Investment Rating - The investment rating for the company is "Buy" [1] Core Views - The company reported a strong performance in 2024, with total revenue reaching 104.906 billion yuan, a year-on-year increase of 16.66%, and a net profit attributable to shareholders of 9.245 billion yuan, up 244.68% year-on-year [6][7] - The pig farming segment has turned profitable, becoming the core driver of profit growth, with a total pig output of 30.1827 million heads, a year-on-year increase of 14.93% [6][7] - The company aims to maintain a competitive edge in pig farming costs, targeting an average comprehensive cost of 13 yuan per kilogram for 2025 [6][7] Summary by Sections Financial Performance - The company’s main revenue for 2022 was 83.708 billion yuan, projected to increase to 104.402 billion yuan in 2024 and 101.369 billion yuan in 2025 [4][9] - The net profit attributable to shareholders was -6.390 billion yuan in 2023, expected to recover to 9.257 billion yuan in 2024 and 6.704 billion yuan in 2025 [4][9] - Earnings per share (EPS) is projected to be 1.39 yuan in 2024, decreasing to 1.01 yuan in 2025, and then increasing to 1.50 yuan in 2026 [4][9] Business Segments - In the pig farming sector, the average selling price of pigs was 16.71 yuan per kilogram in 2024, a year-on-year increase of 12.83%, with comprehensive costs significantly reduced to 14.4 yuan per kilogram [6][7] - The poultry segment saw a slight increase in chicken output to 1.208 billion heads, despite a decrease in average selling price to 13.06 yuan per kilogram [6][7] Future Outlook - The company expects to maintain its profitability in the pig farming sector due to a slow recovery in production capacity, which will limit the supply growth in 2025 [6][7] - The company has set a target for pig output in 2025 to be between 33 million and 35 million heads, focusing on quality and steady growth [6][7]

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company is expected to achieve a net profit of 9.24 billion yuan in 2024, marking a significant turnaround from losses in previous years [2] - Revenue for 2024 is projected to be 104.9 billion yuan, reflecting a year-on-year growth of 16.7% [2] - The comprehensive cost of raising pigs is expected to decrease to 14 yuan per kilogram in Q4 2024, with a significant improvement in core production indicators [2] - The company plans to increase its pig sales target for 2025 to between 33 million and 35 million heads, supported by a stable breeding stock [2] - The chicken output for 2024 is projected at 1.208 billion birds, with a target growth of over 5% for 2025 [4] Financial Summary - The company forecasts net profits of 9.25 billion yuan, 12.35 billion yuan, and 11.18 billion yuan for 2024, 2025, and 2026 respectively, with year-on-year growth rates of 244.9%, 33.4%, and -9.4% [7] - The expected revenue for 2024 is 105.17 billion yuan, with a year-on-year increase of 17% [9] - The gross profit margin is projected to be 17% in 2024, with a return on equity (ROE) of 22.7% [9] - The earnings per share (EPS) are expected to be 1.39 yuan in 2024, increasing to 1.86 yuan in 2025 [9]

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company is expected to achieve a net profit of 9.24 billion yuan in 2024, marking a significant turnaround from losses in previous years. Revenue is projected to reach 104.9 billion yuan, reflecting a year-on-year growth of 16.7% [2] - The core production metrics are continuously improving, with the comprehensive cost of raising pigs dropping to 14 yuan per kilogram in Q4 2024. The company plans to increase its pig sales target for 2025 to between 33 million and 35 million heads [2][3] - The company has also seen a steady increase in chicken output, with a total of 1.208 billion chickens raised in 2024, a 2.1% increase year-on-year. The comprehensive cost of chicken production decreased to 11.4 yuan per kilogram in Q4 2024 [3][4] Financial Summary - The company forecasts pig output of 30.18 million heads in 2024, increasing to 34 million heads in 2025 and 37 million heads in 2026. Chicken output is expected to rise from 1.208 billion in 2024 to 1.332 billion in 2026. Corresponding net profits are projected at 9.255 billion yuan for 2024, 12.349 billion yuan for 2025, and 11.183 billion yuan for 2026, with year-on-year growth rates of 244.9%, 33.4%, and -9.4% respectively [7] - The company's revenue is expected to grow from 89.921 billion yuan in 2023 to 105.169 billion yuan in 2024, with a year-on-year growth of 17%. The gross profit margin is projected to improve to 17% in 2024 [9]

