季报点评|养殖业 扭亏为盈 证券研究报告 温氏股份（300498.SZ） 3 季报业绩表现靓丽，充分享受行业景气 核心观点: . 3 季度业绩大幅增长,基本符合市场预期。公司发布24年3季报,前 3 李度实现营收 754.2 亿元(yoy+16.6%),归母净利润为 64.08 亿元 (yoy+241.5%),业绩高增主要源于畜禽价格回暖、养殖成本下降等因 索; 扣非后归母净利润为 64.6 亿元(yoy+233.3%),非经常损益主要 源于投资损益等。截至9月底,公司资产负债率降至 54.86%,较２季 度末下降 4.1pct. 单3 李度,公司实现营收 286.62 亿元(yoy+22.0%), 归母净利润为 50.81 亿元(yoy+3097%)。分红预案:每 10 股派 1.5 元(含税)。 ● 生猪:3季度受益行业景气上行,成本继续领先行业。根据公司月度经 营公告,前3季度,公司销售生猪 2156.2万头(yoy+17.7%)。单 3 季度,公司销售生猪 718.8万头(yoy+9.9%);销售均价为 19.48元/ 公斤,估算头均盈利约 680-700元/头,测算养殖综合成本约 13.8-14.0 ...

2024年10月23日 来源：公司年报、国金证券研究所 温氏股份 (300498.SZ) 买入(维持评级) 公司点评 证券研究报告 猪鸡共振高景气 业绩表现优秀 业绩简评 2024 年 10 月 22 日，公司被露 2024 三季报，前三季度实现营收 753.84 亿元，同比+16.53%;实现归母净利润 64.08 亿元,同比扭 亏。24Q3 实现营业收入 286.44 亿元，同比+21.89%; 实现归母净 利润 50.81 亿元，同比+3097%。公司拟向全体股东每 10 股派 1.5 元，合计派发现金红利 9. 95 亿元。 经营分析 猪鸡共振实现较好盈利,降本增效成果显著:受益于生猪与黄鸡 价格的景气度,公司单三季度实现较好盈利。前三季度销售肉猪 2156 万头，同比+18%, 2403 销售肉猪 719 万头，同比+10%, 2403 销售仔猪约42万头。我们测算公司Q3生猪养殖完全成本约为14.2 元/公斤，生猪销售价格约为 19.48 元/公斤，在猪价表现较好的 背景下单头盈利约为 640 元左右,生猪养殖业务实现盈利约 46 亿 元。前三季度销售肉鸡 8.71 亿羽，同比+1%;24Q3 销 ...

2024年10月23日 来源：公司年报、国金证券研究所 温氏股份 (300498.SZ) 买入(维持评级) 公司点评 证券研究报告 猪鸡共振高景气 业绩表现优秀 业绩简评 2024 年 10 月 22 日，公司被露 2024 三季报，前三季度实现营收 753.84 亿元，同比+16.53%;实现归母净利润 64.08 亿元,同比扭 亏。24Q3 实现营业收入 286.44 亿元，同比+21.89%; 实现归母净 利润 50.81 亿元，同比+3097%。公司拟向全体股东每 10 股派 1.5 元，合计派发现金红利 9. 95 亿元。 经营分析 猪鸡共振实现较好盈利,降本增效成果显著:受益于生猪与黄鸡 价格的景气度,公司单三季度实现较好盈利。前三季度销售肉猪 2156 万头，同比+18%, 2403 销售肉猪 719 万头，同比+10%, 2403 销售仔猪约42万头。我们测算公司Q3生猪养殖完全成本约为14.2 元/公斤，生猪销售价格约为 19.48 元/公斤，在猪价表现较好的 背景下单头盈利约为 640 元左右,生猪养殖业务实现盈利约 46 亿 元。前三季度销售肉鸡 8.71 亿羽，同比+1%;24Q3 销 ...

农林牧渔/养殖业 成本优势显著，高业绩兑现高分红彰显投资价值 温氏股份（300498.SZ） 2024 年 10 月 23 日 ——公司信息更新报告 投资评级：买入（维持） 陈雪丽（分析师） 王高展（联系人） chenxueli@kysec.cn 证书编号：S0790520030001 wanggaozhan@kysec.cn 证书编号：S0790123060055 成本优势显著，高业绩兑现高分红彰显投资价值，维持"买入"评级 公司发布 2024 年三季报，2024Q1-Q3 公司营收 754.19 亿元(同比+16.56%)，归母 净利润 64.08 亿元(同比+241.47%)，其中单 Q3 营收 286.62 亿元(同比+21.95%)， 归母净利润 50.81 亿元(同比+3097.03%)。预计后市生猪供给逐步恢复，猪价承压， 我们下调公司 2024-2026 年盈利预测，预计公司 2024-2026 年归母净利润分别为 127.47/115.77/94.42（2024-2026 年原预测分别为 164.06/143.12/103.31）亿元，对 应 EPS 分别为 1.92/1.74/1.42 元 ...

温[Ta氏ble股_Sto份ckN（ameRptType] 300498） 公司点评 [Table_Title]畜禽成本稳步回落，分红、回购彰显信心 | --- | --- | --- | |----------------------------------------------------------------------------------------------------------------------------------------------|---------------------------------------------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- ...

