Investment Rating - The report maintains a "Buy" rating for the company, with a target price of RMB 26.73 per share, indicating a potential upside from the current price of RMB 15.20 [4][8]. Core Views - The company plans to repurchase shares to enhance employee stock ownership and equity incentives, reflecting confidence in its development and future prospects. The total repurchase amount is set between RMB 9 billion and RMB 18 billion, with a maximum price of RMB 27.01 per share, representing 0.5%-1.0% of the total share capital [2][3]. - In the pig farming segment, the company has demonstrated a significant cost advantage, with a year-on-year sales increase of 18.62% in live pigs, totaling 19.05 million heads sold from January to August 2024. The comprehensive breeding cost has decreased from RMB 14.6 per kg to RMB 13.8 per kg, with a breeding and delivery rate of 87% [2][3]. - The poultry segment remains stable, with a slight decrease in chicken sales by 0.2% year-on-year, totaling 754 million chickens sold. The comprehensive cost of raising chickens has decreased to RMB 11.8-12 per kg, maintaining a leading position in the industry [2][3]. - Earnings per share (EPS) forecasts for 2024-2026 are projected at RMB 1.57, RMB 1.91, and RMB 2.55, respectively, with a corresponding price-to-earnings (PE) ratio of 17 times for 2024 [2][3]. Financial Summary - The company's revenue for 2022 was RMB 83.725 billion, with a projected growth rate of 28.9%. For 2023, revenue is expected to reach RMB 89.921 billion, with a growth rate of 7.4%. The forecast for 2024 is RMB 109.512 billion, reflecting a growth rate of 21.8% [3][8]. - The net profit attributable to the parent company for 2022 was RMB 5.289 billion, with a significant increase projected for 2024 at RMB 10.439 billion, representing a growth rate of 263.4% [3][8]. - The company's EBITDA for 2024 is expected to be RMB 15.761 billion, with a substantial increase in profitability anticipated in the following years [3][8].

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：2024-102 | | --- | --- | --- | | 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 关于回购股份事项前十名股东和前十名无限售 条件股东持股情况的公告 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"）于 2024 年 9 月 18 日召开的第四届董事会第二十八次会议审议通过了《关于回 购公司股份方案的议案》。具体议案内容详见公司于 2024 年 9 月 18 日公布在中国证监会指定创业板信息披露网站巨潮资讯网的 《关于回购公司股份方案的公告暨回购报告书》（公告编号： 2024-101）。 根据《上市公司股份回购规则》、《深圳证券交易所上市公 司自律监管指引第 9 号——回购股份》等有关规定，现将公司董 事会公告回购股份决议的前一个交易日（即 2024 年 9 月 13 日） 登记在册的前十名股东和前十名无限售条件股东的名称、持股数 量及持股比例情况公告如下： 一、董 ...

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：2024-101 | | --- | --- | --- | | 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 关于回购公司股份方案的公告暨回购报告书 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。 重要内容提示： 1、温氏食品集团股份有限公司（以下简称为"公司"）拟以 自有资金不超过人民币180,000万元且不低于人民币90,000万 元 （均含本数）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。回购价格不超过人民币27.01 元/股（含本数），按回购价格上限及回购金额上下限，预计回购 股份数量为3,332.10万股至6,664.20万股，约占公司截至2024年6月 28日收市后总股本6,652,916,116股的0.50%至1.00%。具体回购股 份的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。 回购期限为自董事会审议通过本次回购股份议案之日起不超过12 个月。 2、相关股东是否存在减持 ...

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：2024-99 | | --- | --- | --- | | 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 第四届董事会第二十八次会议决议公告 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 会第二十八次会议通知于 2024 年 9 月 13 日以书面和电话的形式 通知公司全体董事。会议于 2024 年 9 月 18 日 9:00 在公司总部 21 楼会议室以现场结合通讯表决的方式召开。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、逐项审议通过了《关于回购公司股份方案的议案》 （一）回购股份的目的 表决结果：同意 12 票，反对 0 票，弃权 0 票。 ...

