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 | 证券代码：300498 | 证券简称：温氏股份 | 公告编号：2024-118 | | --- | --- | --- | | 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 关于实施权益分派期间"温氏转债"暂停转股 的提示性公告 1 温氏食品集团股份有限公司 司债券（债券简称：温氏转债，债券代码：123107），每张面值为 100元，发行总额929,700.00万元，期限为自发行之日起六年。"温 氏转债"自2021年10月8日起可转换为公司股份，目前处于转股期。 根据《深圳证券交易所创业板上市公司自律监管指南第1号— —业务办理》的相关规定，公司实施权益分派方案的，如公司回购 账户存在股份的，或者公司拟实施利润分配总额不变的权益分派 方法的，实施权益分派期间可转债暂停转股。公司应在可转债暂停 转股后及时办理权益分派事宜，并及时申请可转债于除权除息日 恢复转股。 特别提示： 1、债券代码：123107 2、债券简称：温氏转债 3、转股起止时间：202 ...

北京市嘉源律师事务所 关于温氏食品集团股份有限公司 2024 年第二次临时股东大会的 法律意见书 西城区复兴门内大街 158 号远洋大厦 4 楼 中国 · 北京 二〇二四年十一月七日 源律师事务所 A YUAN LAW OFFICES 北京 BEIJING ·上海 SHANGHAI ·深圳 SHENZHEN ·香港 HONG KONG ·广州 GUANGZHOU ·西安 XI'AN 致:温氏食品集团股份有限公司 北京市嘉源律师事务所 关于温氏食品集团股份有限公司 2024年第二次临时股东大会的 法律意见书 嘉源(2024) -04-804 受温氏食品集团股份有限公司(以下简称"公司")委托,北京市嘉源律师 事务所(以下简称"本所")指派本所律师出席公司2024年第二次临时股东大会 (以下简称"本次股东大会"),对本次股东大会进行见证并进行了必要的验证 工作,并出具本法律意见书。现根据《中华人民共和国公司法》《上市公司股东 大会规则》以及公司章程、股东大会议事规则的规定对本次股东大会的召集与召 开程序、出席会议人员的资格、表决程序等事项出具法律意见如下: 一、本次股东大会的召集与召开程序 1、 本次股东大会由公 ...

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：2024-116 | | --- | --- | --- | | 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 2024年10月主产品销售情况简报 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。 一、2024年10月份鸡产品销售情况 1、温氏食品集团股份有限公司（以下简称"公司"）2024年10 月销售肉鸡11,881.69万只（含毛鸡、鲜品和熟食），收入33.04亿 元，毛鸡销售均价13.33元/公斤，环比变动分别为1.52%、3.70%、 2.30%，同比变动分别为6.99%、-3.28%、-7.24%。 | | 月份 | | | 肉鸡销量（万只） | | 销售收入（亿元） | 毛鸡价格（元/公斤） | | --- | --- | --- | --- | --- | --- | --- | --- | | | | | 当月 | 当年累计 | 当月 | 当年累计 | 当月 | | 2023 | 年 10 | 月 | 11,105.5 ...

| 证券代码：300498 | 证券简称：温氏股份 | 公告编号：2024-115 | | --- | --- | --- | | 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 关于回购公司股份的进展公告 温氏食品集团股份有限公司 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"）于 2024 年 9 月 18 日召开的第四届董事会第二十八会议、第四届监事会第二 十三次会议审议通过了《关于回购公司股份方案的议案》，公司 拟通过集中竞价交易方式回购公司普通股（A 股）股票，用于实 施员工持股计划或股权激励。本次回购资金总额不超过人民币 180,000 万元且不低于人民币 90,000 万元（均含本数），回购价格 不超过人民币 27.01 元/股（含本数），具体回购股份数量和金额 以回购期满时实际回购的股份数量和金额为准。本次回购期限为 自董事会审议通过回购股份方案之日起 12 个月内。具体内容详见 公司于 2024 年 9 月 18 日在巨潮资讯网披露的相关公告。 一、回购公司股份的进 ...

