year [1] - The feed market share continues to increase, with total feed sales reaching 26.52 million tons in 2024, a growth of approximately 9% year-on-year [1] - The company expects to exceed 3 million tons in feed sales growth in 2025 due to strategic adjustments and resource investments [1] Summary by Sections Financial Performance - In 2024, the company achieved a total revenue of 114.6 billion yuan and a net profit of 4.5 billion yuan, with a projected revenue of 130.34 billion yuan for 2025, reflecting a growth rate of 13.7% [3][8] - The earnings per share (EPS) for 2025 is estimated at 3.05 yuan, with a net profit margin of 3.9% [3][8] Market Position - The company has a strong presence in the overseas feed market, with overseas feed sales reaching 2.36 million tons in 2024, a growth of approximately 40% year-on-year [2] - The company has established competitive advantages in shrimp and tilapia farming in South America, contributing to the growth in overseas sales [2] Business Strategy - The company is focusing on a light-asset model for pig farming, which has led to a decrease in breeding costs and improved profitability [2] - The operational model includes purchasing piglets and collaborating with family farms to mitigate risks and secure profits [2]

数据来源：天天基金 截止至20250423 截至一季度，景顺长城新兴成长A前十大重仓股为山西汾酒、贵州茅台、五粮液、海大集团、迈瑞医 疗、古井贡酒、泸州老窖、美的集团、中国中免、晨光股份。 专题：2025基金一季报：最新持仓曝光！ 2025年一季度收官，百亿规模以上的权益类基金业绩呈现显著分化，基金经理的调仓能力与行业配置策 略经受考验。 作为曾经的公募基金"千亿顶流"，刘彦春的调仓策略和业绩表现一直备受市场关注。目前，刘彦春管理 的基金资产总规模约为410.20亿元，距其2021年第二季度1163.01亿元的规模高点已经下跌一半以上。 | 序号 | 名称 | 管理规模 ▼ | 管理基金数 | 年初至今 基金公司 | | | --- | --- | --- | --- | --- | --- | | | 张坤偏股型指数 | 608.22亿 | 4 | 3.49% | 易方达基金 | | 2 | 刘彦春偏股型指数 | 410.20亿 | 6 | -0.19% | 景顺长城基金 | | 3 | 葛兰偏股型指数 | 404.47亿 | 3 | 3.24% | 中欧基金 | | 4 | 谢治宇偏股型指数 | 397. ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company reported a significant increase in net profit for 2024, driven by a recovery in the pig farming business, with a year-on-year growth of 64.30% to reach 4.504 billion yuan [4] - The overseas feed business showed remarkable growth, prompting an upward revision of profit forecasts for 2025-2026 and the introduction of a new forecast for 2027 [4] - The company plans to distribute a cash dividend of 11 yuan per 10 shares, totaling 1.83 billion yuan [4] Financial Performance Summary - In 2024, the company's revenue was 114.601 billion yuan, a decrease of 1.31% year-on-year, while the net profit attributable to shareholders was 4.504 billion yuan, an increase of 64.30% [4][7] - For Q4 2024, revenue was 29.740 billion yuan, up 1.88% year-on-year, and net profit was 880 million yuan, up 79.74% [4] - In Q1 2025, revenue reached 25.629 billion yuan, a year-on-year increase of 10.60%, with net profit of 1.282 billion yuan, up 48.99% [4] Business Segment Performance - The feed business generated revenue of 91.202 billion yuan in 2024, down 4.95% year-on-year, with a gross margin of 9.74%, up 1.21 percentage points [5] - The company sold 26.52 million tons of feed in 2024, a year-on-year increase of approximately 9%, with a market share increase [5] - The pig farming business generated revenue of 18.826 billion yuan, up 21.52% year-on-year, with a gross margin of 18.28%, an increase of 12.05 percentage points [6] Profit Forecasts - The projected net profits for 2025-2027 are 5.144 billion yuan, 5.728 billion yuan, and 6.167 billion yuan respectively, with corresponding EPS of 3.09 yuan, 3.44 yuan, and 3.71 yuan [4][7] - The current stock price corresponds to P/E ratios of 17.7, 15.9, and 14.7 for 2025, 2026, and 2027 respectively [4][7]

