证券代码：002726 证券简称：龙大美食 公告编号：2024-065 债券代码：128119 债券简称：龙大转债 山东龙大美食股份有限公司 关于为子公司提供担保的进展公告 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。 上述担保金额在公司 2023 年第四次临时股东大会审议通过的授权额度内， 无需另行召开董事会及股东大会。 三、被担保人基本情况 一、担保情况概述 2023 年 12 月 18 日，山东龙大美食股份有限公司（以下简称"公司"）召开 2023 年第四次临时股东大会，审议通过了《关于公司 2024 年度对外担保额度 预计的议案》，同意公司 2024 年度对合并报表范围内下属公司提供不超过 60 亿 元担保总额度（该预计担保额度可循环使用），用于满足公司下属公司生产经营 资金的需要。其中，公司对资产负债率为 70%以上（含 70%）的下属公司提供 的担保额度为 40 亿元，对资产负债率低于 70%的下属公司提供的担保额度 20 亿元。有效期为股东大会审议通过之日起至 2024 年年度股东大会召开之日止。 具体内容详见 2023 年 12 月 1 日公 ...

证券代码：002726 证券简称：龙大美食 公告编号：2024-064 债券代码：128119 债券简称：龙大转债 山东龙大美食股份有限公司 关于为子公司提供担保的进展公告 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。 （一）烟台龙大饲料有限公司 1、公司名称：烟台龙大饲料有限公司 2、类型：有限责任公司（自然人投资或控股的法人独资） 3、住所：山东省莱阳市龙旺庄街道办事处乔家泊 4、法定代表人：苏倩倩 一、担保情况概述 2023 年 12 月 18 日，山东龙大美食股份有限公司（以下简称"公司"）召开 2023 年第四次临时股东大会，审议通过了《关于公司 2024 年度对外担保额度 预计的议案》，同意公司 2024 年度对合并报表范围内下属公司提供不超过 60 亿 元担保总额度（该预计担保额度可循环使用），用于满足公司下属公司生产经营 资金的需要。其中，公司对资产负债率为 70%以上（含 70%）的下属公司提供 的担保额度为 40 亿元，对资产负债率低于 70%的下属公司提供的担保额度 20 亿元。有效期为股东大会审议通过之日起至 2024 年年度股东大会 ...

Company Establishment - Bazhong Longda Meat Food Trading Co Ltd was recently established with a registered capital of 10 million yuan [1] - The company's legal representative is Lan Lan [1] - The business scope includes food sales, import and export of goods, wood sales, construction steel product sales, mechanical equipment sales, textile sales, office supplies sales, hardware product retail, and home goods sales [1] Ownership Structure - The company is indirectly wholly owned by Longda Food (002726) [2]

| 证券代码：002726 | 证券简称：龙大美食 | 公告编号：2024-063 | | --- | --- | --- | | 债券代码：128119 | 债券简称：龙大转债 | | 山东龙大美食股份有限公司 关于为全资子公司提供担保的进展公告 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。 一、担保情况概述 2023 年 12 月 18 日，山东龙大美食股份有限公司（以下简称"公司"）召开 2023 年第四次临时股东大会，审议通过了《关于公司 2024 年度对外担保额度预 计的议案》，同意公司 2024 年度对合并报表范围内下属公司提供不超过 60 亿元 担保总额度（该预计担保额度可循环使用），用于满足公司下属公司生产经营资 金的需要，担保范围包括但不限于申请综合授信、借款、承兑汇票等融资或开 展其他日常经营业务等。其中，公司对资产负债率为 70%以上（含 70%）的下 属公司提供的担保额度为 40 亿元，对资产负债率低于 70%的下属公司提供的担 保额度 20 亿元。有效期为股东大会审议通过之日起至 2024 年年度股东大会召 开之日止。具体内容详见 ...

