Investment Rating - Buy/Upgrade rating for Wens Foodstuff Group Co Ltd (300498) with a target price of 15 69 [1] Core Views - Rapid growth in hog slaughtering and continuous cost reduction are key drivers for the company [1] - The company achieved its sales target for hog farming in 2024 with 30 18 million hogs slaughtered a 15% YoY increase [5] - The average selling price of hogs in 2024 was 16 71 yuan/kg a 12 83% YoY increase [5] - The company aims to sell 33-35 million hogs in 2025 with a target average cost of 6 5 yuan/jin [5] - The broiler business also showed steady growth with 1 208 billion broilers sold in 2024 a 2 1% YoY increase [6] - The company expects broiler sales to increase by 5% or more in 2025 with further cost optimization [6] Financial Performance - The company expects to achieve over 100 billion yuan in revenue in 2024 with a net profit of 9-9 5 billion yuan [4] - The estimated net profit for Q4 2024 is between 2 6-3 1 billion yuan [4] - The company's hog farming cost in 2024 was approximately 7 2 yuan/jin a reduction of 1 2 yuan/jin YoY [5] - The estimated profit per hog in 2024 was 282 yuan with Q4 profit per hog at 335 yuan [5] - The broiler business achieved a cost reduction to 6 yuan/jin in 2024 with Q4 cost at 5 7 yuan/jin [6] - The estimated profit per broiler in 2024 was 1 74 yuan with Q4 profit per broiler at 2 4 yuan [6] Market Data - The company's total market capitalization is 104 4 billion yuan with a circulating market cap of 82 13 billion yuan [3] - The 12-month high and low stock prices were 23 9 yuan and 15 12 yuan respectively [3] - The company's total shares outstanding are 6 654 billion with 5 235 billion shares in circulation [3] Future Projections - The company's projected net profit for 2024-2026 is 9 647 billion yuan 9 118 billion yuan and 6 762 billion yuan respectively [6] - The current PE ratio for 2025 is 11 45x [6] - The company's revenue growth rate is expected to be 18 47% in 2024 4 69% in 2025 and 3 09% in 2026 [7] - The net profit growth rate is projected to be -250 99% in 2024 -5 48% in 2025 and -25 84% in 2026 [7] Financial Metrics - The company's gross margin is expected to be 15 97% in 2024 14 66% in 2025 and 11 93% in 2026 [11] - The net profit margin is projected to be 9 06% in 2024 8 18% in 2025 and 5 88% in 2026 [11] - The ROE is expected to be 23 55% in 2024 17 93% in 2025 and 11 40% in 2026 [11] - The ROA is projected to be 10 13% in 2024 8 55% in 2025 and 5 88% in 2026 [11]

Investment Rating - The investment rating for the company is "Buy (Maintain)" [1] Core Insights - The report highlights the optimization of costs in pig and chicken production, with a steady expansion of production capacity [2] - The financial projections indicate a revenue increase from 89.92 billion in 2023 to 107.87 billion in 2024, representing a growth rate of 20% [3] - The report anticipates a decline in revenue to 102.88 billion in 2025, followed by a recovery to 116.90 billion in 2026, with respective growth rates of -4.6% and 13.6% [3] Financial Summary - The company is projected to have a net profit of -6.39 billion in 2023, with a turnaround to 9.29 billion in 2024 and further to 4.24 billion in 2025, reaching 10.90 billion in 2026 [3][5] - The return on equity (ROE) is expected to improve from -19.3% in 2023 to 22.8% in 2024, then stabilize at 9.5% in 2025 and rise to 20.1% in 2026 [3][5] - The gross margin is projected to increase from 0.8% in 2023 to 16.2% in 2024, followed by 11.3% in 2025 and 16.7% in 2026 [5] Key Financial Ratios - The company's debt-to-equity ratio is expected to decrease from 61.4% in 2023 to 46.8% in 2026, indicating improved financial stability [5] - The current ratio is projected to improve from 1.07 in 2023 to 1.68 in 2026, reflecting better liquidity [5] - The earnings per share (EPS) is forecasted to recover from -0.96 in 2023 to 1.40 in 2024, then to 0.64 in 2025 and 1.64 in 2026 [3][5]

