Investment Rating - The investment rating for the company is "Buy" (maintained) [1][10]. Core Views - The company has shown significant cost improvements and its main business is performing well [1][6]. - In 2024, the company achieved a revenue of 17.725 billion yuan, a year-on-year increase of 15.44%, and a net profit attributable to shareholders of 1.521 billion yuan, showing substantial growth [5][7]. - For Q1 2025, the company reported a revenue of 4.086 billion yuan, up 11.6% year-on-year, and a net profit of 206 million yuan, a remarkable increase of 157.47% [5][7]. Summary by Sections Sales Performance - In 2024, the company sold 516 million yellow feathered chickens, a year-on-year increase of 12.95%, 1.298 million pigs, up 51.8%, and 2.0963 million geese, up 21.73% [7]. - In Q1 2025, the company sold 123 million chickens, an increase of 8.69%, and 483,700 pigs, a significant rise of 150.49% [7]. Cost Improvements - The complete cost for yellow chicken in 2024 was 5.9 yuan per jin, which further decreased to 5.5 yuan per jin in Q1 2025 [7]. - The complete cost for pigs in 2024 was 7.46 yuan per jin, which dropped to 6.5 yuan per jin in Q1 2025 [7]. Profitability Forecast - The revenue forecast for 2025-2027 is adjusted to 17.592 billion, 19.270 billion, and 21.010 billion yuan respectively, with net profits of 1.528 billion, 1.781 billion, and 2.494 billion yuan [6][10]. - The corresponding P/E ratios for 2025-2027 are projected to be 11, 9, and 7 times [6][10].

Investment Rating - The report maintains a "Buy" rating for the company [2] Core Views - The company reported strong performance in Q1 2025, with revenue of 4,086 million yuan, a year-on-year increase of 11.6%, and a net profit of 206 million yuan, up 157.5% year-on-year [7] - The company achieved a total revenue of 17,725 million yuan in 2024, a 15.4% increase year-on-year, and a net profit of 1,521 million yuan, recovering from a loss of 437 million yuan in 2023 [7] - The company continues to focus on shareholder returns, proposing a cash dividend of 4.14 billion yuan for 2024, resulting in a total cash dividend rate of 43.5% [7] Financial Data and Profit Forecast - The company forecasts total revenue of 19,326 million yuan for 2025, with a year-on-year growth of 9.0%, and a net profit of 1,428 million yuan, a decrease of 6.1% year-on-year [6] - The projected earnings per share for 2025 is 1.73 yuan, with a price-to-earnings ratio of 12 [6] - The company expects to maintain a stable profit margin, with a gross margin of 14.4% in 2025 [6] Business Segments - In the chicken business, the company sold 5.16 million chickens in 2024, a 13.0% increase year-on-year, achieving a market share of 15.5% [7] - The pig farming segment saw a significant increase, with 1.298 million pigs sold in 2024, a 51.8% increase year-on-year, contributing 29.27 billion yuan to total revenue [7] - The company anticipates a continued decline in breeding costs, with the cost of chicken expected to drop to 11.8 yuan/kg in 2024 [7]

Investment Rating - The report maintains a "Buy" rating for the company, indicating a positive outlook for its stock performance relative to the market [8][11]. Core Insights - The company reported a significant increase in revenue and net profit for 2024, with revenue reaching 17.725 billion yuan, a year-on-year growth of 15.44%, and net profit of 1.521 billion yuan, a remarkable increase of 447.72% [5][8]. - The first quarter of 2025 also showed strong performance, with revenue of 4.087 billion yuan, up 11.60% year-on-year, and net profit of 206 million yuan, reflecting a 157.47% increase [5][8]. - The company has successfully reduced costs in its chicken and pig farming operations, leading to improved profitability and competitive advantages in the market [6][7]. Summary by Sections Company Overview - The latest closing price is 20.53 yuan, with a total market capitalization of 17 billion yuan and a circulating market value of 12.3 billion yuan [4]. Financial Performance - The company achieved a total revenue of 17.725 billion yuan in 2024, with a projected revenue of 18.467 billion yuan for 2025, reflecting a growth rate of 4.19% [9][10]. - The net profit attributable to the parent company for 2024 was 1.521 billion yuan, with an expected increase to 1.657 billion yuan in 2025, indicating a growth rate of 8.96% [9][10]. Cost Management - The company has seen a decrease in the cost of chicken farming, with the total cost per kilogram dropping from 11.8 yuan in 2024 to 11.2 yuan in Q1 2025 [6]. - In pig farming, the total cost per jin decreased from 8.8 yuan in Q1 2024 to 6.7 yuan in Q1 2025, with a target of 6.5 yuan for the entire year [7]. Profitability Forecast - The earnings per share (EPS) are projected to be 2.00 yuan for 2025, 2.96 yuan for 2026, and 3.36 yuan for 2027, indicating a positive growth trajectory [8][9].

