证券研究报告 | 公司动态点评 2025 年 08 月 27 日 | 买入（维持评级） | | | --- | --- | | 股票信息 | | | 行业 | 农林牧渔 | | 2025 年 8 月 26 日 收 盘 价 | 11.31 | | （元） | | | 总市值（百万元） | 9,105.26 | | 流通市值（百万元） | 7,124.89 | | 总股本（百万股） | 805.06 | | 流通股本（百万股） | 629.96 | | 近 3 月 日均 成交 额（ 百万 | 101.98 | | 元） | | 股价走势 -12% -5% 2% 9% 15% 22% 29% 36% 2024-08 2024-12 2025-04 2025-08 华统股份 沪深300 华统股份（002840.SZ） 养殖业务实现盈利，降本增效持续兑现 | 财务指标 | 2023A | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业收入（百万元） | 8,578 | 9,092 | 9,943 | 11,490 | ...

资料显示，华统股份是立足浙江的生猪养殖和生猪屠宰一体化龙头。围绕生猪全产业链一体化布局，公 司主营业务涵盖饲料生产、畜禽养殖、畜禽屠宰、肉制品深加工全产业链条。全产业链布局，可以有效 平滑猪周期波动，增强抵抗猪周期的能力，减少市场波动对整体盈利的影响，对于企业的长期稳健发展 具有重要意义。 华统股份在半年报中表示，公司凭借全产业链布局的优势，当猪价下跌时，屠宰的利润会有所增加，可 以减轻养殖端的压力；当猪价上行时，屠宰量虽受一定影响，但仍能保持盈利，且养殖的利润可以增厚 公司业绩。此外，公司依靠自繁自养配套全产业链的生产模式，确保了生产的可控与稳定，有效实现疫 病防控，确保公司防疫体系的安全有效。（厉平） 华统股份收入及利润主要来源于生猪养殖、生猪屠宰两大业务板块，即生鲜猪肉以及对外种猪、仔猪销 售。2025年在公司猪场保持稳定运营的同时稳步推进公司加农户的轻资产扩展模式，公司2025年上半年 生猪销售量与上年同期基本持平。报告期内，公司共销售生猪127.12万头，其中仔猪3.31万头；公司共 计屠宰生猪250.25万头，屠宰及肉类加工业务实现营业收入41.42亿元。 8月26日晚，华统股份（002840.S ...

Core Viewpoint - The company has established a restrictive stock incentive plan for 2025 to ensure the effective implementation of its development strategy and operational goals, focusing on performance evaluation and incentive mechanisms for its management and key personnel [1][2]. Group 1: Assessment Objectives and Principles - The purpose of the assessment is to enhance the corporate governance structure and improve the performance evaluation system and incentive mechanisms for the management team and core employees, ensuring the successful implementation of the incentive plan and the achievement of long-term strategic goals [1]. - The assessment must adhere to principles of fairness, openness, and justice, linking the incentive plan closely with the performance and contributions of the incentivized individuals to maximize the interests of the company and its shareholders [1][2]. Group 2: Assessment Scope and Institutions - The assessment applies to all individuals participating in the incentive plan [2]. - The Human Resources Department is responsible for the specific assessment work, maintaining assessment results, and preparing performance assessment reports for submission to the Board's Compensation and Assessment Committee [2][5]. Group 3: Performance Evaluation Indicators and Standards - The performance evaluation for the first grant of restricted stocks requires the company to meet one of two conditions for each assessment year, based on 2024 performance: - For 2025, a revenue growth rate of no less than 10% or a pig slaughter volume growth rate of no less than 5% with a breeding cost not exceeding 12.80 yuan/kg [2][3]. - For 2026, a revenue growth rate of no less than 24% or a pig slaughter volume growth rate of no less than 10% with a breeding cost not exceeding 12.50 yuan/kg [2][4]. - For 2027, a revenue growth rate of no less than 64% or a pig slaughter volume growth rate of no less than 15% with a breeding cost not exceeding 12.20 yuan/kg [2][4]. Group 4: Assessment Results and Management - If the company fails to meet the performance targets, all restricted stocks granted to the incentivized individuals for that year will not be released, and the company will repurchase and cancel them at the grant price plus bank interest [4][5]. - The individual assessment results will determine the percentage of restricted stocks that can be released, with categories ranging from "Excellent" (100%) to "Unqualified" (0%) [4][5]. - The assessment results are confidential and must be archived for at least five years, with the Compensation and Assessment Committee retaining all assessment records [5][6].

Core Viewpoint - The company is focusing on high-quality development by restructuring its business segments, particularly in feed production, pig farming, and slaughtering, while also expanding its overseas market presence [2][3]. Group 1: Business Strategy - From 2024, the company will focus on feed production and pig farming after transferring control of its white feather poultry and food processing segments [2]. - The strategic goals for the feed industry include "steady growth" and restoring competitive advantage, with a focus on enhancing scale, strengthening professionalism, and activating teams [2]. - The overseas strategy aims for "breakthrough growth," concentrating on core markets and expanding production capacity through various methods such as new construction and acquisitions [2]. Group 2: Financial Performance - In Q1 2025, the company achieved a net profit of 450 million yuan, a 123% increase year-on-year, marking its first quarterly profit in three years [3][4]. - The feed business saw both volume and profit growth, while the pig farming segment also turned profitable due to improved cost management and stable pig prices [3]. Group 3: Cost Management - The current cost of pig farming is 12.9 yuan per kilogram, with plans to further reduce costs through better management practices [7]. - The company acknowledges historical burdens affecting profitability but is focused on improving production management and reducing operational costs [4][10]. Group 4: Market Outlook - The company anticipates a gradual increase in supply due to a slow recovery in the breeding sow population, but does not expect significant oversupply due to cautious expansion plans among competitors [7]. - Demand is expected to improve gradually, influenced by macroeconomic conditions and government policies [7]. Group 5: Sustainability and Innovation - The company has made significant strides in sustainable development, focusing on human capital, governance, product responsibility, and ecological farming [5]. - There is a strong emphasis on integrating artificial intelligence in production management to enhance efficiency and reduce costs [44][48]. Group 6: Shareholder Engagement - The company is considering share buyback policies in response to stock price performance and will disclose any plans as required [3]. - The stock price has shown a 6.9% increase year-to-date, despite a 1.54% drop on the day of the earnings call, which is considered within a reasonable range [13][17].