Financial Performance - In the first half of 2024, the company achieved operating revenue of 7.805 billion CNY, marking a turnaround with a net profit attributable to shareholders of 575 million CNY, a year-on-year increase of 12.16% and 197.13% respectively [1] - The company sold 235 million meat chickens, a year-on-year increase of 10.69%; sold 434,900 meat pigs, up 18.83%; and sold 960,500 geese, up 12.92% [1] - The slaughter volume of meat chickens reached 24.8189 million, reflecting a growth of 234.32% [1] Cost Structure - The complete cost of raising yellow feathered chickens in the first half of the year was 6.1 CNY per kilogram, a decrease of 13.48% compared to the same period last year; the cost in the second quarter was 5.9 CNY per kilogram [2] - The complete cost for the pig farming segment was approximately 17.6 CNY per kilogram in the first quarter, returning to normal at 14.8 CNY per kilogram in the second quarter [2] Market Outlook - The company anticipates stronger consumption of yellow feathered chickens in the second half of the year due to seasonal demand, with upcoming events like school celebrations and the Mid-Autumn Festival expected to boost sales [2] - The proportion of medium-speed chickens has increased to over 40%, while the proportion of fast-growing chickens has decreased to below 20%, indicating a shift towards higher quality products [2] Production Capacity - As of the end of June, the company had established a production capacity of approximately 1.8 million meat pigs, with a breeding sow inventory of 80,000 [2] - The company expects to exceed 800,000 meat pig sales in the second half of the year, with an annual target of over 1.2 million [2]

证券研究报告 非金融公司 | 公司点评 | 立华股份 (300761) 养殖行情回暖,公司业绩显著改善 请务必阅读报告末页的重要声明 2024年08月02日 证券研究报告 |报告要点 公司披露 2024 年中报，突现营收 78.05 亿元，同比增长 12.16%；归母净利润 5.75 亿元，同 比上升 197. 13%。向全体股东每 10 股派发现金红利 3 元（含税)。2024H1 公司鸡板块实现营 收 67.94 亿元（同比+10.81%）, 肉鸡销量 2.35 亿只（同比+10.69%）, 公司斤鸡完全成本为 6.1 元，较去年同期下降 13.48%，二手皮斤鸡完全成本下降至 5.9 元。2024H1 公司商品鸡销售价 格 13.21 元/公斤，同比上升 0.23%，板块实现较好盈利。 | 分析师及联系人 马鹏 王明琦 SAC: S0590524040003 SAC: S0590524050001 请务必阅读报告末页的重要声明 1 / 5 非金融公司 | 公司点评 2024年08月02日 立华股份(300761) 养殖行情回暖,公司业绩显著改善 | --- | --- | --- | |-------| ...

Summary of the Conference Call for Lihua Co., Ltd. Company Overview - **Company**: Lihua Co., Ltd. - **Date of Call**: August 1, 2024 - **Key Focus**: Half-year financial results and operational outlook Key Points Financial Performance - The company achieved a significant turnaround with a profit of **575 million** (5.75亿) in the first half of 2024, compared to previous losses [3] - Revenue increased by **12.7%** year-on-year, despite a substantial decrease in feed costs [3] - The main business segments, including poultry and pig farming, experienced approximately **10%** growth [4] Operational Insights - The number of yellow-feathered chickens raised showed steady growth, supported by improved production performance and reduced raw material costs [1] - The cost of pig farming has also improved significantly, with costs dropping from **17.0** (17块) to **14.8** (14.8块) per kilogram in the second quarter [8] - The company plans to increase pig output to over **1.2 million** (120万) heads for the year, with **430,000** (43万) heads already achieved in the first half [7] Market Dynamics - The yellow-feathered chicken market is experiencing seasonal consumption patterns, with the second half of the year expected to account for over **50%** of total consumption [17] - The company noted a decline in chicken prices in July compared to June, attributed to various factors including weather impacts and consumer behavior [18][19] - The overall market for yellow-feathered chickens is stable, with expectations for continued demand during the upcoming Mid-Autumn Festival and National Day [20] Industry Trends - The industry is witnessing a consolidation trend, with leading companies like Lihua and Wen's maintaining growth plans despite a generally low cycle in the market [27] - The average cost of production for yellow-feathered chickens has decreased significantly, with costs dropping from **6.3** (6.3块) to **5.9** (5.9块) per kilogram year-on-year [29] - The company anticipates stable raw material costs moving forward, supported by government policies promoting grain production [25] Future Outlook - Capital expenditures are expected to remain around **1 billion** (十亿) annually, focusing on expanding production capacity and improving facilities [31][34] - The company plans to maintain a steady growth rate of **8% to 10%** in the coming years, primarily driven by new company developments [32] - There is a cautious approach towards expanding pig farming capacity, with no immediate plans for cross-regional expansion [62] Additional Notes - The company declared a dividend of **0.30** (三毛) per share for the first time, reflecting its improved financial position [15] - The management emphasized the importance of maintaining quality and market share amidst changing consumer preferences and competitive pressures [41][42] This summary encapsulates the key insights and operational strategies discussed during the conference call, highlighting Lihua Co., Ltd.'s financial recovery, market positioning, and future growth plans.