Investment Rating - The report maintains a "Buy" rating for the company, indicating a positive outlook for its stock performance relative to the market [8][11]. Core Insights - The company reported a significant increase in revenue and net profit for 2024, with revenue reaching 17.725 billion yuan, a year-on-year growth of 15.44%, and net profit of 1.521 billion yuan, a remarkable increase of 447.72% [5]. - In Q1 2025, the company continued its strong performance with revenue of 4.087 billion yuan, up 11.60% year-on-year, and a net profit of 206 million yuan, reflecting a 157.47% increase [5]. - The company has successfully reduced costs in its poultry and pig farming operations, enhancing profitability while maintaining stable output growth [6][7]. Summary by Sections Company Overview - The latest closing price of the company's stock is 20.53 yuan, with a total market capitalization of 17 billion yuan [4]. - The company has a total share capital of 828 million shares, with 601 million shares in circulation [4]. Financial Performance - The company achieved a total revenue of 17.725 billion yuan in 2024, with a projected revenue of 18.467 billion yuan for 2025, indicating a growth rate of 4.19% [9]. - The EBITDA for 2024 was approximately 2.586 billion yuan, with an expected increase to 2.751 billion yuan in 2025 [9]. - The earnings per share (EPS) are projected to be 2.00 yuan for 2025, increasing to 2.96 yuan in 2026 and 3.36 yuan in 2027 [8][9]. Market Position - The company has demonstrated strong competitive advantages in the poultry sector, with a 12.95% increase in chicken sales volume in 2024, totaling 516 million chickens sold [6]. - In the pig farming sector, the company achieved a sales price of 17.30 yuan per kilogram in 2024, a year-on-year increase of 14.57%, with a total of 1.298 million pigs sold, reflecting a 51.80% growth [7]. Cost Management - The total cost of chicken farming was approximately 11.8 yuan per kilogram in 2024, which further decreased to 11.2 yuan per kilogram in Q1 2025 [6]. - The total cost of pig farming was 7.46 yuan per jin in 2024, with a target reduction to 6.5 yuan per jin for 2025 [7].

Core Insights - The company reported strong financial performance for 2024, with revenue of 17.725 billion yuan, a year-on-year increase of 15.44%, and a net profit of 1.521 billion yuan, marking a turnaround from a loss of 437 million yuan in 2023 [1] - The company plans to distribute a cash dividend of 5 yuan per 10 shares [1] - The first quarter of 2025 showed continued growth, with revenue of 4.086 billion yuan, up 11.6% year-on-year, and a net profit of 206 million yuan, a significant increase of 157.47% [1] Financial Performance - In 2024, the company's comprehensive gross margin was 15.92%, an increase of 11.08 percentage points year-on-year, while the expense ratio was 6.96%, up 1.64 percentage points [1] - For Q4 2024, the comprehensive gross margin was 15.47%, a year-on-year increase of 9.41 percentage points, and the expense ratio was 6.04%, down 0.06 percentage points [1] - In Q1 2025, the comprehensive gross margin was 12.05%, an increase of 3.06 percentage points year-on-year, with an expense ratio of 7.83%, up 0.43 percentage points [2] Poultry Business - In 2024, the company sold 516 million yellow feathered chickens, a year-on-year increase of 12.95%, achieving a market share of 15.48%, up 2.77 percentage points [2] - The revenue from the chicken business was 14.531 billion yuan, accounting for 81.98% of total revenue, with a gross margin of 14.56%, up 7.84 percentage points [2] - The company plans to expand its market presence in southern, southwestern, and central China while maintaining its market share in eastern China, expecting a 8-10% increase in output over the next three years [2] Swine Business - In 2024, the company achieved a revenue of 2.927 billion yuan from its pork business, a year-on-year increase of 76.51%, with a gross margin of 23.46%, up 33.37 percentage points [3] - The company sold 1.298 million pigs, a year-on-year increase of 51.8%, and had a total pig production capacity of 2 million heads by the end of 2024 [3] - The complete cost of pig farming decreased to below 14 yuan/kg by the end of 2024, benefiting from improved production performance and lower feed prices [3] Investment Outlook - The company is positioned as the second-largest yellow feathered chicken producer in China, focusing on expanding production capacity and improving farming efficiency [3] - Earnings per share (EPS) are projected to be 1.51 yuan and 2.13 yuan for 2025 and 2026, respectively, with corresponding price-to-earnings (PE) ratios of 14 times and 10 times [3]