Investment Rating - Buy (maintained) [1] Core Views - The company's revenue and net profit have shown significant growth, with Q3 2024 revenue reaching 28,662 million yuan and net profit of 5,081 million yuan, marking a turnaround from losses to profits [1] - The company's pig and yellow chicken businesses have seen improved profitability due to rising prices, with pig prices fluctuating around 19 yuan/kg and yellow chicken prices above 13 yuan/kg in Q3 2024 [3] - The company has achieved significant cost reductions in piglet production and feed costs, with piglet production costs decreasing by 80-90 yuan per head and feed costs decreasing by 300-400 yuan per ton [4] - The company's revenue and net profit are expected to continue growing, with projected revenues of 101,400 million yuan, 108,480 million yuan, and 115,320 million yuan for 2024, 2025, and 2026, respectively, and net profits of 10,017 million yuan, 10,528 million yuan, and 10,366 million yuan for the same periods [4] Business Performance - In the first three quarters of 2024, the company sold 21,561,900 pigs and 870 million broilers, with pig prices and yellow chicken prices contributing to strong profitability [3] - The company's piglet production costs have decreased significantly, and feed costs have also been reduced, which will positively impact the overall cost structure of pig farming [4] - The company's production efficiency has improved, and the scale of farming has expanded, leading to a reduction in fixed costs per pig [4] Financial Projections - The company's revenue is expected to grow by 13% in 2024, 7% in 2025, and 6% in 2026, reaching 101,400 million yuan, 108,480 million yuan, and 115,320 million yuan, respectively [6] - Net profit is projected to increase by 257% in 2024, followed by 5% growth in 2025 and a slight decline of 2% in 2026, with net profits of 10,017 million yuan, 10,528 million yuan, and 10,366 million yuan, respectively [6] - The company's ROE is expected to improve significantly, from -19% in 2023 to 24% in 2024, 22% in 2025, and 18% in 2026 [6] Valuation Metrics - The company's P/E ratio is projected to be 12.49x in 2024, 11.88x in 2025, and 12.07x in 2026 [6] - The P/B ratio is expected to decrease from 4.04x in 2023 to 3.05x in 2024, 2.56x in 2025, and 2.21x in 2026 [6] - The P/S ratio is forecasted to decline from 1.48x in 2023 to 1.23x in 2024, 1.15x in 2025, and 1.08x in 2026 [6]

Investment Rating - The report assigns an "Overweight" rating to the company [1] Core Views - The company's pig farming business has shown strong profitability, with a head profit of 692.10 RMB per pig in Q3 2024, a 161.51% increase from Q2 [4] - The company's chicken farming business also achieved good profitability, with a profit of 1.24 RMB per kilogram in Q3 2024, despite a slight decrease from Q2 [5] - The company's balance sheet and cash flow are expected to continue improving, with a debt-to-asset ratio of 54.86% at the end of Q3 2024, down 4.09 percentage points from Q2 [4] - The company's revenue and net profit are forecasted to grow steadily, with 2024/2025/2026 revenue expected to be 105.07/112.95/123.61 billion RMB and net profit to be 10.60/10.71/11.76 billion RMB [6] Financial Performance - In Q3 2024, the company achieved revenue of 28.64 billion RMB, a 21.89% year-on-year increase, and net profit of 5.08 billion RMB, a 3097% year-on-year increase [3] - For the first three quarters of 2024, the company's revenue was 75.38 billion RMB, a 16.53% year-on-year increase, and net profit was 6.41 billion RMB, a 241.47% year-on-year increase [3] - The company's EPS for the first three quarters of 2024 was 0.9664 RMB, a 126.74% year-on-year increase, and ROE was 17.60%, a 29.79% year-on-year increase [3] Business Operations - The company sold 7.19 million pigs in Q3 2024, with a sales price of 19.48 RMB per kilogram and an estimated comprehensive cost of 13.8 RMB per kilogram [4] - The company sold 323.01 million chickens in Q3 2024, a 15.21% increase from Q2, with a sales price of 13.14 RMB per kilogram and an estimated cost of 11.8-12.0 RMB per kilogram [5] - The company's pig sales target for 2024 is 30-33 million pigs, with 21.56 million pigs sold in the first three quarters, achieving 71.87% of the target [4] Valuation and Forecast - The company's 2024/2025/2026 EPS is forecasted to be 1.59/1.61/1.77 RMB, with a P/E ratio of 11.70/11.57/10.54x [6] - The company's 2024/2025/2026 revenue growth rate is expected to be 16.87%/7.50%/9.43%, and net profit growth rate is expected to be 265.86%/1.06%/9.78% [6]

Investment Rating - The investment rating for Wens Foodstuff Group Co Ltd (300498) is "Outperform" and is maintained [2] Core Views - Wens Foodstuff Group reported a significant improvement in performance in Q3 2024, with revenue reaching 28.66 billion yuan, a year-on-year increase of 21.95%, and net profit attributable to shareholders of 5.08 billion yuan [5] - The company's pig farming business showed strong growth, with pig sales reaching 21.56 million heads in the first three quarters of 2024, a year-on-year increase of 17.7%, and pig farming costs decreased to 6.9-7 yuan/jin in July 2024, down from 7.4 yuan/jin in the first half of the year [5] - The company announced a dividend plan, distributing 1.5 yuan per 10 shares, totaling 990 million yuan, and plans to repurchase shares with a loan of up to 1 billion yuan, reflecting confidence in future development [6] Financial Performance - In the first three quarters of 2024, the company achieved total revenue of 75.42 billion yuan, a year-on-year increase of 16.56%, and net profit attributable to shareholders of 6.41 billion yuan [5] - The company's pig farming revenue reached 43.91 billion yuan in the first three quarters of 2024, a year-on-year increase of 34.0%, driven by rising pig prices [5] - The broiler business saw a slight increase in sales volume, with 870 million broilers sold in the first three quarters of 2024, a year-on-year increase of 1.0%, but revenue decreased by 2.6% to 24.46 billion yuan due to lower prices [6] Profit Forecast and Valuation - The company's EPS for 2024-2026 is forecasted to be 1.52/1.69/1.97 yuan, with a PE ratio of 16-20 times for 2024, corresponding to a reasonable value range of 24.3-30.4 yuan [7] - The company's revenue is expected to grow by 21.0% in 2024, reaching 108.83 billion yuan, with net profit expected to reach 10.14 billion yuan, a year-on-year increase of 258.6% [8] Industry Comparison - Compared to peers such as Muyuan Foods (002714) and New Hope (000876), Wens Foodstuff Group has a relatively lower PE ratio for 2024 at 12.34 times, indicating potential undervaluation [10] - The company's gross margin is expected to improve significantly to 16.2% in 2024, up from 0.8% in 2023, reflecting better cost control and operational efficiency [10]

