证券代码：000860 证券简称：顺鑫农业 公告编号：2024-033 北京顺鑫农业股份有限公司 特此公告。 北京顺鑫农业股份有限公司 董事会 北京顺鑫农业股份有限公司（以下简称"公司"或"本公司"）董事会于近 日收到公司副总经理和法文先生的书面辞职报告，和法文先生因工作变动原因申 请辞去公司副总经理职务。根据《公司法》《公司章程》及《深圳证券交易所上 市公司自律监管指引第 1 号——主板上市公司规范运作》等有关规定，和法文先 生的辞职报告自送达公司董事会时生效。辞职后，和法文先生不再担任公司其他 任何职务。 和法文先生的辞职不会影响公司相关工作的正常开展。截至本公告披露日， 和法文先生未持有公司股票，不存在应当履行而未履行的承诺事项。 公司董事会对和法文先生担任副总经理期间恪尽职守、勤勉尽责的工作及为 公司发展做出的积极贡献表示衷心的感谢。 2024 年 12 月 26 日 关于公司高级管理人员辞职的公告 本公司及董事会全体成员保证信息披露内容的真实、准确和完整，没有虚假记载、 误导性陈述或重大遗漏。 ...

近日，公司收到中国银行间市场交易商协会《接受注册通知书》（中市协注 〔2024〕MTN1240 号），接受公司中期票据注册，并就有关事项明确如下： 一、公司中期票据注册金额为 10 亿元，注册额度自《接受注册通知书》落 款之日（即 2024 年 12 月 10 日）起 2 年内有效，由交通银行股份有限公司主承 销。 二、公司在注册有效期内可分期发行中期票据。 证券代码：000860 证券简称：顺鑫农业 公告编号：2024-032 北京顺鑫农业股份有限公司 关于收到中期票据接受注册通知书的公告 本公司及董事会全体成员保证信息披露内容的真实、准确和完整，没有虚假记载、 误导性陈述或重大遗漏。 北京顺鑫农业股份有限公司（以下简称"公司"）已于 2024 年 8 月 16 日召 开的 2024 年第一次临时股东大会审议通过了《关于公司拟注册发行中期票据的 议案》。具体内容详见 2024 年 8 月 17 日刊登在《证券时报》《中国证券报》《上 海证券报》《证券日报》和巨潮资讯网（www.cninfo.com.cn）的公告。 董事会 2024 年 12 月 13 日 公司将根据上述《接受注册通知书》要求以及市场情况适时 ...

证券代码：000860 证券简称：顺鑫农业 公告编号：2024-031 北京顺鑫农业股份有限公司 关于会计师事务所更名及签字注册会计师变更的公告 本公司及董事会全体成员保证信息披露内容的真实、准确和完整，没有虚假记载、 误导性陈述或重大遗漏。 北京顺鑫农业股份有限公司（以下简称"公司"或"顺鑫农业"）于 2024 年 5 月 20 日召开了 2023 年年度股东大会，审议通过了《关于变更公司 2024 年度财 务报表审计机构》、《关于变更公司 2024 年度内部控制审计机构》的议案，同 意聘任北京大华国际会计师事务所（特殊普通合伙）（简称"北京大华国际"）为 公司 2024 年度财务报表审计机构、内部控制审计机构。具体内容详见 2024 年 5 月 21 日刊登在《证券时报》《中国证券报》《上海证券报》《证券日报》和巨 潮资讯网（www.cninfo.com.cn）的公告。 近日，公司收到北京德皓国际《关于变更 2024 年度审计签字会计师的函》， 北京德皓国际现指派郑志刚先生、裴士宇先生作为签字注册会计师继续为公司提 供审计服务，其中郑志刚先生为项目合伙人，裴士宇先生为项目负责人、签字注 册会计师。因工作调 ...

Investment Rating - The report maintains a "Buy" rating for the company, with a target price of 20.95 CNY [4] Core Views - The company's profitability has improved significantly, with a notable increase in gross margin driven by product structure upgrades, particularly the premiumization of its flagship products [1] - Despite a decline in Q3 revenue and net profit, the company has shown a substantial reduction in losses, with net profit narrowing by 80.83% YoY in Q3 2024 [1] - The company's "dual-engine" strategy focusing on its core products, Bai Niu Er and Jin Biao, is expected to drive future growth, with projected revenue growth of 6% and 8% in 2025 and 2026, respectively [2] Financial Performance - In Q3 2024, the company reported revenue of 1.63 billion CNY, a YoY decrease of 37.20%, and a net loss of 41 million CNY, representing an 80.83% reduction in losses compared to the same period last year [1] - Gross margin increased by 13.46 percentage points YoY to 36.25% in Q3 2024, while net margin declined by 5.88 percentage points to -2.25%, primarily due to increased sales and management expenses [1] - Operating cash flow in Q3 2024 was 110 million CNY, a YoY decrease of 42.84%, while contract liabilities remained stable, increasing by 95 million CNY QoQ [2] Future Projections - The company is expected to achieve revenue of 9.3 billion CNY in 2024, with a projected growth of 6% and 8% in 2025 and 2026, respectively [2] - Net profit attributable to shareholders is forecasted to turn positive in 2024, reaching 332 million CNY, with further growth of 37% and 25% in 2025 and 2026, respectively [2] - The company's PE ratio is projected to be 47X, 34X, and 27X for 2024, 2025, and 2026, respectively [2] Industry Context - The company operates in the food and beverage industry, specifically within the baijiu (Chinese liquor) sector, which is facing challenges due to weak consumer demand in the short term [2] - The company's strategy to focus on premium products and strengthen its marketing efforts is expected to help it navigate the current market conditions and drive future growth [2]