Investment Rating - The investment rating for the company is "Outperform the Market" (maintained) [1][7] Core Views - The company is expected to achieve a net profit attributable to shareholders of 9 billion to 9.5 billion yuan in 2024, marking a turnaround from a loss of 6.39 billion yuan in the same period last year [2][3] - The company has sufficient pig breeding capacity, with 1.68 million breeding sows as of the end of October, and is continuously improving production indicators and performance [3][5] - The company’s cost of pig and chicken farming is steadily decreasing, benefiting from an upward cycle in pig prices [7] Summary by Sections Financial Performance - The company forecasts a net profit of 25.92 to 30.92 billion yuan for Q4 2024, indicating a significant improvement compared to the previous year [4] - The average profit per fat pig is estimated to be around 330 to 350 yuan, with total breeding costs at approximately 14.0 yuan/kg [3][4] Production Capacity and Management - The company has completed a breeding capacity of approximately 46 million heads, with a current breeding sow count of 1.68 million [5] - The company’s production management and disease prevention measures have shown significant improvement, leading to better core production indicators [5] Market Position - The company sold 1.208 billion meat chickens in 2024, a 2% increase year-on-year, maintaining the top market share among listed peers [6] - The cost of chicken farming has also been decreasing, with the total cost per chicken reaching around 5.7 yuan per pound [6] Profit Forecast - The profit forecasts for 2024 to 2026 are adjusted to 9.17 billion, 11.395 billion, and 9.986 billion yuan respectively, reflecting a cautious outlook on pig prices for 2025 and 2026 [7][10]

1 温氏食品集团股份有限公司 证券代码：300498 证券简称：温氏股份 公告编号：2025- 10 债券代码：123107 债券简称：温氏转债 温氏食品集团股份有限公司 第五届董事会第三次会议决议公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假记载、 误导性陈述或重大遗漏。 温氏食品集团股份有限公司（以下简称"公司"）第五届董事 会第三次会议通知于 2025 年 1 月 9 日以书面和电话的形式通知 公司全体董事。会议于 2025 年 1 月 13 日 14:00 在公司总部 1 楼 会议室以现场表决的方式召开。应出席会议的董事有 12 名，实际 出席会议的董事有 12 名。会议由董事长温志芬先生主持，公司监 事列席了本次会议。本次会议的召集、召开和表决程序均符合《公 司法》、《公司章程》及相关法律法规的规定。经与会董事认真审 议，会议以记名投票表决的方式通过了以下议案： 一、审议通过了《关于部分募集资金投资项目结项的议案》 具体内容详见公司同步披露于中国证监会指定的创业板信 息披露网站的《关于部分募集资金投资项目结项的公告》。 表决结果：同意12票，反对0票，弃权0票。 二、审议通 ...

温氏食品集团股份有限公司 | 证券代码：300498 | 证券简称：温氏股份 | 公告编号：2025-11 | | --- | --- | --- | | 债券代码：123107 | 债券简称：温氏转债 | | 温氏食品集团股份有限公司 第五届监事会第三次会议决议公告 本公司及监事会全体成员保证信息披露的内容真实、准确、完整，没有虚假记载、 误导性陈述或重大遗漏。 温氏食品集团股份有限公司（以下简称"公司"）第五届监事 会第三次会议于 2025 年 1 月 9 日以书面和电话的形式通知公司 全体监事，会议于 2025 年 1 月 13 日 15:00 在总部 19 楼会议室以 现场表决的方式召开。应出席会议的监事有 6 人，实际出席会议 的监事有 6 人。会议由公司监事会主席温少模先生主持。本次会 议的召集、召开和表决程序符合法律、法规和《公司法》、《公司 章程》的有关规定。经与会监事认真审议，会议以记名投票表决 的方式通过了如下议案： 一、审议通过了《关于部分募集资金投资项目结项的议案》 经审核，监事会认为，截至 2024 年 12 月 31 日，吉安县温氏 畜牧有限公司大冲养殖小区一期、洪湖温氏畜牧有限公 ...

