KINGKEY SMART AGRI(000048) 证券之星·2025-04-10 02:00Core Viewpoint - The performance of Jingji Zhino (000048.SZ) has significantly declined in 2024, with both revenue and net profit dropping over 50% year-on-year, primarily due to a collapse in its real estate business, despite a notable increase in its pig farming operations [1][2]. Group 1: Financial Performance - In 2024, Jingji Zhino reported revenue of 5.96 billion yuan, a year-on-year decrease of 52%, and a net profit of 714 million yuan, down 59.13% [2]. - The real estate segment's revenue plummeted by 85.63% to 1.234 billion yuan, contributing only 20.7% to total revenue, compared to nearly 70% in the previous year [3]. - The pig farming business saw revenue rise to 3.901 billion yuan, a growth of 38.69%, increasing its contribution to total revenue from 22.65% to 65.45% [3]. Group 2: Business Segments - The real estate business, which previously accounted for nearly 70% of revenue, has faced a drastic decline due to a significant reduction in project sales and deliveries [2][3]. - The pig farming segment's gross margin improved from -1.97% to 23.697%, with the main profit shifting from a loss of 55.34 million yuan in 2023 to a profit of 924.2 million yuan in 2024 [3]. Group 3: Expansion Plans - Jingji Zhino has proposed a fundraising plan of up to 1.93 billion yuan to support its pig farming capacity expansion, but progress has been slow [4]. - The company plans to invest 575 million yuan in a pig farming integration project and 597 million yuan in a breeding base project, with expected annual contributions of 157 million yuan and 259 million yuan in net profit, respectively [4]. - Revised projections for these projects indicate a decrease in expected net profit from 416 million yuan to 226 million yuan, raising concerns about the company's confidence in future profitability [5][6].