Investment Rating - The investment rating for the company is "Outperform the Market" [4][15]. Core Views - The company has shown stable growth in output and a decrease in costs, leading to a significant increase in net profit attributable to shareholders, which rose by 346% year-on-year in Q2 2024 [1][5]. - The revenue for the first half of 2024 reached 7.805 billion yuan, a year-on-year increase of 12.16%, with Q2 revenue at 4.144 billion yuan, up 16.79% year-on-year [1][5]. - The growth in revenue is attributed to over 10% year-on-year increases in the output of meat chickens, pigs, and geese, while profitability has improved due to lower breeding costs for pigs and chickens [1][5]. Summary by Sections Chicken Business - The output of yellow feathered chickens continues to grow, with the complete cost per chicken dropping below 6 yuan. In H1 2024, the sales price of meat chickens remained stable year-on-year, while the output increased by 10.69% to 235 million chickens, resulting in a revenue increase of 10.09% to 6.794 billion yuan [1][5]. - The complete cost per chicken decreased by 13.48% year-on-year to 6.1 yuan, with Q2 costs further reduced to 5.9 yuan, leading to a gross margin increase of 13.54 percentage points to 13.86% [1][5]. - The company is expected to maintain good profitability in its chicken business, especially with the upcoming consumption peak in the second half of the year [1][5]. Pig Business - The pig business has maintained rapid growth, with sales of pigs in H1 2024 increasing by 18.83% to 434,900 heads, and the average sales price rising by 7.13% to 15.92 yuan/kg, resulting in a revenue increase of 18.50% to 895 million yuan [2][6]. - The complete breeding cost has decreased, with costs dropping below 16 yuan/kg in March and further to 14.8 yuan/kg in Q2, contributing to a gross margin increase of 33.44 percentage points to 15.55% [2][6]. - The company has established a pig production capacity of approximately 1.8 million heads and aims to achieve over 1.2 million heads of output within the year [2][6]. Goose Business - The goose business has also shown growth, with 960,500 geese sold in H1 2024, a year-on-year increase of 12.92%, although revenue slightly decreased by 1.02% to 82 million yuan [6]. - The gross profit for the goose business increased by 10.81% year-on-year to 16 million yuan due to improved costs and favorable market conditions [6]. Financial Forecasts - The company is expected to benefit from the recovery in the livestock industry, with projected net profits for 2024-2026 being 1.03 billion, 1.44 billion, and 870 million yuan respectively, corresponding to EPS of 1.24, 1.74, and 1.05 yuan [2][5]. - The current price-to-earnings ratio (PE) is projected to be 19, 14, and 22 times for the years 2024, 2025, and 2026 respectively [2][5].