温氏食品集团股份有限公司 证券代码：300498 证券简称：温氏股份 公告编号：2025- 13 债券代码：123107 债券简称：温氏转债 温氏食品集团股份有限公司 关于回购广东温氏乳业股份有限公司 13.94%股 权暨关联交易的公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假记载、 误导性陈述或重大遗漏。 温氏食品集团股份有限公司（以下简称"公司"或"温氏股 份"）第五届董事会第三次会议审议通过了《关于回购广东温氏 乳业股份有限公司 13.94%股权暨关联交易的议案》，同意公司以 自有资金回购广东温氏乳业股份有限公司 13.94%股权。具体情况 如下： 一、关联交易概述 （一）交易背景 2021 年，广东温氏乳业股份有限公司（以下简称："温氏乳业" 或"标的公司"）盈利能力较强，经营业绩良好，基于温氏乳业未 来良好的发展前景，温氏乳业通过增资扩股引进了广东省农业供 给侧结构性改革基金合伙企业（有限合伙）（以下简称"农业基金"）、 深圳市星联合投资合伙企业（有限合伙）（以下简称"星联合投资"）、 1 温氏食品集团股份有限公司 广东彩福投资有限责任公司（以下简称"广东彩福"）、珠海聚缘 ...

中国国际金融股份有限公司 关于温氏食品集团股份有限公司 部分募集资金投资项目结项的核查意见 中国国际金融股份有限公司（以下简称"保荐机构"）作为温氏食品集团股份有限 公司（以下简称"公司"）创业板向不特定对象发行可转换公司债券的保荐机构，根据 《证券发行上市保荐业务管理办法》《上市公司监管指引第 2 号——上市公司募集资金 管理和使用的监管要求》《深圳证券交易所创业板股票上市规则》《深圳证券交易所上 市公司自律监管指引第 2 号——创业板上市公司规范运作》等相关法律法规的规定，对 公司部分募集资金投资项目结项事项进行了审慎核查，具体情况如下： 一、 本次结项项目基本情况 公司 2021 年第二次临时股东大会审议通过了《关于变更部分募集资金投资项目的 议案》，同意公司将 3 个一体化募投项目变更为吉安县温氏畜牧有限公司大冲养殖小区 一期、洪湖温氏畜牧有限公司团丰养殖小区、咸宁市贺胜温氏禽畜有限公司黎首高效种 鸡场项目、渠县温氏畜牧有限公司铁垭种鸡场项目和灌南温氏食品有限公司肉鸡六场项 目等 21 个项目。 公司 2022 年度股东大会审议通过了《关于变更部分募集资金使用计划的议案》， 同意公司将可转债募集资金中 ...

Investment Rating - The report maintains a "Buy" investment rating for the company [2][11]. Core Insights - The company achieved a record high in revenue, with 2024 annual revenue surpassing 100 billion yuan, and a strong profit growth, expecting a net profit attributable to shareholders of 9-9.5 billion yuan [6][11]. - The company successfully met its pig sales targets for three consecutive years, with a total of 30.1827 million pigs sold in 2024, a year-on-year increase of 14.93%, generating sales revenue of 61.753 billion yuan, up 33.50% year-on-year [7]. - The financial structure of the company continues to improve, with a significant reduction in the debt-to-asset ratio from 61.41% at the end of the previous year to 53% at the end of 2024, driven by improved profitability and active debt repayment [10]. Summary by Sections Revenue and Profitability - The company reported a historical high in revenue, with 2024 revenue expected to exceed 100 billion yuan, and a strong profit growth forecast of 9-9.5 billion yuan in net profit attributable to shareholders [6][11]. - The pig farming business and chicken farming business are projected to generate profits of 8.2-8.4 billion yuan and 2.1-2.3 billion yuan, respectively [6]. Sales Performance - The company sold 30.1827 million pigs in 2024, a 14.93% increase year-on-year, with sales revenue from pigs reaching 61.753 billion yuan, a 33.50% increase year-on-year [7]. - The chicken business also showed steady growth, with 1.208 billion chickens sold in 2024, a 2.08% increase year-on-year, although sales revenue decreased by 3.37% due to lower prices [8]. Cost Management - The company has optimized its breeding costs, with the comprehensive cost of pig farming expected to decrease to 6.5 yuan per jin in 2025, down from approximately 7.2 yuan per jin in 2024 [7]. - The chicken farming business has also seen cost reductions, with the total cost of chicken farming dropping to 6 yuan per jin in 2024, a decrease of 0.8 yuan per jin year-on-year [8]. Financial Health - The company's financial structure is improving, evidenced by a reduction in the debt-to-asset ratio and two cash dividend distributions totaling 1.66 billion yuan in 2024, reflecting long-term investment value and confidence in development [10]. - The company forecasts revenues of 104.774 billion yuan, 105.502 billion yuan, and 115.535 billion yuan for 2024, 2025, and 2026, respectively, with corresponding EPS of 1.39 yuan, 1.22 yuan, and 1.08 yuan [11].

