证券研究报告 仙坛股份 (002746 CH) 鸡肉销量稳健增长，盈利逆势高增 | 华泰研究 | | | 中报点评 | 投资评级(维持): | 买入 | | --- | --- | --- | --- | --- | --- | | 2025 年 | 8 月 | 26 日│中国内地 | 农林牧渔 | 目标价(人民币): | 7.70 | 仙坛股份发布半年报，2025 年 H1 实现营收 25.40 亿元（yoy+5.24%）， 归母净利 1.37 亿元（yoy+344.55%），扣非净利 1.24 亿元（yoy+1041.13%）。 其中 Q2 实现营收 14.32 亿元（yoy+7.20%，qoq+29.23%），归母净利 8871.04 万元（yoy+273.76%，qoq+84.72%）。符合业绩预告预期。25H1 鸡肉价格延续承压，但公司销量增长叠加成本优势带动业绩仍录得亮眼表 现。白鸡产业链亏损扩散可能带动产能去化继而催化价格反转，看好公司产 能持续释放驱动的销量稳定增长、以及完全成本优势，维持"买入"评级。 鸡肉产品主业稳健增长，调理品持续放量 25H1 主产区鸡肉产品持续承压，Q1、Q2 主产区 ...

Core Viewpoint - The company has reported significant updates regarding its fundraising activities, including the issuance of convertible bonds and the allocation of raised funds for various projects, while also planning to adjust its credit limits with financial institutions to support operational needs [3][18][84]. Group 1: Company Overview - The company is named Wellhope Foods Co., Ltd., with the stock code 603609 and bond code 113647 [3][18]. - The company has a structured approach to managing its fundraising, adhering to regulations set by the China Securities Regulatory Commission and the Shanghai Stock Exchange [4][15]. Group 2: Fundraising and Financial Data - The company successfully raised a total of 150,000 million yuan through the issuance of 15 million convertible bonds at a price of 100 yuan each, with a net amount of 148,988.35 million yuan after deducting issuance costs [3][84]. - As of June 30, 2025, the balance in the special account for the raised funds was 33,092.6 million yuan, which includes interest income [4][89]. - The company has utilized 70,000 million yuan of idle funds to temporarily supplement working capital [7][89]. Group 3: Project Updates - The company has completed and terminated several fundraising projects, including the production of full-price feed and pig breeding projects, reallocating remaining funds to new projects such as chicken farming and processing [12][85]. - The new projects are expected to be operational by December 31, 2025, generating revenue thereafter [86]. Group 4: Credit and Guarantee Adjustments - The company plans to increase its comprehensive credit limit from 72 billion yuan to 82 billion yuan to meet operational and investment needs [18][56]. - An additional guarantee limit of 125,000 million yuan has been proposed, raising the total guarantee limit to 560,000 million yuan for its subsidiaries [21][24].

Core Viewpoint - The chicken and processed food industry is undergoing significant structural changes driven by consumer upgrades and technological advancements, with Chunxue Food Group planning to transform from a traditional chicken processing company to a comprehensive food enterprise by 2030, targeting a revenue of 10 billion yuan [2][3]. Strategic Development - Chunxue Food is implementing three major strategies: "Big Food," "AI+," and "Globalization" to drive future growth, with a clear goal of achieving 10 billion yuan in revenue by 2030 [2][3]. - The "Big Food" strategy involves expanding beyond chicken products, with plans to add six new production lines for processed foods within two years, aiming for an annual capacity of 200,000 tons [3]. - The company is also entering the sausage market, launching ten new sausage products and targeting a production and sales goal of 100,000 tons within five years [3]. - Chunxue Food is extending its reach into the seafood sector, successfully entering the Japanese market and expanding into Europe [3]. Technological Empowerment - The "AI+" strategy focuses on digital transformation through the integration of big data, artificial intelligence, and the Internet of Things, enhancing operational efficiency and consumer engagement [3]. - The company is developing a "full-link digital operation hub" for wholesalers, equipped with an "AI business assistant" to analyze consumer feedback and recommend sales strategies [3]. Global Expansion - The globalization strategy aims to enhance growth opportunities by establishing regional centers in China to improve marketing capabilities and accelerate brand internationalization, particularly in Europe and Southeast Asia [4]. - The company is focusing on understanding consumer needs and building a more efficient supply chain to support its strategic transformation [4]. Product Strategy - Chunxue Food is collaborating with strategic partners to innovate and create a competitive product matrix, launching 41 new products across seven series to meet evolving consumer demands [6]. - The new product offerings include "antibiotic-free" and "light lifestyle" series, targeting health-conscious consumers, as well as products designed for younger demographics [6]. - The company is also providing standardized and efficient solutions for B2B clients in the restaurant sector [6]. Market Expansion - Chunxue Food plans to expand its market coverage from 11 provinces and 31 cities to 24 provinces and 136 cities, increasing the number of wholesalers from 243 to 400 [6]. - The company aims to operate with a focus on prefecture-level cities, enhancing collaboration with wholesalers to penetrate the market effectively [6].