（二）回购股份符合的相关条件 表决结果：同意 5 票，反对 0 票，弃权 0 票。 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：2024-100 | | 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 第四届监事会第二十三次会议决议公告 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"）第四届监事 会第二十三次会议于 2024 年 9 月 13 日以书面和电话的形式通知 公司全体监事，会议于 2024 年 9 月 18 日 10:00 在公司 20 楼会议 室以现场结合通讯表决的方式召开。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： 一、逐项审议通过了《关于回购公司股份方案的议案》 ...

Investment Rating - The report maintains a **Buy** rating for Wens Foodstuff Group (300498 SZ) [5] Core Views - Wens Foodstuff Group has demonstrated resilience through cycles with its "steady expansion, cost reduction, light assets, and high liquidity" strategy, enabling it to accumulate cost advantages over time [2][5] - The company's integrated approach to breeding and feed formulation, along with its innovative farming models, has been the source of its cost competitiveness [2][5] - Since 2023, Wens' pig farming costs have entered a rapid downward trend, with comprehensive costs dropping from 18 RMB/kg at the beginning of 2023 to 13 8 RMB/kg by July 2024, positioning it back in the industry's top tier [2][5] - The company is expected to exhibit strong profit elasticity in the context of a favorable pig and poultry cycle, with its current per-head market capitalization at the 0th percentile of historical levels, indicating significant undervaluation [2][5][7] Historical Performance and Development - From 2016 to 2018, Wens adopted a steady expansion strategy post-IPO, achieving an average ROIC of 25%, significantly outperforming the industry [5] - During 2019-2021, the company faced challenges due to disease outbreaks, leading to increased capital expenditures and a rise in debt-to-asset ratio, though liquidity ratios remained industry-leading [5] - Since 2022, Wens has returned to a high-quality development phase, with its valuation gradually rising and achieving continuous growth in output for three consecutive years while maintaining a stable debt-to-asset ratio of around 60% [5] Cost Optimization and Efficiency - Wens' cost optimization since 2023 is attributed to long-term experience and R&D, including improvements in the "company + farmer" production system, breeding advancements, and feed formulation [6] - The company has reduced the cost of weaned piglets from 450 RMB/head in early 2022 to 320 RMB/head, and improved the survival rate of fattened pigs from 88% to 92% [6] - Wens has also made significant progress in feed formulation, reducing soybean meal usage to 8 3% of raw material purchases, and lowering feed production costs by approximately 600 RMB/ton compared to early 2023 [6] Investment Value and Market Outlook - With the pig and poultry industry's capacity reduction, profitability has rapidly recovered since Q2 2024, and Wens is expected to further benefit from cost improvements and regional price premiums [7] - The company's per-head profit in Q2 2024 reached 256 RMB/head (238 RMB/head including headquarters costs), ranking first among listed pig farming companies [7] - The current per-head market capitalization of Wens is at the 0th percentile of historical levels, indicating a significant mismatch with its profit potential, making it a strong recommendation [7] Breeding and Feed Innovations - Wens has been engaged in pig breeding for over 20 years, and its independent breeding company, Zhongxin Breeding, has accelerated the integration of industry, academia, and research [6] - The company's PSY (pigs per sow per year) has improved from 20 in early 2022 to 23, and the feed-to-meat ratio has decreased from 2 8 to 2 6, with further cost reduction potential of 270 RMB/head [6] - Wens has also made significant progress in feed formulation, reducing soybean meal usage and lowering feed production costs by approximately 600 RMB/ton compared to early 2023 [6]

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：2024-98 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 关于参加 2024 年广东辖区上市公司投资者网上 集体接待日活动的公告 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。 为进一步加强与投资者的交流沟通，温氏食品集团股份有限 公司（以下简称"公司"）将参加由广东证监局、广东上市公司协 会共同举办的2024 年广东辖区上市公司投资者网上集体接待日活 动，活动主题为"坚定信心 携手共进 助力上市公司提升投资价 值"。现将有关事项公告如下： 本次投资者集体接待日活动采取网络远程的方式举行，投资 者可以登录"全景•路演天下"网站（http://rs.p5w.net）参与公司本 次投资者集体接待日活动，活动时间为 2024 年 9 月 12 日（星期 四）15:30-16:30。 届时公司副总裁兼董事会秘书梅锦方先生、证券事务代表覃 刚禄先生、投资者关系管理专员史志茹先生将通过网络在线方式， 与投资者就近期生产经营情况、公司治理及发展战略等投资者关 1 温氏 ...