Core Viewpoint - The company, Wen's Foodstuffs Group, reported a significant increase in net profit for 2024, driven by higher sales volume, rising pork prices, and decreasing feed costs, marking a turnaround from previous losses [1] Financial Performance - For 2024, Wen's achieved total operating revenue of 104.906 billion yuan and a total profit of 9.601 billion yuan, with net profit attributable to shareholders reaching 9.245 billion yuan, a year-on-year increase of 244.68% [1] - As of the end of 2024, the company's total assets amounted to 93.908 billion yuan, up 1.09% from the beginning of the year, while equity attributable to shareholders rose by 23.91% to 40.964 billion yuan [2] Sales and Production - The company sold 30.1827 million pigs during the reporting period, a year-on-year increase of 14.93%, with an average selling price of 16.71 yuan/kg, up 12.83% [1] - In the chicken segment, Wen's sold 1.208 billion chickens, a 2.09% increase year-on-year, although the average selling price decreased by 4.60% to 13.06 yuan/kg [1] Industry Trends - The overall performance of the livestock industry showed signs of recovery in 2024, with several companies, including Muyuan Foods and Shennong Group, also reporting significant profit increases and turning losses into profits [2] - Muyuan Foods projected a profit of 18 to 19 billion yuan for 2024, representing a year-on-year increase of 531.88% to 555.87% [2]

Core Viewpoint - The company reported a significant turnaround in its financial performance for 2024, achieving a total operating revenue of 104.9 billion yuan, a year-on-year increase of 16.66%, and a net profit of 9.245 billion yuan, compared to a loss of 6.39 billion yuan in the previous year [1] Financial Performance - The total operating revenue for 2024 reached 104.9 billion yuan, reflecting a 16.66% increase compared to the previous year [1] - The net profit for the year was 9.245 billion yuan, a substantial recovery from a loss of 6.39 billion yuan in the same period last year [1] - The basic earnings per share were reported at 1.39 yuan [1] Operational Improvements - Core production indicators showed continuous improvement, indicating a positive trend in production [1] - The company benefited from a decrease in feed raw material prices, leading to a significant reduction in breeding costs year-on-year [1] Business Segment Performance - The sales volume of live pigs increased year-on-year, contributing to the overall revenue growth [1] - The sales prices of live pigs also saw a year-on-year increase, further enhancing profitability in the pig farming business [1] - The pig farming segment achieved a substantial profit increase, marking a successful turnaround from previous losses [1]

Financial Performance - The total operating revenue for the reporting period was CNY 10,490.62 million, an increase of 16.66% compared to the previous year[5]. - The net profit attributable to shareholders of the listed company reached CNY 924.47 million, a significant increase of 244.68% year-on-year[5]. - The basic earnings per share were CNY 1.3943, compared to a loss of CNY 0.9707 in the previous year, marking a 243.64% increase[5]. - The net profit after deducting non-recurring gains and losses was CNY 961.99 million, up 249.10% year-on-year[5]. - The weighted average return on equity rose to 24.58%, an increase of 42.18 percentage points compared to the previous year[5]. Sales and Production - The company sold 30.18 million live pigs during the reporting period, a year-on-year increase of 14.93%, with an average selling price of CNY 16.71 per kilogram, up 12.83%[8]. - The company sold 1.208 billion chickens during the reporting period, a year-on-year increase of 2.09%, with an average selling price of CNY 13.06 per kilogram, down 4.60%[8]. Assets and Equity - The total assets at the end of the reporting period were CNY 93,907.98 million, an increase of 1.09% from the beginning of the period[10]. - The equity attributable to shareholders of the listed company increased by 23.91% to CNY 40,964.18 million[10]. Operational Efficiency - The company maintained a strong focus on production management and disease prevention, leading to improved core production indicators and reduced breeding costs[8].