Group 1: Company Performance Overview - In 2024, the company sold 516 million yellow feathered chickens, a year-on-year increase of 12.95% [2] - The company sold 1.298 million pigs, a year-on-year increase of 51.8% [2] - The company sold 2.0963 million geese, a year-on-year increase of 21.73% [2] - The total operating revenue for 2024 was 17.725 billion yuan, a year-on-year increase of 15.44% [2] - The net profit attributable to shareholders was 1.521 billion yuan, marking a significant turnaround from losses [2] - In Q1 2025, the company sold 123 million chickens, a year-on-year increase of 8.69% [2] - The company sold 483,700 pigs in Q1 2025, a year-on-year increase of 150.49% [2] - The net profit attributable to shareholders in Q1 2025 was 206 million yuan, a year-on-year increase of 157.47% [2] Group 2: Cost and Production Insights - The complete cost of chicken in 2024 was 5.9 yuan per kilogram, reduced to 5.5 yuan in Q1 2025 [3] - The company aims for an annual growth target of 8%-10% in yellow feathered chicken output [4] - The target for pig output in 2025 is 2 million heads, with a complete cost of 6.4 yuan per kilogram [4] - The company has established a slaughter capacity of 120 million chickens, with a target of 100 million for 2025 [5] Group 3: Research and Development - In 2024, the company invested 140 million yuan in R&D, primarily for breeding improvements [6] - The company has set up four breeding bases and a genomic breeding laboratory to enhance chicken breeding technology [6] - The breeding team consists of professionals with advanced degrees, focusing on improving breeding quality and biosecurity [6] Group 4: Market Outlook - The company is optimistic about the future of the yellow feathered chicken market, despite cyclical fluctuations [7] - From 2022 to 2024, the cumulative net profit reached nearly 2 billion yuan, with an average revenue growth rate of 42% [8]

Core Insights - Lihua Co., Ltd. reported a total revenue of 17.725 billion yuan for 2024, marking a year-on-year increase of 15.44%, and a net profit of 1.521 billion yuan, a significant year-on-year growth of 447.72%, indicating a successful turnaround from losses in 2023 [1] Group 1: Yellow-feathered Chicken Business - The yellow-feathered chicken business remains the core segment, generating sales revenue of 14.531 billion yuan in 2024, up 8.01%, accounting for 81.98% of total revenue [4] - The average selling price of commodity chickens was 12.94 yuan per kilogram, reflecting a year-on-year decrease of 5.48%, indicating increased market competition and pricing pressure [4] - Despite stable performance, the company faces challenges in maintaining profitability amid price fluctuations in the yellow-feathered chicken sector [4] Group 2: Pig Farming Business - The pig farming business achieved significant progress with sales revenue reaching 2.927 billion yuan, a year-on-year increase of 76.51%, contributing 16.51% to total revenue [5] - The company’s pig output exceeded one million, reaching 1.298 million heads, a year-on-year growth of 51.80% [5] - The cost of pig farming decreased significantly, with the total cost per pound at 7.46 yuan, dropping below 7 yuan by the end of the period, benefiting from improved industry conditions and lower feed prices [5] Group 3: Goose and Slaughtering Business - The goose business showed strong performance with sales of 2.0963 million geese, a year-on-year increase of 21.73%, generating sales revenue of 163 million yuan, up 5.19% [6] - The slaughtering business expanded, with over 60 million yellow-feathered chickens processed, enhancing competitiveness in the fresh market [6] - The company is expected to see a gradual increase in the proportion of slaughter products as slaughtering capacity is released, aiding in managing industry cyclicality [6]