Group 1: Company Overview - The company is named Wens Food Group Co., Ltd., with stock code 300498 and bond code 123107 [1] - The investor relations activity took place in Shenzhen from September 4 to 5, 2024, with participation from 49 institutional investors [2] Group 2: Production and Sales Performance - From January to July 2024, the company sold a total of 16.7 million pigs, a year-on-year increase of 20% [2] - The company sold 6.45 billion chickens, including 90 million fresh products, and approximately 27 million ducks [2] - As of July 2024, the company maintained a breeding sow count similar to June, with a breeding rate of 87% [3] Group 3: Cost Management - The comprehensive cost of pig farming was approximately 6.9-7 RMB per jin in July 2024, with a reduction to around 7.3 RMB per jin from January to July [3] - The company aims to reduce its asset-liability ratio to below 55% by the end of the year, with the current ratio at 57%-58% [3] Group 4: Future Cost Reduction Strategies - The company has initiated a "piglet cost reduction" campaign, achieving a cumulative decrease of 80-90 RMB per head in piglet production costs [4] - Feed production costs have decreased by approximately 300-400 RMB per ton since the beginning of the year [4] Group 5: Regional Performance - In 2023, the Guangxi and Guangdong regions accounted for about 22% of the total pig sales, while the North China, Shandong, and Northeast regions combined accounted for about 9% [5] Group 6: Dividend and Financing - Since the overall listing in 2015, the company has implemented cash dividends 12 times, totaling 25.8 billion RMB, with a stable dividend policy [6] - The company raised 9.297 billion RMB through convertible bonds in 2021, with no current plans for further equity financing [6]

| 证券代码：300498 | 证券简称：温氏股份 | 公告编号：2024-97 | | --- | --- | --- | | 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8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。 温氏食品集团股份有限公司 注：因四舍五入，以上数据可能存在尾差。 2、公司2024年8月销售白羽鸡苗1,837.11万只，当年累计销售 白羽鸡苗12,003.43万只。 二、2024年8月份猪产品销售情况 1、公司2024年8月销售肉猪235.40万头（含毛猪和鲜品），收 入58.63亿元，毛猪销售均价20.45元/公斤，环比变动分别为1.32%、 9.73%、7.92%，同比变动分别为9.78%、42.27%、21.44%。主要 指标变化因素如下： 2024年8月，公司肉猪销售收入同比上升，主要是肉猪销量与 销售价格同比上升所致。 一、2024年8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8 月销售肉鸡10,866.56万只（含毛鸡、 ...

[Table_Summary] [Table_Title] 养殖成本持续优化，生猪出栏稳健增长 [Table_ReportDate] 温氏股份(300498)公司简评报告 | 2024.09.05 [Table_Rank] 评级： 买入 核心观点 [Table_Authors] 赵瑞 分析师 SAC 执证编号：S0110522120001 zhaorui@sczq.com.cn [Table_Chart] 市场指数走势（最近 1 年） -0.2 0 0.2 0.4 温氏股份 沪深300 5-Sep17-Nov 29-Jan 11-Apr 23-Jun 4-Sep 资料来源：聚源数据 | --- | --- | |---------------------------------|-------------| | [Table_BaseData] 公司基本数据 | | | 最新收盘价（元） | 16.66 | | 一年内最高 / 最低价（元） | 22.40/16.28 | | 市盈率（当前） | -296.72 | | 市净率（当前） | 3.30 | | 总股本（亿股） | 66.53 | | 总市值（亿元 ...