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company reported a significant increase in net profit for 2024, driven by a recovery in the pig farming business, with a year-on-year growth of 64.30% to 4.504 billion yuan [4] - The overseas feed business showed remarkable growth, prompting an upward revision of profit forecasts for 2025-2027 [4] - The company plans to distribute a cash dividend of 11 yuan per 10 shares, totaling 1.83 billion yuan [4] Financial Performance Summary - In 2024, the company's revenue was 114.601 billion yuan, a decrease of 1.31% year-on-year, while net profit reached 4.504 billion yuan, an increase of 64.30% [4] - For Q4 2024, revenue was 29.740 billion yuan, up 1.88% year-on-year, and net profit was 880 million yuan, up 79.74% year-on-year [4] - In Q1 2025, revenue was 25.629 billion yuan, an increase of 10.60% year-on-year, and net profit was 1.282 billion yuan, up 48.99% year-on-year [4] Business Segment Performance - The feed business generated revenue of 91.202 billion yuan in 2024, down 4.95% year-on-year, with a gross margin of 9.74%, up 1.21 percentage points [5] - The company sold 26.52 million tons of feed in 2024, a year-on-year increase of approximately 9% [5] - The pig farming business generated revenue of 18.826 billion yuan in 2024, an increase of 21.52% year-on-year, with a gross margin of 18.28%, up 12.05 percentage points [6] Profit Forecasts - The company expects net profits for 2025, 2026, and 2027 to be 5.144 billion yuan, 5.728 billion yuan, and 6.167 billion yuan respectively, with corresponding EPS of 3.09 yuan, 3.44 yuan, and 3.71 yuan [4] - The current stock price corresponds to P/E ratios of 17.7, 15.9, and 14.7 for 2025, 2026, and 2027 respectively [4] Market Position - The company has increased its market share in the domestic feed market, with domestic feed sales reaching 22.06 million tons in 2024, up 5% year-on-year [5] - Overseas feed sales reached 2.36 million tons, a significant increase of 40% year-on-year, with notable growth in aquatic feed and poultry feed [5]

Investment Rating - The report maintains a "Buy" rating for the company [7] Core Views - The company achieved revenue of 114.6 billion RMB in 2024 and 25.63 billion RMB in Q1 2025, with year-over-year changes of -1.3% and +10.6% respectively. The net profit attributable to the parent company was 4.5 billion RMB and 1.28 billion RMB, reflecting year-over-year increases of +64.3% and +49.0% [1][4] - The primary drivers for the high profit growth in 2024 and Q1 2025 are the profitability from pig farming hedging and the rapid growth of overseas feed business. The report is optimistic about overseas expansion, industry recovery, and cost advantages supporting feed sales growth [1][2] Summary by Sections Financial Performance - In 2024 and Q1 2025, the company's feed sales volume increased by 8.0% and 25% year-over-year, reaching 24.4 million tons and 5.95 million tons respectively. The overseas feed sales maintained a growth rate of around 40% [2][3] - The company achieved over 1 billion RMB in profit from pig farming through futures hedging in 2024, turning a profit of approximately 230 RMB per head. The overseas feed business also saw significant profit growth, estimated at 300-400 million RMB year-over-year [2] Market Opportunities - The company is actively expanding into the Asia-Pacific, Africa, and Latin America feed markets, with a solid foundation in countries like Vietnam, Indonesia, Ecuador, and Egypt. There is still potential for growth in per capita meat, egg, and milk consumption in certain countries [3] - The domestic business is expected to recover starting in 2025, supported by a rebound in fish and shrimp prices due to a decline in aquaculture seedling volume and a recovery in pig inventory [3] Profit Forecast and Valuation - The report maintains net profit forecasts of 5.02 billion RMB and 5.48 billion RMB for 2025 and 2026, respectively, and introduces a new forecast of 7.04 billion RMB for 2027. The target price is raised to 63.4 RMB, corresponding to a 21x PE valuation for 2025 [4][8]

本报讯 （记者王僖）4月21日晚，山东邦基科技股份有限公司（以下简称"邦基科技"）同步披露2024年 年报和2025年一季报，其中，公司今年一季度业绩表现亮眼，实现营业收入10.76亿元，同比增长 160.84%，实现归属于上市公司股东的净利润2800万元，同比增长37.71%。 邦基科技2024年年报显示，得益于直销渠道规模化养殖客户存栏量增加，报告期内公司实现营业收入 25.42亿元，同比大增54.36%，但是，由于募投项目产能爬坡阶段固定成本高企、客户结构向赊销模式 转型应收账款及坏账准备增加，以及低毛利率的配合料占比提升等因素，致使报告期内公司归属于上市 公司股东的净利润同比出现下滑。 公司有关人士表示，2024年饲料行业正处于提质增效转型期，面对行业整合，邦基科技加快全国产能布 局。随着公司在山西、云南、辽宁等地生产基地的建成投产，公司新增了数条浓缩料和配合料生产线， 扩大猪饲料的产能。建设项目全部完成后，公司每年可新增浓缩料产能24万吨，配合料产能66万吨，将 有效支撑公司抢占国内市场份额的战略，进一步提升品牌影响力，做大做强猪饲料业务。同时，公司同 步完善销售网络，通过"经销+直销"双模式下沉至 ...