Investment Rating - The report maintains a "Buy" rating for Longda Foodstuff (002726) [1] Core Views - Longda Foodstuff's food segment shows steady growth with continuous business structure optimization [1] - The company's Q3 2024 revenue declined by 12.12% YoY to 2.97 billion yuan, but net profit surged 161.61% YoY to 15 million yuan [2] - The food segment accounted for over 20% of total revenue, with prepared food revenue reaching 1.509 billion yuan in the first three quarters [3] - The slaughtering business saw improved profitability through channel restructuring and high-margin product development [3] - The breeding business turned profitable in Q3 2024 due to rising pig prices and effective cost control [3] Financial Performance - Q1-Q3 2024 revenue reached 8.014 billion yuan, down 20.7% YoY, while net profit increased 111.26% YoY to 73 million yuan [2] - Q3 2024 prepared food revenue grew 34.61% QoQ to 536 million yuan, driven by seasonal demand and new customer acquisition [3] - The company's slaughtering volume reached 3.6008 million heads in Q1-Q3 2024, with breeding output at 247,600 heads [3] - The company's total market capitalization stood at 7.26275 billion yuan as of November 18, 2024 [3] Strategic Development - The company focuses on expanding its food business through product diversification and channel optimization [3] - The "consolidate existing and develop new" strategy for large B-end customers has shown effectiveness [3] - The company is strengthening its presence in online and new retail channels for C-end customers [3] - The Q4 2024 Spring Festival season is expected to boost annual performance [3] Industry Analysis - China's slaughtering and breeding industries are becoming more standardized under policy guidance [3] - The industry entered a de-capacity cycle in January 2023, leading to improved market conditions [3] Financial Forecasts - Revenue is projected to reach 12.107 billion yuan in 2024, growing to 14.158 billion yuan by 2026 [6] - Net profit is expected to increase from 102 million yuan in 2024 to 248 million yuan in 2026 [6] - EPS is forecasted to grow from 0.09 yuan in 2024 to 0.23 yuan in 2026 [6] - The company's P/E ratio is expected to decrease from 71.11 in 2024 to 29.33 in 2026 [6] Valuation Metrics - The company's current price is 6.73 yuan, with a 52-week range of 5.93-8.75 yuan [3] - ROE is projected to improve from 6% in 2024 to 12% in 2026 [6] - P/B ratio is expected to decline from 4.58 in 2024 to 3.57 in 2026 [6] - P/S ratio is forecasted to decrease from 0.60 in 2024 to 0.51 in 2026 [6]

Investment Rating - The report maintains an "Accumulate" rating for the company [5][11]. Core Insights - The company reported a total revenue of 8.014 billion yuan for the first three quarters of 2024, a year-on-year decrease of 20.70%, while achieving a net profit of 73 million yuan, reversing from a loss of 649 million yuan in the same period last year [2][7]. - The pre-prepared food segment showed a significant recovery, with Q3 revenue reaching 536 million yuan, a quarter-on-quarter increase of 34.61%, driven by improved demand during the restaurant peak season [3][10]. - The gross profit margin for the first three quarters improved to 4.84%, up 4.42 percentage points year-on-year, indicating enhanced profitability due to better cost management and product mix optimization [4][9]. Summary by Sections Financial Performance - For Q3 2024, the company reported total revenue of 2.970 billion yuan, down 12.12% year-on-year, but net profit was 15 million yuan, reversing from a loss of 24 million yuan in Q3 2023 [2][7]. - The gross profit margin for Q3 was 4.60%, reflecting a year-on-year increase of 1.44 percentage points [4][9]. Business Strategy - The company continues to focus on its core food business while expanding its B-end customer base in the pre-prepared food sector, which has shown stable growth despite overall revenue decline [3][8]. - The company has optimized its business structure and improved cost efficiency, contributing to enhanced profitability [4][9]. Future Outlook - Revenue projections for 2024-2026 are estimated at 11.139 billion, 12.172 billion, and 13.211 billion yuan, with expected net profits of 86 million, 186 million, and 242 million yuan respectively [5][11]. - The company is expected to benefit from its strategic focus on pre-prepared foods, with significant growth potential in both product development and market expansion [10].