流通市值（百万） 14,184.88 2024 年 08 月 01 日 公司研究 评级：买入(维持) [Table_Title] 成本快速下降，业绩同比扭亏 研究所： 证券分析师： 程一胜 S0350521070001 chengys01@ghzq.com.cn 证券分析师： 王思言 S0350524010001 wangsy02@ghzq.com.cn ——立华股份（300761）2024 年中报点评报告 [ 事件: 2024 年 7 月 31 日，立华股份发布 2024 年中报：2024 年上半年，公司 实现营业收入 78.05 亿元，同比增长 12.16%，并实现同比扭亏为盈，半 年度实现归母净利润 5.75 亿元，去年同期亏损 5.92 亿元。 投资要点: 黄鸡业务成本快速下降，盈利持续改善。2024 年半年度公司销售肉 鸡（含毛鸡、屠宰品及熟制品）2.35 亿只，同比增长 10.69%，市占 率继续扩大。生产方面，商品鸡养殖成绩继续保持较高水平，上市 率、料肉比、上市天龄等指标超额完成预算，加之玉米、小麦、豆 粕等主原料价格上半年同比显著回落，生产成本下降明显。2024 上 半年，公司斤鸡完全成本为 ...

鸡出栏稳增，生猪成本有望 持续改善 [Table_Contacts] [Table_Page] 中报点评|农林牧渔 证券研究报告 [Table_Title] 立华股份（300761.SZ） 业绩大幅扭亏，养殖成本有望继续改善 [Table_Summary] 核心观点： ⚫ 养殖成本下降显著，2 季度业绩大幅扭亏。公司发布 24 年半年报，上 半年营业收入 78 亿元，同比增长 12%，归母净利润 5.7 亿元，同比增 长 197%，2 季度营业收入 41 亿元，同比增长 17%，归母净利润约 5 亿元，同比增长 346%，同比大幅扭亏，业绩符合预期。业绩同比大幅 扭亏主要受益于 2 季度黄鸡、生猪养殖成本同比下降明显、畜禽价格 同比上涨。利润分配预案：每 10 股派发现金红利 3 元（含税）。 ⚫ 黄鸡出栏稳健增长，养殖成本显著下降。据半年报，24H1 黄鸡出栏 2.35 亿羽，同比增长 11%，销售均价 6.6 元/斤，完全成本降至 6.1 元/斤， 测算羽均盈利约 2 元。Q2 公司黄鸡出栏约 1.2 亿羽，同比增长约 10%， 销售均价约 6.7 元/斤，同比增长 2%，环比增长 4%，Q2 完全成本降 ...

Investment Rating - The report maintains a "Recommended" rating for the company [2][5]. Core Insights - The company reported a significant improvement in performance for H1 2024, with revenue of 7.805 billion yuan, a year-on-year increase of 12.16%, and a net profit attributable to shareholders of 575 million yuan, reversing from a loss of 592 million yuan in H1 2023 [2]. - The growth in revenue and profitability is attributed to stable sales growth in the pig and chicken segments, a decline in breeding costs due to lower raw material prices, and improved production efficiency [2]. - The company aims to expand its production capacity for yellow feathered chickens and pigs, with expectations for continued price increases in the market [5]. Summary by Sections Financial Performance - H1 2024 revenue reached 7.805 billion yuan, up 12.16% year-on-year; net profit was 575 million yuan, compared to a loss of 592 million yuan in H1 2023 [2]. - The gross profit margin for H1 2024 was 14.10%, an increase of 15.56 percentage points year-on-year [2]. - The company sold 2.35 million yellow feathered chickens in H1 2024, a year-on-year increase of 10.69%, with a sales price of 13.21 yuan/kg, up 0.23% [2]. Production and Capacity - The company plans to achieve an annual output of over 1.2 million pigs in 2024, with a focus on expanding production capacity in Jiangsu, Anhui, and Shandong provinces [2]. - The total number of cooperative farmers for the chicken business reached 6,909, a year-on-year increase of 4.07% [2]. Future Projections - The company forecasts net profits of approximately 1.083 billion yuan, 2.063 billion yuan, and 879 million yuan for 2024, 2025, and 2026, respectively, with corresponding EPS of 1.31 yuan, 2.49 yuan, and 1.06 yuan [5]. - The company aims to maintain a growth rate of 8-10% in annual output for its chicken business [2].