Investment Rating - The report maintains a "Buy" rating for the company with a target price of 19.41 RMB [7][8]. Core Insights - The company achieved a revenue of 4.115 billion RMB in Q1 2025, a year-over-year decrease of 2.38% and a quarter-over-quarter decrease of 15%. However, the net profit attributable to the parent company was 148 million RMB, showing a significant year-over-year increase of 338% [1][2]. - The company's profitability is supported by a price advantage and a reduction in costs, with the average price of chicken in the industry dropping by 5.9% year-over-year, while the company's revenue only declined by 2.4% [2][3]. - The company has successfully reduced its comprehensive meat production costs by approximately 10% year-over-year, driven by improvements in self-researched breeding stock and operational efficiency [2][3]. Summary by Sections Financial Performance - Q1 2025 revenue was 4.115 billion RMB, with a net profit of 148 million RMB, aligning with the performance forecast range [1]. - The company estimates its Q1 broiler meat business profit at around 85 million RMB, with a per-unit profit of nearly 0.6 RMB, while the industry faces losses of about 1.1 RMB per unit [2]. Cost Management and Sales Strategy - The company has restructured its sales channels and product strategies, leading to high revenue growth across various channels, including C-end retail, which saw over 30% year-over-year growth [3]. - The company continues to focus on cost reduction and efficiency improvements, which are expected to sustain the downward trend in comprehensive meat production costs [3]. Profit Forecast and Valuation - The report maintains profit forecasts for the company, projecting net profits of 1.284 billion RMB, 1.643 billion RMB, and 1.890 billion RMB for 2025, 2026, and 2027, respectively [4]. - The estimated book value per share (BVPS) for 2025 is 9.03 RMB, with a price-to-book ratio (PB) of 2.15x for the same year [4].

证券代码：605567 证券简称：春雪食品 公告编号：2025-027 春雪食品集团股份有限公司 2025 年一季度经营数据公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈 述或者重大遗漏，并对其内容的真实性、准确性和完整性依法承担法律责任。 春雪食品集团股份有限公司（以下简称"公司"）根据上海证券交易所《上 海证券交易所上市公司自律监管指引第 3 号行业信息披露：第十四号——食品制 造》的相关要求，现将 2025 年一季度经营数据公告如下： 一、营业收入分产品： 单位：元 币种：人民币 | 项目 | 金额 | 占比(%) | | --- | --- | --- | | 生鲜品 | 272,260,456.29 | 45.78 | | 调理品 | 301,132,559.44 | 50.64 | | 毛鸡 | 19,417,891.60 | 3.27 | | 其他产品 | 1,855,178.09 | 0.31 | | 营业收入合计 | 594,666,085.42 | 100.00 | 二、营业收入分渠道： 单位：元 币种：人民币 | 项目 | 金额 | 占比(%) | | --- | ...

一、营业收入分产品： 单位：元 币种：人民币 | 项目 | 金额 | 占比（%） | | --- | --- | --- | | 生鲜品 | 1,191,258,404.28 | 47.38 | | 调理品 | 1,179,936,094.97 | 46.93 | | 毛鸡 | 128,697,896.10 | 5.12 | | 其他产品 | 14,439,420.39 | 0.57 | | 营业收入合计 | 2,514,331,815.74 | 100.00 | 二、营业收入分渠道： 证券代码：605567 证券简称：春雪食品 公告编号：2025-026 春雪食品集团股份有限公司 2024 年年度经营数据公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈 述或者重大遗漏，并对其内容的真实性、准确性和完整性依法承担法律责任。 春雪食品集团股份有限公司（以下简称"公司"）根据上海证券交易所《上 海证券交易所上市公司自律监管指引第 3 号行业信息披露：第十四号——食品制 造》的相关要求，现将 2024 年年度经营数据公告如下： | 区域 | 金额 | 占比（%） | | --- | --- | ...