Investment Rating - The report maintains a "Buy" rating for Longda Foodstuff (002726) [6] Core Views - Longda Foodstuff's revenue declined slightly in 24Q3 due to focusing on core business and reducing non-core operations, while profitability improved [1] - The company's food business proportion increased, indicating potential for future growth [1] - Net profit attributable to parent company surged 111.26% YoY in the first three quarters of 2024 [1] Financial Performance Revenue and Profit - 24Q3 revenue reached 2.97 billion yuan, down 12.12% YoY [1] - Net profit attributable to parent company in 24Q3 was 15 million yuan, up 161.61% YoY [1] - First three quarters of 2024 saw revenue of 8.014 billion yuan, down 20.70% YoY [1] Business Segments - Breeding segment achieved profitability in first three quarters with 247,600 heads slaughtered [2] - Slaughtering volume reached 3.6008 million heads in 24Q1-3, down YoY due to weak fresh product demand [2] - Food segment revenue remained stable at 1.707 billion yuan, accounting for over 20% of total revenue [2] Profitability - Gross margin improved to 4.84% in 24Q1-Q3, up 4.42 percentage points YoY [3] - Net margin reached 0.98% in 24Q1-Q3, up 7.89 percentage points YoY [3] - 24Q3 gross margin was 4.60%, up 1.44 percentage points YoY [3] Future Projections - Revenue is expected to grow to 14.474 billion yuan in 2024, 16.102 billion yuan in 2025, and 18.159 billion yuan in 2026 [4] - Net profit attributable to parent company is projected to reach 106 million yuan in 2024, 211 million yuan in 2025, and 278 million yuan in 2026 [4] - EPS is forecasted to be 0.10 yuan in 2024, 0.20 yuan in 2025, and 0.26 yuan in 2026 [4] Valuation - Current share price is 6.82 yuan with a market capitalization of 7.35987 billion yuan [6] - P/E ratio is projected at 69.52x for 2024, 34.85x for 2025, and 26.44x for 2026 [4]

Investment Rating - The report maintains a "Buy" rating for Longda Foodstuff (002726 SZ) [1] Core Views - Pre-made dishes business remains stable against market trends while breeding and slaughtering operations show improvement [1] - The company achieved a turnaround in net profit in 2024Q1-Q3 with revenue of 8 014 billion yuan (down 20 7% YoY) and net profit of 73 million yuan [3] - For 2024Q3 revenue reached 2 97 billion yuan (down 12 1% YoY) with net profit of 15 million yuan and operating cash flow of 64 million yuan [3] - The report forecasts net profits of 95/212/330 million yuan for 2024-2026 with corresponding EPS of 0 09/0 20/0 31 yuan [3] Business Performance Pre-made Dishes - Food segment revenue reached 1 707 billion yuan in 2024Q1-Q3 remaining flat YoY [4] - Pre-made dishes revenue stood at 1 509 billion yuan flat YoY but up 34 61% QoQ driven by strong demand from catering clients and seasonal factors [4] - Gross margin improved by 4 5 percentage points to 11 61% due to lower raw material costs [4] - Key products achieved significant scale with large intestine surpassing 200 million yuan and sausages exceeding 100 million yuan in revenue [4] Slaughtering - Slaughtering volume reached 3 6008 million heads in 2024Q1-Q3 showing a YoY decline due to weak demand for fresh products and controlled frozen inventory [4] - Despite lower volumes the segment showed improved gross profit [4] Breeding - Breeding output reached 247 600 heads in 2024Q1-Q3 showing a YoY decline [4] - The segment returned to profitability benefiting from rising pig prices and lower breeding costs [4] Financial Performance - In 2024Q3 gross margin increased by 1 44 percentage points YoY driven by higher pig prices and lower raw material costs [5] - The company maintained cost control with sales management and R&D expense ratios decreasing by 0 08 0 05 and 0 02 percentage points respectively [5] - Financial expense ratio remained stable [5] Strategic Focus - The company continues to focus on large B clients in the pre-made dishes business consolidating existing clients and developing new ones [6] - New product categories are being expanded with new clients gradually contributing to orders [6] - The pre-made dishes business maintained its scale advantage in 2024 and is expected to benefit from potential recovery in catering demand [6] Financial Projections - Revenue is projected to grow from 14 294 billion yuan in 2024E to 21 082 billion yuan in 2026E [7] - Net profit is forecasted to increase from 95 million yuan in 2024E to 330 million yuan in 2026E [7] - Gross margin is expected to improve from 4 5% in 2024E to 5 0% in 2026E [7] - ROE is projected to recover from 5 7% in 2024E to 15 2% in 2026E [7]