Investment Rating - The report maintains a "Buy" rating for the company, indicating a positive outlook for its stock performance in the near term [3]. Core Views - The company has demonstrated strong performance in its core breeding business, with significant increases in both revenue and net profit for the third quarter of 2024. The revenue reached 286.62 billion yuan, up 21.95% year-on-year, while net profit soared to 50.81 billion yuan, reflecting a staggering increase of 3097.03% [1]. - The company is actively improving its balance sheet, with the debt-to-asset ratio decreasing to 54.9% by the end of Q3 2024, down 5.5 percentage points year-on-year and 4.1 percentage points quarter-on-quarter [2]. - The company has initiated a share buyback program, with 3 billion yuan already repurchased by September 30, 2024, and plans to distribute a cash dividend of 1.5 yuan per 10 shares, totaling 9.95 billion yuan [2]. Summary by Sections Financial Performance - For the first three quarters of 2024, the company achieved a total revenue of 754.19 billion yuan, representing a year-on-year increase of 16.56%, and a net profit attributable to shareholders of 64.1 billion yuan, up 241.47% [1]. - The company’s pig and chicken output increased, with 21.56 million pigs and 871 million chickens sold, marking a year-on-year increase of 17.66% and 1.03%, respectively [1]. Cost Management - The company has successfully reduced its breeding costs, with the complete cost of pig breeding dropping to 13.8 yuan per kilogram. This cost reduction has significantly contributed to the profit margins, with average profits per pig reaching 798 yuan and 630 yuan in August and September, respectively [1]. Future Outlook - The report anticipates that the company will continue to perform well in Q4 2024 and throughout 2025, with an upward revision of the net profit forecast for 2024 to 106.15 billion yuan, an increase of 86.36% from previous estimates. However, the 2025 net profit forecast has been adjusted downward to 120.76 billion yuan, a decrease of 24.24% [3].

[ T able_StockInfo] 2024 年 10 月 28 日 证券研究报告•2024 年三季报点评 买入 （维持） 当前价：18.80 元 温氏股份（300498）农林牧渔 目标价：——元（6 个月） 盈利强劲增长，养殖产业助力业绩腾飞 [Table_Summary 业绩总结：公司发布 ] 2024 年三季报告。公司前三季度实现营业收入 753.84 亿 元，同比增长 16.53%；归母净利润 64.08亿元，上年同期净亏损 45.3亿元，扭 亏为盈。第三季度实现营收 286.44 亿元，同比增长 21.89％；实现归母净利润 50.81 亿元，同比增长 3097.03%，盈利增长。 点评：生猪价格上涨，成本下降，业绩向好。报告期内，公司销售肉猪累计收入 为 439.14亿元，同比增长 34.02%。猪价上升。报告期内公司毛猪销售均价 19.48 元/公斤，同比上升 23.6%。报告期内，毛鸡销售均价 13.15元/公斤，同比下降 10.18%，肉鸡累计销售收入 244.63亿元，同比下降 2.56%。8月份肉猪养殖综 合成本约 6.9 元/斤，7 月份毛鸡出栏完全成本约 5.9-6 元/斤，较去 ...

证券研究报告：农林牧渔 | 公司点评报告 2024 年 10 月 28 日 股票投资评级 温氏股份(300498) 买入|维持 个股表现 -25% -21% -17% -13% -9% -5% -1% 3% 7% 11% 15% 2023-10 2024-01 2024-03 2024-06 2024-08 2024-10 温氏股份 农林牧渔 资料来源：聚源，中邮证券研究所 | --- | --- | |---------------------------------------------------|-----------------------------| | | | | 公司基本情况 | | | 最新收盘价（元） | 18.80 | | 总股本 / 流通股本（亿股） 总市值 流通市值（亿元） | 66.54 / 54.39 | | / 52 周内最高 / 最低价 | 1,251 / 1,023 22.34 / 15.20 | | 资产负债率 (%) | 61.4% | | 市盈率 | -19.37 | | 第一大股东 | 温鹏程 | 研究所 分析师:王琦 SAC 登记编号:S13405221000 ...