DBN Group(002385)2024-10-27 04:42Financial Overview - In the first three quarters of 2024, the company achieved a total revenue of CNY 20.142 billion, with a net profit of CNY 133 million, marking a year-on-year increase of approximately 115% [2] - Overall revenue decreased by 15.8% compared to the previous year, with feed product revenue exceeding CNY 14 billion, accounting for about 70% of total revenue [2] - In Q3 2024, the company reported revenue of CNY 7.05 billion, a year-on-year decline of 14.7% [2] Profitability - The net profit for Q3 2024 reached CNY 289 million, a year-on-year increase of 315% [2] - The feed segment generated a profit of CNY 500-600 million, while the pig farming segment contributed CNY 200-250 million in profit [2] - The seed segment incurred a loss of over CNY 100 million due to seasonal factors affecting sales [2] Business Segment Performance Feed Segment - Total feed sales reached approximately 5.14 million tons in the first three quarters, with external sales around 3.9 million tons [3] - In Q3 2024, external feed sales were about 1.37 million tons, showing a quarter-on-quarter growth of over 9% [3] Pig Farming Segment - The total number of pigs sold in the first three quarters was 4.28 million, a year-on-year increase of approximately 2.8% [3] - The average selling price of fattened pigs was CNY 16.43 per kg, an increase of CNY 1.76 per kg compared to the previous year [3] Seed Segment - Revenue from conventional seed sales was CNY 283 million, with rice seed sales exceeding CNY 200 million, reflecting a year-on-year growth of 35% [3] - Seed sales volume exceeded 20 million kg, with rice seed sales growing by 110% year-on-year [3] Cost Management and Future Outlook - The complete cost of pig farming is approximately CNY 14.7 per kg, showing a significant decrease compared to the previous year [5] - The company aims to optimize operational efficiency and reduce costs further, with a target of 10 million tons in feed sales in the medium term [4] - The company plans to enhance its breeding and supply chain systems to improve profitability in pig farming [5] Research and Development - The company is focusing on developing high-yield, disease-resistant corn and rice varieties, with 23 new rice varieties and 22 new corn varieties approved for national examination in 2024 [6] - The company has established a strong foundation in its seed industry, with ongoing efforts in biotechnology and traditional breeding [6] Dividend Policy - The profit distribution plan for the first three quarters of 2024 includes a cash dividend of CNY 0.58 per 10 shares, totaling CNY 249 million [6] - The company has a history of consistent cash dividends since its listing, with a total of CNY 3.94 billion distributed to date [6]