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：2024-114 | | --- | --- | | 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 关于召开 2024 年第二次临时股东大会的通知 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。 根据《公司法》、《公司章程》的有关规定，温氏食品集团 股份有限公司（以下简称"公司"、"温氏股份"）第四届董事会 第三十次会议决定于 2024 年 11 月 7 日（星期四）召开 2024 年第 二次临时股东大会，现通知如下： 一、召开会议的基本情况 （一）会议届次：温氏食品集团股份有限公司 2024 年第二 次临时股东大会。 （二）会议召集人：公司董事会 （三）会议召开的合法、合规性：会议召集程序符合有关法 律、法规、规范性文件和公司章程的规定。 （四）会议召开时间： 1、现场会议时间：2024 年 11 月 7 日下午 15:00。 2、网络投票时间： （1）通过深圳证券交易所交易系统进行网络投票的时间为： 1 温氏食品集团股份有限公司 2024 ...

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：2024-112 | | --- | --- | --- | | 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 2024 年前三季度利润分配预案的公告 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"）第四届董事会 第三十次会议、第四届监事会第二十五次会议审议通过了《关于公 司2024年前三季度利润分配预案的议案》，现将基本情况公告如 下： 1 一、利润分配预案的具体内容 公司2024年前三季度合并报表实现归属于母公司所有者的净 利润6,408,382,568.10元。截至2024年9月30日，公司合并报表范围 内累计可供分配利润18,769,116,506.48元，母公司累计可供分配利 润28,756,447,201.17元（以上数据未经审计）。 为了更好回报股东，在兼顾公司未来业务发展及生产经营的 资金需求的前提下，提出2024年前三季度利润分配预案如下： 公司以实施利润分配方案的股 ...

温氏食品集团股份有限公司 第四届监事会第二十五次会议决议公告 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 | 证券代码：300498 | 证券简称：温氏股份 公告编号：2024-110 | | --- | --- | | 债券代码：123107 | 债券简称：温氏转债 | 二、审议通过了《关于公司 2024 年前三季度利润分配预案 的议案》 温氏食品集团股份有限公司（以下简称"公司"）第四届监事 会第二十五次会议于 2024 年 10 月 16 日以书面和电话的形式通 知公司全体监事，会议于 2024 年 10 月 22 日 11:15 在总部 20 楼 会议室现场召开。应出席会议的监事有 5 人，实际出席会议的监 事有 5 人。会议由公司监事会主席温均生先生主持。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： 经审核，监事会认为：2024 年前三季度利润分配预案是根据 公司的财务状况、经营成果和现金流量的实际情况制定，履行了 必 ...

