農(nóng)林牧漁行業(yè)2018年三季報(bào)總結(jié)生豬養(yǎng)殖效益區(qū)域分化，飼料盈利受制景氣下行

1、目錄索引養(yǎng)殖：生豬價(jià)格環(huán)比反彈，肉禽產(chǎn)業(yè)鏈步入高景氣階段.............................5飼料：收入增長(zhǎng)、利潤(rùn)承壓，產(chǎn)業(yè)鏈整合持續(xù)推進(jìn)................................10動(dòng)保：生物股份環(huán)比改善明顯，關(guān)注4季度疫病高發(fā)期情況........................14種子：季末預(yù)收款分化顯著，玉米種子行業(yè)或迎復(fù)蘇..............................1

2、7重點(diǎn)公司盈利預(yù)測(cè)與估值......................................................19風(fēng)險(xiǎn)提示....................................................................20圖40：3季度大北農(nóng)凈利潤(rùn)同比增長(zhǎng)6.8%.........................................................

3、.13圖41：大北農(nóng)經(jīng)營(yíng)性現(xiàn)金流量?jī)纛~收入情況.....................................................13圖42：3季度唐人神營(yíng)收同比增長(zhǎng)10.9%...........................................................13圖43：3季度唐人神毛利率環(huán)比小幅上升.........................................

4、.................13圖44：3季度唐人神凈利潤(rùn)同比下滑22.6%........................................................13圖45：唐人神經(jīng)營(yíng)性現(xiàn)金流量?jī)纛~收入情況.....................................................13圖46：3季度生物股份營(yíng)收同比增長(zhǎng)17.4%........................

5、................................14圖47：3季度生物股份毛利率環(huán)比回升.............................................................14圖48：3季度生物股份凈利潤(rùn)同比增長(zhǎng)9.6%......................................................14圖49：生物股份經(jīng)營(yíng)性現(xiàn)金流量?jī)纛~收入情況......

6、...........................................14圖50：3季度中牧股份營(yíng)收同比增長(zhǎng)17.2%........................................................15圖51：3季度中牧股份毛利率環(huán)比略有提升......................................................15圖52：3季度中牧股份凈利潤(rùn)同比增長(zhǎng)0

7、.2%......................................................15圖53：中牧股份經(jīng)營(yíng)性現(xiàn)金流量?jī)纛~收入情況.................................................15圖54：3季度普萊柯?tīng)I(yíng)收同比增長(zhǎng)18.6%...........................................................15圖55：3季度

8、普萊柯毛利率環(huán)比基本持平..........................................................15圖56：3季度普萊柯凈利潤(rùn)同比增長(zhǎng)40%...........................................................16圖57：普萊柯經(jīng)營(yíng)性現(xiàn)金流量?jī)纛~收入情況...............................................

9、......16圖58：3季度瑞普生物營(yíng)收同比增長(zhǎng)5.8%..........................................................16圖59：3季度瑞普生物毛利率環(huán)比有所下滑......................................................16圖60：3季度瑞普生物凈利潤(rùn)同比下滑11%..................................

10、.........................16圖61：瑞普生物經(jīng)營(yíng)性現(xiàn)金流量?jī)纛~收入情況.................................................16圖62：3季度海利生物營(yíng)收同比下滑4.3%..........................................................17圖63：3季度海利生物毛利率環(huán)比下滑......................

11、.......................................17圖64：3季度海利生物凈利潤(rùn)同比下滑65.6%....................................................17圖65：海利生物經(jīng)營(yíng)性現(xiàn)金流量?jī)纛~收入情況.................................................17圖66：3季度隆平高科營(yíng)收同比下滑30.6%........

12、................................................18圖67：3季度隆平高科毛利率環(huán)比小幅下降......................................................18圖68：3季度隆平高科凈利潤(rùn)為0.94億元........................................................18圖69：隆平高科經(jīng)營(yíng)性現(xiàn)金流量

13、凈額收入情況.................................................18圖70：3季度登海種業(yè)營(yíng)收同比下滑22.3%........................................................19圖71：3季度登海種業(yè)毛利率環(huán)比繼續(xù)下滑......................................................19圖72：3季度

14、登海種業(yè)凈利潤(rùn)為0.42億元........................................................19圖73：登海種業(yè)經(jīng)營(yíng)性現(xiàn)金流量?jī)纛~收入情況.................................................19表1：截至18Q3末，種子公司預(yù)收賬款情況....................................................17表