Investment Rating - The report maintains a "Strong Buy" investment rating for the company [3] Core Views - The company has achieved significant performance improvements in Q1 2025, with a notable increase in pig sales and industry-leading per-head profitability [1][6] - The overall livestock market is experiencing favorable conditions, coupled with substantial cost improvements, driving a significant turnaround in 2024 [1][6] - The company is expected to continue expanding its market presence outside of East China, with projected annual growth rates of 8-10% for yellow feathered chicken output [6] Financial Data and Valuation - Total revenue is projected to grow from 15.35 billion yuan in 2023 to 25.92 billion yuan by 2027, with a compound annual growth rate (CAGR) of approximately 14% [2][18] - The company is expected to achieve a net profit of 1.93 billion yuan in 2025, with earnings per share (EPS) projected at 2.33 yuan [2][18] - The return on equity (ROE) is forecasted to improve from 17.7% in the most recent period to 22.5% by 2027 [3][19] Performance Highlights - In Q1 2025, the company reported a revenue of 4.1 billion yuan, a year-on-year increase of 12%, and a net profit of 210 million yuan, reflecting a 157% increase compared to the previous year [6][16] - The company’s pig segment is expected to maintain a leading position in profitability, with per-head earnings projected to be between 270-280 yuan [6][16] - The yellow feathered chicken output is anticipated to reach approximately 5.68 billion birds by 2025, with a sales price of around 17.3 yuan per kilogram [2][13] Business Segments - The yellow feathered chicken segment is projected to contribute significantly to revenue, with expected sales of 162.2 billion yuan in 2025 [2][13] - The pig segment is also expected to see substantial growth, with sales projected to reach 33.53 billion yuan by 2025, reflecting a 15% increase from the previous year [2][13] Market Outlook - The report indicates that the current low inventory levels of parent breeding chickens are setting the stage for potential price increases in the poultry market [6] - The company’s cost structure is improving, with total costs expected to drop below 13 yuan per kilogram, enhancing its competitive pricing advantage [6][16]

证券代码：300761 证券简称：立华股份 公告编号：2025-026 江苏立华食品集团股份有限公司 关于委托理财额度预计的公告 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。 2、投资额度及期限 公司(含子公司)拟使用自有资金进行委托理财，预计交易金额合计不超过人 民币 30 亿元。使用期限自本次董事会审议通过之日起至 2025 年年度股东会止， 在上述期限内，额度可循环滚动使用，但在期限内任一时点的交易金额（含前述 投资的收益进行再投资的相关金额）不应超过总额度。 3、拟投资品种 公司使用自有资金进行委托理财，拟通过商业银行、证券公司、信托公司等 1 金融机构购买安全性高、流动性好的理财产品。 4、实施方式 江苏立华食品集团股份有限公司（以下简称公司）于2025年4月21日召开第 四届董事会第五次会议，审议通过《关于委托理财额度预计的议案》，为提高资 金使用效率、增加股东回报，在保证日常经营运作资金需求、有效控制投资风险 的情况下，公司及子公司拟使用自有资金进行委托理财，预计总额度不超过人民 币30亿元。在上述额度范围内，资金可以滚动使用，但在期限内任一时 ...

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。 江苏立华食品集团股份有限公司全体股东： 根据《企业内部控制基本规范》及其配套指引的规定和其他内部控制监管要 求（以下简称企业内部控制规范体系），结合江苏立华食品集团股份有限公司（以 下简称公司）内部控制制度和评价办法，在内部控制日常监督和专项监督的基础 上，我们对公司2024年12月31日（内部控制评价报告基准日）的内部控制有效性 进行了评价。 证券代码：300761 证券简称：立华股份 公告编号：2025-020 江苏立华食品集团股份有限公司 2024年度内部控制评价报告 根据公司财务报告内部控制重大缺陷的认定情况，于内部控制评价报告基准 1 一、重要声明 根据公司非财务报告内部控制重大缺陷认定情况，于内部控制评价报告基准 日，公司未发现非财务报告内部控制重大缺陷。 按照企业内部控制规范体系的规定，建立健全和有效实施内部控制，评价其 有效性，并如实披露内部控制评价报告是公司董事会的责任。审计委员会对董事 会建立和实施内部控制进行监督。经理层负责组织领导企业内部控制的日常运行。 公司董事会、审计委员会及董事、高级 ...