Revenue and Profit Growth - Revenue for the third quarter reached 28.64 billion yuan, a 21.89% increase year-over-year[2] - Net profit attributable to shareholders surged to 5.08 billion yuan, a 3,097.03% increase compared to the same period last year[2] - The company's net profit for the first nine months of 2024 was 6.64 billion yuan, a 244.58% increase compared to the same period in 2023[6] - Net profit attributable to the parent company's owners rose to 18.77 billion yuan from 13.03 billion yuan, marking a significant increase of 44.06%[11] - Operating profit for the quarter was 6,774,447,011.40 RMB, compared to a loss of -4,477,249,617.33 RMB in the same period last year[14] - Net profit attributable to shareholders of the parent company was 6,408,382,568.10 RMB, compared to a loss of -4,529,812,708.64 RMB in the same period last year[14] - Total comprehensive income was 6,636,165,892.11 RMB, compared to a loss of -4,554,197,169.09 RMB in the same period last year[14] - Net profit for the period was 463.82 million yuan, a significant drop from 3.06 billion yuan in the previous period[20] - Comprehensive income for the period totaled RMB 463,819,097.80, compared to RMB 3,062,978,250.57 in the previous period[21] Cash Flow and Financial Activities - Operating cash flow for the first nine months of 2024 was 12.79 billion yuan, up 126.74% year-over-year[6] - The company's investment activities resulted in a net cash outflow of 5.75 billion yuan, a 110.89% increase in outflow compared to the previous year[6] - The company's financing activities resulted in a net cash outflow of 6.11 billion yuan, a 130.36% increase in outflow compared to the previous year[6] - Cash flow from operating activities increased to 12,790,028,085.39 RMB, up from 5,640,907,785.91 RMB in the same period last year[15] - Cash flow from investing activities was -5,746,659,104.38 RMB, compared to -2,724,990,371.34 RMB in the same period last year[15] - Cash flow from financing activities was -6,109,411,797.35 RMB, compared to -2,652,115,480.29 RMB in the same period last year[16] - Net cash flow from operating activities was negative RMB 254,966,253.58, an improvement from negative RMB 293,296,046.03 in the previous period[22] - Net cash flow from investing activities was RMB 5,981,984,799.37, compared to RMB 3,364,058,347.02 in the previous period[23] - Net cash flow from financing activities was negative RMB 5,271,457,530.64, compared to negative RMB 3,264,915,709.88 in the previous period[23] - Net increase in cash and cash equivalents was RMB 454,762,427.56, compared to a decrease of RMB 201,071,763.95 in the prior period[23] Asset and Liability Changes - Total assets as of September 30, 2024, stood at 93.42 billion yuan, a slight increase of 0.57% from the end of the previous year[2] - The company's equity attributable to shareholders increased by 18.81% to 39.28 billion yuan compared to the end of 2023[2] - Total assets increased to 93.42 billion yuan from 92.90 billion yuan, reflecting a growth of 0.56%[11] - Total liabilities decreased to 51.25 billion yuan from 57.05 billion yuan, a decline of 10.16%[11] - Total equity increased to 42.17 billion yuan from 35.85 billion yuan, reflecting a growth of 17.63%[12] - Total assets decreased from 84.30 billion yuan to 82.14 billion yuan, a decline of 2.56%[18][19] - Long-term equity investments increased slightly from 54.83 billion yuan to 55.49 billion yuan[17] - Total liabilities decreased from 35.07 billion yuan to 32.59 billion yuan, a reduction of 7.1%[18] Shareholder and Equity Information - Total number of ordinary shareholders at the end of the reporting period is 76,251[7] - Top shareholder Wen Pengcheng holds 3.91% of shares, totaling 259,963,578 shares[7] - The company's equity attributable to shareholders increased by 18.81% to 39.28 billion yuan compared to the end of 2023[2] Earnings Per Share and Return on Equity - Basic earnings per share for the third quarter were 0.7640 yuan, a 3,070.12% increase year-over-year[2] - The weighted average return on equity for the first nine months of 2024 was 17.60%, up 29.79% from the same period last year[2] - Basic earnings per share were 0.9664 RMB, compared to a loss of -0.6923 RMB in the same period last year[14] - Diluted earnings per share were 0.9218 RMB, compared to a loss of -0.6923 RMB in the same period last year[14] Operating Performance and Costs - Total operating revenue reached 75.42 billion yuan, up 16.56% compared to 64.70 billion yuan in the previous period[13] - Operating costs decreased to 68.69 billion yuan from 69.80 billion yuan, a reduction of 1.59%[13] - Sales revenue from goods and services was 73,715,216,546.13 RMB, up from 62,904,302,238.05 RMB in the same period last year[15] - Operating income slightly decreased from 1.20 billion yuan to 1.17 billion yuan, a decline of 2.1%[20] - Cash received from sales of goods and services was RMB 1,153,630,975.93, down from RMB 1,180,718,989.57 in the prior period[22] Research and Development Expenses - Research and development expenses increased to 462.55 million yuan, up 15.69% from 399.81 million yuan[13] - R&D expenses increased by 37.5% from 208.00 million yuan to 286.04 million yuan[20] Financial Expenses and Borrowings - Financial expenses decreased to 744.30 million yuan from 972.72 million yuan, a reduction of 23.48%[13] - Short-term borrowings increased to 2.73 billion yuan from 2.47 billion yuan, a rise of 10.44%[11] - Long-term borrowings decreased to 5.78 billion yuan from 7.60 billion yuan, a reduction of 23.91%[11] - Short-term borrowings rose from 2.25 billion yuan to 2.70 billion yuan, an increase of 20%[18] - Financial expenses decreased from 838.78 million yuan to 591.30 million yuan, a reduction of 29.5%[20] Inventory and Receivables - Accounts receivable increased from 521,276,466.53 to 543,954,787.23[10] - Inventory decreased from 20,335,660,530.71 to 19,309,620,718.01[10] - Other receivables decreased from 11.45 billion yuan to 7.30 billion yuan, a drop of 36.2%[17] - Inventory increased from 123.32 million yuan to 147.72 million yuan, a rise of 19.8%[17] Fixed Assets and Construction in Progress - Fixed assets decreased from 34,372,393,828.61 to 33,044,166,446.03[10] - Construction in progress increased from 3,500,702,902.20 to 4,667,658,005.07[10] Cash and Cash Equivalents - Monetary funds decreased from 4,266,001,286.23 to 3,678,796,767.68 compared to the beginning of the period[10] - Total cash and cash equivalents at the end of the period were 7,058,231,593.63 RMB, up from 6,680,018,279.34 RMB in the same period last year[16] - Ending cash and cash equivalents balance was RMB 5,387,881,156.58, up from RMB 5,146,065,651.33 in the previous period[23] Investment and Financing Activities - Cash received from investments was RMB 19,449,359,562.33, up from RMB 17,285,521,923.12 in the prior period[22] - Cash received from financing activities was RMB 10,143,663,547.39, up from RMB 7,845,175,576.76 in the prior period[23]

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：2024-109 | | --- | --- | | 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 第四届董事会第三十次会议决议公告 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"）第四届董事 会第三十次会议通知于 2024 年 10 月 16 日以书面和电话的形式 通知公司全体董事。会议于 2024 年 10 月 22 日 9:30 在总部一楼 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。会议由公司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《关于公司<2024 年第三季度报告>的议案》 该事项已经公司董事会审计委员会审议通过。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 ...