[Table_InvestInfo] 投资评级 优于大市 维持 | --- | --- | |---------------------------------------------------------------|-------------| | 股票数据 | | | 10 [ Table_StockInfo 月 31 日收盘价（元） ] | 17.88 | | 52 周股价波动（元） | 13.90-25.84 | | 总股本 / 流通 A 股（百万股） | 742/742 | | 总市值 / 流通市值（百万元） | 13263/13263 | | 相关研究 | | | [Table_ReportInfo] 《白酒增长、屠宰减亏，盈利水平持续优化》 | | | 2024.08.30 | | | 《低端白酒行业龙头，产品升级行稳致远》 | | | 2024.06.25 | | | 市场表现 | | [Table_QuoteInfo] -38.02% -28.02% -18.02% -8.02% 1.98% 顺鑫农业 海通综指 2023/10 2024/1 2024/4 2024/7 | --- | - ...

Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected stock price increase of over 20% relative to the market benchmark within the next six months [7]. Core Views - The company has shown a significant improvement in net profit, with a year-on-year increase of 230.72% in the first three quarters of 2024, despite a 16.92% decline in revenue [1]. - The white liquor business remains stable, and the pork business is showing signs of reduced losses, with a notable recovery in profitability [2]. - The report anticipates a recovery in gross margins in Q4 2024 due to early channel stocking for the upcoming Spring Festival [1][2]. Financial Performance Summary - For the first three quarters of 2024, the company achieved revenue of 7.317 billion yuan, a decrease of 16.92% year-on-year, while net profit reached 382 million yuan, up 230.72% [1]. - The gross margin for Q3 2024 improved by 13.45 percentage points to 36.26% compared to the previous year [1]. - The company expects net profits for 2024-2026 to be 363 million, 535 million, and 639 million yuan respectively, with a revision from previous estimates [2]. Business Segment Insights - The white liquor segment's revenue remained stable year-on-year, with ongoing consumer cultivation efforts enhancing brand visibility and potential sales conversion [2]. - The pork segment has seen improved profitability due to adjustments in production and product mix, benefiting from a recent rise in domestic pork prices [2]. Valuation Metrics - The report provides earnings per share (EPS) estimates of -0.40 yuan for 2023, transitioning to 0.49 yuan in 2024, and reaching 0.86 yuan by 2026 [5]. - The price-to-earnings (P/E) ratio is projected to improve from -45.3 in 2023 to 21.0 in 2026, reflecting a recovery in profitability [5].

上 市 公 司 证 券 研 究 报 告 食品饮料 2024 年 10 月 29 日 顺鑫农业 (000860) ——24Q3 点评：白酒业务基本稳定，肉类业务减亏 | --- | --- | |-----------------------------|-------------------------------| | 市场数据： | 2024 年 10 月 28 日 | | 收盘价（元） | 18.89 | | 一年内最高/最低（元） | 25.84/13.90 | | 市净率 | 1.9 | | 息率（分红/股价） | | | 流通 A 股市值（百万元） | 14,012 | | 上证指数/深证成指 | 3,322.20/10,685.89 | | --- | --- | |-------------------------------|------------------------| | | | | | | | 基础数据 : 2024 | 年 09 月 30 日 | | | | | 每股净资产（元） | 9.66 | | 资产负债率 % | 48.96 | | 总股本/流通 A 股（百万） | 74 ...