2024 年半年度报告 江苏立华牧业股份有限公司 2024 年半年度报告全文 公司董事会、监事会及董事、监事、高级管理人员保证半年度报告内容 的真实、准确、完整，不存在虚假记载、误导性陈述或者重大遗漏，并承担 个别和连带的法律责任。 公司需遵守《深圳证券交易所上市公司自律监管指引第 3 号——行业信 息披露》中的"畜禽、水产养殖相关业务"的披露要求。 江苏立华牧业股份有限公司 2024 年半年度报告全文 3 一、载有公司法定代表人、主管会计工作负责人、会计机构负责人签名并盖章的财务报表。 江苏立华牧业股份有限公司 2024 年半年度报告全文 5 一、公司简介 | --- | --- | --- | |----------|--------------------------------|--------------------------------| | | 董事会秘书 | 证券事务代表 | | 姓名 | 虞坚 | 沈晨 | | 联系地址 | 常州市武进区牛塘镇漕溪路 66 号 | 常州市武进区牛塘镇漕溪路 66 号 | | 电话 | 0519-86350908 | 0519-86350908 | | 传真 ...

证券代码：300761 证券简称：立华股份 公告编号：2024-057 江苏立华牧业股份有限公司 关于召开2024年第二次临时股东大会的通知 1、股东大会届次：2024 年第二次临时股东大会； 2、股东大会召集人：公司董事会； 3、会议召开的合法、合规性：公司第四届董事会第二次会议作出了关于召 开本次股东大会的决定，本次股东大会的召集程序符合有关法律、行政法规、部 门规章、规范性文件、深圳证券交易所（以下简称深交所）业务规则和《公司章 程》等的规定。 4、会议召开的日期、时间： ①现场会议召开时间为：2024 年 8 月 16 日（星期五）下午 2:00； ②网络投票时间为： 通过深圳证券交易所交易系统进行网络投票的具体时间为 2024 年 8 月 16 日 9:15~9:25，9:30~11:30 和 13:00~15:00； 本公司及董事会全体成员保证信息披露的内容真实、准确和完整，没有 虚假记载、误导性陈述或重大遗漏。 江苏立华牧业股份有限公司（以下简称公司、立华股份）第四届董事会第二 次会议决定采取现场会议与网络投票相结合的方式召开公司 2024 年第二次临时 股东大会，现将本次股东大会会议有关事项通 ...

证券代码：300761 证券简称：立华股份 公告编号：2024-052 江苏立华牧业股份有限公司 第四届董事会第二次会议决议的公告 本公司及董事会全体成员保证信息披露的内容真实、准确和完整，没有 虚假记载、误导性陈述或重大遗漏。 二、董事会会议审议情况 经与会董事认真审议，充分讨论，会议审议通过了以下议案： 1、审议通过《关于公司<2024 年半年度报告>及其摘要的议案》 董事会认为《2024 年半年度报告》及其摘要真实反映了本报告期公司财务 状况及经营管理情况，所记载事项不存在虚假记载、误导性陈述或重大遗漏，所 披露的信息真实、准确、完整。具体内容详见公司 2024 年 8 月 1 日刊载于巨潮 资讯网（http://www.cninfo.com.cn）的《2024 年半年度报告》及《2024 年半年度 报告摘要》。 表决结果：9 票同意，0 票反对，0 票弃权。 2、审议通过《关于<2024 年半年度募集资金存放与使用情况的专项报告> 的议案》 具 体 内 容 详 见 公 司 2024 年 8 月 1 日 刊 载 于 巨 潮 资 讯 网 （http://www.cninfo.com.cn）的《2024 年 ...