Group 1: Production and Sales Performance - In January, the company sold 95 million meat chickens and approximately 2.9 million live pigs, including 2.78 million live pigs and 120,000 piglets [1] - The company adjusted its sales statistics to include piglets starting January 2025, which increased the sales volume and revenue [1] - The company achieved a meat pig breeding comprehensive cost of 6.4-6.5 RMB per kg, maintaining a leading position in the industry [3] Group 2: Industry Situation - As of the end of January, the company had 1.78 million breeding sows, with a piglet production cost of 300-310 RMB per head and a meat pig market rate of 93.7% [3] - The chicken production maintained a high level, with a meat chicken market rate of 95.2% and a total cost of 5.6-5.7 RMB per kg for live chickens [4] Group 3: Financial Health - The company's asset-liability ratio decreased to around 52% in January, indicating ongoing improvement in the balance sheet [5] - The company aims to reduce the debt ratio further to ensure long-term stability in operations [5] Group 4: Future Goals and Investments - The sales target for meat pigs in 2025 is set at 33-35 million heads, excluding piglet sales [6] - The company plans to invest approximately 50 billion RMB in fixed assets in 2025, focusing on pig breeding facilities, chicken farms, slaughterhouses, and equipment upgrades [13] Group 5: Collaboration with Farmers - The company emphasizes a stable partnership with farmers, providing comprehensive support including insurance and training, to enhance cooperation and mutual benefits [12]

温氏食品集团股份有限公司 温氏食品集团股份有限公司 | 2024 | 年 | 11 月 | 11,088.42 | 110,025.24 | 30.17 | 307.83 | 12.74 | | --- | --- | --- | --- | --- | --- | --- | --- | | 2024 | 年 | 月 12 | 10,782.24 | 120,807.48 | 27.43 | 335.27 | 11.62 | | 2025 | 年 | 1 月 | 9,463.76 | 9,463.76 | 23.69 | 23.69 | 11.40 | | 证券代码：300498 | 证券简称：温氏股份 | 公告编号：2025-16 | | --- | --- | --- | | 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 2025年1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、2025年1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"）2025年1 月销售肉鸡9,463 ...

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：2025-15 截至 2025 年 1 月 31 日，公司通过股份回购专用证券账户以 集中竞价交易方式累计回购公司股份数量为 33,649,800 股，占公 司总股本的 0.5057%。本次回购股份的最高成交价为 19.51 元/股， 最低成交价为 15.33 元/股，成交总金额为 599,950,016.17 元（不含 交易费用）。本次回购符合公司回购股份方案及相关法律法规的 要求。 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 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（ ...

Investment Rating - Buy/Upgrade rating for Wens Foodstuff Group (300498) with a target price of 15.69 [1] Core Views - Rapid growth in hog production 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 sold, a 15% YoY increase [5] - The average selling price of hogs in 2024 was 16.71 RMB/kg, up 12.83% YoY [5] - The company's comprehensive hog farming cost in 2024 was approximately 7.2 RMB/jin, down 1.2 RMB/jin YoY [5] - The company set a sales target of 33-35 million hogs for 2025, aiming for an average farming cost of 6.5 RMB/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 aims to increase broiler sales by 5% or more in 2025, with further cost optimization expected [6] Financial Performance - The company expects to achieve over 100 billion RMB in revenue in 2024, with net profit attributable to shareholders of 9-9.5 billion RMB, a significant turnaround from losses [4] - Estimated net profit for 2024-2026 is 9.647 billion RMB, 9.118 billion RMB, and 6.762 billion RMB, respectively [6] - The current PE ratio for 2025 is 11.45x [6] Operational Highlights - In Q4 2024, the company sold 8.62 million hogs, an 8.6% YoY increase, with an average selling price of 16.75 RMB/kg, up 16.18% YoY but down 14.04% QoQ [5] - The comprehensive hog farming cost in Q4 2024 was 6.7 RMB/jin, down 0.2 RMB/jin QoQ [5] - The estimated profit per hog in 2024 was 282 RMB, with Q4 profit per hog at 335 RMB [5] - The broiler business achieved a cost reduction to 6 RMB/jin in 2024, down 0.8 RMB/jin YoY, with Q4 costs further reduced to 5.7 RMB/jin [6] - Estimated profit per broiler in 2024 was 1.74 RMB, with Q4 profit per broiler at 2.4 RMB [6] Market Data - Total shares outstanding: 6.654 billion, with 5.235 billion shares in circulation [3] - Total market capitalization: 104.4 billion RMB, with a circulating market cap of 82.13 billion RMB [3] - The stock's 12-month high/low prices were 23.9 RMB and 15.12 RMB, respectively [3]