Revenue and Profit - Revenue for Q3 2024 was CNY 1,630,250,242.43, a decrease of 37.20% compared to the same period last year[2] - Net profit attributable to shareholders was CNY -40,508,510.21, an increase of 80.83% year-on-year[2] - Total operating revenue for Q3 2024 was CNY 7,316,762,837.51, a decrease of 17.8% compared to CNY 8,807,316,989.49 in the same period last year[13] - Net profit for Q3 2024 was CNY 389,127,515.53, a significant recovery from a net loss of CNY 295,325,626.52 in the previous year[14] - Earnings per share for Q3 2024 was CNY 0.5151, compared to a loss per share of CNY -0.3940 in the same quarter last year[15] Cash Flow - Cash flow from operating activities for the year-to-date was CNY -907,851,810.41, a decrease of 54.92% compared to the previous year[2] - Cash flow from operating activities for Q3 2024 was CNY 6,294,252,322.73, down from CNY 6,944,383,547.43 in the previous year[16] - The net cash flow from operating activities was -907,851,810.41 CNY, an improvement from -2,013,657,127.09 CNY in the previous year, indicating a reduction in cash outflow[17] - Total cash outflow from operating activities amounted to 7,202,104,133.14 CNY, down from 8,958,040,674.52 CNY year-over-year[17] - Cash inflow from financing activities was 3,161,218,568.63 CNY, down from 3,998,785,143.07 CNY in the previous year[17] - The net cash flow from financing activities was 1,059,639.06 CNY, a recovery from -99,000,942.97 CNY in the previous year[17] Assets and Liabilities - Total assets as of September 30, 2024, were CNY 14,088,906,998.42, down 8.32% from the end of the previous year[2] - Current assets decreased from CNY 10,107,212,465.12 to CNY 9,105,971,053.36, a reduction of about 9.9%[11] - Total liabilities decreased to CNY 6,897,883,012.36 from CNY 8,565,269,748.66, indicating a reduction of 19.5%[13] - Total liabilities increased from CNY 9,107,212,465.12 to CNY 9,105,971,053.36, indicating a slight decrease of about 0.1%[12] - Short-term borrowings increased from CNY 2,564,331,609.58 to CNY 2,609,242,602.75, an increase of approximately 1.8%[12] Shareholder Information - The total number of ordinary shareholders at the end of the reporting period was 96,758[8] - The largest shareholder, Beijing Shunxin Holdings Group Co., Ltd., held 38.36% of the shares[8] Financial Expenses - Financial expenses decreased by CNY 130.08 million, a decline of 96.43%, due to reduced financing scale and increased interest income[6] - The company reported a significant decrease in financial expenses, down to CNY 4,816,396.83 from CNY 134,894,275.56, a reduction of 96.4%[14] Inventory and Receivables - Accounts receivable increased by CNY 1,173.36 million, a growth of 30.83% due to increased customer receivables[4] - Inventory decreased from CNY 2,194,181,966.67 to CNY 1,824,836,386.77, a reduction of approximately 16.9%[11] - The company reported a significant increase in other receivables from CNY 6,452,594.19 to CNY 11,072,727.99, an increase of approximately 71.5%[11] Research and Development - Research and development expenses for Q3 2024 were CNY 22,435,012.83, slightly down from CNY 24,022,666.07 in the previous year[14] Audit and Reporting - The company did not undergo an audit for the third quarter report[18] - The report was released by the Board of Directors on October 29, 2024[18]

一、指数名称和代码 二、指数基日和基点 该指数以 2014 年 12 月 31 日为基日，以 1000 点为基点。 三、样本选取方法 2024 年 9 月 | 版本号 V1.3 中证央企结构调整指数编制方案 中证央企结构调整指数从央企上市公司中，综合评估其在市值规模、股东权 益回报、红利支付水平、科技创新投入等方面情况，选取其中较具代表性的上市 公司证券作为指数样本，以反映央企结构调整板块相关上市公司证券的整体表现。 1、样本空间 同中证全指指数的样本空间 2、可投资性筛选 过去一年日均成交金额排名位于样本空间前 80%。 3、选样方法 （1）对于样本空间内符合可投资性筛选条件的证券，选取属于国资委央企 1 指数名称：中证央企结构调整指数 指数简称：结构调整 英文名称：CSI Central-SOEs' Structural Reform Index 英文简称：SOEs' Structural Reform 指数代码：000860 2024 年 9 月 | 版本号 V1.3 名录，以及实际控制权或第一大股东归属于国务院国资委的上市公司证券作为待 选样本； （2）在上述待选样本中，剔除满足以下任一条件的证券： ...

华福证券 金标铺货不及预期，白酒动销不及预期、行业竞争加剧等。 包 研 顺鑫农业（000860.SZ） 稳白酒，猪肉减亏，盈利能力提升 投资要点： 事件： 2024H1 公司实现营收 56.87 亿元，同比下降 8.45％；实现归母净 利润 4.23 亿元，去年同期为-0.81 亿元，今年同比扭亏为盈。其中，24Q2 公司实现营收 16.30 亿元，同比下降 23.26%；实现归母净利润-0.28 亿 元，去年同期为-4.09 亿元，减亏明显。 分 业 务 看 ， 24H1 公 司 白 酒 / 猪 肉 / 其 他 业 务 分 别 实 现 营 收 46.98/7.86/2.03 亿元，同比分别+3.17%/-36.64%/-51.35%。分地区看， 京内/京外分别实现营收 16.01/40.85 亿元，同比分别-22.93%/-1.17%。 白酒业务稳字当头，猪肉业务减亏 白酒业务方面，公司围绕"调结构、强营销、夯基础"的计划， 持续打造光瓶酒"双轮驱动"战略。具体来看，每 500ml 产品价格 50 元以上的高档酒/10-50 元的中档酒/10 元以下的低档酒分别实现营收 6.03/6.38/34.56 亿元 ...