本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假记载、 误导性陈述或重大遗漏。 特别提示： 温氏食品集团股份有限公司 | 证券代码：300498 | 证券简称：温氏股份 | 公告编号：2025-9 | | --- | --- | --- | | 债券代码：123107 | 债券简称：温氏转债 | | 温氏食品集团股份有限公司 关于"温氏转债"回售结果的公告 二、本次可转换公司债券回售结果和本次回售对公司的影响 "温氏转债"申报期已于2025年1月8日收市后结束，根据中国 证券登记结算有限责任公司深圳分公司提供的《回售申报汇总》， "温氏转债"（债券代码：123107）本次回售申报数量为0张，公 司无须办理向"温氏转债"持有人支付回售资金等后续业务事项， 本次回售业务已办理完毕。 本次"温氏转债"回售不会对公司现金流、资产状况和股本情 况产生影响。 三、本次可转债回售的后续事项 根据相关规定，未回售的"温氏转债"将继续在深圳证券交易 所交易。 四、备查文件 一、本次可转换公司债券回售的公告情况 温氏食品集团股份有限公司（以下简称"公司"）分别于2024 年12月30日、2025年1月2日和20 ...

Investment Rating - The report maintains a "Buy" rating for Wens Foodstuff Group Co Ltd (300498 SZ) with a target price of 16 38 RMB as of January 7 2025 [4] Core Views - Wens Foodstuff Group achieved its annual target for 2024 with revenue exceeding 100 billion RMB and net profit attributable to shareholders of 9 0-9 5 billion RMB marking a turnaround from losses [1] - The company sold 30 18 million hogs in 2024 a 15% YoY increase achieving its annual target of 30-33 million hogs with an average selling price of 16 70 RMB/kg [1] - For 2025 the company aims to reduce the comprehensive cost of hog farming to below 13 RMB/kg [1] - The broiler business saw steady growth with 1 208 billion broilers sold in 2024 a 2 1% YoY increase and an average selling price of 13 1 RMB/kg [2] - The report forecasts net profit attributable to shareholders of 9 45 billion RMB 11 17 billion RMB and 9 24 billion RMB for 2024-2026 respectively with YoY growth rates of 248% 18 1% and -17 3% [2] Financial Performance - Revenue for 2024E is projected at 104 364 billion RMB a 16 1% YoY increase while 2025E and 2026E revenues are expected to grow by 1 3% and 12 5% respectively [3] - Net profit attributable to shareholders for 2024E is estimated at 9 454 billion RMB a significant turnaround from a loss of 6 390 billion RMB in 2023 [3] - EPS for 2024E is forecasted at 1 42 RMB/share up from -0 96 RMB/share in 2023 [3] - ROE is expected to improve to 21 5% in 2024E from -17 8% in 2023 [3] Operational Highlights - In Q4 2024 the company sold 8 62 million hogs with an average weight of 123 8kg and a selling price of 16 7 RMB/kg achieving a profit of approximately 335 RMB per hog [1] - The broiler business in Q4 2024 saw sales of 338 million broilers with an average selling price of 12 6 RMB/kg and a profit of 2 5 RMB per broiler [2] Valuation Metrics - The current PE ratio for 2025E is 9 8x with a PB ratio of 2 1x [3] - EV/EBITDA for 2025E is projected at 7 5x [9]