Investment Rating - The report maintains a "Buy" investment rating for the company [2][4]. Core Insights - The company has focused on its core business, leading to a revenue decline but ongoing optimization of its business structure. For the first three quarters of 2024, the company achieved revenue of 8.014 billion yuan, a decrease of 21% year-on-year, while net profit attributable to shareholders was 73 million yuan, compared to a loss of 649 million yuan in the same period of 2023 [2][3]. - In Q3 2024, the company reported revenue of 2.970 billion yuan, down 12% year-on-year, but managed to achieve a net profit of 15 million yuan, compared to a loss of 24 million yuan in Q3 2023. The gross margin increased by 1 percentage point to 4.60% due to business structure optimization [2][3]. Summary by Sections Financial Performance - For Q1-Q3 2024, the company reported a revenue of 8.014 billion yuan, a 21% decrease year-on-year. The net profit attributable to shareholders was 73 million yuan, a significant improvement from a loss of 649 million yuan in the same period of 2023. The Q3 revenue was 2.970 billion yuan, down 12% year-on-year, with a net profit of 15 million yuan [2][3]. - The company’s gross margin improved to 4.60% in Q3 2024, with selling and management expense ratios showing slight changes [2][3]. Business Segments - The company’s breeding segment saw a decrease in output, but profitability was maintained due to rising pig prices and controlled feed costs. The pre-prepared food segment experienced revenue growth in Q3, driven by improved demand during the restaurant peak season and contributions from existing customers [3]. - The company is expanding its product offerings and customer base, focusing on high-value products and enhancing its channel structure to increase sales [3]. Profitability Forecast - The company is expected to improve its profitability gradually, with projected EPS of 0.09 yuan, 0.17 yuan, and 0.24 yuan for 2024, 2025, and 2026 respectively. The current stock price corresponds to PE ratios of 73, 39, and 28 times for the respective years [4][6].

Financial Performance - Revenue for the first three quarters of 2024 was 8.014 billion yuan, a decrease of 20.70% year-on-year [1] - Net profit attributable to the parent company for the first three quarters was 73.041 million yuan, an increase of 111.26% year-on-year [1] - Revenue for the third quarter was 2.97 billion yuan, a decrease of 12.12% year-on-year [1] - Net profit attributable to the parent company for the third quarter was 14.8884 million yuan, an increase of 161.61% year-on-year [1] Business Segments Farming Segment - The farming segment achieved profitability in the first three quarters with an output of 247,600 heads, a decrease year-on-year [1] - The average selling price of pigs increased, and feed costs were controlled, leading to reduced farming costs [1] Slaughtering Segment - Slaughtering volume in the first three quarters was 3.6008 million heads, a decrease year-on-year due to weak terminal demand and controlled frozen product inventory [2] - The company adjusted channel structure and increased high-margin products, leading to improved gross profit [2] Food Segment - Food segment revenue in the first three quarters was 1.707 billion yuan, accounting for over 20% of the company's main business revenue [3] - Pre-made food revenue in the first three quarters was 1.509 billion yuan, with a gross profit margin of 11.61%, an increase of 4.5% year-on-year [3] - Pre-made food revenue in the third quarter was 536 million yuan, a 34.61% increase quarter-on-quarter [3] Product and Channel Development - The company focused on product differentiation and new product development, with significant growth in products like light braised pork intestines and sausages [3] - The company continued to develop new products such as fresh meat sausages and upgraded products like braised beef and pork trotters [3] - The company implemented a "solidify old, open new" strategy, expanding from pork to beef and increasing the supply of semi-finished and finished products [3] - The company focused on developing the Western fast-food channel, with some clients already placing orders in the third quarter [3] Marketing and Sales - The company built a stable, long-term cooperation model with core influencers, with core influencers accounting for 70% of live-streaming sales [3] - The company successfully launched two monthly million-yuan products in the third quarter: braised beef and light braised pork intestines [3] - The company continued to promote private domain customers, with sales steadily increasing [3] - The company focused on channel sinking and expanding into lower-tier markets, deepening channel potential [3] Future Plans and Strategies - The company will continue to focus on the food segment, increase high-margin products, and optimize internal management to further reduce costs [3] - The company plans to continue expanding its business and market scale through industrial extension and integration [4] - The company aims to increase the proportion of semi-finished and finished products in its pre-made food segment, with current proportions being 30-40% for raw materials, 40-45% for semi-finished products, and 10-15% for finished products [4] - The company expects some pressure on pig prices in the first quarter of next year due to increased supply [4] - The company plans to promote the conversion of convertible bonds and will take active measures to maintain stock price if necessary [4]