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：2024-121 | | --- | --- | --- | | 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 关于调整回购股份价格上限的公告 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。 特别提示： 调整前回购股份价格上限为：27.01元/股（含本数） 调整后回购股份价格上限为：26.86元/股（含本数） 回购股份价格上限调整生效日期：2024年11月18日 一、股份回购的基本情况 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、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 ...

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：2024-119 | | --- | --- | | 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年前三季度权益分派实施公告 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。 特别提示： 温氏食品集团股份有限公司（以下简称"公司"）2024 年前 三季度权益分派方案为：以公司现有总股本剔除回购专户股份 35,740,780 股后的 6,618,178,156 股为基数，向全体股东每 10 股派 1.5 元人民币现金（含税），合计派发现金 992,726,723.40 元，本 次不送红股、不进行资本公积金转增股本。 因公司回购专户股份不参与分红，本次权益分派实施后，按公 司总股本折算的每 10 股现金分红为 1.491942 元（保留到小数点后 六位，最后一位直接截取，不四舍五入），据此计算的除权除息参 考价为本次权益分派股权登记日收盘价减去 0.1491942 元/股。 一、股东大会审议通过利润分配方案的情况 1、公司2024年前三季 ...

Investment Rating - The report maintains a "Buy" rating for the company with a target price raised to 22.20 CNY from the previous 20.96 CNY [2][4]. Core Insights - The poultry industry is experiencing high profitability, and pig farming profits are substantial with decreasing costs. The company is expected to maintain strong profits in its farming operations and increase its dividend payout ratio [3][4]. - The report forecasts EPS for 2024 and 2025 to be 1.48 CNY and 1.50 CNY respectively, with a downward revision from previous estimates of 1.62 CNY and 1.33 CNY [4]. - The company sold 1.19 billion poultry in October and is expected to maintain sales of 1.1 billion poultry in 2024, indicating stable profitability [4]. - The report highlights a decrease in farming costs, with pig farming costs dropping to 6.9-7 CNY per pound, driven by lower feed prices and improved efficiency [4]. Summary by Sections Investment Rating - Rating: Buy - Previous Rating: Buy - Target Price: 22.20 CNY (previously 20.96 CNY) - Current Price: 19.30 CNY [2]. Financial Forecast - Expected EPS for 2024: 1.48 CNY - Expected EPS for 2025: 1.50 CNY - Expected EPS for 2026: 0.97 CNY [4]. Market Data - Total Market Capitalization: 128,421 million CNY - Total Shares: 6,654 million (5,439 million circulating A shares) [5]. Profitability Insights - The company plans to distribute a cash dividend of 9.95 billion CNY, with a payout of 1.5 CNY per 10 shares [4]. - Historical dividend yields during profitable years were 4.26% and 3.87% in 2016 and 2019 respectively, indicating potential for increased dividends in the future [4].

温氏食品集团股份有限公司 2、本次股东大会不存在变更前次股东大会决议的情形。 一、会议的召开和股东出席情况 （一）会议召开情况 债券代码：123107 债券简称：温氏转债 证券代码：300498 证券简称：温氏股份 公告编号：2024-117 温氏食品集团股份有限公司 2024 年第二次临时股东大会决议公告 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。 特别提示： 1、本次股东大会未出现否决议案的情形。 1、温氏食品集团股份有限公司（以下简称"公司"）于 2024 年 10 月 23 日在巨潮资讯网、深圳证券交易所网站刊载了《关于 召开 2024 年第二次临时股东大会的通知》。公司 2024 年第二次临 时股东大会现场会议于 2024 年 11 月 7 日（星期四）15:00 在公司 一楼会议室召开。 2、本次股东大会采取现场投票和网络投票相结合的方式召 开。通过深圳证券交易所交易系统进行网络投票的时间为 2024 年 11 月 7 日上午 9:15-9:25，9:30-11:30，下午 13:00-15:00；通过深 圳证券交易所互联网系统投票的时间为 2 ...

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]